The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1897-03-04

and compete successfully in the markets
abroad with the manufacturers of similar
goods in silver standard countries, who pay
their laborers low wages in deprecated silver,
and therefore they insist that monetary sys'
TEN shall be adopted, here which will give
them the advantage Of paying for their labor
in deprecated silver. The theory is that, with
free coinage Of legal tender silver the wages
Of labor in this country would be paid in sill
yer dollars worth about half as much as gold
dollars, but the. products Of labor, which
would belong to the employer, would be sold
for gold in the markets abroad, and that the,
gold thus Obtained could BE- exchanged f9r 81
employer getting gold Of full value and the,
iaborer getting deprecated silver, which. in
he fP happy S So saeso q anesSn
II the interests Of labor are to DO left entire
ly out of consideration. and If 1t were not rea.
sonably certain that sudden revolution IN.
progress of all our industries and produce al.
most universal bankruptcy, this scheme to
make the employer very rich and the htorer
very poor might DO worthy OF serious eonsid'
Grafton. but the. American .labarer. bss aS1asht
as f fRe emp Rs fssSyes sor lii fprSahtss
any part Of the world, end when he suEyenderS
ha arssa H ne Bis bf5srs e ST.
yer standard Countries. /
1t il but simple Justice to ny In this con,
R Rs %a tas tae sssas sa S9s msS
their capital In Industrial cpterprisss .apd are
relying for;Suceess upon their skill apd epcrgy
in Tho PROSECUTION q tRslS ks'sesa q n9e
ment Of silvseiTs lSosaaSnetalism would be- ruin
Gus to them and to all who are dependent
upon them for employment or for tho supply
Of commodities at reasonable Pr!eee.
Investments Of Labor.
II tho solution Of this question affected only
the character and amount and purchasing
power Of the future earnings OF the American
iaborer, it would still be subject OF tho gray
est Importance to him, but its Importance is
greatly increased by the fact that the safety
and value Of q very considerable part Of BIS
past earnings are also involved. Tho thrifty
time when he may be disabled or deprived OF
employment has endeavored to save some
thing out of his earnings in order to PROVIDE
for the comfort Of his wife and children in the
future and has laid it away at home. or de-
posted it in bank or building association, or
Invested it in u life insurance policy, or loaned
it to some friend in wLom he has confidence.
corporations and individuals b ing the Gus,
tody of his earnings are indebted to him and
ought to pay what they owe him In lust as
good money as he put into their hands.
Savings Banks and Building and Loan As
sociations.
According to the latest reports, the savings
banks in your own state hold s24, 85i, 400 on
deposit for 49, s02 people, or an average of S257
for each depositor, and in the whole country
they hold ,80, 597, 600 for 4,675 BIO people. or
an average of $57l for each depositor.. State
banks, trust companies and private banks hold
ST. $40 s89, 900 for about 500,0 100 people, and ma
tional banks hold 81, FOL 05352l Tor 929, $40 de
positors of whom l. 724, 900 have less than 81 900
to their credit. Besides these institutions there
are 5000 building and loan associations In the
United States, having about 1900, 900 share
holders, male and female, who have paid dues
a., ool ,D,,at nrlnft inc N nor
O0O,O00. There are nearly 100 of these associa-
tons in the state of Illinois alone, and in these
institutions many laborers. men, women and
even children, have deposited every dollar
they could spare, often denying themselves
some of tho comforts of life in order to lay up
something for time of need.
Life Insurance.
More than 100000 of our people have taken
out life insurance policies, which are now in
force, amounting to S4,2O2, S57 1928, and have
paid the premiums on them year after year in
good money, while the mutual benefit and as
sessInUnt and cooperative and fraternal com
panies and associations have 3,5O0UD mem.
bers, who have contributed u large part of
their earnings to the funds held to reimburse
losses sustained by sickness or death. Tho
obligations of these companies and associations
to their members amount to 50, lsi6iO,9Jh and
tho industrial companies in tho United states
have a membership of sos. 59S with insurance
amounting to sSi0,C5O, CTS in addition to all tho
foregoing, and it is constantly increasing. How
many laboring men and women have taken
out policies or otherwise contributed from
their earnings to insure themselves against
loss by accident while engaged in the prosecu-
ton Of their work cannot be accurately ascer'
tanned, but the number is known to be very
The banks, trust companies, building asso-
Citations and other similar institutions owe
the people Of the United States today $685.
l3S, 52l for money actually deposited Il sum
nearly eight times greater than the total CAPT
tai of all the national banks in the country
while the life insurance, policies held by the
people in the various kinds OF corporations
and associations and in force today amount to
$40 203, sO4, 1857, larger sum than has been ac'
tually invested in all our railroads and about
10 times larger than the capital of all tho ma
tional banks.
