The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-12
DUTY OF CAPITAL.

The least meritorious class of the creditor
of this city consists of those who hold hel
bonds and spend the interest from them il
the North or in Europe. 1t is the lega
right of all to do as they please with theil
property, the rights of others being duly re.
garded but it is scarcely patriots right t.
heap up capital under the protection OF city
and by the favor its citizens, and then spend
the income of their estates in other countries.
The British owe their national debt to Britons'
the low interest received on consols being ex-
pended and diffused among those who pay
the taxes. The money stays at home and
keeps in the channels of business, vivlfy1ng
the circulation, benefit to labor, production
and commerce. The great Government loan
from the people may not be strictly " bles-
sing" as it is sometimes called, but the ex-
pending of the interest received from the
treasury of the Empire among the people
makes the load easy for the nation to carry,
notwithstanding its enormous bulk.
It is even so in France, which owes very
great debt, but owes it to the French people
of all classes. The inhabitants being indus
trious and frugal, they earn more than they
spend, and are ready to advance to their gov
erment money in large or small sums. Ofthe
seven millions of heads of families, probably
nix millions are in condition to invest sur
plus earnings every year. But they spend the
interest money or put it into property at
= al In fhoip
enemies or rivals. 1t is not withdrawn from
the avenues of business, but remains to
strengthen and animate the great financial
system. What the French want from abroad
they pay for in the products of their own
home industry. When they send away
French labor in any form they get as much
more back; nor are they much inclined to
send abroad for what they can make at home.
1t would be well for our own country if the
same could be said of its inhabitants and the
same tendency to keeping wealth at home
could prevail It would be better if all Amer
lean debts were owing to Americans and held
in America, and that all our interest money
and stock dividends were re-invested or ex-
pended this side of the Atlantic. 1t would
be still better if what is made and capitalized
in any State or city could be kept there, and
the income from it be spent where the CAPT
tai had earned it. The wise farmer will not
remove from his fields any vivifying sub
stances or enriching properties or pro-
ductive elements needlessly, but will
leave in some form all that belongs to
them and that future crops require, besides
taking pains to restore an equivalent for
Ill the needed constituents of the grain
roots or fibres which he sends to market.
So in cities, which are commercial and
financial farms, gardens and nurseries, their
surplus profits ought to be left to strengthen
and nourish the sources from which they
have been reaped. Cities are not depleted
and impoverished by fair profits on legitimate
business when expended or invested at home.
IF the surplus, over necessary subsistence
md comfort and duly limited and proper
toned luxury, shall be kept at home, aggre-
gate capital must increase and all the appli-
.uces and means Of commerce must grow in
The same ratio. Thus from year to year ex-
banded connections and accumulated means
will enable all classes to buy and sell cheaper.
Absentees who spend in Europe what their
capital earns in New Orleans are doing the
pity no good. In practical effect the act Of
sending money to Europe to pay interest ON
,ity bonds is equivalent to throwing the same
INTO the fire. Our people feel the oppression
If the interest tax, but when the interest
money is spent here it produces an incidenta
,ut very considerable benefit.
Fortunes should shade, adorn and enrich |
he ground from which they grow. Duty,
ike charity, begins at home, and the duty |
which capital owes to the community in
which it was amassed is no exception.