New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-11-01
VLNGS BANK.S AND .SIL YER.
PRESIDENTS WARN ANXIOUS DEPOS-
ITORS OF THE DANGERS OF
FREE COINAGE.

FREE COINAGE
About five hundred depostors in the Green
wich Savings Bank, the Immigrants Industrial
Savings Bank the Bowery Savings Bank and
the Union Dime Savings Institution, alarmed at
the danger which would threaten their savings
IN those banks in the event of Mr.. Bryan's cleo
tion, have addressed to the presidents of the
four institutions named an open letter. calling
upon them to state what. In their opinion would
be the effect upon those deposits OF the passage
of free silver coinage bill.
These banks are only four of fifty in the city
OF New-Tork. These fifty institutions are car
ing for the savings of the plain people. and carry
more than $500.OOOOOO of deposits due deposit
tors The four banks named We're selected be-
cause they seemed to be representative Their
official reports in July of last year showed that
they held deposits as follows:
Due 3ais dspPst5sss f Isss
EmigTant Industrial Savings Institution s. 2Ss54
Union Dime Savings Bank. Isi52I24
The petition and replies given by the bank rres-
dents follow:
ssT1@s TGhn FsTSen Esn ho9dss IS President Tsnwch
Mahon;, President Emigrant Industrial Savings
dnt BO%ey S 81 5a2s5 BaaE ohH 10 Hok n Bor41 Fs
inss Sank snd Union Dime Saw
~, ,Gentlemen: We the Undersigned. dePositors in
mindful of the fact that It is charged by campaign
speakers of the Republican party that in the event
of law for the free free Coinage Of SILVER ha
paired hereby petition YOU as Tb. cusfo n
tians of our savings, to make clear to Us
actual effect upon our deposits by the passage of
Tree sllVer coinage bill such as IS advocated by Mr..
Bryan Respectfully yours.
Then follow the names and addresses of five
hundred depositors. Presidents Hicks and
Sprague reply as follows:
New-York. October go 1900
To the SiSners Of the Above Petition.
say that the sIecton Of Mt Bryan ana % al ths It It
implies as relates TO the free coinage Of silver,
the savingsS bank represents As a representative
OF the largest savings bank in the country, proud
Of lis success and Jealous depositors interests
say most emphaticaly. DO not vote for any
want TO invite disaster and loss TO the value Of
President of the Bowery Savings Bank.
New York. octohzr e. 1ssl.-
say that while the nominal amount of your de-
posits would remain the saIne they would certainly
be instantaneous. but inevitable The dollars in
eee Me5[n & S"T only s6ou ha h value sTr m
stead Of getting either gold silver pleasure.
SSpes3y F0@ s4fG YOU'D De GHaR ana E sPRAGGE 81 P5fu
President of the Union Dime Savings Institution
John Harsen Rhoades. president of the Green
W1Ch savings Bank, dWeIiS at length on the SuO-
| ject Of free coinage of silver. He says in part
AS to the effect OF the free coinage Of silver upon
| perfectly giving the reasons for the Judgment 1
Credit lies at the ? 9ottom Tor Of & all business o.s and
nus % pe roe3ars @ tban sIar1 ipdpstroIis
| man woman shares In the prosperity so created
IT, on the other hand dr., credit liz is attacked D. and s,,
Is impairi in value as compared with the standard
| Industrious or woman shares in the discredit
! which follows, and suffers from lack of enploST,
| through the long and weary years In which the
| nation is struggling back into a position of good
These are facts proved by experience and the his
me2tS Of the barometer and no man who will in
| quire can say that he gave his vote upon an issue
| If gold goes 10 premium 'as II surely VIII IN
case OF the free coinage GI sllEerl the SAVINGS
| drawn by him would not purchase 50 much as they
| now do owing to the rise in prices which must
The maintenance Of the conditions as they now
der these conditions credit is maintained. capital is
employed and the worHingman is busy and ne can
| r is for reasons such these that the officers
servants Of the people having IN 5neir Gharge tne
| moneys the people and bound by honor and
| stand as one man facing what they believe to he
grave danger 70 those whom they serve. and call
,,vOr deDOSitOrS the savings banks OF this
country stand with them for sound money and
al Bryanism aims TO destroy in part us value and
to impair Its usefulness 1t IS for The people az
powar TO do this With supreme faith in the in
tegrty of the American people, I believe that II
cannot BE- done
The reply Of James McAIahon. president Of the
Immigrants Industrial Savings Bank. has not
vet been received. Mr.. McMahon. however. is
vice-presldent Of the Democratic Sound Money
! League which is supporting President Mckinley
for reelection