The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-07-25
Usury, or the Present Extozticnate
Rates of Interest the Real Cause
of Our Industrial and Com
mercial Troubles

We have been permitted to make the
following extracts from the speech of Hon.
Alex. Campbell, delivered before the
Anti Monopoly Association Of Marshall
county. ga the 9th ult, which We under
stand is "a lie published at an early day.
With the census reports at his data, the
speaker showed that the value of all the
property. real and personal. III the nation,
was at this time, IN round number, TWEEN
ty-four billion dollars. and that with agri-
culture as the basis, the net annual IN
crease was not over per cent. He esti-
mated that one-halt or twelve billion
dollars of the national wealth was owned
by capitalists who rented their property or
loaned their money "a the producing
classes, and that the rate Of interest aver
aged as much 10 per cent. per annum.
Twelve billion dollars at 10 per cent.
would be one thousand two hundred mill
ION dollars, while tweEtyfuur billion dol
lars at 3 per cent. would amount to but
seven hundred and twenty million dollars
leaving the producing indebted to the non
producing element Of the nation IN the sum
of five hundred million dollars at the end
Of the year.
The speaker then proceeded to show,
by what to ms seems To be clear aud CON
elusive argument, that the national bank
ing system Or existing money ollgarchy
was the soul and center Of all monopoly;
that protective tariffs, ship subsidies, rail
road and other like monopolies, were but
part Of the means used by this wrongly
constructed money power to rob the pro
ducing and distributing classes, and that
while 1t was continued IN force, or while
the present extortlonate rates of interest
on money or loanable capital are main
tanned, we can have no general permanent
prosperity, even should we abolish pro-
tective tariffs, stop granting ship and other
subsidies, and restrain within proper
bounds railroad and all similar monopo-
lies.
t. give clear idea Of the power of
money to accumulate by interest and Of
the effect Of the different rates IN the dis
tTibution Of property between capital and
labor, he SAID The continent Was made
at jamestown ia 1907, or 267 years ago.
Now, if at that time, Capt. Newport, who
headed that colony, had purchased Of the
mother country all the territory embraced
within the present limits of the United
the obligation Of himself and successors
and assigns, payable 267 years after date
with interest compound annually which
is the natural law governing increase by
it would fall due this year
and doubtless would be considered to have
been good arrangement for his SUCCESSORS
by those who are clAmoring for "hard
But this would depend entirely
upon the rate of interest named in the
bond. At 10 per cent. the amount would
now be over four times the value of all the
property, real and personal, in the nation,
while at per cent. the amount would be
but two thousand six hundred and eighty
dollars, or the value of an ordinary eighty
acre prairie farm.
But to bring the subject nearer home,
let us take our own State, which, for com
mercial advantages, salubrity Of climate,
agricultural and mineral wealth, is unsur-
passed by any tract of contiguous territory
Of equal extent on this continent, and
which has been developed more rapidly
than any other portion Of our country.
The State was admitted into the Union in
1918, OF % years ago. If the settlers
then residing in the territory had pur-
chased of the National Government all
the lands within the limits of the State at
81 20 per acre and gwen the obligations Of
and their Successors payable Sc
years after date, with interest compounded
il would fall due this year, and l
have no doubt but the advocates of
50 hard money" are ready TO say that it
would have been a good arrangement for
L..
the rate Of interest At 10 per cent, for
they claim that money is cheap at that
rate But let us LOOK at the result The
State contains 50, 200, 900 acres, which at
81 20 per acre would amount to ~, OOO,-
boo, which with interest at 10 per cent
annually for 90 years, would
amount to nine billions two hundred and
twenty -four million dollars, or four times
The actual value Of the property, real and
personal, in the State. While with the
rate of interest ut per cent. the amount
would be but two hundred and thirty mill
ions four hundred thousand dollars, or
%. 81 per acre, or but one-tenth Of the |
value OF the property in the State. lt
will be seen that at 3 per csnt. the amount
would be but one-fortieth part Of what il |
would be at 10 per cent.
" ! have, -said the speaker, I" thus en-
deavored to present to you the contrast
betweeH'the bankers' and usurers' thiev-
ing, or-robbing dollar and the honest
dollar of the people-betwesn the bank
en breakback currency and the peoples
greenbacks, and ask that you viii care
fully examine thia subject and see il the
present extortionAte rate Of interest
Al i n
Of the wrongs and expressions you, i'm
ees=mon with all those engaged in any
useful occupation, calling or profession are