The new Northwest. [volume] (Portland, Or.) 1871-1887, 1873-09-05

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Now, the growth OF National Wealth is only
about 81 per cent per annum, Notwithstanding
the assertion of those who have placed IL much
higher, through comparing the old valuations
with the new (which have been greatly In
creasedl instead OF taking as the basis OF their
calculation, as they should have done, the ae-
at the different periods. II is plain, therefore,
that the great mistake most men make Is In
attempting TO use borrowed capital at an I'M
mensely high rent, ordinarily termed interest,
which, by the use of gold as currency, Is often
forced still higher. While the growth OF the
National Wealth remains at the present rate,
| the average man who attempts TO pay even
per cent for all the capital he can get should
not expect TO avoid bankruptcy as the result
Leaving National finances for the
present, let US come down to more COM
prehensive facts, or those which will
more readily adapt themselves to indi-
yidual ideas. First among these we
may mention usury, or exorbitant rates
of interest. The argument in favor Of
high rates of interest, or against neces-
sary legislative restriction to prevent
money changers from extortion by
usury, looks plausible as viewed from
the standpoint from which it is given,
namely: that the use Of capital is en-
titled to the same recompense as the use
of labor. Admitting the terms labor
and capital to be synonomous, or rather
promising, as is usually done, that each
represents or compliments the other,
the above argument is conclusive; but
the commerce Of the world, the con-
tinued aggregation of capital and the
above facts and figures alike attest that
labor and capital, though complement
ing each other in principle, are literally
antagonistic in interest. And this, not
because Of any inherent antagonism in
both or either, but because, while labor,
from its inseparable connection with
human life, is necessarily finite, capi-
tai, from its aggregation for a series of
unnumbered centuries, is in reality in
finite. Our citizens can all instance
individuals within the limits of Port
land, who began business in the city
twenty or more years ago, without other
capital than business tact and shrewd,
calculating brains. Entering as they
did some business which, in the excite
ment attendant upon the settling up OF
a new country, they could easily do,
they soon acquired few hundred dol
lars, to place at interest. The years
rolled on; interest twelve times COM
pounded, at "a per cent. (the rate OF
early times) on 500 alone, amounts,
with the odd cents left out in the compu-
tation, which would add many dollars
not here given, to the sum of Sl,512.
> $1,000 thus placed at interest by man
who was fortunate enough by some sud-
speculation to amass such a sum, ac-
cumulated during the days of our ''two
; per cents" to the modest sum in round
, numbers of S1,512,OOO. The labor of an
: average lifetime Of 80 years, at 5000 pei
year, (being more than the average
p -stel would amount to $4,000. OF this
e sum three-fourths must annually aggre-
, gate itself 20 the principal already in
the hands of the capitalist. Cannot the
D people see the difference between capital
7 and labor? A man, having money tC
5 loan, objects to legislative restriction:
: as to the usury he shall demand, back.
ing his sophistry by the argument thai
-, no man is compelled to abide suct
j restrictions concerning the sale Of pota
toes or fruit. Were these commoditie.
indestructible like gold, there would in
deed be basis for his logic, but the pota
toes and fruit are bought and eaten. II
D supply their place requires reproduction
while capital, being indestructible, can
not of right belong in the same cate
CORY. But this subject has opened {
wider field than can be explored in ont
short editorial. We shall resume i
next week. In the mean time, let tn,
laboring masses read and ponder wei
concerning what has been already said