The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-06-27
THE SAVINGS BANK NOTE.
It's Going to be a Big Factor in Politics
This Year.
lPhiladelphia Pu blic Ledger. }

In the Eastern and Middle States sin
Guiding New York, New jersey, Penn
sylvania, Delaware, Maryland and the
District of Cclumbia)) the savings banks
depositors alone represent vast number
of voters, and duly appreciate the i'm
portance of the preservation of the gold
standard, and are anxious to maintain
the present value and purchasing power
of their deposits. They will vote for the
presidential nominee of that party which
pledges itself to continue the existing
standard Of monetary value. 1t is impos-
sible to estimate how many voters there
are among our savings banks depositors,
but in some communities they must be
sufficiently numerous to affect the vote
very sensibly.
This ia particu larly true of the State
of New York, which contributes so iin-
portantly to the electoral vote. The En-
pirs state polled l, 1856, 793 votes for Prssi-
dent in 1884, The number of savings
banks depositors in that State in 1894-5,
according to the report Of the comptroller
of the currency WAS 1875, 178 While
AANAJ Va bhOsC NOpOSiOOIb ts1o IO9 tODSlBs
very large proportion Of them are ant
it is likely that they will be heard fro m
in November in the interest of a sound,
sale and honest monetary system. 1t 1s
uncomfortable that any sensible man
who has funds on deposit anywhere will
deliberately vote for a monetary policy
which will inevitably reduce the value
of his deposit one-half, or nearly to the
extent. Party association, party fealt y
and party spirit will be as dust in that
balance against the vital personal Inter
! est here involved, and this savings bank
| interest should of itself turn the scale
for the gold standard in the Empire
State. The total deposits in savings
banks in New York reach the enormous
sum of $685. 873, 574. If the currency were
inflated by the unlimited coinage Of sill
yer this fund would suffer a depreciation
approaching three hundred millions.
| This is the Barmecide feast TO which the
Tree siIverites are inviting the thrifty
toilers in our great hives of industry.
The savings banks depositors of New
| Jersey ought to be a powerful factor in
honest money in November. They num-
Der more than IA, 900, and contributed
no uncomfortable portion of the 337, $40
votes cast at the last presidential election
Little Delaware's savings banks deposit
tors should also have q potent influence
III winning q VICTORY IOr the gOlQ stand
ard. The vote cast there in 1892 was
81, 242; and the savings banks depositors
number IS, 648, Proper appeals to these
provident voters will take Delaware out
of the list of uncertain States. Maryland
has l48, 342 depositors, and her vote in
1892 was 213, 275. In this State the gold
standard should be strongly supported,
and both parties have wisely declared
it in their latest platforms Pennsylva-
MA, which is immavably for the gold
| standard, has 1854, 642 savings banks de-
positors, a smaller number than Con-
necticut, but the State has great num-
Der OF building associations which serve
the purpose of savings banks for thou
sands Of depositors. There are in the
New England and Middle States T. 322, 693
depositors in the savings institutions,
and every man, woman and child who has
savings invested in them has an imme-
date interest in the leading issue of the
next presidential contest, the mainte-
nance of the present purchasing power of
| our dollars.
| The savings banks interest is, however,
| but one Of many interests which would
be d1sastrously and irretrievably affected
| by silver initiation. The accommodations
of years would be frightfully reduced
| in value, and business confidence would
| receive shock from which there would
be no recovery for many years. The
suspension of public credit for an in
definite period is the appalling spectre
which stands behind the free silver
| movement.