The Mason County journal. [volume] (Shelton, W.T.) 1886-1927, 1896-10-09

are the debtors OF these creditors? The saw
ings banks had, according to the reports Of
1894, loaAed out about one-haf of the money
deposited with them on real estate mortgages
and invested the other half in United States
bonds. state, county and municipal bonds and
railroad and other bonds and stocks. The in
vestments of the life insurance companies
were about proportionately the same. The in
vestmenfS in real estate mortgages are always
preferably in large amounts, Oh property be-
longing to comparatively wealthy persons or
to business corporations. Thus the debtors to
these creditors belonging to the toiling masses
are the United States, states and municipali-
ties. railroad and other corporations and per-
sons very much richer than the creditors.
Here we hive, then, rich debtors owing to
many millions of poor creditors thousands of
millions Of dollars.
The silver orators pretend that they have the
toiiing masses greatly at heart and that free
benefit. Flow do they take care of the toiling
masses in this case? By bringing us down
upon the silver basis they simply cut down
the thousands of millions Of invested savings
of poor people to about so cents on the dollar
And for whose benefit is this donep For the
beneftof the debtors of these poor people, who
will gain about 30 cents ON the dollar. And
who are they? Aside from the United States
and the states and municipalities, those
debtors are railroad and other corporations
and more or less rich men, whom our silver
friends profess to abhor very much as belong
ing to the money power" Thus will the
silver standard bleed the poor creditor for the
benefit OF the rich debtor. May not the toll
ing massee pray heaven to deliver them Of the
free coinage friends?
How the Peoples Savings Will Fare.
And what have these friends to say in their
own defense? Twill again let Mr. Bryan's New
York Grafton speak. He says first, with regard
to the insurance companies "Since the total
premiums received exceed the total losses paid,
a rising standard must be Of more benefit to
the companies than to the policy holders"
How wisel And that the companies may not
have this benefit he proposes by tho silver
standard to strip the policies of the policy
holders Of nearly half their valued But does
not Mr. Bryan know that most Of these COM
panies are mutual assurances, and that what
benefits or mi lures the companies therefore
benefits or Injuries the policy holders2
AS to the saving bank depositors he says,
"Under gold standard there is increasing
danger that the savings bank depositors will
lose thc.r deposits because of the inability of
the bari,s to collect their assets" And to
avert this Danger Mr.. Bryan advises policy
which ,.orld, by the introduction of the silver
standard. at ofice cut down the value Of those
assets to 50 cents on the dollar. He further
says, "If the gold standard is to continue in
VcAultoIys tHO Oep0SltOTS III SdV1uRS JdnkS may
be compelled to withdraw their deposits in
order to pay living expenses" Indeed! 1t is
remarkable fact that since 1873, the year of
the great crime, until 1885, during the period
when we had to suffer all the calamities OF the
gold standard, the deposits in savings banks
have, instead of being withdrawn for living
expenses, increased-positively increased
much over $l,OO0, 100000. And they would
have increased still more had not soma deposit.
ors witAtrawn their deposits, not for living
expensi but to send them to Europe for safe
ty, out q the way of Mr.. Bryan and other
friends CT the toiling masses. They will no
doubt bring that money back as soon as Mr..
Bryan is beaten.
Let US go on. Almost every man in active
business is debtor and creditor at the same
time-every merchant. every manufacturer,
a creditor to his customers and a debtor to
those from whom he buys. Let Mr.. Bryan
bring on his panic, and hundreds if not thou
sands of them, although ever SO solvent under
ordinary circumstances, will break because
they cannot pay what they owe, being unable
to collect what is due them.
"Cheap Money" Fallacies.
But we are told that the Bryan panic cannot |
last forever; that finally the business of the !
country will adjust itself to the silver basis;
that then unrest will cease. and that confidence |
and prosperity will return. No, the unrest |
will not cease, for with the establishment of |
the silver basis will come the disappointment |
Of those who brought it on.
The ultimate result is not at all uncertain,
After period of infinite confusion, disaster,
humiliation, suffering and misery the Amer
lean people will at last regain sanity of mind
and arrive again at some very simple conclu
sions: That if you call a peck bushel, you
will have more bushels, but not more grain
If you call foot a yard, you will have moro
yards, but not more CLOTH if you call a square
rDd will 1axyn 1@,.k
not more land, and if you call 80 cents or
cent or a bit Of paper, a dollar, you will
have more dollars, but not more wealth-in
deed, great deal less chance for wealth. for
you will have far less credit, because far less
honesty. We shall then have learned again
that the wit of man cahnot-although insanity
tries very hsrd-invent an economic system
be dear and everything you have ia buy will
be cheap. And having got hold of these very
very simple truths the American people will
then in sackcloth and ashes repent Of this in
sane free coinage debauch. They will then
recognize how wise the great civilized nations
We're in adopting the only money In our days
capable Of being the money Of the worlds
as their own money. We shall then
be sufficiently cured Of prejudice to observe
that under that monetary system those ma
lions have on the whole prospered, notwith-
standing serious evils and drawbacks under |
which we do not labor, and that the rate of in |
terest is lowest where the gold standard has |
existed longest. We shall then understand that |
it is a good thing to have the necessaries of |
life in plenty and cheap; to have wages rising
and payable in money that does not deceive;
to have capital inspired with confidence in tho
value of money, and therefore eager to 60 out
In investment or enterprise We shall then
readily acknowledge how foolish we were
from the very beginning Of our silver expert
ments in throwing away our gold for silver,
BY which we lost confidence credit and pros
oerity. Chastened by adversely, we shall then
no longer be tempted to repeat such nonsense,
but with laborious and painful effort we shall
work our way back to that money standard
which will insure stability and confidence at
home and enable us to trade with the nations
# tho world on equal terms.
1t is not my habit to boast of a warm heart
or the poor and suffering. But my sympathy
8 no less sincere because / do not carry my
owe and solicitude for the common people
at my tongues end. If there be
hose who are satisfied with everything that
,xists am not one of them. There are few, if
my, who abhor that which may properly be
allied plutocracy or detest the arrogance Of
wealth more heartily than do. know, also.
hat the industrial developments of our time
ave brought hardship to some classes Of peo-
lie which only the more sagacious, active and
nergetic among them have been able to
proftably with its benefits.
There are laws and practices which, had the
,ower, i would promptly change in the inter
st of common justice and equity. But be-
ause am SO minded / must oppose to the
Utmost policy which, am convinced, will
aggravate existing evils I also
now full well that large majority of those