The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-16

II
pudiation OF the public de5t. Much has
been said In this debate about bond
holdera. money grabbers and bankers.
There was a tine-and not long ago
when this country needed creditors,
needed people TO loan Il money. to pre-
serve It's existence. Happily, we found
peruonB ready TO take our boRds. but for
some reason the Democratic party too
often feels called on to abuse these
creditors OF the government who came
TO It's rescue in t!meiof peril.
Who are the bondholders or the gov.
ernment2 Who are the creditors OF the
United States? Not the great financial
Institutions, not the great bankers, not
the great insurance and trust compan-
iesNin themselves. They are for the
moat part indirectly the deposltors In
the savings banks, people OF smnll
mcaiis and the wage earners OF the
country. (
Banks generally loan only q small
proportion OF their own money. AS q
rule. banks do not have relatively much
money OF their own. Take the Chcmic-
al Bank, OF New York. with q capital
or S3Q0,0C0. II now has loans 70 the
alnouat OK about s27, 600 1000. The FRS,
National Bank OF New York has q cap
ital OF $500. 900, with loans amounting 10
s2S,0O0,0 600. The fact Is, these banks
make money by loan!ng these deposits
and not entirely by loaning their own
money. One out OF every fourteen OF
the population III the United States dc.
posts IN savings banks. The number
Of deposltors last year was more than
Ave millions, and the aggregate depos-
Its were but little short OF two thou
sand million dollars. about three times
the amount OF our national debt. or
1877 IS for each dcposltor. The wage
Garner OF the country has not the time
from his daily work to loan his money,
but in order 10 get some return on the
same he deposits 1t with the savings
bank or with some financial institution.
These banks and institutions In turn In
vest this money In good securities.
largely In government bonds.
Very few bankers and capitalists hold
government securities, because tiey
can make a greater return on their
money than 4 per cent; but the wage
Garner, the mar with Il small capital,
attending to other business, cannot
manage his surplus so as TO make as
much as the interest on q government
bond. Now, IL there Is any assault on
the bond!iolders or anything doue that
VIII injure them or pay them in any
thing less than the best money In the
world, the bankers do not suffer all OF
the injury.
Unfortunately. the votes to sustain
this resolution come from the states
l tut,n,an share ~ l,,A fa., -, 80,
ings banks. and where there ore but
few b%ondholders.
T do not agree With the statement
made by the Junior senator from Colo
RADIO (!Mr. Velocity. that this resolution
means nothing. In one sense, 1t IS a
mere declaration OF what the law was
twenty years ago. but II 1t should be-
come n law, It's effect would be as d.
rect as 4 bullet in forcing upon the
country the free coinage OF silver 1T the
ratio OF l6 to ]. II the substance OF this
resolution could be Incorporated into
the law of the land. and the govern
ment bonds could be paid In silver dol
lars OF four hundred and twelve and
one.half grains worth only forty four
cents on the dollar, as the Democratic
party SO much desires, It is easy to see
how 1t would operate to force the free
coinage OF silver.
According to the statement OF the
condition OF the treasury on the Goth OF
January, we had on that day standard
silver dollars In the government vaults
amounting to 1891, S9S. 305; silver bullion.
sSIS,945 81, making 1892, 777,950, against
which there was outstanding silver GER
tiflcates amounting to. 1914, ISL ,26f, le1v-
ing slS,425,9S3 available in the treasury
not covered by silver certificates. There
was also In the treasury on the same
date standard silver dollars. purchased
under the act Of 1880. s4,55S.4I7, and sill
yer bullion of 1890 which cost SOL. Oh
500 20, making 4 total ,ot sl05, 622, $50 Is.
against every dollar Of which there
were outstanding treasury notes.
These figures show that there are on
ly $4,000. GOO silver dollars in the treas
ury that are not. pledged to redeem out
standing silver certificates or treasury
notes. So that IL We were to begin 10
pay the Interest on the bonds In silver
we would have only $751; 0O,O 900 available
for this purpose. The interest on the
public debt last year was s3i. 800, 900.
The silver dollars now available in the
treasury would not pay eight months
interest: and this amount being ex-
hausted, where are the silver dollars to
come from to continue to pay the inter-
est or the public debt and that part OF
the bonds which mature In 1907? How
would the United States provide silver
dollars to meet the Interest and princl-
pal on the bonds after paying silver DOL
lars 10 meet the interest and principal
on the bonds after paying out the $751;
900, O00, now unpledged In the treasury.
1t would not go into the market and
buy silver worth, say. fifty cents an
ounce. and coin 1t into dollars worth
only foc!y-tour cents. and declare them
equal TO gold dollars. The only' way
left would be to open the minis OF the
country TO the free coinage OF silver at
i6 to !. This would put gold at a pre-
MUM OF more thar 100 per cent inme-
d!atcly. do not say that business
would stop, but we would be In the con-
dition we were In when gold was at 100
per cent premium during the green
back period. We would be in the pre-
else condition OF Mexico to-day. where
n gold dollar Is worth twice as much as
4 silver dollar OF four hundred and
twelve and one-halt grains.
Mr. President, we have reached the
danger line in trying TO maintain, with
a small gold reserve. the value OF paper
and silver equal 10 gold. AT present on.
gold reserve Is comparatively large,
amounting to slc3, oOO. 1000, and incrcas-
Ing, but we have seen It run down with
In two years to $50, 200, 900 and every.
day the question being asked, VIII gold
go to a premium; will the government,
he able 10 keep all or It's currency at