The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-06-12
A New Monetary System,
NJ SEWARD KELLOGG.

A New Monetary System,
ny SEWARD KELLOGG
CHAPTER III.
THE RATES OF INTEREST THE GOVERNING POWER
or DISTRIBUTION TO LABOR AND CAPITAL.
SECTION vi.
No accumulation Of Property By Labor
tquai 10 he Accommodation BIZ The Loan
Of Honey at sersa per cent. Interest.
The interest on the sum, 1914 200, earned
by their labor is $l04, $50 70-over four
and a quarter times more than they have
earned by their labor. Suppose the two
men to live twenty years and two months
lopger-that is, to the age Of eigh lone
years and months-and continue to loan
their money. During this period il would
double twice.
Thus s1.s.75o 10
~ years aud one months interest I2s 80 70
rs, ,SOl 20
% 10 years and one months Interest s57 5Ol 40
Total accumulation In so years and months s55 50
The lwo men do not labor during the last 70
living during that period IS COZ so
100000 90
In 40 years and 4.months they ca BY
their labor ga goo, and live twenty years
and months on their money without la
Subtract mo.ey earned BY labor 1890 90
Remainder accumulated by Interest on
$4,000 s4ES 500 90
Every dollar Of the $475 800 is earned BY
the labor Of others and given to the two men
as the legal interest upon $24,200. These
men i've labOri0nsly, and work for a very
moderate compensation. They take only
the legal rate Of interest, and do not de
mand the principal of the money as long as
the interest is paid. Neither DO they enter
into any speculations. 1t is, therefore, said ,
that labor earns their large fortunes. Gases
similar 70 this are often brought to prove
that an industrious man may, by his labor
accumulate large property. That this con-
oiusfon IS erroneous, - manifest from the
foregoing table, by which il appears, that
more than nineteen out Of twenty parts Of
the large fortunes Of these men are earned
by Others, and paid to them TO satisfy the
legal IN, crest on their loans of money,
Now Il US oppose the interest on money
to be one per cent, and, with this difference
1ulNY hbJcU wv Isl w 10 IldGtu III tue
same circumstances in which they have been
already described. They earn over aud
above their expenses dollar a day, three
hundred days in each year, during a period
Of forty years and four months. They loan
their earnings at the legal rate OF interest,
Gone per cent } and collect and reloan the
interest balf-yearly.
TABLE.
INTEREST osE rsS cEkr. on $500
81 so bali years Ia .soo 90 Amount brought 90,
months Interest e months interest 10 %
40 I per cent. sol ....
--- s. 4o0 81
], ,.,, -,- soi ~ hslf years Ia
Dor 200 oO ~ Il
- 500 81
e,.-. COZ 5ole months Interest Is 50
! a,;is Il
"a half years Ia bor 600 %
800 COL
- 4.oi5 Il
90 81 months. interest 70 10
4.08s q
...,-,e.. 800 O. An half yearsla-
: 900 q
.--...,,-.- liIoa ,a,o months Interest p @
- 1890 u
'ih haii years d. bor 500 %
- 1850 %
.. l,5l9 0S months Interest ~ 80
--.. i,jsi q
..A ..,,-., l5-2 ri lCth half years a.
Iof 300 ol n I" Y
........ i,5sl q
.t,.. Lsl5 "a months Interest "a "
;..,,..:l 5,oos IS
sai 2 tn half YEARS. la
6or go " III ~ y
s.ia I months. t...r... 'i !: j j
:.s..I 1855 .
81. .-,,.,., 2,li2 is'lsth half years la
etH half years la Dor 500 90
-. 55s5 70
AZ {3l6 months interest IS is
49,. 5,sd5 j
Oh half year'aia- Dor 800 %
- SOS 81
27is 64i6 months interest % 50
months interest Is III -
..,.,.-,- SOS IS
Ion hair years "a bor 300 %
Dor 500 DOL
.-..-..l 6.258 Il
secs 4lil months lDteres, so
months Interest IS "a -.
-. s,asa 90
S,osS % months labor 80 90
boz 800 % $50 %
5.5,5 Is
Ii tha Arst Ten years and one month, the two
men would earn by their labor the same
a. Ga TOE former case viz ks $50 "a
Interest during nat period At per cent. on
the money raruvd 2a9 90
s.s49 90