The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-04-17

The following illustration shows the ca.
pabillty Of money, at an interest of six pei
cent. per aDnum, to centraliZe the wealth Of
the nations ia large cities.
Suppose an uncultivated island, ten miles
square, and a few miles distant from tht
coast OF the United States. Ten thousand
wealthy citizens Of States intend 20 build .
city upon it. These citizens are worth $3.50.
600 each; in the aggregate, Sic, 800 000, 600
The legal interest on money il fixed at siX
per cent per anuum. For two years previ.
Gus TO their removal TO the island, the peo.
pie prepare upon it houses for themselves
and suitable Accommodations for merchants
and mechanics. Each OF thes- families ex-
ponds $4,000 yearly for its support. Each
family being worth $3.50, 600, the interest on
Whicb, al six per cent. would be $4,000
each has AZ income az S. 900 q year, over
and above expenses. They expend their
surplus income for two years, I. q. .00C
for each famil y, in the aggregate $500, 000,-
100, A. making Improvements on the island
They dispose ef their property on the main
land on credit, securing it By bonds and
mortgages, state stocks, or Otherwise, Sc
tbet they insure an interest payable hal
yearly Of six per cent. per 4nnum, on the
whole amount Az leir property. These oh.
legations mere. present the value Of the
property they JprH the main land, and must
yield az ucome from the products Of The
land ard labor Of the purchasers. The an.
nual interest on tl,500,00 900, amounts to
$9O,000Oo0 tn paper obligations held
by the creditors legally empower them to de-
mand an interest Of 100000, OOO, in specie
The mere giving Of obligations il ali that j.
required m The transfer Of property. The
conversion Of their property into bonds and
mortgages and other securities, may not have
required the use Of million Of dollars of
money. But the payment Of 10th principal
and interest must be made in money.
The ten thousand families contain, On az
average, five persons each making, 10 the
aggregate, a population Of fifty thousand.
They employ, on an average, three domes-
tics in each family, increasing the popula-
tion TO eighty thousand. The YEARLY expen.
see Of each family amount q IS aO; or.
for the whole, to $4,000 600. Hatters,
tailors, shoemakers, cabinet makers. me
chanlcs Of every sort collect about them to
supply their wants, and receive the sums
which they e1pend 10 living. More than
nity thousand laborers and artisans are
needed to supply their wants. II few
y52fs the Capitalization Of capital collects
city Of three or four hundred thousand
habitsnts. The ten Ehoueand families ex.
pend $4,000 600 yearly, and drhE besides,
from the people Of the main land. a clear
income Of 500, 100000 a year, which they
can reloan. The debtors cannot send the
9ou 100000 in money, and are therefore
Obliged TO send the products Of the soil,
manufactured articles, etc., 10 ibis CITY for
sale, 70 procure money to meet their pay
mente Of interest. The city soon becomes
the market place Of the nation, and en-
crosses The principal business. The people
are astODishvd at its wealth and prosperity,
anu congratulate themselves on having so
me market for their products.
10 The course OF a century or two, the ten
thousand families and their descendants
can, u they CHOOSE, without labor on their
part, build a wall around their city a. high
and as broad rs the walls Of ancient Bahv-
ION. Meanwhile, the people upon the main
snd are obliged 10 supply all the wants, the
%, clothing, etc, not only u the ZEN
.housand families aud their deseeDr snts
who ZIP no work, but also Of the lat crers
employed II the erection Of be wall, il the
building Of houses, and in all other improve
ments. Producers ard manufacturers from
different parts Of the country carry their
goods to the city, and the citizens, after
selecting the choicest for their own use, re-
CEN the remainder 20 laborers, who are on
y able 60 purchase the poorer kinds. If an
account were kept Of those sold to the coun-
Try, u would De found that they we're minus
nearly nc whole support Of the people Of
the city. Now wnat compensation is receiy-
cd by the people of the main land for the
supplies which they furnish The citizens,
indeed pay money for the supplies, but
tbs money is the interest on capita loaned
70 the people, without whose labor 1t would
nave been useless. u similar manner,
under the present II onetary law Of the
United States, few rich men IN cities en-
gross the wealth OF The country. IL is as nat
ural under these laws for the wealth to fall 1
into few hands az for water to finds its
level by us own grayitatlOn and while our
present rates Of interest prevail, DO comb. [
nation or success in production, either BY
machinery or the muscular % yer of labor, /
Will ever effect any important change for
the uet1eT. But y ben he labOring classes
combine 70 have good national monetary
avs 10 lieu Of the present evil ones, their
united Efforts will effect a change in these 4
avs, snd thus accomplish the object they I
pave 80 long and so anxiously sought after. (
a. Tue interest IN the case supposed were
limited to ore per cent, the income for
eaee family would be only 81 800, or one
nan OF what they each year expend con-
sequentiy, they must either labor for the
0'ner ball or take a portion Of their princi-
iai each year for their support. 1t would, |
therefore, be impossible for them to build /
OF susta o such city.
De ten thousand most wealthy men in /
the United States are probably worth, on an 4
average, at least 1900, 0O0-in the ag0re.
gate - 100000, 900. The annual interest
on TINS sum at six per cent. W5uld be $780,
UOU,uOO. II these men ehould sell their
property, and itys1t the proceeds 10 bonds
and mortgages beSfing six per cent. interest
per annum, and remove from the country.
they would impose tribute on the produc-
tive industry OF the nation winch would i'm.
poyerish u for ages. Ii ia doubtful wheth.
er the people would ever be able to paw and
satisfy the interest and principal Of the
debt. They would pay $3.50, 100000 Of
thelr products yearly, without receiving any
equivalent. And yer, without the labor OF 4
the buyers or borrowers, the property would
be useless and II the owners received any
benenf from il, they would be Obliged to re-
main and cultivate il themselves. Ought
The laws TO be such, that ten thousand
wealthy men, on leaving their county, could
impose such burden upon the millions left |
behind? II interest we're reduced to one
per cent, and the ten thousand men should
sell their property, leaving the proceeds Oh
interest az one per cent. this nation would I
pay them $50, 100000 interest annually. I
And this would be quite enough for pro-
ducers 70 pay for the mere use Of capital.
ITo BE CONTINUED