The sun., 1900-10-07

| the tartn under Cleveland, Just 80 sure perfoC
OF depression will follow the remodellinR OF tn
tariff under Bryan. And mind you, am no
I saying that Bryan's tariff would not ultimately
serve tho country Just as well "a the Dinglel
tariff. am not discussing that question at all
| simply say that the very revision will produce
such great uncertainty In the business worlC
, that period Of depression and hard times mus
! follow At present we are enjoying a period
Of unparalleled prosperity, The laboring mar
or woman il able to 1nd employment and ia ahl,
TO save something for n rainy day, as Is showr
by the increased number and character Of The
accounts In our savings banks. Why should
savings bank deposltors leopard their own
interests. run the chance Of being thrown out
OF employment and Of using up their savings
without being able TO add To them, by voting
for Bryan, when they can continue or improve
their present condition by voting to continue
Mckinley in oflce'
Now as TO the free silver legislation 70 which
Bryan stands committed A change from
the single standard to the double standard
Of currency, whether Il be n gDod thing or
a bad thing, will be for us very much Of nn
experiment Nobody knows, II he will be
absolutely honest. Just what the ultimate re-
suit OF such a change in our currency system
will be But while We are finding out. none
OF US will know Just where we are The whole
financial system Of this country will be at skies
and sevens But we do know that the purchas-
ing power OF a dollar. when the country IL
on n silver basis. will be Just about one-half
OF the purchasing power Of tho dollar to-day.
The savings bank depostor viii get 100 cents
for every hundred cents that he puts into the
bank, but when he comes to exchange that
money for commodities he will find that the
price Of those commodities has advanced so
much that his dollar will be worth, IA a pur-
chasing medium. just half what ii was before
the double standard was adopted
But the depreciation In the value OF the
money which our people have in the savings
banks Is only one Of the ways In which they
will be disastrousy affected by the election
OF Mr. Bryan Every dollar held by n savings
bank is held in trust The officers Of the banks
are bound to make as much money out Of the
money intrusted to them for the benefit Of tho
depositors as they safely can Therefore.
they lend as much Of II as possible on such
security as they are allowed TO accept by law
II this country should go on a silver basis,
an entire readjustment OF values Of securi-
ties would be necessary. While that adjust
ment Is being made. nobody will have
any Idea as TO values The result
will be that the value Of all securities. incud-
ing those held by savings banks. will go down.
They will go down because there will be mad
rush TO exchange those securities for money.
II our securities depreciate 20 one-half the
value at which We accepted them as security
for our depositors' money how are We going
TO pay our deposltors In full when they call
upon us' Az a matter Of fact. wo can't The
security OF the savings bank depositor lea
in the gilt-edged collateral upon which his
money has been lent. II Mr. Bryan should
happen to be elected. all values will depreci-
ate How long the depression will last no ono
can say. That II will come is certainty.
II savings bank depositors do not wish 20 run
the chances OF loss. therefore. they will not
vote for Bryan
The statement made byMr Mills was very con-
servative as compared with those by the heads
Of several other institutions for savings. In fact
most Of the savings bank Presidents in this
town did not hesitate 10 say. In substance,
that they believed the greatest panic ever known
in this country would follow the election Of
Mr. Bryan. And all these mon appeared TO
be very solicitous as TO how their depositors
were going to vote As one Of them said,
Personally II doesn't make any material
difference with the officers Of this bank how
our depostors. or anybody else vote but we
are put here 70 look after a large amount OF
money and TO act Us trustees for others. We
are somewhat In the same position as the con-
scienuous guardian for a child. We all OF us
realize that the hardest OF hard times will fol-
low the election Of Bryan. and we want our
depositors to realize II. Every savings bank
depositor in this country is almost in as much
danger OF personal loss Of money by the election
OF Bryan as II he we're TO be set upon by band
OF highwaymen."
-. .-l.,r, ha,I - ~.
largest II not the largest. in this city. had this
TO say:
You want to know tho effect upon the deposit
tors In savings banks OF the election Of Bryan
Is that II? Well, In the first place want TO say
that there is lot OF twadde talked by the
politicians OF both the Republican and Demo-
cratic parties, The Republican speUbnders
predict eternal prosperity II Mckinley Is elected
and gigantic panic and everlasting hard
times II Mckinley is defeated. The Democratic
takers howl about the tyranny Of trusts and
the everlasting improvement Of the laborins
classes by the election Of Bryan. My eXpe-
rience has convinced me that nobody who Ia
arguing for truth and right ever loses anything
by admitting that the other side has something
I'm its favor | don't believe that the election
Of Mckinley is going 10 ward Of forever periods
OF financial depression from this country. and
| know that the election OF Bryan won't be fol-
lowed by the prosperity which We are now en-
joyng While | am no prophet. am willing TO
go a little further and say that the election II
MIR Bryan will be followed by one OF the most
far-renching pdnics and ono Of the longest
periods Of de preston ever known in our history"
"why2" asked THE SUS reporter.
The real reason neither l nor anybody else
can give you. The nominal reason is because
Of the extreme sensitiveness OF our entire finan-
cial system Why is IL that the circulation Of
a rumor In Wall Street that some moro or less
prominent concern Of bankers or brokers Is
In trouble will be followed by falling market
II that firm should fail a dozen times IA year
the ultimate result would be that, outside their
own creditors. nobody would be very much
damaged Why Is It that when a great nation
goes To- war the price Of its securities is Affected?
The nation might fight a dozen wars and yet
be able to meet all it, obligations. The real
reason why depression and panic would
follow the election of Bryan il because. a. |
have said before. of the senSitiveness Of our
entire financial system. have never found
anybody who was able 10 tell just why this
system should get chis and fevers over r,I-
mors possibilities and even aCtualities that IL
might and. in all probability would In time