The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-05-15
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II appears tlat the interest on these debts
alone, az seven per cent. would amount 10
S2e4 ,26G more than the surplus earnings Of
all the Tegple 10 the State, and this too
without compromising The interest II must
be hor1e in n nd, that ihis debt or Sill
l93,l97 l. contract J FOR money borrowed
by the people, or by the state, and the
interest paid uPon 1t goes into the hands Of
a few capitalists, who furnish the capital
for banking, md lend the money u tie
state and its Incorporated cities. All the
debts contracted y the sale of lands, agri-
cultural prodUc's, and merchandise ai the
money lent BY Individuals on bond and
mortgage, and all business debts, bearing
interest, are additional to the reported debts.
The debts yearly contracted ia The state by
seles Of land, merchandise etc, amount 10
several hundred millions Of dollars. and
TWO, three, or four hundred millions b. ar
interest. Must not The payment 0f 20 great
an amount ~ interest. BY the producers,
concentrate The wealth al the state in the
hands OF a few capitalists, and continue
mOEe snd more 10 Cypress the producers :
We might as well expect By labor 10 dam
Up the mouths Of our rivers, 80 that thew
could not empty into The ocean, as 70 ex-
pect by labor, 10 contend successfully
against :he power Of capital, even at two
and hs!t per cent. interest, and much less
against si1 or seven per cent. An interest
on capital Of even two and half per cent
per annum would as certainly break down
productive industry, and accumulate the
wealth IN favor Of capital, az the rivers
would certainly break down the dams, and
force their waters and the obstructing dams
into the ocean.
According to the assessed valuation Of
the property of the State of New York. the
increase OF its wealth from 1885 to 1915
was about one and Jour tenths' per cent. Der
annum, without compromising the interest.
This was period Of only ten years. Il is
probable that, in 1885, property was esti-
mated higher in proportion to its actual
worth than in is45. This statement. then
would not be an exactly fair criterion of
ne actual increase Of wealth ia the state.
Daring that period, according to il, we
gained, beside our own support. ONLY a
traction over one per cent. year by all
our labor II this was a correct estimate.
the per centage We gained ID wealth was
Only tnree-iourths as great as our Der cen
tage increase IN population, for, during the
ten wears, our population increased from
z,li45l7 to 1904, 4o5, or a fraction less
than Two per cent. per year. This oalcula-
ticn would make the aggregate wealth of
tue state in proportion to its population
less In ls45 than it was in 1885 and this.
We presume, was not the fact. Still there is
mule doubt that at least cne-half the people
OF the state were poorer 10 l845, and are
nov poorer, than they we're Ia 1888. The
increased wealth Is accumulated in fewer
nanas. More and more of the earnings of
t t2s pre- acipg classes are required to pay
the yearly rent, or interest, on the yearly
Increasing capital. III the men who are
nov rich bad in 1885 an income chat abund
snsiy supplied their wants, an increase Of