The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1896-08-19

handle the weaits after It is created,
the bankers, for instance. Now. what
is the real situation in Rockfordf The
number Of bankers in that city Is, alto
gether, thirteen, and the total amount Of
capital which these thirteen bankers have
Is 1915, 200. The total amount of de-
posts In their banks 10 $3,4OO,OOO. So
that these thirteen bankers, with a total
paying capacity of but $4,000. are
entrusted with $3,40O,O0O of other peo-
pies money with which to do business
in any manner they choose. Upon its
race, IT would seem that any number of
men who have total paying capacity Of
but $o45,0OO must be of great integrity
uprlghtness and relia bility to be entrust.
ed by the very people with whom they
live and do business with whom tbey
their paying capacity, or $1,000 0O9
VINO are the people who have entrusted
this thirteen with so large a sum of
money, so much in excess of their nav.
ing capacity? They number $500 in
mat city OF total population of SO, 1000.
d In TINS case; therefore, who are the
b beDfors! They are undoubtedly the
dangers dangers. These thirteen men owe these
1920 depositors $3,4OO,OOO.
NOW, II all that has been said about
the rapacity of the creditor class be true.
mink OF the situation in which these de-
p0sitors have these poor bankers. IL
an tnat has been said about the poverty,
the Wretchedness and the enslaved cop.
u.tlon OF the debtor class be true, think
OF the miserable plight of these moor
bankers. p0oA
what is true in Rockford must be
true OF the whole country. The real
ueDtors or the country are bankers.
and the real creditors of the country
are the depositors, and it is to the credit
OF the bankers of the United States,
as it is to the credit of the bankers OF
rockford, that although they could net
on per cent. on the dollar if the coinage
OF free silver at 16 to 1 were made legal
Dy paying their depositors who have de-
posted gold at 80 to 1 VITA them in
silver at but 16 to 1, none of the bank
ers of the City of Rockford, and but
very few of the bankers in the United
States, who would have SO much to
gam by the adoption of this free silver
iunacy, have advocated this policy,
which would enable them at one stroke
to clear so much money.
Inns brief statement makes it plain
that all the vilifcation which has been
bestowed by Populist orators and news
papers upon the creditor class of the
United States has been emitted because
OF totally false misrepresentation as to
sample of the profound ignorance under
lying the whole free silver agitation that
they have undertaken to describe as
vampires, blood suckers, Shylocks, ETC.,
the great producing classes of this coun-
try who are its real creditors and who
own all the money deposited in the
banks and upon which bankers do busi-
ness and upon the borrowing of which
most OF the manufacturing and produc-
ton OF this country is carried on. So
that the POpulists of this country who
have been claiming to be the friends Of
the people, have been denouncing them
upon the supposition that the denuncia-
ton has been describing the bankers;
whereas, the real truth is, the bankers
are the debtors and the depositors are
the creditors.
According to that the Populists Won't
accomplish free silver?
Well, there are in the United States
5000, 600 depositors in the savings institu-
tons OF the country, and they own de-
posits amounting to about $4,000, 600 600.
If all the people in the United States
who can vote, should vote, the total vote
cast in a national election would be
about 14,000,O00; but the largest average
national vote cast is about II, 900 900;
hence, the total number of depositors in
savings institutions in this country large
ly outnumbers any majority of votes
which has ever been cast in national
election.
In the single state of New York there
are 100000 depositors in the savings
banks of that state. They have on de-
post $500, 100000. In the state of New
York there are but about 100000 vot-
ers; the number of depositors in the say.
ings banks of that state exceeds the
number of voters in that state by 5OO,-
600. These figures show the utter i'm.
possibility of any such movement as the
tree silver movement succeeding in this
country, because it's success would in
volve the conversion of more people than
have ever voted on one side upon any
question in this country, to the abso.
lutte belief that it would pay them TO set
tie with the savings institutions in which
their money lies, at so cents on the dob
lar for every 100 cents on the dollar they
have on deposit.