The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-06-05
EXToRTIoNATE INTEREST.

uuNtANe INDUSTRY IN the United states -
but trite over three per cent per annum !,
and yet the common tate OF interest in the
West has been ten pee cent. 1t is only a
question Of time, if this ten per cent.
system be continued, Shen all Of the in
crease Of wealth will be concentrated in
! the hands If the money lenders and land
owners, aud all other classes Of community
| will become dependent serfs, laboring for
a lordly taskmsster and receiving IN re-
turn bare subsistence. 1t is the realiza-
| ton of this fact which has resulted IN the
organization Of the Independent Party
whose declared mission 1t is to reform the
| monetary system 81 the United States
| This reform cuntemplates the reduction Of
the rate Of interest TO approximately the
average net profit Of productive industry;
IN other words, to make it no more profit
able to lend money than it is to invest it
IN productive industry.
Just as these principles Of this new
monetary system are beginning to be I'M
derstood and appreciated by the majority
Of the people, the GAINESVILLE Gazette
comes forwasd and contends that the
West has always prospered, to such an ex-
tent that 1t has been demonstrated that
the people were able to pay ten per cent.
The Vest has prospered in spite of the
enormous interest tax, for just one reason,
namely because of the enormous increase
IA the value Of Western real All
Of the Western states have averaged al
most, If not quite, as well as Illinois, and
here are the official figures which prove
the ability to pay ten per cent, wholly
irrespective Of the profits Of productive
industry. In 1889 the total value If tax
able property in Illinois was SOS. $50, 525,
which, at ten per cent. simple interest,
would have amounted to 500 o. 300, in
1874. AS matter OF fact, the taxable
property in 1874 was 81, 1871 456. 45I. This
enormous increase in the value Of real IS
tate, shows us that II has enabled our peo-
pie to pay ten per cent. in times past, but
1t by no means follows that such means
can be relied upon in the future to pay
this outrageous interest charge Land has
become SO high that the proportioned in
crease IN value, in the future, must be
very slow to what II has been in the past /;
and therefore, this resource can no lon
ger be depended upon. In fact, the turn
ing point was reached several years since,
and the concentration Of wealth in the
hands of the few, under the operation of
our ten per cent. system, has already ad-
vanced far enough TO become perfectly ap-
parent to any observing person that, un-
less the system is changed this concentra-
ton of wealth must continue with an ever
acceleratlDg pace each year in the future
That the best interests of the country
require that this aggrsndizement Of the
few shall be estricted, is apparent TO all
who have earnestly considered the matter.
Under the English system, which is the
American ten per cent. gold oasis fraudu-
lent system, amoneyed aristocracy is Great
ed on the one hand, and cringing mass of
be.gars upon the other hand the working
classes being bound hand aud foot, and de-
hvered over to the money lords to be dealt
with as best suits the interests of the I'M
perious mOney-iender. Under such a de-
pendent system liberty becomes impossi bic,
and political freedom is a se,seless mock
cry. Yet We are rapidly drit,In1 10 tins
hopeless Condition Of affairs. The press
has been sIlenced or bought Up IL advance
the cause Of the money monopolists. The
people are only partially aware of the i'm
mlnent danger by which they are surround
ed. while the professional politicians of
both old parties are only schen.ing for
their own advancement, wholly oblivious
Of the cavil Of the toiling millions
The people must have relief. This relief
must come from Congress The bankers
have lobbied to secure legislation to place
the people in IN ir power. These fraudu-
lent laws have had the desired effect Pro-
ductive industry, trade and commercial
enterprise, lie PROSTATE. In order to slim
ulate production. enforce energy and set
business humming, the fraudulent laws,
purchased Of the lobby, must be repealed,
and wholesome laws passed in their stead.
Every working man owes it, not only to
himself, but to his fellow men, to vote on
ly for men pledged to do justice to the pro
ducing classes pledged to resist the
Establishments and brides Of bankers lob
bies pledged TO wipe out the abominable
national banking system, and in its place
to substitute the inter-convertible bond
and greenback system. This will revive
our waning industries, make work plenty,
insure good wages, substitute prosperity
for stagnation in all the departments of
business. Even bankers and importers
would be benefited by such a revival Of
business, while no class could possibly be
injured except the blood-sucking money
lenders, who thrive upon the misfortunes
of others, and this class is deserving of no
whatever Let the industri
al classes unite and they can govern this
country-make laws and administer them.
All that is necessary is to pull together III
the same direction The financial ques-
ton involves all other issues, and is, there
fore, the controlling question. Let us,
then, unite upon the money reform issue.
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