The Maryville times. (Maryville, Tenn.) 1884-1944, 1896-08-06
THE MARYvILLE TIMES.

70 demand pay for Ms work In as good money
as the employer receives for his products In
this right he u doomed TO the same fate that
has already oveSsaken his brothers in the sill
yer standard countries.
IL Is but simple Justice to say m this con-
nection that this great body OF employers, 2
vast majority OF che men who have embarked
their capital In industrial enterprises and are
relying for success spon their skill and energy
in the prosecution Of their business do not
want the present standard OF value over
thrown. because they know that the es sablish-
ment Of silver monometallism would be ruin
GUS to them and to- all who are dependent
upon them for employment OF for the supply
OF commodities at reasonable prices.
Investments of Labor.
II the solution Of this question affected Only
the character and amount and purchasing
power of the future earnings of the American
laborer, it would still be a subject Of the gray
est Importance to him; but its Importance Is
greatly increased by the fact thai the safety
and value Of very considerable part Of his
past earnings are also involved. The thrifty
and provident workingman, anticipating a
time when he may be disabled or deprived OF
employment. has endcavored to save some
thing out of his earnings I'M order to provide
for the comfort OF his wife and children in the
future and has laid it away at home, or de-
posted 1t in bank or building association. or
invested it in a life insurancepnlicy, or loaned
IT to some friend in whom he has confidence.
He Is not a debtor, but creditor, and tho
corporations and individuals having the GUS
tody Of his earnings are indebted to him and
ought to pay what they owe him in Just as
good money as he put into their hands.
Savings Banks and Building and Loan As
sociations.
According to the latest reports. the savings
banks in your own state hold s2a,s57, 400 on
deposit for 3S02 people, or an average of s2o7
| for each depositor and in the whole country
they hold $3.50, 597, 900 for 4,Sl5,5l9 people, or
ssrfa &c. f2fxr fnt
banks trust companies and private hanks hold
81 $40 SSS, 600 for about 800, 700 people and ma
tional hanks hold 81 70l 1858, 52l for 1879 $40 de.
positors, Of whom l,724 900 have less than .OOC
TO their credit. Besides these institutions there
are 600 building and loan associations in the
| United States, having about l.SGO, 900 share
holders, maleAand female, who have paid dues
! IN good money amounting to more than saou,
| 00O,0O0. There are nearly 700 OF these associa-
tons in the state of Illinois alone, and in these
| institutions many laborers, men, women and
| even children, have deposited every dollar
they could spare, often denying. themselves
| some of the comforts of life in order to- lay mp
something for time of need.
| Life Insurance.
| More than 2 600, 600 of our people have taken
| cat life insurance policies which are nav in
force. amounting to y, 2O2, S57 ,323, and have
paid the premiums ON them year after year in
| good money, while the mutual beneht and as
] sessment and cooperative and fraternal com
| panies and associations have $3.50, 0OL mem.
| bers. who have contributed large part OF
/ their earnings to the funds held to reimburse
| losses sustained by sickness or death. The
obligations of these companies and associations
to their members amount to IS, lS4, 60 956r and
| the industrial companies in the United states
have membership Of 9, v.SS, with Insurance.
/ foregoing, and 1t ~ constantly increasing How
| many laboring men and women have taken
4 ouh policies or otherwise contributed iron
| their earnings to insure themselves against
kxrno tA1av,t I'm, hp
tion Of their work cannot be accurately ascer
| tanned, but the number Is known to beswsry
j large
| The hanks, trust companies building assoc
Il oiatiAns and other similar institutions owe
tho people Of the United States today $aa53,
Il .52l for money actually deposited, U. sum
nearly eight times greater. than the total caPt
tai Of all the national banks in the country
while the life insurance policies held by thu
people in the various kinds OF corporations
and associations and in force today amount DC
Sill. 2O3, SO4. S57, larger sum than has BEEN &C
tually invested IN all our railroads and abou
\ H. times larger than the capital OF all thsaa
/ tionL banks.
