The Providence news. (Providence [R.I.]) 1891-1906, 1896-07-29

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To THE EDITOR OF The NEWS:
Sir-I claim TO be Republican and take
your paper because IL is Republican
paper. But must acknowledge that l
do not know what TO think on the silver
question, and find great many other
Repu blicans who are the same way, and
ask each other what they think about IL.
read an article in Saturday evenings,
July 70, NEWS on the silver question in
which The NEWS took the ground
that the effects OF free silver would In
the end result In making the rich,
richer, and the poor, poorer, that 1t
would open up great opportunities for
men with capital TO acquire large for
tunes at the expense of the working
classes and that all property would
largely increase in value with free silver.
Now wish you would explain through
the columns OF THE NEWS why IL Is that
the bankers and moneyed men all over the
country are so much opposed to tho free
silver question, " II is going to give
them such q chance TO make money.
They must be in q position TO understand
the subject, and are not supposed TO be
elias = OF men who will work against
themselves, yet they seem TO take the lead
against the silver candidate for President
and the free silver platform, which seems
TO me very funny IL they are going to
have such n splendid chance under the
free silver party. Yours respectfully,
JAMES l.. PErTIs,
20 Manton venue.
Providence, July 20, 1893.
While our correspondent does not
quote the language or the. sentiment of
the article with exactness, his purpose
is plain enough, and We are glad OF the
opportunity OF making answer to the
main question. to wit: "Why are bank
ers and moneyed men all over the country
SO mucn opposed to free silver, 81 1t is
going to give them such q chance to
make money!"
We take 1t the most natural answer to
make to such an inquiry is tha, bankers
and monoyed men are, as rule, honest
men. They do not prutice bunco steer
ing. They do not sanction as principle
OF business the giving or taking OF 80
cents worth OF money for q dollar any
more than they would contribute TO the
circulation of few cents worth or lead
stamped by an expert counterfeiter with
the words, "one dollar" A b3-cent dollar
is only counterfeit dollar, after all.
Those now In use have all the value OF
full dollar but with the silver coinage
free and unlimited they would depreciate
to their intrinsic value and their stamped
value would be an unbacked lie.
Another thing, our correspondent
should not confuse "bankers" with "the
rich." AS a rule our "rich men" are
not bankers. The banker is one whose
business is the "letting" OF money just
as the landlord rents houses. or the hand
ling and investment OF the money of
other people. lie is business man with
his stock In money instead of goods, or a
trustee, responsible for the funds of his
customers. In the former case he seeks
to protect his stock of money from de-
probation or protitless investment and in
the latter case 1t is the interests of thous-
ands of depositors that the banker Is
pledged to guard. To the protection OF
his own or funds entrusted to him he
brings all his business ability and his
honesty must never be in question il he Is
to do q successful business. When he
speaks, he is supposed TO express views
based on principles of finance as sound
and unalterable as the fundamental laws
upon which oil BUSINESS rests or to voice
the depositors who trust him. When
he expounds views of improved banking
methods, or contests views which oppose
his ideas OF such m ethods, he is suppos-
cd to have In mind the interests OF his
clients and depositors. 1t is his interest
and business for instance, in the present
silver discussion to stand opposed to a
proposition whicn threatens to cut in
two the money which he deals in or that
is intrusted to his keeping; just as he is
bound to take every precautions against
any other scheme OF robbery or fraud
upon him or his clients and depositors.
The great proportion OF the business
OF national bank consists OF discounting
notes-ot loaning money at interest.
These transactions are at the bottom OF
tremendous lot OF business and COM
morce. Money Is advanced by tho banks
on the security OF business expected in the
future. The cotton planter and the
wheat grower hire money TO gather and
market their crops, and the manufacturor
hires money TO pay labor and so produce
the goods from tho sale OF which he OK
poets 10 secure enough funds to pay his
Indebtedness to tho bank and make a
prout feeidpa There Ia rialy Ia all ,ks.