The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-03-20

WHAT Is MONEY r--No. III.
BY VIZ Fl, s1LVIs.

am frequently asked BY wo7kiBemen,
has the question Of interest TO DO with
are not borrowers, neitser have We
lend. The natural increase in
-oal.1 oI rhe nation II ~ gears Is Iess
then 4 Per cent; say 4 per cent, that is,
the aggregate wealth Of the nation increas-
ed at the rate Of four per cent. annually
than il follows that any rate Of interest
aboEe 4 yer cent. is ireet robbery upcq Ia
Dor, and is running the nation Ia debt.
While the increase IN the wealth is at the
rate Of Per cent, interest has averaged at
least s per cent. for 10 years. But if We
take the last six years We will find that the
increase In wealth bas not been over 3 per
cent, while the rate Of interest has aveTag.
ed fully Up per cent. making al actual loss
to productive industry Of ! 2 per cent. Right
hire the question may be asked, how can
this thing called inter est consume more
than il prod uced the answer is plain. The
3 ger cent. consumes all that is produced,
after feeding and clothing the producers;
and the IL per cent. IL lien upon future
labor. It is mortgage upon the produe
tive industrylof thescountry.
That this may be clearly understood,
viii put i II another form. I have said
that 3 per cent. is a lien upon present. labor,
and IL per cent. Is lien upon future labor.
That i5, II q man has an income 81 So. 600 a
year and spends $4,000, how long win it
BE until be IL bankrupt. Ha i running BE-
hind at the rate Of $4,000 a year, provid-
ing his debts are such az bear no interest,
bot if they are interest bearing debts the
matter is stin worse This, ! think, viii
mske it perfectly clear to every working
man.
Interest acts ike the tax gatherer: It en-
ters into all things, and eats % the profits
Of labor. Labor marries a wife and SIM
porte family. Labor needs food. cloth
ing and rest. Labor works but six DAYS
ont Of every seven, and but ten hours out Of
tEenty-four. Labor gets sick and has doe
TOT bills to pay. Interest works twenty four
hours N q Jay and seven days ID week
Interest needs no clothing. Int crest never
gets sick or tired. Interest has no family
80 support and needs no A.mhouse when il
gets old. Interest produces nothing, but
consumes everything; it gathers together
the products Of labor into large heaps
making few rich and many poor. Labor
ereets a house and then pays from 10 10
100 per cent. for the privilege OF living in Il. /
Labor produces bread aud then paws from
10 TO 900 per cent. for the privilege u eat
ing It; every dollar labor can raise zoe, for
Interest," labor remains poor and the shy
ocks become rich. Interest produces no;h- |
ling. All il does is 70 transfer the products
of labor to the pockets Of the money-lend-
ers, bondholdeEs, y.
While this question 81 interest is III most
important the Questions connected
with the political and social relations u
the people, yet it Is less understood, per-
baps, than any ether. The poor man, while
he tolls from year to year, but little dreams
that it is interest that is robbing him Of all
be produces.
This matter Of interest is the source Of all
our financial panics and business prostra
tons. The man who spends more than bis
income will 60 to the wall sooner or later,
and that spends more than it
produces must break down. No nation on
Inc globe ever did or ever cau carry rate
of interest above IL natural increase Of the
lational veal coming to financial
Iuin. Ys4s< ~4he farmer. the
labOrer, each
van futUse i