Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-04-16

banks hold $1,3i0, SIS 900 for about $780,
coo people. and national banks hold ST.
1Oi,653,55i FOR i,p29.si0 dcposltors. %
whom 1.72i, 900 have less than $1,000 TO
their credit Besides those institutions
there are 5000 building and loan asso-
Citations In the United states having
about 100000 shareholders. male and
female, who have paid dues In good
money. amounting to more than $780,
100000, There are nearly 7O0 OF thefe
association IN the state OF Illinois
alone, and IN these institutions many
iaborcrs. men. women. and even chill
dren. have deposited every dollar they
could spare, often denying themselves
some of the comforts OF life, In order
TO lay UP something for a time OF need.
More than 7.5oo, 900 OF our people have
taken out life Insurance policies. which
are now In force, amounting 70 S3,2O2,-
1923, and have paid the premiums on
them year after year in good money.
while the mutual benefit and ASSESS
ment and cooperative and fraternal
companies and associations have $780,
900 members, who have contributed a
large part OF their earnings TO the funds
held TO reimburse losses sustained by
sickness and death. The obligations Of
these companies and associations TO
their members amount 10 S5.iSi.670.9s6.
and the Industrial companies In the
United States have q membership OF
6,9i9.50S. with insurance amounting 10
ss16. SIS In addition to all the forego-
ing, and It is constantly increasing.
How many laborlng men and women
have taken out policies OF otherwise
contributed from their earnings TO In
sure themselves against loss by acci-
dent while engaged In the prosecution
of their work cannot be accurately as
certained. but the number 10 known to
be very large.
The banks, trust companies, building
associations, and other similar institu-
tons, owe the people OF the United
States today 1896, 1881 for money
actually deposited, Il sum nearly eight
times greater than the total capital OF
all the national banks In the country
while the life Insurance policies held
by the people In the various kinds %
corporations and associations and In
force today amount to $40 203, s0i,35
larger sum than has been actually In
vested in all our railroads. and about
fifteen time larger than tho capital of
all the national banks. In view OF these
facts, which cannot Sc successfully dis
puted l submit that you ought seri-
ously TO consider an the consequences
TO yourself and your fellow citizens
before you agree to the free and I'M
limited coinage OF legal tender silver
at a ratio of 10 to 1, in order that these
great corporations and associations
may have the privilege Of disoharglng
their debts 10 the people by paying 81
or 81 cents on the dollar, for that is
exactly what II means. It Is a low es-
innate to say that each one OF the de-
positors In savings and other banks
and In building associations. and each
holder of life insurance policy and
merlher of q mutual benefit and as
sessment association. has dependent
upon him or her an average OF at least
two other persons. and, 10 so, a ma
pority OF ali our people are directly or
Indirectly creditors Of these corpora
tlons and associations and are inter-
ested in the preservation OF standard
OF value which VIII insure the payment
OF their claims in az good money as
they parted with when they made their
loans or deposits or paid their ASSESS
ments or premiums. Every dollar the
people put into these banks and trust
companies and other institutions. and
every dollar they paid for insurance
was worth one hundred cents and
would procure one hundred cents
worth OF commodities In the market
when they enrned Il and when they In
vested II. and they have an unquestion-
able right 10 demand that II shall be
refunded to them In dollars worth one
hundred cents everywhere. The adop-
ton OF any policy that would deprive
them Of this right would not only in
fiict an enormous loss upon them, but
would so seriously impair their faith
In the fidelity OF such Institutions,
that attempts to accumulate and save
surplus earnings would be abandoned.
or at least greatly discouraged. for a
long time to come.
But II free and unlimited coinage of
legal tender silver ut the ratio Of 16
to ! is established in this country, n
very large part of the money deposited
in the various kinds of saving institu-
lions viii not even be repaid in depre-
ciated silver. but Will be wholly lost
because such a reckless monetary
system would preclpitate n financial
uGnic, which very few. II any. of the
repositories could survive / doubt II
there II n single financial institution
In the country that could sustain the
pressure that would be Immediately
made upon II by It's deposltors and
other creditors. when 1t became appar-
ent that our standard OF value was to
be lowered and Our currency depre-
ciated by free coinage. Payment of
all our obligations held abroad would
be demanded In gold at once; every in
country would be instantly withdrawn;
every man who owed debt at home
or abroad would be called upon 10
pay It; all deposltors In banks and
other Institutions would want to with
draw their money at the same time;
no loans could be negotiated, ana no
credit would be given, because no man
would lend money or sell property on
time when he knew with absolute GER
talnty that he would be paid In a de-
preclated currency. Creditors would
not walt for the actual passage OF n
free coinage law. but as soon as such
a measure had received the approval
OF the people at an election they would
demand their money. and II not paid
they would enforce its collection by
judicial proceedings and the forced sale
OF property. II IS useless for you and
me or anybody else to say that de-
poators In banks. and other creditors,
ought not to pursue this course when
a crisis comes, or Is npprehended, for
they always have pursued 1t. and al
ways will. unless human nature itself
should be changed.
Less than three years ago you saw
our financial. commercial and Industrial
affairs violently disturbed by the fear
that the government would not be able
TO maintain gold payments, and that
our currency would descend to n silver
basis. You saw the operations of in
dustry interrupted, banks falling. great
commercial houses unable to meet their
Obligations, credit seriously impaired,
mills and factories closed and thou
sands OF l0borers thrown out OF en-
ploy1nent, and u state Of panic and busi-
ness disorder prevailing In every part
OF the country II mere doubt as TO
tho kind Of money we intended 10 t,qs.