Ense Coinage Would Be an Irreparshas
Wrong.
m view Of these facts, which cannot BIO sue
osssfully disputed, l submit that You ough
seriously to consider all the consequences t.
yourselves and your fellow citizens before ya'
4 agree to the free and unlimited coinage Q
der that these great corporations and assscia
lions may have the privilege OF discharginj
their debts TO the people by paying 81 or
cents on the dollar, for that is exactly what |
4 means. 1t is low estimate to say that, eacl
one Vt the depositors in savings and 0ths
banks and in building associations. and eaal
II holder Of a life insurance policy and membe
OF mutual benefit and assessment associa
4 tiOn, has dependent upon him or her an aver
age of at least two other persons; and II 80.
! majority Of all our people are directly ordndi
1ectly creditors of these corporations and as
h sociations and are interested in the preserva
tion Of o standard of value which will insur
the payment Of their claims in as good none
as they parted with when they made uhei
loans or deposits or. paid their assessments 9
premiums. Every dollar the people put.lnt
! these banks and trust companies and othenin
|, situations and every dollar they. paid for In
surance was worth lou cents and would pre
cure 100 cents worth Of commodities in til
market when they earned 1t and when. the
Invested it, and they have an unquestionabl
} right to demand that 1t shall be refunded
them In dollars worth 100 cents everywhere
The adoption Of any policy that would depriv
enormous loss upon them, but Would 50. & &
riously impair their faith in the fidelity an
: utility Of such institutions. that attempts
accumulate and save surplus earnings woul
J DO abandoned. or at least greatly discouraged
; for long time to come.
, But IL free and unlimited coinage of legs
tender silver at the ratio Of IL to is establish
. ed in this country very large part OF tn
money deposited In these various kinds
; savings institutions will not even he repaid l
. deprecated silver, but will be wholly lost. b,
: cause such u reckless monetary system woul
, precipitate financial panic which very few
. II any, of the repositories could. survive.
? doubt that there Is q single financial instit,
l ton in the country that could sustain Il
I pressure that would be immediately mad
: upon it by its depositors and other creditor
3 | when 1t became apparent that our standard I
value was to be lowered and our currency d
preciated by free coinage. Payment. of all OF
= obligations held abroad would be demande
I in gold at once; every investment OF foreip
t capital In this country would be Instant
0 withdrawn; every man who owed a. debt
1 home or abroad would be called upon. to pa
Q it; all depositors in banks and other tnstit'
9 tions would want to withdraw their money
I the same time; no loans could be negotiate
b and no credit would be given. because no ms
Q would lend money or sell property ON tin
0 when he knew with absolute certainty that
Q would be paid In deprecated currenc
+ Creditors would not wait for the actual pa
q sage Of free coinage law, but az soon as su.
d a measure Lad received the approval OF Il
y people at an election they would demand the
i money, and IL not paid they would enforce
so BY Judicial e and
o and me or anybody else to sny that deposito
J. in banks and other creditors ought not to pu
y sue this course when u crisis comes or Is q
9 pretended, for they always have pursued
. should be changed.
d Less than three years ago you SAW our tina
l. cal commercial and industrial affairs vi
lently disturbed by the fear that the Cover
ment would not be, able to maintain gold pa
| ments and that our currency would descend
u silver basis You saw the operations of
: dustry interrupted. banks failing, great cor
mercial houses unable to meet their oblig
9 tions, credit seriously impaired, mills and ia
d tories closed and thousands Of laborers throw
u out of employment and a state OF panic al
!. business disorder prevailing in every part
IL the country. II mere doubt as to the xii
IS Of money We intended to use produced the
], distressing results, what, think you, would
le the probable consequences Of deliberate d
n termination upon the part of our people
,, adopt silver monometallisrl as a permane
It system2 The imagination can scarcely co
Is caivo tho fla1,l.y.t hla atata NJ sociafy ~,