The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-04-16

ana the laborer very poor might be wor-
American laborer. has d right to demand
pay for his work In as. food money as the
part OF the world. and when he surren-
ders this right he Is doomed 70 the same
naf in Ss sver sadsed eountes
According to the latest reports, the say
ngs banks in your ogn " so5 state bold W.
s'Ss the Woie Si sonntPy ses Try eas tRsy od @
for for eseh gsSG or ss bads Of I
600 for psop 5SeS @ RsePe sg and ns
than 81 600 to their credit Besides these
having about 100000 shareholders, male
ones MsH naoe to n %Gs
Cations in the state orIiiinols alone. and
women and even children, have deposited
every dollar they could spare. often deny.
life. in order TO lay up something for
time of need.
More than 750o,ooo of5our people have haze
are now In force amounting to s4,202.-
S57,S23 and have paid the premiums on
while the mutual benefit and assessment
and cooperative and fraternal companies
Sha So haSe large eart Of
their earnings TO the funds held to re.
imburse losses sustained by sickness or
amount to Sc, Isl, 60 ssS; and The Industrial
membership of 6.els.5ss With. insurance
amounting to ssl6,65o,e7s in addition to all
the foregoing, and 1t is constantly IN,
women have taken out policies, or other
wise contributed from. their earnings to
insure themselves against loss by acci-
dent while engaged I'm the prosecution of
their work, cannot he accurately ascer-
tained. but the number is known TO be
very large.
The banks, trust companies, building
associations and other similar institu-
tions owe the people of the United States
to-day s5.353, i3S,521 for money actually
deposited, a sum nearly eight times
greater than the total capital nf all the
national banks in the country; while
the life Insurance policies held by the
people in the various kinds of corpora
tions and associations and in force to-
day amount to Sl0,203, ,S04 1851, a larger
sum than has been actually invested
I'm all our railroads, and about fifteen
times larger than the capital of all the
national banks. In view of these facts,
which cannot be successfully disputed,
] submit that you ought seriously to
consider all the consequences to your
selves and your fellow-citizens before
YOU agree to the free and unlimited coin
IL "
l6 to /, in order that these great cor
porations and associations may have
the privilege of discharging their debts
TO the people by paying 81 or 81 cents on
the dollar. for that is exactly what II
means. 1t is a low estimate to say that
each one of the depositors in savings
and other banks and in building asso-
ciations, and each holder of q life in
surance policy and member of a mutual
benefit and assessment association, has
dependent upon him or her an average
of at least two other persons, and, II so.
a majority of all our people are directly
or indirectly creditors of these CORPORA
tions and associations and are inter
ested in the preservation OF q standard
of value which will insure the payment
OF their claims in as good money as
they parted with when they made their
loans or deposits or paid their assess
ments or premiums.
is established in this country, n very
these Various Kinds ey Of savags d9Pesies ns,l, IN
ed silver, but will be wholly lost, because
such reckless monetary system would
precipute II financial panic, which very
few. IL any. of the repositories could SUR
vive. / doubt that there is a single flnan-
cial institution in the country that could
sustain the pressure that would be i'm
mediately made uron i by it's depositors
parent that our standard of value was TO
he lowered and our currency deprecated
by free coinag. Payment of all our OBJ
legations OF forign capital In this country
would he instantly withdrawn: every man
who owed debt at home or abroad would
be called upon to pay 1t: all depositors in
banks and other institutions would want
TO withdraw their money at the same
time; no loans could be negotiated, and
no credit would be given, because no
man would lend money or sell property
on time when he knew with absolute GER
tainty that he would be paid in a depre-
ciated currcncv. Creditors would not
wait for the actual passage OF free
coinage law, but as soon as such a meas
ure had received the approval of the peo-
their money, and IL not paid they would
enforce it's collection by judicial proceed
ings and the forced sale OF property.
Less than three years ago you saw our
financial. commercial, and industrial
affairs violently disturbed by the fear
that the Government would not be able
to maintain gold payments, and that our
currency would descend to a silver basis.
You saw the operations OF industry in
terrupted. banks failing, great CONNER
clal houses unable to meet their oblira
tions, credit seriously impaired. mills
and factories closed and thousands Of
laborers thrown out of employment. and
a state of panic and business depression
prevailing In every part of the country.
If mere doubt as TO the kind Of money
we intended to use produced these dis
tressinS results, what think Won would
be the probale consequences of q delibe
rate determination upon the part OF our
people TO adopt silver monometallism