Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1896-08-06

the bankers, for instance Now, what
is the real situation in Rockford? The
number of bankers in that city is, alto
gether, thirteen, and the total amount Of
CAPITAL which these thirteen bankers have
is $780, 1000. The total amount of de-
posits in their banks is $3,4OO, 900. So
that these thirteen bankers, with total
paying capacity of but 1915, 600, are
entrusted wAh $3,4O0,OOO of other peo-
pies money with which to do business
in any manner they choose. Upon its
face, 1t would seem that any number Of
men who have total paying capacity Of
but $4,000 must be of great Integrity,
uprightness and reliability to be entrust-
ed by the very people with whom they
i've and do business with whom they
Who are the people who have entrusted
this thirteen with so large a sum Of
money, so much in excess of their pay
ing capacity? They number $500 in
that city of total population of 10000.
5n,s case beS who are the
bankers. These thirteen men owe these
$500 depositors S3,4OO,OOO.
Now, if all that has been said about
the rapacity of the creditor class be true,
think OF the situation in which these de-
positors have these poor bankers If
an that has been said about the poverty,
the Indebtedness 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 arc bankers
and the real creditors of the country
are the depositors, and it 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
0O per cent. on the dollar if the coinage
OF tree silver at LIZ to / were made legal,
by paying their depositors who have de-
posted gold at 80 to / with them in
silver at but IL to l, 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 at one stroke
to clear so much money.
This brief statement makes it plain
that all the utilization which has been
bestowed by Populist orators and news
papers upon the creditor class of the
United States has been emitted because
of totally false Misrepresentation as to
who the creditors are, and it is but
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 busi-
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 denOuncing them
upon the supposition 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 Populsts won't
accomplish free silver?
Well, there are in the United States
100000 depositors in the savings institu
tons Of the country, and they own de-
posts, amounting to about $4,000, O0O, 900.
If all the people in the United States
who can vote, should vote, the total vote
cast in a national election would be
about 100000; but the largest average
national vote cast is about IL 600, 900;
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 a national
election.
In the single state of New York there
are 100000 depositors in the savings
banks of that state. They have on de-
posit $6OO,OO0,O0O. In the state of New
IOfk tHere are OUT ABOUT l,AOO,UUO VOL
ers; the number of depositors in the saw
ings banks of that state exceeds the
number of voters in that state by 50O,-
600. These figures show the utter inn
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
their money lies, at SO cents on the dol
lar for every 100 cents on the dollar they
have on deposit.
From a Manifesto 10y the Illinois Sound
Money Democrats.
A national convention convened under
the constituted authority of our party
has just closed it's sessions in the city of