Norwich bulletin., 1920-05-21
TIME TO SEE THAT FAIR DEAL" is SECURED
FOR ALL INVOLVED.

written Specially For The Builetin.l ,
Some self-styled economist whose mind |
isn't so deep as a well nor so broad as
barn-door, has recently put out the
startling assertion that the farmer oc-
cupies unique position in that he rep
resents both capital and labor.
"Gee!' as Benny would say. Amt
that fierceF" as Miss Hoboken would
phrase it.. Now, what do We make of
that?" in Fourth avenue lingo.
The amazing thing about this assertion
of the farmer as a joint capitalist-la
borer is that anybody in this year 1920
should think it novel enough to be in
teresting or significant 1t is much as
if some wild-eyed reporter should bring
to his paper and demand the printing
with a 'scare-head' of the statement
that THE sun rose yesterday morning!
And set last nightl!i' Nobody would de-
ny that he had stated a great fact But
his manifest impression that he had dis
covered some thing new would lead to
suspicious of his judgment.
OF course the farmer is both capitalist
and laborer. He always has been He
| always will be, as long as the world
engine keeps on the track and doesn't
start playing Sally Waters with the
crows in the corn-patch across the ditch,
/
\ Nor is that by any means the whole of
it.
Every other man in this country who
earns his own living by honest employ
ment is both capitalist and laborer-or
may become such at any minute, Ac-
cording to the black and white figures
of bank books which never lie and sell
dom are mistaken, there actually are
/ 12,e00,0e0 of him at the present time
Il That is to say, there were 12,0o0,391 de-
positors in the savings institutions of the
| country at last reports. And 80 you re-
alize that this Mr.. Savings-b bank Deposi.
tor is not only some capitalist, but thai
he is the biggest capitalist in the land
That his wealth in those banks aggre
gates the total of more than six billion
dollars six billion, please, not six mil
lion.
That this is the capital of workingme1
is proven by the fact that it is in saw
ings banks, and that it consists of al
average of s505 for each depositor Pro
fessional and notorious capitalists, witt
many thousands to invest, do not choos
the savings banks They usually seel
better-paying investments with per
| haps, less margin of safety
Probably some of these 1900, 000 ar
farmers. Probably more are mechanic
and factory workers and other laborer.
4 AS to that division, statistics are silen
! My point at this time is simply tina
the biggest bunch of capital held in thi
country is held by Mr.. Laboring MAJ
! Now, I'm going to suppose that yor
8 Mr.. Railroad Man or Mr.. Factory Work
& Ter or Mr.. General Employe, have save
q some money and have deposited it in
savings bank, thereby becoming capita
d list. You certainly do not suppose ths
! the bank puts your money into vaul
& locks it up there permanently, and pay
n you seni-annual interest out of its ow
q | pocket? Quite the contrary. That sa,
= ings b11k takes your money and that
i a dozen other depositers and prompt
81 lends it to railroad or a factory or
81 producer of some sort. The bank lent
81 that money at a slightly higher rate
S interest than it gives you-eneugh higl
a er to pay its own running expenses al
d take care of an occasional loss. It
81 strictly checked and limited by law
s the sort of investments it may make.
& that they may be confined TO the safe
a possible. 1t makes no money for itsel
s only for you, its depositor. If it max
D your 8 1-2 or or 4 1-2 per cent. din
= dend and pays it to you. and meanwhi
b keeps your capital safe, it is content
81 But it has 10 invest your money
b something, in order to earn those di,
IA dends depend on the ability of the ra