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 an
settled condition.
Attitude OF manufacturers.

settled condition.
Attitude OF Manufacturer.
You have doubtless observed recently what
appears to be quite a formidable demonstra-
tion In favor Of the free coinage OF silver by
certain large manufacturing interests in the
eastern part of the country, upon the ground
standard of value the silver standard coun-
tries, especially India, China and Japan, will
socn be able 70 undersell them In the markets
of the world. Reduced TO its simplest form,
the proposition OF these gentlemen is that the
I ln&nufacturoIs OF certain kinds Of goods in
this country cannot continue to pay their la.
! borers high wages IN gold or It's equivalent
and compete successfully Ia the markets
abroad with tho manufacturers or similar
goods in silver standard countries, who pay
their labCrrrs low wageain appreciated silver,
and therefore they insist that a monetary sys-
TEN shall be adopted here which viii give
them the advantage oi paying for their labor
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 10 the employer, would be sold
for gold in the markets abroad, and that the
gold thus obtained could bo exchanged for sill
yer nc about the rate OF 81 in gold for ~ in sill
Yer, and thus the process would 90 on, the
employer getting gold OF fun value and the
the opinion of these gentlemen, would be q
most happy solution of this question.
" ont of Consideration, and il il were not rea-
sonably certain that a sudden revolution in
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
rs the employer receives for his products In
any part OF the world, and when he suIrenders
THIS right no is doomed 10 the same fate that
has already overtaken his brothers in the sill.
yer standard countries.
1t is 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 capital in 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 would 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.
If the solution OF this question affected only
the character and amount and purchasing
power of the future earnings of the American
laborer, it 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
time Z pp Tos,q ba NAV wobba s dIssahIa.a a nr dappriyas "a q
employment, has endcavorcd to save some
thing out of his earnings in order TO provide
for the comfort of his wife and children in the
future and has laid 1T away at home. or de-
posted it in a bank or building association, or
invested it in a life insurance policy, or loaned
1t to some friend in whom he has confidence.
He is not q debtor, but a creditor, and the
corporations and individuals having the Gus
tody of his earnings are indebted to hiIA 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 $24, 357, 400 on
deposit for 49, SUI people, or an average of s257
L fnr nnl IlngnLiTnr md I'm Thn NgIn1A na1 ~ frN
they hold 81, $40, 597. 900 for 4,s15,619 people, or
an average of $31l for each depositor. State
banks, trust companies and private banks hold
81, 340. SSS, 900 for about l,5OO.0U people, and ma
tional banks hold 81, 70l, 653, 52l for 1923, $40 de-
p~ositors, of whom /, 724, 600 have less than 81, 900
\ to their credit. Besides these institutions there
are 1900 building and loan associations in the
United States, having about l,S00,U0 share
holders, male and female, who have paid dues
in good money amounting To more than $780,
100000. There are nearly 700 of these associa-
tions in the state of Illinois alone, and in these
institutions many laborcrs, 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 n time of need.
Life Insurance.
More than 100000 of our people have taken
out life insurance policies, which are now in
force. amounting to 81, 2G2, S57, 323, and have
paid the premiums ON them year after year in
good money, while the mutual benefit and as
easement and cooperative and fraternal COM
panies and associations have 3,J0, 0OO mem
berS, who have contributed "a 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, 1874, $40, 936, and
the Industrial companies in the United States
have a membership of 6,gl9.5 9S, with insurance
amounting to $old, $50, 61S III addition to all tho
foregoing, and IL Is constantly increasing. How
many laboring men and women have taken
out policies or otherwise contributed from
their earnings to insure themselves against
loss by accident while engaged IN the prosecu-
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 $5,353,
1873, 52l for money actually deposited, "A sum
nearly eight times greater than the total capt
tai of all the national banks in the country,
while the life Insurance.. policies held by the
people in the various kinds Of corporations
and associations and in force today amount to
$40, 2U3, s04,o57, u larger sum than has been ac-
tnally invested In all our railroads and about
tionl banks.
Free Coinage Would lie an ~Irreparabie
Wrong.
In view OF these facts, which cannot be sue
c~essfully disputed, ! submit that yen ought
seriously to consider all the consequences to
yourselves and yonr follow citizens before you
agree to the free and unlimited coinage OF
legal tender silver at q ratio OF 10 10 i IN or
der that these great corporations and associa-
tions may have thu privilege OF discharging
thor debts to the people by paying 81 or 5!
cents ON the dollar, Tor that Is exactly what Ii
means 1t Is u low estimate TO say that each
one of the GepOsitors IL savings AMI other
banks and in building associations, and each
holder of u 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 otnar persons; and II so, a
majority of all our people gre directly or indi-
rectly creditors OF these corporations and -
sociations and are Interested in the prcscrva-
ton of a standard OF value which viii ins;re
the payment of their claims in as good money
as thsy parted with when they made their
loans or deposits or paid their assessments on
premiums. Every dollar the people put into
these banks and trust companies and otherln-
stitutionJ and every dollar they paid for in
surance was worth iUJ cents and would pro
cure 100 cents worth Of commodities in the
market when they earned 1t and when they
invested it. and they have an unqEcstionable
right 10 demand that it shall be refunded &c
them in dollars worth lGU cents everywhere
The adoption OF any policy that would deprive
them of this right would not only inflict an
enormous loss upon them, but would so Sc
Tiously impair their faith in the fidelity and
utility OF snch institutions that attempts 10
and save surplus earnings would
be Abandoned, or ut least greatly discouraged.
for u long time 10 come,
But III free and unlimited coinage of legal
tcndcr silver ut the ratio OF 10 TO is establish
cd in this country a very large part of the
money deposited IN these various kinds OF
savings institutions VIII not even be repaid in
deprecated silver, but viii DO wholly lost, be-
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