The new Northwest. [volume] (Portland, Or.) 1871-1887, 1873-09-19
LABOR AND OAPITAL---NO. 2.

IA0Uh ANU OAI4
In a former article we showed by q
computation of interest, compounded
for dozen years, at the rate of "A per
cent. per annum, or ''2 per cent. a
month";" as was the popular way Of ex-
pressing it, that a man who began with
one thousand dollars judiciously placed
at such interest, would become from the
effect Of that interest alone a million
aire within the limit of the dozen years.
We also showed that labor in its rela-
ton TO capital is as mortality is to i'm
mortality; that labor being represented
by the duration of human life is neces-
sarily finite, and that capital, from its
supposed perpetuity of existence is, in
its practical workings, infinite. To sup
pose that there is, in reality, any such
infnitude necessarily attached to cspi-
tai is manifestly absurd. The rapid ag-
gregation of capital to itself under the
worlds system Of finance is in itself
abundant proof that the fundamental
basis of property right is wrong. And
before this wrong can be effectually
righted, the commercial laws of the
world must be changed. The idea OF
individual ownership in man has only
recently exploded, even in the United
States, and faithful among the slowly
dying fossils are yet to be found men in
plenty who insanely adhere to the
sophism. The idea of individual owner
ship in land is only another relic of the
same barbarism from which ownership
in man descended. The perpetual ag-
gregation Of lands or money in one
single line of hereditary descent was to
great degree modified in the Republi-
can form of Government under which
we now live; but the step forward which
was taken 4 hundred years ago only
necessitates another step at this time in
advance of that. The Nation has so fal
outgrown the most expansive visions ol
the wise men who founded it, that pri.
vate individuals and public corpora.
tions can in n single lifetime attain tC
and WELD Il power that many genera.
tions i'm feudal times, with ali their law.
Of hereditary descent, could not hope tC
reach. Hence the need of a new regime
| based upon the individual right of every
human being to hold and possess q,
much of the public domain, which car
in no case belong exclusively, except by
combined rental and use, to a private
citizen, as he shall need for the main
| tenance, comfort and well being of thos'
who may be dependent upon him TO
support. To illustrates: Were the Stat
of Oregon, at its next Session Of tht
Legislature, to pass an act, ordering
every land owner to sell, and the Stat,
to buy, at a fair valuation, the entir,
landed estate of separate individuals
/ giving in return State bonds, with in
terest-bearing coupons, at low rates
say three per cent. per annum, allowing
every person who may desire it, to holC
possession of such improvements as b,
may need, while paying to the Stat
Government an annual rental not ex
ceeding the value of six per cent. as
public tax, the State would reap suffi
cient revenue from this tax alone to pa,
the interest on the debt, and large sur
plus of the principal every year. Ten
of thousands of frugal industrious peopl
would Mt once occupy, possess and cult
vate the millions of acres that are nov
idle, and our whole State would blossom
as by magic. Let Cinnamon only bein
aliens, be excluded from thus pOssessin
the soil, and this would of itself solv
the Chinese problem. Then let th
State go one step further and the wor
is done. Let her pass an act authoriz
ing the State Government to borrow {
private individuals all the money the
have to loan at an interest of 8 per cent
and in turn loan the same to those VIII
wish to borrow, at 81 per cent. Jet th
individual ownership of money nc
needed in the rearing of minor childre
revert to the State Government at tn
time of the owners death, and let tn
funds so accumulated be used for build
ing free bridges, railroads, school
houses, parks and highways. No char
liable institutions, which at best are bu
facilities for pampering the pride Of tn
few would-be Moguls who invariabl
spend five dollars of public charity i
making one perceptibly effective
would be needed, for every famil
possessing its own vine and fig tree, an
living under n roof, however humble
from which no land shark could drive il
would be self-sustaining. Did any nee
public aid they could be made wards {
the State and the whole commonwealth
would prosper. Next week we sha
consider the effect upon the State Gov
ernment of the increase of power accru
ing to it from such a system of legisll
ton.