The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1896-08-01


handle the wealth after It IL created
the bankers, for instance. Now. wbs,
is the real situation In Rockford? The
number of bankers In that city Is. altos
gether, thirteen, and the total amount 10
capital which these thirteen bankers baYa
is $4,000. The total amount of a.
posts in their banks Is $3.40O,OOO 81
that these thirteen bankers, with total
entrusted with $3,4OO, 900 Of other peo e
pies money with which to do bushes.
In any manner they choose. Upon II.
face, II would seem that any number %
men who have total paying capacity ~
but 1915, 900 must be of great integrity
uprightness and reliability to be entrust,
live and do business with whom thew
their paying capacity, or $3,4OO. OO0
Who are the people who have entrusted
this thirteen with SO large n sum Of
money, SO much in excess of their nav
ing capacity? They number $500 In
that city OF total population of 10000.
debtors? They are undoubtedly the
bankers. These thirteen men owe these
$500 depositors $3,4OO,O0O.
Now, II all that has been said abopt
the rapacity of the creditor class be true
think of the situation in which these de,
positors have these poor bankers. If
oh shoe hao uCCu bdiu dUOut the poverty
the wretchedness and the enslaved con,
dition Of the debtor class be true, think
Of the miserable plight of these poor
bankers ''
What is true in Rockford must be
true of the whole country. The real
debtors of the country are bankers
and the real creditors of the country
are the depositors, and 1t is to the credit
of the bankers of the United States
as It is to the credit of the bankers OF
Rockford, that although they could net
90 per cent. on the dollar if the coinage
of free silver at 10 to were made legal
by paying their depositors who have de.
posted gold at 30 to 1 with them in
silver at but 10 to 1, none of the bank.
ers OF the City OF Rockford. and but
very few of the bankers in the United
States, who would have so much to
gain by the adoption of this free silver
lunacy, have advocated this policy
which would enable them ut one stroke
to clear SO much money.
This brief statement makes it plain
that all the vilifcation which has been
bestowed by Populst orators and news
papers upon the creditor class of the
United States has been emitted because
of totally false misapprehension as to
who the creditors are, and it is but a
sample of the profound ignorance UNDER
lying the whole free silver agitation that
they have undertaken to describe as
vampires, blood suckers, Shylocks. etc,
the great producing classes of this coun-
try who are its real creditors and who
own all the money deposited in the
banks and upon which bankers do bust
ness and upon the borrowing of which
most of the manufacturing and produc-
ton of this country is carried on. So
that the Populists of this country who
have been claiming to be the friends Of
the people. have been dcnouncing them
upon the superstition that the denuncia-
ton has been describing the bankers:
whereas, the real truth is. the bankers
are the debtors and the depositors are
the creditors.
According to that the Populists won't
accomplish free silver?
Well, there are in the United States
100000 depositors in the savings institu-
tions of the country. and they own de-
posits amounting to about 5000 600. 900.
If all the people in the United States
who can vote. should vote, the total vote
east in a national election would be
about 100000; but the largest average
national vote cast is about 100000
hence, the total number of depositors in
savings institutions in this country large
ly outnumbers any majority of votes
which has ever been cast in national
election.
In the single state of New York there
are 1,TO0,OO0 depostors in the savings
banks of that state. They have ON de-
post $6OO,0OO,OOO.. In the state of New
York there are but about 100000 yot.
ers; the number of depositors in the say.
ings banks of that state exceeds the
number of voters in that state by J00-
600. These figures show the utter I'M
possibility of any such movement as the
free silver movement succeeding in this
country, because its success would in
volve the conversion of more people than
have ever voted ON one side upon any
question in this country, to the abso.
lutte belief that it would pay them TO set.
tie with the savings institutions in which
lar for every 100 cents on the dollar they
have on deposit.