New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1849-05-24

be found Of much interest and value. We shall
endeavor to give it ia todsys Evening Edition.
European sociaIism-The Bank Of the Peop'e,
We have stated some Of the main pom" u
Proodhon's Political Economy to be
EQUALITY % YUscTiOss. OK % DFfthhNl n
H. SOS PRODUCTIVITY ~ cAPiTAL
~ ~,rr.rt.x og cREDn. OR CREDIT AT COST
In hi, namohlets and In the earlier numbers o.
n. ,.,sr bs oives the name Of the Bank oil TX
change" 70 the practical institution by which be
,,ooo.ss to realize the idea Of Credit at Cost, or
M he expresses it, mutual and grst1itous credit
That idea is original with hun, though some Of
the other schools claim 70 have the hint OF II IN
their systems but he is the man who first con
ceived and developed it positively and clearly
which is what constitutes az original inVen'lon-
An institution actually carrying II out Win sue
cess, and loaning money, everywhere cnnen'i not
at high rate Of interest but at the actually III
fling cost Of uansacting its busne" operations
and cover ng the expense Of contnge ncies, would
afford the most conclusive proof Of the non-pfo-
ductivity Of capital that is 10 say It would pre-
vent rents from rising above the mere cost Of keep
ing the premises rented in repair and would totally
abolish usury and interest for il a man can Dor
row. without interest, the notes Of a bank which
are Of universal currency and perfectly gusran-
teed be will not go 10 bis neghbor and ask credit
OF him with interest. nor hire his land or his house
at any more than It may cost 70 preserve tile same
in good condition and thus rent and interest be-
ing done away, where remains any productivity
OF capital People will then not accumulate as
thew do now in order 10 lend at interest and IN or
der 10 buy lands and houses for rent, that they
may enjoy the froit Of others toll themselves do
ing nothing but the products of labor, no longer
boarded by the few, will be exchanged and en-
loved BY the many and everywhere new wants
in the masses will give new stimulus to produc-
tive industry, which will thrive accordingly to al
extent Of which in the present state OF monopoly
we have conception, and there will be universal
abundance and satisfaction. and then whoever
wishes 10 enjoy must labor therefor IN some useful
vocation, as music, or literature, or backsmthing,
or carpentry, some other. And 80 there Will al
last be gained an equilibrium OF values or just res
tion Of different branches Of labor to each other
or, in other words the Equality OF Functions will
be established, and the trade OF shoemaker gov
ernor, artist farmer, &c. be equally remupersted,
and that not by arbitrary enactment, but by the
natural tendency and effect OF the laws which rule
in Political Economy as well as else where. Such
are the ideas Of Proudbon. Their final expression
10 tho Institution Of Mutual Credit, whose mem
bers-and it should include the whole productive
part of the community combine TO lend each
other the credit OF the institution at cost just rs
the members OF q Mutual Insurance Company com
bine 10 afford each other at cost the guaranty Of
the Company against loss Of property by fire or
otherwise The principle IS precisely the same
in both cases.
The Bank Of Exchange is composed OF men
engaged in productive labor who. feeling the
abuses attached TO the fiction which makes gold
and silver the basis Of the circulation, associate
themselves together TO restore the real basis,
namely consumable products and, feeling the
evils which result from the monopoly OF credit In
the hands Of the non-producing class, they deter
mine to abolish the same.
The institution OF Mutual Credit has two phases
tho one is during the time of its formation before
the whole body of producers is organized togeth.
or the other after the organization is completed
In the former gold and silver are required for par.
tisl use in the latter they are dispensed with.
Let us suppose a community IN which are men
pursuing all branches Of useful ndustry-and BY
the word useful we mean to include the Il oe art.
with the trades producing articles Of luxury and
elegance-whatever beautifes as well a. what
supports life-armers, mechanics, Manufacturers,
housekeepers. schoolmssters, artists They form
IN Institution of Mutual Credit, or Bank OF Ex.
change II issues its notes losning them to A, b
and O. az fhaV " antah and IN securitV IA
given Every man in the Community belongs to
the Bank and is bound to receive the notes in ex-
change for whatever he has 10 dispose OF. They
are in fact payable at the farm or he workshop
OF every one of the members, not in gold and sill.
yer, but in oonsumab products; and indeed they
are not bank-notes but bills OF exchange, drawn
30 10 say, on every member of the Bank, and bear
ing the signature Of every other. They true
representatives. since they stand directly for art,
ces of use. Aud as the Bank is formed by the whole
Community, not for the especial advantage OF
any individual or class but for the mutual benef,
OF all, OF course no interest is exscted on loans
except enough 10 cover risks and expenses
Thus, while every man is left free to follow his
own productive business in his own way and the
principle of individual liberty suffers 10 dimlnu
ton, there is a complete Reciprocity established
throughout.
The point where a true reform of society must
commence is the function Of Exchanges, Tor that
10 the point where economical relations converge
BY Introducing Mutualism into Exchanges and
Credit we introduce it everywhere, aud Labor
will be organized In consequence, and property
viii assume a new aspect and become truly dean
osratic. Thus the Problem OF the present Times
will be solved, aud the Republic of Wealth sp-
pear, completing the circle of the Revolution
1.-The Republic of Wealth. asks, perhaps. some
anxious conservative; what is that the equal
division Of the goods Of the world among all It's
inhabitants the robbing of the few for the
many y Not SO, replies our author, o man Of much
responsibility but of little brains taking OF rob
eing when thy boards are filed with riches gotten
at the corn mart and the stock exchange But
as the Revelation has destroyed the tyranny Of
the Church aud the tyranny OF the State Though
just now some OF our French addle pstcs are
seeking to resaseitate them, especially the latter
90 il must destroy the tyranny Of Cspitsl-ths,
10, Of Property. We have established more or
less thoroughly Equality before the Divine Law
which is tho Repubic in matters OF religion