The Republican., 1900-09-13
PROTECT SAVINGS.
SMALL oEPoslToRs ARE REALLY CAP
lTALlSTS.
Disaster That wOuId Accrue to
Them From silver STANDARD.
Mortgages Would he Called.

DAsastef Ihht ~Oalu Accrue TO
Them From silver standard.
Mortgages Would BE Called.
The actual status of the savings
bank depositor has never been explain
ed better than by Mr.. John Harsen
Rhodes, president Of the Greenwich
Savings bank of New York city, in a.
recent communication to the New York
Press. Mr. Rhodes says:
"A man who has Il deposit in a say
ings bank is a member of the most
colossal syndicate in this country. -. -
is directly and vitality interested in
maintaining q sound currency and the
standard of value which now prevails,
for deprecated currency means that
his money will not earn the interest
it now brings and that his savings will
not have the purchasing power that
they now have.
ANY man who has one dollar or
more deposited in savings bank ID
bound by every selfish interest to want
a sound and stable currency and no
change in our monetary systeusoD
HS PbOPOSSA w A4As Ii al.
A DepositOr a Capitalist.
"A depositor In a 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 wAich he
lives. He is the biggest money lender
in this country. The savings of the
thrifty working classes are lent on
bond and mortgage in this state to the
extent Of more than $500, 100000. They
are doing more than any other class
for the development Of property inter-
ests. Their money is being loaned to
the builder, and 1t may happen. and
does frequently, that the man carrying
hod of bricks to the top of building
is the creditor Of his employer who Ia
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 q standard
which is not going to affect values, Is
going to help this hod 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 1t now when bis
money is invested. If the silver stand.
ard is established, he Is getting one.
half of his present interest, with Just
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. when
America has reached at last the posi-,
tion of controlling the iron markets OF
the world and Is fast reaching the
point where she will control the coal
markets of the world. AS a result our
exports are increasing enormously, and
it is q great thing now to keep the la
boring men employed and to furnish
these supplies of coal and iron to every
other country In the world. How pre-,
posterous is the proposition to upset
all this and to allow the foreigner to
come over here with his marks and
ALdhCS anu pOuA0S duu JULIET ulUutt u
change it all into silver, which In turn
would be re-exchanged into gold and
the gold hurried back across the ocean
where Its purchasing power Is twice al
great as that Of the deprecated cur,
rency that Mr.. Bryan proposes to foist
upon this nation"
Mortgages Would Be Called.
Another consideration in point Il
mentioned by MI. ]. F. Cameron In a
letter to the Brooklyn Eagle as fol
lows: Savings bank assets are largely
in mortgages, and of these perhaps 7s
per cent are overdue, but which art
not disturbed so long as the security oi
the property Is ample and interest paid
regularly. Yet they are subject to call
The managers of these banks owe pri
marily duty to their depositors, -sns ns
that would be to call In these mort
cages and demand payable In gold,
clause before the time should come I,
which they would have to accept silve,
payment. What would the detsor then
owe? On today's commercial value OF
silver 1t would cost him over 10000
silver money to liquidate 5000 gold
mortgage"