The times. (Owosso, Mich.) 1882-1897, 1896-09-25

ings banks had, according to the reports OF
1894, loaned out about one-half of the money
deposited with them ON real estate mortgages
and invested the other half in United States
bonds, state. county and municipal bonds and
railroad and other bonds and stocks. The In
vestments of the life insurance companies
were about proportionately the same. The IN
vestments in real estate mortgages are always
preferably in large amounts, on property be-
longing to comparatively wealthy persons or
to business corporations. Thus the debtors to
these creditors belonging to the toiling masses
are the United States, states and municipali-
ties, railroad and other corporations and per-
sons very much richer than the creditors.
Hero we have, then, rich debtors owing TO
many millions of poor creditors thousands OF
millions Of dollars.
The silver orators pretend that they have the
toiling masses greatly at heart and that free
coinage is to be introduced mainly for their
benefit. How do they take care or the toiltng
masses in this case? By bringing us down
upon the silver basis they simply cut down
the thousands of millions Of invested savings
of poor people to about 90 cents on the dollar.
And for whose benefit is this done2 For the
benefit OF the debtors of these poor people, who
will gain about 80 cents ON the dollar. And
who are theyS Aside from the United States
and the states and municipalities, those
debtors are railroad and other corporations
and more or less rich men. whom our silver
friends profess TO abhor very much as belong
ing TO tho ''lnoney power Thus will the
silver standard bleed thepoor creditor for tho
benefit Of the rich debtor. May not the toll
ing masses pray heaven TO deliver them OF the
free coinage frlenCSf
How the Peoples Savings WIN Fare.
And what have these friends to say in their
own defense? will again let Mr.. BTyans New
York Grafton speak. He says first, with regard
to the insurance companies, "Since the total
premiums received exceed the total lossos paid
ric 81 ND v,,71g Ia Of
tho companies than to the policy. holders. I"
How wisel And that the companies may not
have this benefit he proposes by tho silver
standard to strip the policies OF the policy
holders Of nearly half their valued But does
not Mr.. Bryan know that most OF these COM
panies are mutual assurances, and that what
benefits or Injuries the companies therefore
benefits or Injuries the policy holders9
AS to the saving bank depositors he says,
"Under q gold standard there is increasing
danger that the savings bank depositors will
lose their deposits because of the inability OF
the banks to collect their assets " And to
avert this danger Mr.. Bryan advises policy
which would, by the introduction of the silver
standard. at once cue down the value of those
assets to so cents on the dollar He further
says, "If the gold standard is to continue in
| definitely, the depositors in savings banks may
DO compelled to withdraw their deposits in
order to pay living expenses" Indeedl IL is
the great crime, until 1895, during the period
when we had to suffer all the calamities of the
gold standard, the deposits in savings banks
have, instead Of being withdrawn for living
expenses, increased-positively increased
much over $4,000, 100000. And they would
have increased still more had not some deposit
ors Withdrawn their deposits, not for living
expenses, but to send them to Europe for safe
ty, out of the way of Mr.. Bryan and other
friends of the toiling masses. They will no
doubt bring that money back as soon as Mr..
Bryan is beaten.
business is debtor and creditor at the same
| time-every merchant every manufacturer,
| q creditor to his customers and a debtor to
| those from whom he buys. Let Mr.. Bryan
| bring on his panic, and hundreds If not thou
| sands of them, although ever so solvent under
| ordinary circumstances, will break because
| they cannot pay what they owe, being unable
| to collect what is due them.
"Cheap Money" Fallacies.
But we are told that the Bryan panic cannot
| last forever; that finally the business of the
country will adjust itself to the silver basis
| that then unrest will cease, and that confidence
and prosperity will return. No, the unrest
| will not cease, for with the establishment of
| the silver basis will come the disappointment
| of those who brought it on.
The ultimate result is not at all uncertain.
| After q period of infinite confusion, disaster,
lean people will at last regain sanity of mind
| and arrive again at Some very simple conclu-
| sions: That, If you call peek bushel, you
| will have more bushels, but not more grain
| If you call foot yard, you will have more
| yards, but not more cloth; If you call square
| rod an acre, you will have more acres, but
not more land, and if you call so cents or
| cent or bit of paper, a dollar, you will
| have more dollars but not more wealth--in-
deed, great deal less chance for wealth, for
you will have far less credit, because far less
| honesty. We shall then have learned again
| that the wit of man cannot-although insanity
tries very hard-invent an economic system
| under which everything you have to sell will
| be dear and everything you have To buy will
be cheap. And having got hold of these very,
| very simple truths, the American people will
| then in sackcloth and ashes repent of this in
| sane free coinage debauch. They will then
recognize how wise the great civilized nations
were in adopting the only money in our days
| capable of being the money of the world q
| commerce as their own money. We shall then
| be sufficiently cured of prejudice to observe
| that under that monetary system those ma
| tions have on the whole prospered, notwith-
standing serious evils and drawbacks under
which we do not labor, and that the ratio of in
| terest Is lowest where the gold standard has
| existed longest. We shall then understand that
| 1t is good thing to have the necessaries OF
| life in plenty and cheap; to have wages rising
/
to have capital inspired with confidence in the
value Of money, and therefore eager to go out
| in investment or enterprise. We shall then
readily acknowledge how foolish we were
| from the very beginning Of our silver expert
| ments in throwing away our gold for silver.
| by which we lost confidence, credit and pros
| perity. Chastened by adversely, we shall then
no longer be tempted to repeat such nonsense,
but with laborious and painful effort we shall
| work our way back to that money standard
which will insure stability and confidence at
| home and enable us to trade with the nations
| Of the world on equal terms.
1t is not my habit TO boast of warm heart
for the poor and suffering. But my sympathy
is no less sincere because | do not carry my
love and solicitudo for tho common people
constantly at my tongues end. II there be
| those who arc satisfied with everything that
| exists, am not one OF them. There are few, II
| any, who abbor that which may properly be
| called plutocracy or detest the arrogance OF
wealth more heartily than do. know, also
| that the industrial developments of our time
have brought hardship to some classes of peo
pie which only the more sagacious, active and
energetic among them have been able te
countorbalance profitably with its benefits
There are laws and practices which, had the
power, would promptly change, in the inter
est of common justice and equity But be
| .o,so I on, ao rnindad Il muet oDpOsa tho