The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-04-24

ens hundred families, BY The additIon Of
twenty-five per cent eswy tmslvs md |.
4 ham TeArs. The calculation 10 oontinned
Cor dhdrdred and City years. or tor I'VE
generations Of thirty pears each. The suM
g $50 600 h assiGnad 10 each family wbicn
yearly income " 5000. Zach family has
an moore OF ten dollars per day for three
hundred daJHiA he year. II each family
Average Ave individuals, each man, woman
and child receives nm income Of two dol
lars per day. This 10 twice % much ~
ElabOfss can earn tns DAB and tes h!ngie
dollar must support both himself 3nd he
family. Besides this yeArly income, the pee
\ pls Of this nation wodld owe che fourteen
hundred ma Hfty-tour families VII, lsl :
100000. Suppose this sum to be equally
divided among the families, each would
have e5l,6T2, ass. The interest upoR the
sum total, at The rate Of ak per cent, would
amount to mos than 81 .50C, 000, 600 annual
ly. 40 immeCss smount Of the products Of
lAbo must be yearly sold for money to pay
this interest. IL the Law which thus aocu-
mulates interest or products, t-wer for
actual production? Ne--the Law which
exacts tits interest does not increase she
quantity Of money, nor Of pfoducIs IL slim
ply requires that the proceeds OF e4,500,-
600, 900 worth Of products shall be given
over to the fourteen hundred aud 6fty-fo Al
families to satisfy the interest. More than
half the present valuation Of the whole prop
erty Of the United States, both real and per-
s0hal, VI Id be required to pay the interest
for one wear. And vet these families exact
less tha or laws permit, for they take but
six per cent. interest, and in . number Of
our States, the legal rate is seven or eight
per cent.
Nov let one per cent. be the legal rate Of
interest; and suppose the families 70 loan
the tweney millions for the same period Of
. handFed and fifty years at one per cent,
instead of at six per cent, and TO collect
and reloar the interest half-yeArly. The
people have the same amoans Of money to
use; aud NJ the expiration Of the hundred
and 6fty years, the sum Of the principal
and interest does not exceed $50 200 900,
while at six per cent. il amounts u $T5,-
Isl 10000. At one per cent, the pFinci-
pal and the interest do not amoant to one
eight part 40 much ne &C six pei
cent, nor does the sum require one eight
hundreth part AZ mach labor % pay IL. II
hAo pcORtO oOIION huc mObCY ~ "a Pot
cent, at the end Of six mc7th. they give
back portion Of tho borrow Cd money "a
pay the interest. The interest is relosned
to them, and thus continually increases
their indebtedness. With interest at one
per Osnt., the people would have the same
quantity Of monsy, and at the end OF sir
month would give back halt per cent. 70
pay the interest, aud the families would re-
loan the half per cent. 70 the people, in
stead OF rsloanIng the three per cent A
high rate OF interest cannot increase thc
quantity Of money, but IL increases the in
debtednsss OF the people.
IL interest be at one per cent, each oil
the one hundred families would have but
81 500 income on its whole capital and il
they should continue 20 expend $4,000
apiece yearly, each family, 10 order not to
encr zach on its original capital. would have
70 produce, BY lee labor, $500 worth Of
products yearly. for its own use or for sale
instead OF being able 10 lay up $4,000
yearly, without labor. The producing
Glasses cooid never be oppressed By the
capital Of these families. But with inter-
est ~ SIX per cent, in less than Q century
and = halt, the whole nation would be sub
Ject to their control, besides being obliged
81 support them apd their posterity in idle.
ness during the hundred and ffty years.
fro an coHnsuKD.l