Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1876-06-27

India slaves at i've pounds each. The bank
ing mode of converting the labor of one to
the use of another is more profitable than this
personal slavery.
We cannot omit here to remark differences
between the pecuuiary interest of wealthy
classes Where money, capital, OF stock con
stitutes wealth, its interest points to land aud
labor as the only objects able to satisfy its
purpose and trade but where land and labor
constitutes wealth, income aud accumulation
can only be drawn out of itself By the crea>
tons of industry; for the utmost oppression
of real over fictitious wealth is limited to a
forbeArancs Of its own bounty. This sug>
gests question of worldly wisdom. 1t is
lett to the reader to decide which is the dupe.
The stock interest, in supposing that it en-
riches itself by banking, at the expense of
land and labor, CT the land and labor interest,
in supposug that banking will enrich it,
One is inevitably mistaken.
The efficacy of stock, as q mode by which
governments sell, or give nations to minorities,
of which they may constitute a portion them
selves, Is capable of ariIhmetical certaiuty.-
y debt of four hundred and twenty millions
sterling, covers twenty millions of people at
thirty'tiVe pounds sterling head. This is
about the average value of all the people in
Britain. Including every age and sex, con-
sdered as personal slaves. Britain owes sew
eral hundred millions of debt stock beyond
this SUN, and nearly as much more to banks
of all descriptions, besides her East India
debt. ireland has an equivalent debt Of her
own. This valuation is regulated by the value
the West ludia slaves hut as the people of
Britain supply a double capi;ation income
TO stock holders, better mode is disclosed of
making some men profitable to others, than
fho WnSkT Id,
stock for transferring the profits of labor to
IdleneSs, have been compiled with about
twenty millions of specie; cvincing that gov,
ernments can make stock out of stock, and
that debt>stock, like bank stock, is capable of
being indefinitely multiplied without money.
1t has been often said that poor aborirg peo>
pie IN Europe encounter more peuury and dis
tress than tho negro slaves in the United
States. The profit extorted from the negro
slaves is moderated by the immediate interest
o! his master in his existence. 1t is modcr.
ated by the masters benevolence and by his
respect Tor his own reputation. But the slave
OF stock enjoys none of these ameliorations
and theTeioreit is not surprising that he should
be more miserable than the personal slave
The several descriptions of stock in Britain
already require far greater profit from the
penple than can be paid by twelve millions of
persaual slaves. The paying class is also d.
mInlshed by the receiving and uDproductive
class Excessive lavor, poor houses, peuury,
prisons, famine, crime must follow. Let not
the advocate for euslaving free men by means
i-of-stock ventura to compare his systom with
personal slavery. 1t will be found that in,
direct slavery like indirect taxstion, is capa-
BILE OF being carried to greater excess than
direct.
g II is urOrer to oTrmi,o o-:.b -
the progress of stock in America. Our sup
posed fifty millions of bank stock, being a
sum beyond the deposited and existing coin,
likes the capacity of our stock like the Eng
lish, to multiply itself without specie. Il
clrculates, We will suppose, eighty millions of
paper, costing the country above six per CEN
tum adding these eighty millions to as much
debt stock supposed to exist. aud the grapples
OF stock to about thirty>twO dollars head an.
pear already to be thrown over US. Shall we
dlscntangie ourselves from them whilst we
have II III our power, or defer the effort. until
We are irretrievably cntanglod in the intri-
chc'es of indirect slavery? a slavery, in
which the sufferer is ignorant OF his tyraut,
aud the tyrant is remOrselcss, because he is un
conscious Of his crime
By bank stock, unless our reasonings are
erroneous and our examples iDappicable, a
HuIGhh Lbhy SuDJcCI q nation 10 tne paw
meDt of cnpitation prof. to those to whom
1t shall be sold or conveyed by charter, ex,
ceeding any profit extracted from personal
slaves aud political principles may be corr
Iupted. Are there any greater temporal ca
iamIties! Are there any temporal blessings
capable of balancing them? Weigh the ter
ritc trIumvirsto ; oppressive taxation and
corrupt government, against the benefit pro-
posed BY banking. All it proposes, its total
advantage, lies in the simple space Of substi-
tuting some millions Of banking currency. for
some milliors Of specie or national cur
reDcy.'"
In conclusion, Messrs. Eds, while do not
regard money as either wealth or capital, but
simply as an instrument or tool created by 80.
cIety to represent wealth aud capital aud TO
exchange it. yet should it be the pleasure of
tie independent party, in its national con-
ventIon, to recognize a constructive property
in money, by allowing an interest on it not
exceeding the net increase annually of labor,
or . per cent, in the spirit of our friend b.
Z. d., and for harmony, l hope it will be
sustained by all reiorners great improve
ment on the present Infamous monopoly. 1t
Will be great advance TO suppress all cor
Porate issues Of money, and restore this great
sovereign power TO the U. S Government,
where the constitution places it.
lat
Summit Point, West Va, May 9, 1876.