The Providence news. (Providence [R.I.]) 1891-1906, 1896-07-29

precautions could be of avail. Business
would be paralyzed by II. Rates OF In
terest would so up to the prohibition
point, and the restrictions on the bor-
rover would, in many cases, compel him
10 go out OF business. Between the banks
and the business man, transactions would
be hamperod because of mutual suspicious
created by the uncertainty OF the value
Of the medium dealt in, where now con-
fidence as to that value is assured and
no written agreement Is necessary to
specify the meaning of the dollar loaned
or borrowed.
II our correspondent has hundred
dollars deposited with the Union Trust
Company out in olneyville no expects his
savings there to be gosrded with all pos
sible care, and he mu st be confident that
the methods that prevail in the institu-
tion over seek TO protect his money and
secure for him as large an interest as pos
sible. Otherwise he will draw out his
deposit. and IL he is also suspicious OF
every other such institution he will tic
up his money in a stocking. And IL
every depositor felt the way he did the
bankers would have 10 go out of business
and seek employment elsewhere. Now,
the majority OF banking men say to this
depositor: "Today, II you want to
withdraw, we can pay you your deposit
OF Slo0 in gold, silver or paper, but
whatever you choose TO have your money
In, it will all be the same--as good as
gold-for money as good as gold was
what you put in our hands to keep for
you, and that is what you are entitled
to should you wish TO draw it out. But
IL the government passes a law declaring
that So cents worth Of silver must be &C
cepted as a dollar, we cannot pay you
gold, because gold is worth, say 200,
and we haven't it and can only get 1t by
paying that price for it. We can, how
ever, give you what the government
calls q hundred dollars and you will
have to do the best you can with it.
You will find that your deposit OF s1O0
can only buy what $50 bought in the
days of sound money, but we cannot
help that. This Is all we have. 1t is one
hundred dollars. they are not the kind
of dollars you left with US, but 1t is the
kind that the government compels US to
give you and compels you to take"
There is another thing that ''rich
men" and Capitalists" understand
clearly and that is that no lasting pros
perity can come to any individual unless
the people as whole are prosperous.
Fortunes were made during the war,
because the prices of commodities went
up, and the value of the dollar fiuctuated
but IL the country were engaged In war
all the time the individual erich man"
would sooner or later have to leave the
country or make sacrifices.
The "rich grow richer" when the
poor become we'll to do. Riches for
the few come with prosperity to the
many, not by policy that makes
poverty for the many. Governor
ALToELp specifies IN the securities that
represent large part OF his comfortable
fortune that they shall be payable in
gold. At first glance this would seem
to account for ALTeEID's devotion to
free silver, on the principle suggested by
our correspondent, since In event OF
free coinage law, gold W ould go to pre-
MUM and ALTaELp would receive nom
inally at least, about twice as much as he
invested. This view, as our correspond
ent points out, ought to make the free
silver proposition inviting to the "rich,"
whose property may bo largely repre-
sented by securities like those of Alt
oELD's. AS matter OF fact, OF course,
II any one would be gamer such men
would be. But "Inaneiers" and "rioh
mon" are not only not dlsinteres.ed, but
they are long headed. They look beyond
the morrow. And ALToELD, IL he really
advocates free silver IN the hope of doub-
ling his money, should pause to consider
that the unfortunatos who have to pay
will, likely enough, not only be unable
under the new conditions TO meet tho
double obligation, but unable even TO pay
the loO-cent obligation Ss originally con-
,rac,od for value received. In word,