The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-07-22

mb people on tic United States today 81, 553,-
lB. 52l for money actually deposited, sum
nearly eight TIMES greater than the total capl-
tai of all the national banks In the country,
while the life insurance policies held by the
people in the various kinds Of corporations
and associations and Ia force today amount To
xlU, 2J3 eOi, 5J., "a larger sum than has been
tually invested in all our railroads and about
10 times larger than the capital Of all the ma
tiOnal banks.
Free Coinage Would lie an IrreparabIe
Wrong.
In view Of these facts, which cannot be sue
cessfully disputed, 1 submit that you ought
seriously TO consider all the consequences 10
yourselves and your fellow citizens before you
agree TO the free and unlimited coinage OF
legal tender silver at ratio of 10 10 IN or
der that these great corporations and assOcia-
lions may have the privilege OF discharging
their debts 10 the people by paying 81 OF %
cents on the dollar, Tor that is exactly what II
means 1t Is a low estimate TO say that each
one OF the deposltors IN savings and other
banks and la building associations and each
holder OF IA life insurance policy and member
Of mutual benefit and ASSESSMENT assOcia-
ton, has dependent upon him or her an aver
age OF at least two other persons; and II so,
majority of all our people are directly or indi-
rectly creditors Of these corporations and
sociations and are interested in the preserva-
ton OF "a 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 assessments or
premiums. Every dollar the people put into
these banks and trust companies and other in
situations and every dollar they paid for in
surance was worth 100 cents and would pro-
cure lOO cents worth OF commodities in the
market when they earned IL and when they
invested 1t. and they have an unquestionablo
right to demand that IL shall be refunded TO
them in dollars worth 100 cents everywhere.
The adoption of any policy that would deprive
them of this right would not only infiict an
enormous loss upon them, but would so Sc
riously impair their faith in the fidelity and
utility Of such institutions that attempts TO
accumulate and save surplus earnings would
Do Abandoned. or at least greatly DISCOURAGED.
for "A long time TO come.
But If free and unlimited coinage Of legal
tender silver ut the ratio Of 10 10 Is establish
ed In this country very large part of the
money deposited in these various kinds of
savings institutions Will not even be repaid in
deprecated silver, but Will be wholly lost be-
cause such reckless monetary system would
precipitato q financial panic which very few
II any, of the repositories could survive. j
doubt that there Is "a single financial institu-
ton in the country that could sustain the
pressure that would be Immediately made
upon il by its depositors and other creditors
when ii became apparent that our standard of
value was TO be lowered and our currency de-
preciated by free coinage. Payment Of all our
obligations held abroad would be demanded
in gold at once; every investment of foreign
capital in this country would be instantly
Withdrawn; every man who owed "a debt at
home or abroad would be called upon TO pay
it; all dopOsitors in banks and other institu-
lions 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 be knew with absolute certainty that he
would be paid in a deprecated currency.
Creditors would not wait for the actual pas
sage of free coinage law, but soon such
"a measure Lad received the approval of the
people at an election they would demand their
money, and If not paid they would enforce its
collection by Judicial proceedings and the
forced sale Of property. 1t Is useless for you
and me or anybody else to say that Gepositors
In banks and other creditors ought not To pur
sue this course when crisis comes il APP
pretended. for they always have pursued IL,
"a alI mt fzs4lf
should be changed.
Less than three years ago you saw our fnan-
cial commercial and industrial affairs vio-
lcntly disturbed by the fear that the govern
ment would not be able to maintain gold pay
ments and that our currency would descend to
a silver basis. You saw the operations of in
dustry interrupted, banks failing, great com
mercial houses unable to meet their obllga-
tions, credit seriously impaired mills and fac
tories closed and thousands OF laborers thrown
out of employment and IA state of panic and
business disorder prevailing in every part of
the country. If mere doubt as to the kind
of money we intended TO use produced these
distressing results, what, think you, would be
the probable consequences OF "A deliberate de-
termination upon the part of our people to
adopt silver recommendation IA permanent
SYSTEM The imagination can scarcely con
ceive the deplorable state Of society that
would Immediately follow the announcement
Of such policy. and viii not attempt to de-
scribe 1t.
1t cannot be possible that in the closing
years or the nineteenth century and in this
great and free republic the people themselN
will initiate the bad example set by the CO..
rupt potentates Of Europe, who have made
their names forever odiOus in history by de-
basing the money Of their subjects and rob
bing the industrious poor of the just rewards
Of their labor The greatest crime short Il
absolute political enslavement that could
committed against the workingman In H.
country would be To cunilscate his labor To-
the benefit of the employer by destroying the
value of the money in which his wages are
paid but, gentlemen, this irreparablo wrong
can never be p9rpetrated under our system of
government unless the laboring man himself
assists in forging his own chains.
And now, gentlemen, having submitted,
briefly and rs plainly as the nature of the sub
1ect would permit, some of the reasons why j
think your interests demand the maintenance
OF a sound and stable currency, thank you
most sincerely for your kind and patient at
tention and will detain you no longer.