The San Francisco call., 1896-09-10

7 gold coins are seen in ordinary circulation for
domestic uses is no proof at all tn at the metal
is not performing q most important junction
in business affairs. The foundation of the
house is not always in sight, but. the house
! would not stand an hour If there were no foun-
| dation.
There is now on deposit in the savings banks
of thirty-three States and Territories of this
| Union the vast sum of 50 900 100000 These
are the savings OF almost 5,000,0 900 depositors.
| In many cases they represent the labor and
! economy of years.
Any depreciation in the value of the dollar
would defraud every man, woman ana child 10
whom these savings belong. Every dollar oi
their earnings, when deposited. was worth loo
| cents in gold of the present standard of weight
and ineness. Are they not entitled TO receive
in full, with interest all they have SO depos-
tied? Any legislation that would reduce it by
the value OF single dime would be an intol-
cradle wrong to each depOsitor. Every bank
or banker who has accepted the earnings OF
these millions OF dollars to the credit OF ouI
citizens must be required to pay them back in
money not one whit less valuable than that
which these banks and bankers received in
trust.
There are in this country nearly 5000 build
| ing aud loan associations, with shareholders
to the number of 100000, and with assets
amounting to more than 1000, 100000. Their
average holdings is nearly $500 per capita,
and in many cases they represent the savings
OF men ana women VINO have denied them
selves the comforts of life in the hope of being
able to accumulate enough TO buy or build
homes OF their own. They have aided in the
erection OF over million OF houses, which are
now affording comfort and shelter for 5,O00,-
! 600 of our people.
Free coinage at the arbitrary rate of 16
ounces OF silver TO one OF gold would be equi-
| valent to the confiscation of nearly half the
savings that these people have invested. II
would be tantamount to a war upon American
homemakers; il would be an invasion of 'the
homes of the provident," and tend directly ia
destroy the stimulus to endeavor and the COM
pensation of honest toll. Every one OF the
] shareholders of these associations is entitled
he deposited by weekly payments, or other
wise, in these companies. No one of them
should be made homeless because political
! party demands change in the money stand
ard of our country, as an experiment or as a
concession to selfishness or greed.
The magnitude OF the disaster which would
overtake these and cognate interests becomes
the more strikingly apparent when considered
in the aggregate. Stated broadly, the savings
| banks, lie insurance and assessment compa-
nieS and building and loan associations OF the
country hold in trust $I5, ,309. III ,3SI. The
debasement of the currency TO a silver basis,
as proposed by the Chicago platform, would
wipe out at one blow approximately 81 $685.
5O4,S OF this aggregate. According to the
/ report of the Department of Agriculture the
| total value of the main cereal crops in this
country in 1894 was 1895, ,438, 10Y; so that the
/ total sum belonging TO the people and held in
/ trust in these institutions whicn would be OBJ
/ liberated by the triumph of free and unlimited
silver coinage would be seven ana hall times
! the total value OF the annual cereal crop OF
the United States. The total value of the man.
ufaetured products of the country for the Gen.
sus year of 1890 was So, ,372, ,537 ,2S3. The es-
! tablishment OF silver basis of value as now
! proposed would entail loss to these three in
rerests alone equal TO 80 per cent OF this enor-
nous output OF all the manufacturing indus
tries of the Union and would affect directly
nearly one-third of its whole population.
One hundred and forty million of dollars
! per annum is due to pensioners OF the late
war. That sum represents blood spilled and
/ suher1ngs endured in order TO preserve this
Nation from disintegration. In many cases
| the sums so paid in pensions are exceedingly
small; in few, If any, are they excessive. The
spirit that would deplete these to the extent
OF farthing is the same that would organize
sedition, destroy the peace and security of the
| country, punish rather than reward our vet
eran soldiers, and is unworthy of the eounte-
nance by thought or vote of any patriotic citi-
zen OF whatever political faith. No party until
\ that which met in convention at Chicago has
! ever ventured to insult the honored survivors
of our struggle for the National life by propos-
ing TO scale their pensions horizontally and 10
pay them hereafter in deprecated dollars
worth only SO cents.
/ The amounts due, in addition to the inter.
ests already named, TO depositors in trust com.
panies in National, State and private banks to
holders OF fire and accident insurance poll.
cies; to holders of industrial insurance where
| the money deposited or the premiums have