The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-03-27
WHAT Is MONEY s--No. Nv.
BY WIN. H. sYLvIs.

It was my intention, in the beginning, to
have finished this subject in three articles,
but | have found it impossible to do so to
my own satisfaction. | must, therefore, ask
the indulgence Of the reader, Il grow ted
Gus, and If these articles are extended be-
yond what may seem necessary it must be
attributed to an earnest desire tc make the
whole matter plain to the underwriting Of
every reader.
The power Of money TO accumulate value
by interest, il q vast power; so great, in
deed, that il is hard to bring it into such
proportions a. to be easily understood by
ordinary minds. When We begin to talk of
thousands Of millions, and billions, &C., the
mind Of the workingnan, who but seldom
has more than a weeks wages 70 count over,
becomes bewildrred, and he don't care 70
listen. | have already said thai interest
acts like the tax collector, II gathers up the
products of labor taking them from the la
bOrer and giving them to the capitalists
Money loaned at ten per cent. will dosble in
seven years, three months and Eve days; at
nine per cent 10 eight years and fifteen days;
at eight per cent. 10 nine years and two
days; at seven per cent. in ten years, two
months and twenty-six days At six per cent
in eleven years, ten months and twenty-one
days at five per cent. in fourteen years,
two months and thirteen days; at four per
cent. in seventeen years and eight months !;
at three per cent. in twenty three years, Eve
months and ten days; and At two per cent.
in about thirty -dve years. The average rate
OF interest for seventy years has been about
eight per cent. per annum. At the begin
ming property was more equally distributed
than i is now. WewiIl suppose one-eighth
or the population 70 have owned one-fourth
Of the value Of the property, and to have
loaned it on interest, or rented their proper
" at this rate, collecting and reIoaning the
interest annually for the seventy years, the
amount would be $54, 639 $40, $50, or over
three times the amount Of the valUs Of the
whole property Of the nation in 1860.
Nov, cannot the simplest mind see some
thing wrong in THAI The rate of interest
amounting, in seventy years, to more than
three times the entire value Of all the proper
ty in the nation. All thai LABOR produced
went to capi .alists-A lew Den-All non-pro-
ducers, and this bAlaOce of interest over pro-
ddction, is q lien upon labor-productive
labor, physical labor-A vast load Of debt
heaped upon the backs Of the tOiiins millions
"a mortgage upon the bone and muscle Of
tie nstion--the very hearts blood of the
wOrkingmAn is mortgAged from the cradle to
the grave.
Had the rate Of interest been TIRES per
cent instead Of eight per CENT, It would have
amounted, in seventy years, to 81 $50, 00C,-
600, or less than one-twentY seventh part of
the amount at eight per cent. Thus, it will
be seen that, AZ three per cent, labor would
have retained over seUsa-sighths Of all il pro-
duced, while At eight per cent. capital got
over thFes times more than the value Of all
the property in the nation, besides ALL that
labor produced. This seven-eighths, which |
wouia have been labOr's share. would have
been divided among the producers in the
share cf wages, and every nottingham Ia
the r..tion could be in possession OF com
Portable home, and in circumstances entirely |
independent. We would have no Wander
bilss, Drews, Astors, Stewards, Bslmonts |
and Cooks, worth their hundreds Of mil |