The Republican journal. [volume] (Belfast, Me.) 1829-current, 1896-09-10

and supports his assertion by argument.
that Tree coinage means repudiation-and
because it meant reputation, was enough,
IN his opinion, to secure its defeat.
Speaking of the effect of free coinage, he
pointed out that it was the laboring man
and the people of small means who would
suffer most from it. The rich he thought
could protect themselves. Here is his Ian
guage:
Men speak lightly and thoughtlessly of the
'creditor class" For every creditor there
must be debtor, and for every debtor a
creditor If the industrial classes of this
country are not bankrupt, but, on the con
tary, nave accumulated something from
their work, 1t is safe to say that their accum-
ulations have in large part been so invested
that they stand as creditors within the
meaning of those who assail the creditor
class. In savings banks alone, in small
accounts, sixteen hundred millions are said
to be depuslted-more money than there is
Ill active circulation in this country. Every
workingman who is a depositor is creditor
of the bank. The volume of deposits in the
national banks and other banking institu-
tlons IS likewise enormous, and every de-
poslJor IS creditor of the bank, and the
bank belongs to the debtor class.
OF the deposits in savings banks in this
country thousand millions of dollars are
said to be invested in mortgages. The mort
gage creditors of the country are, therefore,
to this extent the small depositors in savings
who have trusted their SCanty earnings to
be invested by these institutions of savings
To depreciate by 80 or 40 per cent the
value of these securities would be to rob
millions of our industrious citizens of their
hard-earned savings.
Depreciate the standard of the dollar
and every pensloner OF the country every
holder of policy of insurance, every widow
and orphan enjoying the proceeds of trust
funds will by so much suffer from this fraud
ulent reduction of standard of the country.
The revenues of the government will be
deprecated in like manner, and every dol
lar received in duties and other taxes will
represent about two-thirds of the amount
now fixed by law.
The effect of this reputation upon future
attempts to borrow money will be disastrous
to the borrower. Money is loaned at rates
which accord with the risk, and reputation
will raise the rates of interest and t1uctu-
ating standard of value will burden the bor-
rover until we have returned again to a
stable and honest standard of payment
Credit secures money, and credit is fixed
by a willingness and ability to pay. Nor are
the poor to gain any benefit from the degra-
dation of our coin. The debtors of the coun-
try are they who have had credit upon
which to secure advances. AS a rule, the
poor are not in debt, and those who borrow
have means of payment. The rich borrow
the most, the poor the least. Reputation
will benefit the rich and the money dealers
more than any other class. They can pro-
tect themselves.
To-day he scouts the idea that the labor
ing men and wage earners will suffer. He
has reversed his whole theory, and now is
contending that it is the bankers and gold
bugs Of Wall and Lombard streets who will
be HIT while the wage earners will reap an
advantage.