The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-02-13
Debtors and Creditors.

DCotolS anu NICd1tOtSs
in their arguments against the finan-
cial bill, the Democrats who consider It
necessary to show their attachment to
! the dead cause of free silver still pre-
serve the old stock expressions. worn
threadbare during the campaign of four
years ago. as to the interest of the
debtor class being injured by the fail.
ure to adopt free silver. and that the
gold standard was adopted solely in the
interest of the creditor class
An interesting light on the people
who constitute the creditor and debtor
classes Of the country Is thrown by
some recent statistics compiled in
the treasury department. For example.
the report of the comptroller Of the cur
rency shows the deposits in the savings
hanks OF the country to be 1920, 1886. s54;
while the treasury bureau of loans and
currency on February / announced that
the total amount of money in circuia-
ton was s2.oosl4s.s55.
As depositors in savings banks, as an
almost uniform rule. are wage earners.
IL would seem that this one class Of
banks alone owes TO the wage earners
Of the country an amount greater by
nearly s230000,OO0 than all the stock OF
money of every form and character in
the country. and that every dollar OF
this amount can be demanded from the
debtors by the creditors on very short
notice. ranging as a rule at from thirty
to sixty days
This is not far from representing the
actual situation as regards the So
called debtor and creditor class. The
real debtor class of the country is COM
posed of the great corporations. whose
bonded Indebtedness runs into the hum
dreds of millions in individual cases:
the banks. with their thousands of mil
lions of deposits, payable on instant
demand. while their resources are in Sc
curities and loans from which money
cannot instantly be realized except at
substantial discounts in ordinary times.
and not at all in time OF panic: the great
commercial establishments, whose re-
uuirements furnish the largest share of
the lending business done by most of
the conservative banks, the manufac-
turers. who generally are heavy Dor
rowers, and the great mass OF speoula-
| tors who depend upon the banks for
| very large proportion of the money
with which they gamble. The latter
| class. OF all. is the one which fourishes
to the greatest extent when money Is
| cheap and plentiful. and who are the
first to feel the pressure OF tight
money market. or OF any form Of inan-
| cial unrest
Compared 10 these vast debtor classes
the amount owed In this country by the
| men 81 small means or the wage earn
ers. sinks into absolute insignificance.
| To be a debtor. as debts are ordinarily
contracted, signifies the possession OF
means and credit, the latter as much
4 EAFANA W a man capital rs money
actually in bank The debts Of the peo-
pie who have no property beyond the
proceeds OF their daily labor. of which
they have never saved any portion, are
not only insignificant. but under the
liberal exemption laws Of most Of the
states are practically uucolieotlble
/ through the courts
II Is the great debtor class Of the
country referred to above which would
be affected by any change In the cur
! rency. and no one realizes thls fact
more keenly than the members " the
class themselves. Almost to a man
they realize that any tampering with
1 the currency would spell ruin to them.
as debtors. Even the threat OF a reduc-
tion 81 the standard. X there were any
serious prospect OF its being carried
into effect. would az once suspend cred
Il and cause the instant recalling OF out
standing loans. step which would par