Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1876-06-27
Money not % Wealth or Capital.
IFrom the Industrial Age |

IFrom the Industrial Age
Eds. Age In your issue of the 22d of
April, l read an excellent article from B. c.
ID. headed Labor and Capital" aud was
much impressed with both the soundness aud
moderation of his views. lie alludes to the
different views of the writers in the Industrial
dye, upon the question of labor aud capital
aud the "interest due to capital" and very
properly remarks that the differences are no.
so wide as to prevent union and harmony:
and in this opinion, while am most happy
to fully agree with him, aud think that the
views of all the writers in the Age are, under
all circumstances, to be preferred to those of
the old fOsy bullnnists. still desire to ex-
press to him the opinion that the common
error of calling money capital is at the bot
tom of all our differences. Money is the rep
resentatiOn of capital, and may be exchanged
for capital, but, still, capital and money are
two entirely distinct and separate things, and
should mover be confonnied, and great and
substantial evils vi always arise whenever
this Is done. One Of those evils, and very
great aud palpable one, is, that, in assigning
to money the name and character of capital,
you impose on labor the double burtheu of
paying an interest, not only on tho veritable
capital, but also, simultaneously, on the reps
resentative and shadow of capital, money, as
well. | do not hesitate to affirm this propo-
sltlon, and ask your attention, and that Of
my friend R. G. d.. aud of yonr readers gen
orally, to it. My first step in the proof of
this proposition, is, that all rents interests,
and dividends on lands. loans, and stocks of
whNteVer character, bank stocks. railroad
stocks and all others, are paid by labor, and
labor a!ono This admitted. as it will be BY
all, my next step is practical case right to
the point. II is this: A has $40, 900 in
money. which, l have already affirmed, is not
capital but the representative of ca pital ouly:
b has a farm worth $4,000 which is capital
and, as between y and b is the one and
only capital III the case. a. hands over to B.
the SlO, 600 in money, not capital but only
token and order for capital. aud, thus A is
now the holder of capital, and B is the holder
OF the money-the token and representative
A, the holder OF the farm-the oGIy capital
in the case-rents the capital for $780,
Now, If Il. who has only the token, and rep
reseuta:ive of capitalize tool of capital, but
not capital-may loan it for $500, then, in
such case, labor paying interest on both the
capital and its representative-th substance
pdztlle hadalg-lshnr- -nayine the sas,ta
to both. and b., not only is tributary to
capital, or rather pays capital an interest. but
pays at the same time ust as much to 1he
shadow nt capital, and has thus put upon it
two burthens when it should only bear one
And tho nggravaton of the case is, that in
paying the six per cent. and paying it twice
/ over, 1t Is paying the double of what labor
earns, which, according to Wells report to
Congress is, on the average Of all labor, only
81 per ceLt.
say. then, to our friend s. C. D. that
while Ircadily concede to him Mut ifcnpital-
and, again, when use that term. / mean
labor and the products of labor, and by no
means money, which the holder does not even
own absolutely, but in partnership with the
public, lrhOSe stamp alone makes it money
Is entitled TO fair reward for its use, | also
agree with him that the reward should be
mOHcrGte, aud, always. less than the reward
OF active, working, and creative labor. |
also say to him, that if he will apply nv
reasoning in tie example given of SIC, 900
i'll money, falsely endorsed with the name and
function OF capital, TO all the vast amount of
money used in this country by bankers, cor
porntiOns and individuals for our exchanges,
he will recognize, in all its atroCious features
net only the most exccrable fraud and swindIe
ever perpetrntcd by avaricious vilainy upon
the unthiCkirG and ignorant. but, at the same
time. system Of white>slavery iar moro op-
prcssIve and hideous thaa the African slavery
of which we sre now happily rid In sub
mlttiOg to him. aud to the public, the picture
and tho contrast of JahD Taylor. of Caroline.
of corporate banking as a mode of slavery
and Of African slavery. desire that it shall
be borne in mind that he was opposed to At
rIcan slavery as well as Jefferson, and con-
denied it as az ''evil imposed by a foreign
nation on this country" l desire further,
that it shall be horne in mind that this picture
was drawn sixty-two years ago, and that the
miniature amounts OF population, money and
| products have now swelIed from thousands to
millions and billions, and must be always kept
in view. He says:
THAT banking system does amount in
several views 20 nstionaI sale of itself, the
history of its infancy he.e furnishes strong
aFpreheusions. Church stock. and feudal
stock formed parties, which traficked 10 pub
lie rights, and parties have grown up with
paper here. 1t has been said in the public
prints, that banks have already become iustru>
ments for influencing electious and that the
Manhattan bank could have defeated Mr. JEFF
fersOns. If one bank could deprive the pub
lie of any degree Of patriotism and talents,
the whole system could expose it to any de-
gree of vice and ignorance. Whilst | am
writing, prices are offered to legislation for
charters. What else have legislatures to sell
It is admitted, however. that it is as we'll to
sell them. as to bestow them grasuitousIy.
''Iu Rhode Island, bank stock, to the
amount of four millions, is said to have been
created. She has near seventy thousand peo-
pie. Allowing her eighteen thousand actual
laborcIs and her stock TO collect in expenses.
perquisifes and dividends, ten per cent, her
labor pays capitation tax of above twenty
two dollars to banks. If the union contains
six millions of people. it bear, by the ratio
of Rhode Island, four hundred and twenty
millions of bank stock, which would iufict
upon the people annual tax Of forty~two
| nnillinns Thsra L. nnthinnr artrar.n.nt L.,