Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-04-16

their laborere nl8n wetss N eoIut ~ ~ ~
the markets abroad with the manufac.
tnrers OF similar goods in silver-standsrd
Countries. who pay their laborers low
wages in deprecated silver. and. there
fore they insist ina. mS S.n l n'S siys
them the advantage OF paying for their
labor in deprecated silver. The theory
II that with free coinage OF legal-tender
silver the Wages z, ap saa 40 WORTH about
half as much az gold dollars. but the pro-
duets OF labor which would belong to the
emnIoyer. would be sold for gold In the
markets abroad. and that the gold thus
al about the rate OF one dollar In gold
for two dollars in silver: and thus the
process would 20 on, the employer get
ting gold OF full value and the iaborer
getting deprecated silver, which. In the
opinion OF these gentlemen, would be a
most happy solution OF this question. TX
the interests Of labor are TO be LETT en-
tirely out OF consideration. and II 1t were
not reasonably certain that q sudden rev.
oIution in our monetary system would at
once arrest the progress OF all our indus
tries and produce almost universal Dank-
ruptcy, this scheme to make the employer
very rich and the laborer very poor might
be worthy of serious consideration: but
the American laborer has a right to de-
mand pay for his work In as good money
as the employer receives Tor his products
surrenders this right he Is doomed 10 the
same fate that has already oyertaken his
brothers In the silver-standard countries.
IL is but simple Justice TO say. In this
connection, that the great body OF en-
ployers. a vast majority OF the men who
have embarked their capital in Industrial
enterprises and are relying for success
upon their skill and energy In the prose
cltion OF their business, do not want the
present standard OF value overthrown,
because they know that the establishment
OF silver monometallism would be ruinOus
to them and to all who are dependent upon
them for employment, or for the supply
OF commodities at reasonable prices.
II the solution OF this question affected
only the character and amount and pur-
chasing power of the future earnings OF
the American laborer, IL would still be a
subject OF the gravest importance 10 him;
but its importance is greatly increased
by the fact that the safety and value
OF a very considerable part OF his past
earnings are also involved. The thrifty
and provident workingman, anticipating
a time when he may be disabled or de-
pIived OF employmet, has endeaVored 10
save something out OF his earnings, IN
order TO provide for the comfort OF his
wife and children in the future, and has
laid II away at home, or deposited II In
bank or building association. or invested
# in a life-insurance pollcyi or loaned !,
dence He is not debtor. but creditor,
and the corpora tons and individuals
having the custody OF his earnings are In
debted 10 him. and ought to pay what
they owe him in just as good money as
he put into their hands.
According to the latest reports, the
savings banks In YOUR own State hoid
s2l.S57.4O0 on deposit for S,s2 people, or
an average OF $2j7 for each deposition, and
I'm the whole country they hold $l,sO.5gI zoo
for 4S75.5ls people. or an average OF Vol
for each depositor. State banks, trust
companies. and private banks hold N,340,-
SIS 600. for about 10000 people, and ma
tional banks hold Sl70l ,653.521 for 1,s2g,3p
depositors, OF whom l.124,OoO have less than
81 900 to their credit. Besides these insti-
tutions there are 5000 building and loan
associations In the United States. having
about 10000 shareholders, male and fe
male. who have paid dues In good money,
amounting TO more than So,V0uo. There
are nearly 700 OF these associations in the
State of Illinois alone and In these In
stitutons many lab1rers. 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
More than 10000 OF our people have
taken out ife-nsurance policies, which
are now I'm force, amounting TO si.ZO2, s0I,-
323. and have paid the premiums on them
year after year in good money. while the
mutual benefit and assessment ana Co
operative and fraternal companies and as
sociations have 100000 members, who
have contributed a large part OF their
earnings TO the funds held to reimburse
losses sustained by sickness or death.
The obligations OF these companies ana
associations TO their members amount
| TO $5,iSi,670, 986; and tho Industrial com
| panies in the United states have mem
bership OF 6,g95s8, with insurance
| amounting TO $sl6,6JJ.61S In addition 10 all
the foregoing and 1t is constantly In
| creasing How many laboring men ana
| women have taken out policies, or other-
| wise contributed from their earnings TO IN
L \. cl pI1F
| while engaged in the prosecution OF their
| work, cannot be accurately asceriained,
but the number is known TO he very
large. ,,,
associations and other similar insutu-
| tions. owe the people OF the United states
! to-day $685. lSs,5H for money actually ne
| posited-a sum nearly eight times or sater
! Than the total capital OF all the national
| banks In the country-while the lIe-in-
| surance policies held by the people IN the
! various kinds OF corporations AMI asso-
Citations. and in force TO-DAY. amount 10
| $40, 200. SOL 357--a larger sum than has been
| actually invested In all our railroads. ana
| 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 seri-
/ ously TO consider all the consequences 10
yourselves. and your fellow-eitizens be-
| fore you agree 10 the free and unlimited
coinage OF legal-tender silver. at rauo
| of lG TO /, In order that these great cor
| porations and associations may have the
| privilege of dscharging their debts 10
| the people by paying 81 or u cents on
the dollar, for that IS exactly what II
| means 1t Is a low estimate 10 gay va.
each one OF the depositors IN savirz .
| and other banks and In building associa-
| tons and each holder OF a life-!nsurance-
| policy, and member or mutual benent
/ and assessment association, has depend
| ent upon him or her an average OF at
least two other persons. and, II so,
| majority of all our people are directly or
| Indirectly creditors OF these corporations
| and associations. and are Interested IN
| the preservation OF a standard of value
| which will insure the payment OF their
claims in as good money IS they parted
| with when they made their leans or
| deposits. or paid their assessments or
| premiums. Every dollar The people Put
Into these banks and trust companies
| and other institutions. and every dollar
| they paid for insurance. WAS worth one
| hundred cents, and would I.osure one
| hundred cents worth OF commodities in
| the market when they earned II, and
| when they invested 1t, and thcy have an
unquestionabe right to demand that II
shall be refunded to them in dollars worth
| one hundred cents everywhere. The adop-
| ton OF any policy that would deprive
! them OF this right would not only infiict
| an enormous loss upon them. but would
so seriously impair their faith IN the
| FIDELITY and utility OF such institutions
| that attempts to accumulate and save sur
| Mus earnings would be abandoned or
| AZ least. greatly discouraged, for a lcng
| time to come.
DANGER OF PANIC.
But. IL free and unlimited coinage OF
legal-tender silver, at the ratio 81 10 to
| is established in this country, very
large part OF the money deposited in these
| various kinds of savings institutions Will
| not even be repaid in Iepreciated silver,