The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-07-24
A New Monetary System,
CHAPTER III.
BY EpwARD xELIoSG.

BY gDwAkD SELLoaG.
CHAPTER I'll.
TEE RATES on rSTAaEsz THz GOVERNING PowER
oF DISTINCTION 70 IADoR AID CAPITAL.
SECTI0a X
TIE Oppression or Labor BIZ Monopoly Of
Land not as Great as he Oppression By
G High Rates IF Interest on Money.
II u supposed by many that the monopo-
In Of land IL the cause Of the Capitalization
" wealth, and that landowners are the
greatest oppressors II the laboriDg classes.
They think that If ell lRd access to GER
tain portion of Lana, ice means OF support
Wonld be within reach OF all. Bot il the
Iand we're equally divided, many persons
are not qualified TO improve it TO good ad
vantage, nor are al, or nearly all, capable
90 manufacturing the implements which
must be used il its cultivation. The me-
ebauical arts are absolutely necessary to the
Improvement VI the land; and men who are
engaged ID these arts require very little, If
any land, 70 cultivate. because their time is
.JeGrpied with tha various trades by which
agricuituIists and others are supplied With
h0uses, implements Of industry, clothing,
and ~ forth. a monopoly Of manufactur-
s3 articles would be % likely TO cause the
evil as o monopoly Of land for if all i'm
piemeRts 0f agriculture we're held bF a few,
it would be nearly impossible 10 cultivate
the land and should al owners Of houses
refuse 10 receive tenants, more than three
quarters Of he people in cur large cities
would De turned into our streets. Doubt
Less It's for the interest u landlords to
Fent usSlr houses, bat il is equally for the
II rest Of landowners TO lease or rent cut
their lands for, If they keep them in their
pRn possession, neither the houses nor lands
Gan be useful 70 their owners, except so far
as they can cultivate the one, and live il
the other. The same is true Of all kinds Of
implements and merchandise. Nsithsr lands
nor products have any natural Iaonopoliz-
ing power. The monopOlzing power is an
artificial cne, instituted by our national
laws, and is 10 the money which represents
the property and products. The monopoly
Is one Of The effects, it is not the cause Of
The evil. II the land and wealth were now
10 be equally distributed, the same cause
which has thns far centralized them would
accumulate them again in the hands of q
lew. HI tie illustration Of the oDe hundred
families and their descendanss, (see Chap.
Ill, Sec lis no land is bought except the
two hundred acres for their personal resi-
deHces yet they take from the people as
large quantity cf their products, by the
interest on money, or on their obligations,
a. if they had invested the twenty millions
IN farming land, and let the land out to
tenants at six per cent. interest on it's cost,
rafr tsyov ffa enfo half 1urlv5 IN IL,
during the hundred and fifty kyears. The
tenant of leased land pays the rent By the
sale Of its yearly products. II be cannot
support himself well besides paying the rent,
y is evident 70 all that the rent is too high.
The landlord and the tenant come 10 direct
contact, and the wrong done hy the former
ta ha latter is manifest. Bot nothing grows
upon money with which the borrower can
pay The interest lie exchanges it for mer-
obaudiss or lands, and expects 10 make a
profit On them which will pay the interest
"a the money. II, however, be be not able
TO pay The interest, it is set down as bad
management on his part, instead of being
attributed 70 ih- 100 high rate of interest on
the money. TIE owner Of the money, by
lie legal interest, imposes as great hardships
upon the borrower, as If be had lent him
land or merchandise at the same per centage
on its valuation.
The following illustration viii show the
+Herens estimates put upon the leasing Of
land alta certain per ceEtage On it's value,
and the lending Of money 81 the same rats
X. ia the owner Of 100000. He expends
this sam for Tell-improyed farms, which be
leases 10 perpetuity &C Elk per cent. per an
pun % their cost. His tenants are, there
fore, obliged to pay 5000 q year for the
use IVY The farms. Iheg. would find il very
difficult TO pay 90 high rent and IL would
ne deemed very oppressive to them and 20
ibeir heirs who must work the land. If The
owner oi III land should require from each
tenant security for tbesIenl, SO that one
must become responsible for the payment of
LDotber's rent, be would be thought a hard
landlord And II il time Of drought or dis
eBse. which rendered the tenants unable 20
pay their rent, the / Dd44ord should sell the
stock from their farms b would lie deemed
very oppressive, although bis tenants bad
voluntarily entered into the engagement.
Now, suppose NJ. 10 own 100000, which
ha lends On interest al six per cent. per an
mum payable half-yearlY. To secure The
loan, be requires double its value IL land,
80 that he is twice as we'll secured as the
landowner lie allows the principal 10 re-
main outstanding as long as the interest is
regularly paid. lie annually receives $4,000
interest on his money, the same rum that
The landowner re 3eiYes for tho rent Of bis
land, ami he IS much. better secured, for il
some years the crops may fail; but the mort
gage on land Of twice the value Of the loan.
Is double security, and will force the sale
81 the farm If the interest be not raid. II
takes Az many Of the products Of labor 10
pay the interest 70 the money lender, us to |
pay the rent 20 the landowner; YET the mon
ey- .-adeT is deemed jest and honorable !
man, because be takes only six per cent. in I
teTest for his money. If at any time the
scarcity Of money and the low pricu of pro-
ducts prevent The payment Of the interest,
and Tie m0ney-lepder forecloseIsome Of his |
nortg ages, buying in the property, worth |
double the amount lent, at half price, no |
stigma rests upon his character, especially |
Y the legal rate " interest be seven per cent,
and be charge but six per cent. Although |
-hese cases are 80 differently regarded, the /
by lending money at six per cent.
interest greatly exceeds that by leasing prop |
srty.
fro he CONTINUED.
A FINE MUTToY SIEw.-Tske three large