Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-05-14
movements are Always more frequent and
more harmful when the currency is in an un-
settled condition.
Attitude OF Manufacturers.

settled condition.
Attitude of Manufacturers.
You have doubtless observed recently what
appears TO be quite q formidable de1nonstra-
tion ID favor OF the free coinage of silver by
certain large manufacturing interests in tho
eastern part of the country, upon the ground
that If we continue TO maintain our present
standard OF value the SILVER standard coun.
tries, especially India, China and Japan, will
soon be able 60 undersen them la the markets
of the world. Reduced 10 its simplest form,
the proposition II these gentlemen Is that the
manufacturers OF certain kinds OF goods in
this country cannot continue 10 pay their la
borcrs high wages in gold or its equivalent
and compete successfully in the markets
abroad with the manufacturers of similar
goods in silver standard countries, who pay
their l%aborers low wagesin deprecated silver,
and therefore, they insist that a monetary sys-
tenn shall be adopted here which will give
them the advantage Of paying for their labor
Ia deprecated silver. The theory is that, with
free coinage Of legal tender silver, the wages
OF labor in this country would be paid in sill
yer dollars worth about half as much as gold
dollars, but the products of labor, which
would belong To the employer, would be sold
for gold in the markets abroad, AMI chat the
gold thus obtained could be excha lced for sill
Yer at about the rate OF 81 in gold for 81 in sil
Yer, and thus the process woulC go ON, the
employer getting gold Of full value and the
laborer getting appreciated silver, which, in
the opinion OF these gentlemen, would be a
most happy solution of this question.
IL the Interests of labor are to be left entire
ly out OF consideration, and IL 1t We're not rea-
Epht1A e taii thRt ~ abtAC III
our monetary system would at once arrest the
progress of all our industries and produce al
most universal bankruptcy, this scheme to
make the employer very rich and the laborer
very poor might be worthy Of serious consid.
GRAFTON, but the American laborer has a right
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.
IL IL but simple Justice to say in this con-
nection that the great body OF employers, a
vast majority of the men who have embarked
their capitalein industrial enterprises and are
relying for success upon their skill and energy
in the prosecution of their business. do not
want the present standard OF value over
thrown, because they know that the establish
ment of silver monometallism gould be ruin
Gus to them and to all who are dependent
upon them for employment or for the supply
OF commodities at reasonable prices.
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
laborer, 1T would still be a subject Of the grav-
est Importance to 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
ana provident workingInan, anticipating "a
time when he may be disabled or deprived of
employment, has endoavored to save some
thing out OF his earnings in order 10 provide
for the comfort of his wife and children in the
future and has laid it away at home, or de-
posted it in a bank or building association. or
invested it in n life insurance policy, or loaned
IL to some friend in whom he has confidence.
He is not "a debtor, but a creditor, and the
corporations and individuals having the Gus.
tcdy 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.
According to the latest reports, the savings
banks in your own state hold S24, 357, 400 on
I dAnAAff For AR AHJ Dng4lA ~ NM "a tfa.,snR ~. .f xlnT
for each depositor, and in the whole country
they hold 81. $40, 597 900 for 1875, $40 people, or
an average of $37l for each deposition. State
banks, trust companies and private banks hold
81, $40. SS8, 000 for about 1000, 600 people, and ma
tional banks hold VI, 70l, 653, 52l for i,g29, $40 de-
~positors, OF whom /, 724, 0O0 have less than 81, 900
to their credit. Besides these institutions there
arc 1900 building and loan associations in the
United States, having about 100000 share
holders, male and female, who have paid dues
IN good money amounting 20 more than $780,
100000. There are nearly 200 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 u time of need.
Life Insurance.
More than ZOO, OO0 of our people have taken
out life insurance policies, which are now in
force. amounting to S4,3W, Sy3 523, and have
paid the premiums on them year after year in
good money, while the mutual benefit and as
sessment and cooperative and fraternal COM
panies and associations have 3,5vO.OOO mem
bers, who have contributed u large part of
| their earnings TO the funds held to reimburse
losses sustained by sickness or death. The
obligations OF these companies and associations
to their members amount to IS, lS4, &C., J6, and
the industrial companies in the United States
have a membership of 6,9l0. 59S, with insurance
amounting to 1915, TO, 61S in addition to all the
foregoing, and it Is constantly increasing. How
many laboriny men and women have taken
out policies or otherwise contributed from
their earnings TO insure themselves against
lNaa hu n,t1Ay xx-1f1A A,e ~ col d. tha r.xyny,.
tion of their work cannot be accurately ascer-
tanned. but the number is known to be very
large.
Citations and other similar institutions owe
the people of the United States today So, 353,
les, 52l FOR money actually deposited, u sum
nearly eight times greater than the total capt
tai Of all the national banks in the country,
while the life insurance policies heid by the
and associations and iii force today amount to
$40, 2U3, S04, S51, u larger sum than has been ac-
tually invested in all our railroads and about
10 times larger than the capital of all the ma
tional banks.
Free Coinage Would he an Irreparable
Wrong.
IN view of these facts, which cannot be sue
c~essfully disputed, 1 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 n ratio of 10 10 l IN or
der that these great corporations and associa-
] lpIs may 1ttN6 thO SilS
their debts 10 the people by paying 81 or -
cents on the dollar, for that Is exactly what II
means 1t is Il low estimate to say that eacn
one Of the dcpoSitorS III savings and other
banks and in ouilding associations, and each
holder of q life insurance policy and member
OF "a mutual benefit and assessment associa-
ton, 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 arc Interested in the preserva-
ton of u standard OF value which VIII insure
| the payment of their claims in Us good money
as they parted &..a ".fci; they made fheif
loans or deposits or paid their assessments on
premiums. Every dollar the people put into
these banks and trust companies and otherin'
situations ana every dollar they paid for in
suraGce was worth lO cents and would pro
cure 100 cents worth OF commodities in The
market whom they earned it and when they
invested it. and they have an unquestionable
right to demand that IL shall be refunded &c
them in dollars worth 100 cents ~everywhere
TIL adoption OF any policy That would deprive
shem OF this right would not only intlict III
enormous loss upon them, but would SO Sc
riously impair their faith in the fidelity and
utility OF snch institutions that attempts IL
accumulate and save surplus earnings would
be abandoned, or 1T least greatly discouraged.
for IA long time 10 come.
But If free and unlimited coinage of legal
tender silver at the ratio OF l6 to 1 Is establish
cd in this country u very large part OF the
money deposited IN these various kinds oi
savings institutions Will not even be repaid in
appreciated silver. but will be wholly lost, be.