The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1871-06-03
WHAT IS MONEY9-No. v.
BY WI. H. sYLYIS.

1t 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. i
must, therefore, ask the indulgence Of
MY readers, if | grow tedious, and if
these articles are extended beyond what
may seem necessary, it must be attrib-
uted to an earnest desire to make the
whole matter plain to the understanding
Of every reader.
The power Of money to accumulate
value by interest, is a vast power 50
great, indeed, that it is hard to bring it
into such proportions as TO be easily IN
derstood by ordinary minds. When
we begin to talk Of thousands of mil
lions, and billions, &c, the mind ofthe
workingman, who but seldom has more
than a weeks wages to count over, b.
comes bewildered, and he don't care to
E-,A.4- haEa alrAadv aid that interest
acts like The tax collector, it gathers up
the products Of labor taking them from
the laborar ard giving them to the cap
italists- Money loaned at ten per cent.
will double in seven years, three months
and five days; at nine per cent in eight
years and fifteen days at eight per
cent. in 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 mon tbs and thirteen days !;
at four per cent. III seventeen years and
eight months; at three per cent. in
twenty-three years, FIVE months and
ten days; and at two per cent. in about
lhirty-hve years. The average rate Of
interest for seventy years has been
about eight per cent. per annum. At
the beginning property was more equal
ly distributed than it is now. We will
suppose one-eighth of the population to
have owned one-fourth Of the value Of
the property, and to have loaned it on
interest, or rented their property at this
rate, collecting and reloaning the inter
est annually for the seventy years, the
amount would be S54. 639, $40, 622, or
over three times the amount of the value
Of the whole property Of the nation il
1850
Now, cannot the simplest mind see
something wrong in this? The rate Of
interest amounting, in seventy years, to
more than three times the entire value Of
all the property in the nation. AL that
labor produced went to capitalists,
few men, all non-producers, and this
balance of interest over production, is
lien upon labor, productive labor,
physical labor, a vast load of debt heap
ed upon the backs of the toiling mil
lions, mortgage upon the bone and
muscle Of the nation, the very hearts
blood Of the workingman is mortgaged
from the cradle 10 the grave.
Had the rate of interest been three
per cent. instead Of eight per cent., it
would have amounted, in seventy years,
to 81, $3.50, O0O,O 900, or less than one
twenty-seventh part of the amount at
eight per cent. Thus, it will be seen
that, at three per cent, labor would
have retained;over sevea-eighths Of all it
produced, while at eight per cent. CAPT
tai got over three times more than the
value of all the property IN the nation,
besides ALL that labor produced. This
ven-eighhts, which would have been
labor's share, would have been divided
among the producers in the shape Of
wages, and every workingman in the
nation could be in the possession Of a
comfortable home, and in circumstances
entirely independent. We would have
no Nanderbilts, Drews, Astors, Stew
arts, Belmonts and Cooks, worth their
hundreds of millions, and exercising an
influence and power over the govern
ment and people, such as was never be-
fore known since creation, Willie the
dismal cries Of poverty-stricken labor.
shivering with cold and hunger, comes
up from every part Of the land. Just
think Of it, Acknowledged, there
are ten men in the city Of New York,
whose combined wealth is over three
hundred millions Of dollars, ard in the
same city there are over one hundred
thousand workingmen and women,