The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-08-08

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loF'scst pssaias -arsa III. - s...ss,. NJ
49, pernanein selti. bout - es,.~ 4s.rrs.o-s
s@ st jamestown, in tlxx.p,n n tf..- a
~ wears Hgo. Will slnpt,se the.. settlers
r. vePsEJehased of he mother country
th+ entire terrir5ry Of the United States
f,roxE POLAR, and to Iave giye.r Shsir
obligation therefor, havnt ten per cent
iItCrest, payaOie. interest 4nG principal,
two hundred and sixty-onc years after date.
This obligation would fall due this year.
and, with the interest compounded anru-
ally, would amount to the enormous sum
ot 500, Az 600, O00-over three times the
assessed value of all the real and personal
property Of the United States.
lad the same obligation borne three
per cent, the amount would be :. 245.
OO, 900, and the rate AZ twu and 4 half per
cent, the-amount would be but S62S. OOO.
900. These results should convince the
most strenuous advocate of high rates of
interest that no people or nation can pay
ten per cent. without robblug labor aud
centralLng the wealth ia the hands Of the
few capitalists, and that the sanction III
tins ur any rate ~ interest greater than the
rate Of increase IN the national wealth, BY
law, Is legallzed robbery nothing more.
nothing less
He then shows that the national debt.
amounting to two and half billion dollars.
at the time he wrote, and increasing at the
rate Of per cent in a period u fifty years.
Will exceed the whole value ri the nation
even II that value should increase at the
rate distinguishing the most prosperous
period II is history for all that time, more
than twelve billion dollars In otherwords.
TIE national debt alone, bearing per cent
interest, will amount, IN nifty years. to the
whole wealth Of the nation. and 1--WE times
the amount Of the present. public debt
And yet : per cent. has not been III excess
Of the interest actually paid. considering
the gold premiums and commissions to syn
dIcates, and Is considerably less than the
average rate paid IA ordinary business
transactions
But he shows that this great national
debt . not Nue- fourth ut the interest bear
Ing Indebtedness which labor alone has WI
pay, and Yet We have seen that il would
be more than sufficient to bankrupt the ia
tIon IN the time middle-aged man might
hope 10 live Hence. Mr. Campbell attri-
butes our commercial depression, our peri
odlcal panlcs the suspension Of our indus
trial establishments, tIe rapid accumula-
ton OF wealth hy tn. few, and the growing
embarrassment, bankruptcy and poverty
OF the laboriug many. 10 the subtle power
OF interest IN transferring tn products of
industry from the hands Of the laborer To-
the Golfers of the capitalist Ii IS not only
the acknowledged principle Of the antag
onism between labor and capital. but Is al
50 the key 70 most of the social wrongs and
miseries which battle all efforts at reforma-
ton, and when our law makers conscien-
tlously act upon the knowledge Of these
truths, the old and troublesome feuds be-
tween capltal and labor will, he believes.
disappear.
Such, IN brief, IS statement Of the ef-
forts OF one Of the ablest tinanciers on the
Amt rlcan continent, whose pre-eminent
characteristics are modesty and self -abne-
cation; aman whom u know is t. honor and
love, whose talents command respect, A
lamb in repose, a Rupert in debate. He
is honored most by those who know him
best, and this list embraces many Of
our most solid and influential statesmen.
The services and talents Of Alexander
Campbell will be remembered with graft
tude by thousands vet unborn, and his
memory Sill be handed down u posterity
as one OF the purest, ablest and most cour-
ageous Of public beuefactors