Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1871-10-10


obligalioh-lcgal or moral to provide for it or
TO pay i'll 1t must be clear that If the deb!
has been exaggerated to SIREN billions by 10
per cent interest that at 81 the constitutional
interest, had Congress regulated tho value of
money!" it thc debit would not have exceed
cd q billions. That the people owe, and
ought to nay, md not ono dollar over,
To Justify tic opinion above expressed, !
must revert to the facts stated in former nr,i'
clcs from IIr. Eving's speech rs quoted from
commissioner Wells report. 1t may be
J tedious, but facts cannot be too often recalled,
or too strongly grounded in the memory. Mr..
Ewing says;
lie, me still further illustrate the injustice
Of this immense rate Of interest to labor and
10 other property. al the property in the
nation, including gold and silver, in 1859, Il
stated by commissioner Wells, in his report
for that year (pogc 10Y at less than twenty
four billions. Add evidences Of indebtedness
bearing interest, including all kinds Of notes
and bonds, public aud private, individual and
corporate. sn5 seTch billions, Total, thirty.
Que billions Now, all the nett increase Of
wealth comes from labor operating with some
part Of this thirty.oue billions Of capital and
credits; md whatever the laborGrs of the
country get to better their condition is out Of
this nett increase. Commissioner Wells states
the aggregate nett increase of wealth for 1869
at about ole billion Of dollars, which 10 ad.
nlittcd to be a large estimate. This is less
than ST pcr cent. Of the thirty ono billions of
combined property and credits. Deduct from
this per cent. on seven billions Of credits
coua 10 Eve hundred and sixty millions, aud
the balance. four hundred aud forty millions,
is all that is LEFT Of the nett increase for tho
! remaiaiug twenty.four billions Of property to
divide with all tho labor Of the country
This is not two per cent. increase for the prop
| crtv alone The fact that labor gets little or
nothing of this incteasG is shown by the evil
, deure adJuced by commissioner Wells, the
New York Es@jag Post, and other reliable
j republican authorities, that laborcrs generally
r dress ard fare more poorly now than before
; the war. Therefore, it is hardly to be pre-.
4 sumed tina. they LAY by surplus. ! am well
e aware that much Of the twcnty.four billions
| of property Yields larger interest than tso
per cent Ous una. Is Goun.s.'"" ,,a' ', =.
: being consumed by interest. Tosum UP, is
j. not far wrong to say that the interest yielding
5 investments, held generally BY non. producers,
9 get, under our present money system, eight
Q per cent, interest, uunnally, out OF the aggrn'
cute net' increase; o'hPf properly ag"Is ~"
per cent aha IAUor' "H'e'' creates al '"9 '''
crease n''h,hG' r ,... ,
: Now, WIN the backing Of lIose E W,' 1pa
iFresS''o'e sG'' iro' eon'"''SSI'"Vl W 9,s ~,
y port, SAND ny my of'n'.on eAP1s,gu W s"u
previous paragraph ana u u"y oi 'Hs sv'G I.
Ol''o" owners Nlaers' OF hoeu",s 81! aspa"' "
# fraud uspry, aud robbery Of the iuJoreys and
c of property"
y The owners Of property must sec that Il
while tue annual increase on le o. ,! Unions u
on,y o. RSF ssA,, "'' V Nv" sn, las orC
!. FsapiGlT S incToacbing on aud must swallow up
Il the property. The seven billions d credits
!, wish their ungodly rsury, have already re-
i duced IS millions Of the people to poverty
t: (for outot forty millions Of people two millions
d own oil the pr"pGfty)-anu Ike Gu !'to"'
is are still marching on.
e The aborers, on the other hnnd' must sec
u how lew oil the InboFers can acquire property
C with such odds against thea They should
J. unite to man with the properly ho'qer'
70 against their cOrliaOn enemy, The money power
IS aud HhCad him or die This Is their only