The herald., 1896-08-11
GOLD CALLS FOR GOLD
Savings Banks Will Do
What Is Right
No CHANGE OF POLICY INTENDED
Gold Clause Contracts Will Be
Kept InvioIate
DEPOSlTORS ARE PROTECTED
Should Legal Ten1er D.prsciate They
Will Lose Nothing
Deposits VIII Be Repaid In Gold In Any
Contingency
Los Angeles All san Francisco Savings
Banks Are United on This Po icy.
-
Deposits VIII Be Repaid In Gold In An,
Contingency
Los Angeles All san Francisco Savings
Banks Are United on This Po icy.
The doll Bag Calamity
Howl Entirely Di,re1ariei

BY special request of a large number
OF business men and bankers. the fol-
lowing article, setting forth the policy
OF the savings banks in the matter of
deposits and payments, is reprinted
from The Herald of Monday mornings
Some of the gold standard advocates
who are trying to create political capt.
tai by the calamity howl, have been de-
claring from the housetops that in the
event of the enactment of free silver
coinage gold would so to premium and
banks would refuse to pay gold to de-
positors. This foolish declaration has
had the effect of frightening some of the
more timid depositors, with the result
that bankers have been besieged with
questions as to their intentions in view
of the probable admission of silver to
the mnts for free and unlimited coinage.
This feeling of uneasiness prompted
the San Francisco Savings Union to is
sue a circular to depositors announcing
that that institution will continue to pay
depositors in gold coin, regardless of the
possible appreciation Of gold or debase-
ment of silver or currency.
The policy declared by the Savings
Union is concurred in by the Hibernia
Savings and Loan society and the Ger
man Savings and Loan society, the
three banks representing $50, 100000 of
the $100,000,000 in San Francisco savings
banks.
Interviews with the cashiers of five of
the six Los Angeles savings banks de-
veloped the fact that the banks here
take the same stand as in San Fran
cisco. Without exception every one of
the bank officials interviewed stated
that the banks intended to continue gold
payments as they have done heretofore.
President Braly of the Savings bank
of Southern California said: Il have
read the circular issued by the San
Francisco Savings union and can say
that 1t expresses my views exactly. We
will continue to pay gold for gold as
heretofore. and depositors need have no
fear on that score"
Cashier Woolwine of the same bank
seconded President Braly's remarks,
and added that depositors would have
no trouble to get as good money as
they deposited, no matter what change
might come about in the coinage law.
His bank intended to continue gold pay
ments. Granted that gold We're forced
to a premium by free silver coinage.
deposits made on the existing gold basis
would be repaid in gold on demand. De-
preciated legal tender, other than gold,
would not impair gold obligations.
M. N. Avery, cashier of the German
American Savings bank said: 'All our
contracts are in gold. and as long as we
can force gold payments from our debt
ors we Will continue to pay gold to our
creditors. Our policy is identical with
that of the San Francisco savings banks
in this respect"
w. M. Caswell, cashier of the Los An
geles Savings bank. said: I'VE certain
ly expect to continue gold payments.
Depositors will get as good money as
they deposit. If gold should go to
premium. as predicted by newspapers op-
posed to free silver, the banks would
simply return to the old method of keep
ing separate accounts of the various
kinds of money deposited. Depositors
of gold would be paid in gold, and sill
Yer would be paid for silver, which
would be fair to all parties"
Cashier Longyear, of the Security
Savings Bank and Trust company, said.
"All our assets are in gold and we ex-
pect to continue to pay gold for all liza
bilities. Payment in gold will be re-
quired from all debtors, and we will pay
depositors with the coin collected"
B. V. Duque, assistant cashier of the
Main Street Savings bank, said that
bank expected to continue gold pay
ments. His views We're in accordance
with those expressed by the representa-
tives of the other banks interviewed"
Following is the circular issued by the
San Francisco Savings union:
DEPOSITORS WILL BE PAID IN
GOLD COIN.
For the information of depositors and
in reply to an occasional inquiry as to
whether deposits in savings banks may