Smyrna times., 1900-09-19
PROTECT SAVINGS.
SMALL DE?OslTORS ARE REALLY CAP
ITALISTS.
Disaster That WOuld Accrue to
Them From silver Standard.
Mortgages Would Re Called.

Disaster That Would Accrue to
Them From silver Standard.
Mortgages Would Re Called.
The actual status of the savings
bank depostor has never been explain
ed better than by Mr.. John Harsen
Rhodes, president of the Greenwich
Savings bank of New York city, in a
rece' communication to the New York |
Press. Mr.. Rhodes says:
"A man who has a deposit in a saw
ings bank is a member of the most |
colossal syndicate il this country. He |
is directly and vitally interested in
maintaining sound currency and the
standard of value which now prevails,
for deprecated currency means that
his money will not earn the interest
1t now brings and that his savings will
not have the purchasing power that
they now have.
Amy man who has one dollar or
more deposited in a savings bank is
bound by every selfish interest to want
sound and stable currency and no
change in our monetary system such
as proposed by Mr.. Bryan.
A DepOsitOr "a Capitalist.
"A depOsitOr in savings bank is not
only capitalist; he is conservative
investor, and his loans are relied upon
to carry on the operations of the state,
the city, the county, the town, the viii
lage and the school district in which he
lives. He is the biggest money lender
in this country. The savings of the
,rif oIo on
bond and mortgage in this state to the
extent of more than $400,000,000. They
are doing more than any other class
for the development of property inter-
ests. Their money is being loaned to
the builder. and it may happen, and
does frequently. that the man carrying
hod of bricks to the top of building
is the creditor of his employer who is
erecting the house on money borrowed
from savings bank in which the hOd
carrier has his few dollars.
Everything that tends to sound cur
rency, the maintenance of a standard
which is not going to affect values, is
going to help this nod carrier. He
knows that he is going to get his inter-
est on his deposit in gold. and he
knows what the purchasing power of
gold is. The thrifty workingman is
getting all there is in it now when his
money is invested. If the silver stand
ard is established. he is getting one
half of his present interest. with jus!
one-half of its purchasing power.
Change Would BE Disastrous.
"A disturbance in the money stand
ard would be particularly unfortunate
and disastrous at this time, wher
America has reached at last the posi-
sion of controlling the iron markets Ot
the world and is fast reaching the
point where she will control the Goa
markets of the world. AS a result oul
exports are increasing enormously, anC
it is a great thing now to keep the la
boring men employed and to furnish
these supplies of coal and iron to ever!
other country in the world. How pre-
posterous is the proposition to upse
all this and to allow the foreigner t,
come over here with his marks an,
francs and pounds and other money t
change it all into silver, which in turl
would be re-exchanged into gold an,
the gold hurried back across the ocean
NleIe It's puiClldSluS pONe ID lWlCe Il
great as that of the deprecated cuI
rency that Mr.. Bryan proposes to fols
upon this nation"
Mortgages Would De Called.
Another consideration in point
mentioned by Mr.. J. +. Cameron in
letter to the Brooklyn Eagle as fO
lows: Savings bank assets are largel
in mortgages. and of these perhaps Z
per cent are overdue, but which al
not disturbed so long as the security {
the property is ample and interest pai
regularly. Yet they are subject to cal
The managers of these banks owe pr
marily a duty to their depositors, an
that would be to call in these NOR
cages and demand a payable in gol
clause before the time should come
which they would have to accept silvt
payment What would the debtor the
owe? On tOday's commercial value
silver it would cost him over 5000
silver money to liquidate a $1,000 go
mortgage"
Tho Vofa and