Every
sewing-girl and maid-servant is looking forward to a payment of
earned money, and has the strongest interest in knowing for certain
what its purchasing power will be.
All depositors in savings-banks, and their number in New York City
is greater than that of the voters, belong to the creditor class;
all holders of policies of insurances, all owners of government
bonds and State and bank stocks, belong to it also. The Western
farmers and house-owners who have borrowed money at the East on bond
and mortgage, who probably make as near an approach to a debtor
class as any other body or persons in the community, and whom
Congressional demagogues probably hoped to serve by enabling them to
outwit their creditors, even these are not simply or mainly debtors.
Any man who is carrying on his business with borrowed money, on
which he pays eight or ten per cent., must be every week putting
other people in debt to him or he would speedily be ruined. The
means of paying those who have trusted him is acquired by his
trusting others.
Pages:
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268