The midland journal. (Rising Sun, Md.) 1885-1947, 1898-12-30
The Savings Banks.

In the Presidential campaign of 1896
one of the stock arguments OF the gold
standard orators and newspapers was that
the RECOMMENDATION of silver would reduce
the silver dollars to 5o-cent dollars, and
that poor widows and other industrial
poor but honest people who deposited
their little savings in Sayings Banks
would be paid in dollars worth only half
the value Of the dollars they deposited.
This was both false and foolish, but
people who did not understand money
matters were more or less intimidated by
the earnest persistency with which this
lie was forced upon them
These same Savings Banks, along with
other moneyed institutions, were assessed
by Mark Hanna for tlieir share of the
campaign corruption fund raised for that
campaign, the largest corruption fund for
single election ever raised in this or
any other country. At the same time the
newspapers and orators were alarming
the Savings Bank depositors with the cry
of 5o-cent dollars, the officers of these
the funds of their poor depositors and put
| them into Mark Hanna's corruption fund
box. This was crime of the same class
of the Chestnut Street National Bank
lo6tng, and the officers of Savings Banks
who were guilty should have been sent to
the penitentiary the same as Marsh and
Steel.
| The dear gold dollar which the falsi-
fiers eXerted themselves so heroically 10
impose upon conhding innocent, and
not too wise people, is now getting i'll its
work on the poor widows and washer
women of the Savings Bank and goldbug
newspaper. The gold standard has so
reduced prices and destroyed all but the
highest priced and lowest interest bearing
securities, that the Savings Banks are
compelled to lower the rate of interest to
their depositors from six and seven per
cent which it was before the demonetiza.
ton of silver, and more recently four pei
cent, to three per cent, which they are
now paying their depositors. The gold
standard and ''honest' dollar has so re.
duced prices that the frugal Savings Bank
Idepositors are receiving only three pei
cent interest, and are not able to save
from their scant earnings anything like
as much to put i'll the bank as they used
to do. This dear gold dollar is doing
what the deceivers assured their dupes
that the reconciliation of silver would do
giving them the equivalent OF so cent
dollar by cutting their earnings and in
terest i'll half. The reconciliation o.
silver would have doubled their earning:
aud doubled their interest by promoting
business of all honesNkinds.
With the fall in interest and general
fall in prices the salaries of these Savings
Bank officers have not been lowered
They receive the same number of dollars
they formerly received, but the drop in
general prices enables them to purchase
thirty to fifty per cent more with theil
dear dollar salaries than they formerly
could, hence they impute it not crime
to take of the funds of their depositors tc
put into the campaign Doodle and deceive
their innocent depositors by lying Will
these depositors be any wiser in Ieoo9
Not few of these Savings Banks have
failed and their poor widows and washer
women they shed crocodile tears owe,
have lost all of these dear gold dollars on
account of the gold standard squeezing
the value out to such an extent that the
high interest paying securities in which
the Savings Banks invested have become
worthless. This is especially the case
with those that invested in Western farm
mortgages. The gold standard Stays
friend and foe if they belong to the indus
trial class, but is the best friend of the
millionaire.