The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-08-08

the bankers. for instance. Now. what
is the real situation In Rockfordf The
number Of bankers In that city Is. alto
gether, thirteen, and the total amount OF
capital which these thirteen bankers have
Is $4,000. The total amount of de-
posits IN their banks is $3.4OO000. So
that these thirteen bankers, with total
paying capacity of but $4,000. are
entrusted with S3,40V,VoO OF other peo-
pies money with which TO do business
IN any manner they choose. Upon its
face, IL would seem that any number OF
men who have total paying capacity OF
but S3I5,OoO must be OF great integrity.
nprightness and reliability 10 be entrust-
live and do business with whom they
their paying capacity, or $3,iO0,0O0-
Who are the people who have entrusted
this thirteen with so large sum or
money, so much in excess OF their pay
ing capacityl They number $500 in
that city of a total population of 10000.
In this case. therefore, who are the
debtorsf They are undoubtedly the
bankers. These thirteen men eve these
$500 depositors $3.400,O00.
Now, IL all that has been said abont
the rapacity of the creditor class be true.
think of the situation In which these de-
positors have these poor bankers. In
all that has been said about the poverty,
the wretchcdness and the enslaved con-
dition OF the debtor class be true. think
of the miserable plight of these poor
bankers.
What is true in Rockford must be
true OF the whole country. The real
debtors of the country are bankers,
and the real creditors Of the country
are the depositors, and il is 10 the credit
of the bankers of the United States.
as il is 10 the credit of the bankers Of
Rockford that although they could net
| 30 per cent on the dollar ii the coinage
~ oil NJ IN. IL. lssr.
by paying their depositors who have de-
posted gold az 81 to l with them in
silver at but 10 10 l, none of the bank
ers of the City of Rockford, and but
very few Of the bankers I'm the United
States, who would have so much TO
| gain by the adoption of this free silver
lunacy, have advocated this policy,
which would enable them at one stroke
TO clear SO much money.
This brief statement makes IL plain
that all the vilihcation which has been
bestowed 10y Populist orators and news
papers upon the creditor class of the
| United States has been emitted because
or totally false misapprehenson as to
| who the creditors are, and IL is but n
sample of the profound ignorance under
| lying the whole free silver agitation that
they have undertaken TO describe aa
vampires, blood suckers. Shylocks, etc.,
the great producing classes of this coun-
own all the money deposited in the
banks and upon which bankers do bust
ness and upon the borrowing of which
most of the manufacturing and produci
ton of this country is carried on. 81
that the Populists of this country VIII,
have been claiming TO be the friends Il
the people, have been dcnouncing then
upon the supposition that the dennnca-
ton has been describing the bankees
whereas, the real truth Is, the bankds
are the debtors and the depositors IRE
the creditors.
According to that the Populists won't
accomplish free silveri
Well. there are I'm the United States
100000 dcpositors in the savings insttu-
tiOns of the country. and they own de-
posts amounting 10 about 1900, 600. O0p.
If all the people In the United States
who can vote, should vote, the total vote
east in n national election would DO
about 100000 but the largest average
national vote cast IL about 11,O00,OO0;
hence, the total number of depositors in
savings institutions in this country large
ly outnumbers any majority of votes
which has ever been cast in national
election.
In the single state of New York there
are 100000 depositors in the savings
banks Of that state. They have on de-
posit 5000, 100000. In the state of New
York there are but about 100000 vot-
crS, the number or uepOsltOfS I'm the saw
ings banks of that state exceeds the
number of voters In that state by 5O0,-
900. These figures show the utter inn
possibility Of any such movement as the
free silver movement succeeding In this
country, because its success would in
volve the conversion of more people than
have ever voted on one side upon any
question in this country, TO the ahso'
lutte belief that II would pay them TO set.
tie with the savings institutions In which
their money lies. az 80 cents on the 'iol
lar for every 100 cents on the dollar they
have on deposit.