The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1866-06-09

fup tnings already produced, taking them
from the producers and giving them to the
! lDon-producers. | am persuaded that tho
rough investigation and careful examination
of this subject will convince any intelligent
disinterested mind that the wealth. producing
classes cannot meet the demands Of nom
producing capital and that the continuance
Of the present financial policy or the adop-
ton OF the one proposed by the Secretary Of
the Treasury must lead to speedy and hope
less national and individual bankruptcy, to
be followed by financial il not political anar-
chy. While the people are willing to bear
al necessary taxes, when fairly distributed
on all classes and interests, the industrial
classes will not consent to bear onerous and
unnecessary burdens for the benefit Of the
non-producers or privileged class They be-
ieve It is unjust for the government to compel
them to take bank-notes, which cost them
nine per cent. per annum, so long a. they
are willing, and prefer to take legal tenders,
which cost them nothing. And they look
upon the exemption Of government securi-
ties, bearing brankrupting rates Of interest,
as legalized repudiation. They see nothing
in them onetary system, and financial policy
of the government, but nominal poll teal
liberty, with social bondage, for the wealth
producing classes practical slavery, not
African, but human slavery.
In proof Of this, let me say that agricul-
ture is the basis of the national wealth.
And, | find by careful examination, and
critical analysis Of the census report for
1860, that during the decade from 1850 to
1860 (Which was as prOperous a one as
we had since the formation of the govern
ment) taking the staple productions on this
most important branch of industry, to wit,
all kinds of live stock, wheat, rye, corn, oats
improved land and unimproved, subjected
to taxation, the Increase, was three and one
third per cent. per annum, or thirty nine
per cent. in the ten wears. | am aware that
the census reports show a much larger per
centagc increase, in the money value, but
this was got by placing q higher money
value on the property in 1860 than in 1880;
for instance the average valuation of horses
was, in 1850, thirtv-six dollars, ($36),
while, in 1860, il was about ffty-five dollars
$500. The average valuation Of neat cattle,
in 1850, was twelve dollars ($l2), in 1860,
it Was eighteen dollars (Sl6). The power
OF the horse to produce was no greater at
the latter, than the former period. nor
would the pound Of beef support more life
at one period than another. | think it
safe to assume that the renter cannot afford
to pay over one third of the nett proceeds
for good and well improved farm, and
keep up all repairs. lfthe division between
landlord and tenant be adopted as the stand
ard OF distribution between labor and pro-
ducing, and money and non producing capi-
tai, the rate OF interest on money, which
determines what proportion Of the products
4 a la hall - n.ll - t,l g. -.
use, and what to laborers for their produc-
tons, should be but one and one ninth per
cent. per annum. The rate of interest on
money determines the value and rent Of all
property. The value Of the property, real
and personal, Of the United States, as per
census report of1S60, was in round numbers,
sixteen billions, one hundred and sixty mil-
lions Of dollars, (Sl6, ,l60 .000, ,0OO). Allow
ing il to have increased in the same ratio,
Tor the past six years, that it did from 1850
to 1860, the amount would be nineteen bill
lions, six hundred and seventy three mil
/ lions, six hundred and seven thousand. seven
hundred and forty-five dollars, ($l9, ,673,
6OI, 45). But, if we take into account the
| labor withdrawn from industrial pursuits,
and the destruction Of property in the
south, by the war, think it will be found
that the national wealth has increased but
little, II any at all, during the past six years.
But, to be quite safe, however, ] will esti-
mate it to be now eighteen billions Of dol
lars, 5000, 600, ,000); and assume that as
much as sixty per cent, or ten billions.
eight hundred millions Of dollars Of it is
owned by five per cent. of the population,
who loan their money, or rent their proper
/ t, to the wealth producing classes Ii you
doubt this statement, take any village, or
| city, with population OF five thousand or
upwards take, for instance, any city Of ten
thousand, and see if you cannot find one
hundred of the most wealthy citizens, who
own sixty per cent of the wealth or proper
ty, allowing five to the family this would
make FIVE hundred, which is five per cent.
on ten thousand. Taking this, then, as the
basis, the result, at the end Of ten years,
will be as follows: The accumulations on
ten billions, eight hundred millions of doll
lars, (Sl0, 800, ,000, ,00GL at nine per cent,
will amount to fourteen billions, six hun
dred and eighty-six millions, three hundred
and eighty thousand dollars, $I4,686, $780,
00U), and the total to twenty-five millions,
four hundred and eighty six millions, three
hundred and eighty thousand dollars, ($25, :
486 360,000). The increase in the eighteen
billions, SIS, 900, ,0O0,O00), Of national
wealth, at three and one third per cent, will
be six billions, nine hundred and eighty
four millions, eight hundred and fifty eight
thousand, two hundred and forty dollars,
(S6, 1884, ,858, ,240), The total national wealth,
at the end of ten years, will be twenty four
billions, nine hundred and eighty-four mil
lions, eight hundred and fifty-eight thous-
and, two hundred and forty dollars, (S24,-
984, ,S58, ,240). It will be seen that the accu-
mutations on ten billions, eight hundred
millions of dollars, 90, 500, 900, ,000), at
nine per cent, will exceed the whole
increase in the national wealth by seven
billions, seven hundred and one millions,
\ five hundred and twenty-One thousand,
seven hundred and sixty dollars, ($7, 7,701,-
521 1907 and the total will exceed the en-
tire rational wealth at the end of that period
by five hundred and one millions, five hun
dred and twenty-one thousand, seven hun
dred and sixty dollars, ($50l ,521, 1907
While | am confident that considering
exemption from taxes,) the interest on the
government securities will equal nine per
cent under the Secretary's plan of funding
our debt in thirty-year five per cent. loan,
aud this will in great measure, fix the rate
in all business transactions. In order to
show the workings of the scheme in the
most favorable light that can be claimed hy
its friends and advocates, will present the
result with the interest computed at seven
and three -tenths per cent The accumula-
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