The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-09-04
Debtors and Creditors.

DcDtUTS uUu STCuitUTSs
The prevailing impression is that the
great mass Of the American people
constitute the debtor class, and that
only the rich money-holding, capitals
tic class constitutes the creditors. The
truth is that the creditor class is very
much more numerous in this country
than the debtor class, and that the
wealthiest individuals and corpora
tions constitute the greater part of the
debtor class. This fact is made clear
by some statistics given by eX-Superin-
tendent of the Census Porter in his eX-
cellent paper, the Cleveland World. He
says:
There are at this time Sc standard
life insurance companies doing busi-
ness in the United States. and $50 as
sessment life insurance companies. The
500, 1893 policy-holders and the assess
ment companies have 3,63S,S15 policy
holders, making a total of over twelve
million policyholders Each policy
holder is a creditor for the amount he
has paid in, and is vitality interested in
the repayment of the money to his fam
lily in the kind of money that he has
paid for his premiums. The least esti-
mate placed on the average policy
holders family is wife and two chill
dren, so that 406 insurance companies
constitute the life insurance debtor
class and S6 millions the creditor class.
The amount now in the hands of the
life insurance companies. as trustees
for their creditors, exceeds nine billion
dollars, or seven times the present Ma
tional debt.
There are in this country $50 fire in
surance companies. In 1890 the num-
Der of dwellings in the United States
was computed at 11,4S3,31S. 1t is safe
to say that at least 10000, 900 of these
dwellings are insured against fire, and
that most Of that 100000 of creditors
are interested in the standard money
which is to be repaid them in case of a
loss by fire.
The number of savings banks in the
United States in 1895 is reported to be
1.017, and the number of depositors
4,S15,519, and their deposits aggregate
$1,S1O,597, O23. Each of these depositors
in the savings banks is a creditor and
each savings bank is debtor
There are In this country, in addition
to the number of savings banks, in
round numbers 5000 National and
State banks and private banking insti-
tutions. The lowest estimate of the
number Of depositors is 1000 to each
bank, while the highest estimate of the
number Of patrons who obtain loans is
200 to each bank. Each of these deposit
tors is a creditor to the bank, just as
the note holders are debtors. 1t is
therefore manifest that every debtor to
the bank is represented by at least four
creditors. The aggregate number of
debtors to the banks would. therefore,
be 1,GOS.OOo, while the aggregate num-
Der Of creditors is 100000.
All paper money is credit money.
The holder of every National bank
note is creditor, and the bank that is
sued 1t Is the debtor. The holder of
every greenback and every Treasury
note and every paper dollar. whether
redeemable in gold or silver, is a cred
itor. and the United States of America
is debtor. Deducting the credit money
now held by the United States Treas
ury, the aggregate credit money in the
hands of the people exceeds $4,000
Assuming that this currency is appor-
toned among the people so that $50
shall be the average amount held by
any Individual (and this is certainly a
very high average, as there are mil
lions who have less than SO Of paper
money!, we have an aggregate of fif-
teen million creditors as against 3,775
National banks and the United States.
In other words, the papnr money in the
United States represents fifteen mil
lion creditors to 1856 debtors, or s.ss3
creditors for every debtor.
The latest reliable report concerning
the condition Of building and loan asso-
Citations Is that made for 1893 by Carroll
d. Wright, United States Commissioner
of Labor. The number of such COM
panies is given as 5.59S, and the number
OF shareholders as 1,745,735 Each of
these shareholders is a creditor, and the
associations are debtors.
There are In the United States 1856, ,531
public school teachers. 2O,29 teachers in
universities, colleges and other institu-
tions Of learning. and 111,o0o salaried