The times. (Owosso, Mich.) 1882-1897, 1896-10-02

to demand pay for his work in as good money
as the employer receives for his products In
any part OF the world and when he surrenders
this right he Is doomed to the same fate that
has already overtaken his brothers In the sill
YER standard countries. IN III
IL Is but simple justice to say In this con-
necEon that the great body of employers
vast majority of the men who have embarked
their capital In industrial enterprises and are
want the present standard OF value over
ment OF silver monometallism would be ruin
GUS to them and to all who are dependents
upon them for employment or for the supply
OF commodities at reasonable prices. f,,e
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
est Importance to him, but Its Importance is
greatly increased by the fact that the safety
and value OF very considerable part OF his
and provident workingman, anticipating a
time when he may be disabled or deprived of
employment. has endoavored to save some
Thing QUO or his earnings in order to provide
for the comfort of his wife and children in the
future and has laid 1t away at home. or de-
posted - IN a bank or building association. or
invested II in q life insurance policy, or loaned
10 to some friend In whom he has confidence
He Is not q debtor, but o creditor and the
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. l'.' 10
According to the latest reports. the savings
peop or a an &
for each depositor, and in the whole country
they hold 81 SIC, 597. 900 for 4S75.5l9 people, or
banks, trust companies and private banks hold
iicnsi SsnSs hold 81 81 f For &c:
to their credit Besides these institutions there
are g. 900 building and loan associations In the
United States. having about 100000 share
holders, male and female. who have paid dues
In good money amounting to more than $780,
100000. There are nearly ZOO Of these associa-
tions 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 up
something for a time of need.
Life Insurance.
More than 100000 Of our people have taken
force. amounting to ss0a. s5I saa and have
good money, while the mutual benefit and as
sessment and cooperative and fraternal COM
banies ana associations haye SSooU mem,
their earnings to the funds held to reimburse
losses sustained by sickness or death. The
TO their members amount to IS. lS4, $40 e38 and
the industrial companies in the United States
have membership of 1913. sos, with insurance
amounting to $8l6 $50, 678 in addition to all the
foregoing, and 1t Is constantly increasing. How
many laboring men and women have taken
out. policies or otherwise contributed from
their earnings to insure themselves against
loss by accident while engaged In the prescott
ton OF their work cannot be accurately ascer-
tained, but the number Is known to be very
The banks, trust companies, building asso-
Citations and other similar institutions owe
the people of the United States today IS, 853.
mo tad m
nearly eight times greater than the total capt.
tai of all the national banks in the country.
people In the various kinds Of corporations
and associations and in force today amount to
$40, 203, S04 857, larger sum than has been &C.
tually invested in all our railroads and about
15 times larger than the capital Of all the ma
tional banks. -
Free Coinage Would BE an Irreparablo
Wrong.
In view of these facts, which cannot be sue
cessfully disputed. l submit that you ought
seriously to consider all the consequences to
yourselves and your fellow citizens before you
agree to the free and unlimited coinage of
legal tender silver at a ratio of 10 to In or
lions may have the privilege Of discharging
their debts 10 the people by paying 81 or 50
means. It Is q low estimate to say that each
one of the deposttors in savings and other
banks and In building associations, and each
holder OF a life insurance policy and member
tion. has dependent upon him or her an aver
age OF at least two other PERSONS and II so. a
majority OF all our people are directly or indi-
rectiy creditors Of these corporations and as
sociations and are Interested in the preserva-
ton Of e standard Of value which win 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
ese AND trust spa
and every dollar they paid for in
surance was worth 100 cents and would pro-
market when they earned 1t and when they
II, and they have an unquestionable
right to demand that it shall be refunded to
The adoption Of any policy that would deprive
them OF this right would not only infiict an
enormous loss upon them, but would 30 Sc.
riously impair their faith in the fidelity and
utility Of such institutions that attempts to
accumulate and save surplus earnings would
be abandoned, or Mt least greatly discouraged,
But If free and unlimited coinage Of loyal
tender silver at the ratio Of 10 to Is establish
money deposited In these various p kinds Of
savings Institutions will not even be repaid In
deprecated silver, but will be wholly lost be-
precipitate financial panic which very few,
II any, of the repositories could suryivesg1
doubt that there Is O single financial institu-
pressure that would be Immediately made
upon 1t by its depositors and other creditors
when 1t became apparent that our standard of
value was to be lowered and our currency de-
preoiated 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
every man who owed debt at
home or abroad would be called upon to pay
1t; all depositors in banks and other institu-
lions would want to withdraw their money ut
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 certainty that ne
would be paid In q deprecated currency.
Creditors would not wait for the actual pas
sage OF a free coinage law, but as soon as such
measure Lad received the approval of the
people at an election they would demand their
money, and IL not paid they would enforce its
collection by judicial proceedings and the
forced sale OF property. It Is useless for you
and me or anybody else to say that depositors
IN banks and other creditors ought not to pur.
sue this course when a crisis comes or is APP
pretended for they always have pursued 70,
md always will unless human nature itself
should be changed.
Loss than three years ago you saw our fnan-
,ial. commercial and industrial affairs vio-
ently disturbed by the fear that the govern
ment would not be able to maintain gold pay
ments and that our currency would descend to
} silver basis. You saw the operations OF in
1ustry interrupted, banks failing, great COM
mercial houses unable to meet their obliga-
lions. credit seriously impaired, mills and fac
tories closed and thousands of laborers thrown
but of employment and state of panic and
disorder prevailing in every part Of