Free Coinage Would Be an Irreparable
Wrong.
In view of these facts, which cannot be sue
cessfully disputed, l submit that you ought
seriously to consider all the consequences to
yourselves and your fellow citizens before you
agree to tho free and unlimited coinage of
legal tender silver at ratio of l6 to In or
der that these great corporations and associa-'
tions may have the privilege OF discharging
cents on the dollar, for that Is Exactly what It
means. 1t Is low estimate to say THAT each
one of the depostors in savings and other
banks and in building associations and each
holder of u life insurance policy Rn9'pepbefi
of o mutual benefit and assessment 6ssocia-
ton, has dependent upon him or her an aver
age of at least two other persons; and If so, q
rectly creditors of these corporations and as.
sociations and are interested in tho presorva-
ton of u standard of value which will insure
the payment Of their claims in as good money
as they parted with when they made their
loans or deposits or paid their assessments Or
premiums. Every dollar the people put into
these banks and trust companies and other in
stitutions and every dollar they, paid for in.
surance was worth 100 cents and would pfo-'
cure 100 cents worth of commodities in the
market when they earned 1t and when they
inv Tod n
right to demand that 1t shall bd refunded to
them in dollars worth 100 cents everywhere.
The adoption Of any policy that would deprive
them of this right would not only inhict an
enormous loss upon them, but would so Sc.
riously impair their faith in the fidelity and
utility Of such institutions, that attempts to
accumulate and save surplus earnings would
be abandoned, or at least greatly discouraged,
for u long time to come.
But if free and unlimited coinage of loyal
tender silver Mt the ratio of l6 to ia establish
ed in this country very large part Of tho
money deposited in these various kinds OF
savings institutions will not even be repaid IN
deprecated silver but will be wholly lost, be-
cause such reckless monetary, system would
prccipitate financial panic which worry few.
II any, Of the repositories could survive l
doubt that there is single financial institu'
ton in the country that could sustain tho
pressure that would be Immediately made
upon it by its depositors and other creditors
when it became apparent that our standard OF
value was to BIO lowered and our currency de-
preciated by free coinage. Payment Of all our
Obligations held abroad would be demanded
in gold at once; every investment Of foreign
capital in this country would be instantly
withdrawn every man who owed q debt at
home or ABROAD would be called upon to. pay
1t; all depositors in banks and other institQ.
tions would want to withdraw their money DIT
the same time; no loans could be negotiated
and no credit would be given, because no man
would lend money or sell property on time
when he knew with absolute certainty that he
would be paid in u deprecated ourrehcy.
Creditors would not wait for the actual pas.
sage of a free coinage law, but as soon as such
q measure Lad received the approval Of the
people at III election they would demand their
money, and if not paid they would enforce Its
collection by judicial proceedings and the
forced sale OF property. 1t is useless for you
and me or anybody else to say that depositors
In banks and other creditors ought not to pur'
sue this course when crisis comes OF ID ap.
pretended, for they always havo pursued IL
and always will unless human nature itself
should be changed.
Less than three years ago you saw our hpan.
cial, commercial and industrial affairs ygto.
A9ntly disturbed by the fear that the govern
upant would not be able to maintain gold pay.
n,Uits and that our currency would descend to
"A silver basis You saw tho operations Of in
eustry interrupted, banks falling. great COM
l. ercial houses unable to meet their obltga.
tions, credit seriously impaired, mills and fac.
tories closed and thousands Of laborers thrown
out Of employment and . state Of PANIC and
business disorder prevailing In every part Of
= N..tthf tf. Aha IL tf,h