Middletown transcript., 1897-03-20
MIDDLEToWN. DEL, MAR, 20 1897
Attitude Of Manufacturers.

MlDDLETOWNs DEL, MAh',@o 1881
Attitude Of Manufacturers
Yo,, ha,,a doubtIess observed recently whS
appears to be quite o formidable demonstre .
Ifon in favor Of the frO@ coinage OF silver pJ
certain large manufacturing interests in the
eastern part of the country, upon tne g4 groun44
that if we continl 9 to maintain our present
standard of value the liver standard coun,
tries, especially India, China nd Japan, viii
Boon be able to undersen then IN tne marKeIs
the proposition of these gentlemen IS thai the
manufacturers of certain kinds OF goods In
this country cannot continue to pay their Ia.
borers high wages in gold or its equivalent
and compete successfully In the markets
abroad with the manufacturers OF similar
goods in silver standard countries, who pay
and therefore they insist that a monetary sys-
tenn shall be adopted here which will give
them the advantage OF paying for their labor
n 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 I
yer dollars worth about half as much as gold
dollars, but the products OF labor, wh1chi
would belong to the employer, would be sold
for gold in the markets abroad, and that the
gold thus obtained could be exchanged for sill
yer at about the rate OF 81 In gold for 81 In sill
yer, and thus the process would go on, the
employer getting gold Of full value and thei
iaborer getting deprecated silver, which, in
the a1O1 q sHese tRs 0ueaUn
II the interests of labor are to be left entire'i
ly ont Of consideration, and If it were not rea- I
sonably certain that sudden revoluaion a tha n
progress Of all our industries and produce al
most universal bankruptcy, this scheme to
make the employer very rich and the !a6oTer
Grafton, but the American .laboreqe eNSS . Nght
to demand pay for his work II ss geo9 HqnsY
az the employer receives for his~nTcdnetsin
any part of tie world, and when be sSFrendsfs
thts right be ia ddpE4ed 70 The came fate that
has already overtsken his brothers % the ST.
It Is but simple justice to esy in this con-
nection that the great body Of employers,
vast majority Of the men VINO nave nd sga
relying for; success upon their skill and energy
in the prosecution Of their business, do not
want the present standardh 4 OF value oyer oyer
ment Of silver monometallism would be ruin.
GUS to them and to all who are dependent
upon them for employment or f2r the supply
Of commodities at reasonable prices.
Investments of Labor.
If the solution of this question affected only
the character and amount and purchasing
power Of the future earnings OF the American
faborer it would still be subject Of the gray
est Importance to him, but its Importance is
greatly increased by the fact that the safety
and value Of a very considerable part OF his
past earnings are also involved. The thrifty
and provident workingman, anticipating
time when he may be disabled or deprived OF
employment, has endeavored to save sofne'
Tar 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 1t in q life insurance policy, or loaned
it to some friend in whom ne ha9 confidence.
He is not q debtor, but creditor, and the
corporations and individuals having the GUS
tody Of his earnings are 1naepsea b g DIM at ana 20
good money as he put into their hands.
Savings Banks and Building and Loan As
sociations, a
According to the latest reports. the savings
banks in your own state hold $24.S57, 400 On
deposit for 50, ,SO2 people, or an average of S257
they hold st. 8I0 597 COO for 4,e75 519 people, or
an average Of s571 for each depositor. State
banks, trust companies anG private banks hold
SSsi Ssass for h"d foSrs 8: @ RspPss sRS de de-
positors of whom 1l4, 10 have less than 600
to their credit Besides these institutions there
are 5000 building and loan associations in the
United States, having about 1,S00,000 share
holders, male and female, who have paid dues
in good money amounting to more than SoOO-
000,0O0 There arc ng9riy ~, OF these assocla-
tions in the state Of Illinois slonc. and in these
institutions many labo1e-,s, men, women and
even children, have. tcPiste3 every dollar
some Of the coIzfoI Is I, Iifo il ORDER to lay up
something for tint II Ii, !.
Life Insurance.
More than 2,GG00O0 Cf cur people have taken
out life insurance policies. wi:lch are now IN
paid the premiums On tHcEl year after year In
good money, while tho 1iytu-l benefit and as
sesslnent and co-oFeE-tiTc and fraternal 6 r com
panies and associations have 3,50O,0OO mem
bers, vino have contrlDuttd o large part OF
their earnings to the tEpas held to reimburse
losses sustained by sickness or death. The
obligations Of these companies and associations
to their members amount to 3d. lS4, $40, ,g36, and
the industrial companies in the United States
have membership of q $50, with insurance
amounting to SS16 ,67S in addition to all the
foregoing, and it is constantly increasing. How
many laboripg 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-
tion of their work cannot lie 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.
1888 521 For money actually deposited, sum
nearly eight times greater than the total cap1-
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 2OS sS57 larger sum shan aas S peen ,Gt Sc
Is times larger than the capital OF al the ma
tional banks.
Free Coinage Would BE an Irrepsrabls
Wrong.
In view Of these facts, which cannot be suo.
cessfn disputed sIP M 4be tnaS S1@ cssto to
yourselves and your fellow citizens before you
agree to the 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 ths privilege OF discharg1ng
their debts to the people BY paying 81 e g g
means. It is a low estimate to say that each
one Of the depositors in savings and other
banks and in building associations, and each
holder of life insurance policy andsmember
of q mutual benefit and assessment ass6cia-
tion, has dependent upon him or her an aver
age of at least two other persons; and If so. q
majority OF all our people are directly or ind1-
rectly creditors of these corporations and as
sociations and are interested in tho preserva-
tion of standard of value which win 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
stitptions and every dollar they paid for IN
SuFance was worth 100 cents and would pto-
cure 100 cents worth of commodities In the
market when they earned. it and when they
invested it, and they haye an unquestionable
right to demand that ii Rball be refunded to
them in dollars worth lOO cents everywhere.
them Of this right would not only fnflict an
enormous loss upon them, but would so se-
Tiopsly impair their faith in the fidelity and
utility Of such institutions that attempts to
accumulate and save surplus earnings would
be abandoned. oF at least greatly discouraged.
But IL free and unlimited coinage Of loyal
tender silver at the ratio Of 10 TO Is establish
ed in this country very large part OF the
money deposited in these various kinds Of
savings institutions viii not even be repaid In
deprecated silver, but will be wholly lost. be,
cause such reckless monetary system would
precipitate financial panic which very few,
II any, Of the repositories could SURVIVES.
doubt that there is a single financial tnstttu-
tion in the country that could sustain the
pressure that would be Immediately made
upon it by its dcpositors and other creditors
when it became apparent that our standard OF
value was TO be lowered and our currency de.
preciated by free coinage. Payment Of all our
obligations held abroad would be demanded
"a gold at once, eYeTy Investment Of foreign
capital in this country would be instantly
withdrawn; every map who pEed debt at
home or abroad would be called ppoB to pay
1t; oil depositors in banks and other tnstitu-
tions would want to withdraw their money at
the same time; no loanRcould be negotiated
| and no credit would be pan. because 20 man
would lend money OF sen property ON time
when he knew with absolute certainty that be
would be paid in q depreciRted currency.
| Creditors would not w for the actual pas-
| sage of free coinu$ but as soon as such