, 1877-10-22

amounts IN the great financial centref, wherc re-
nv .cnrtir. Of in.ir,itua,. i7sr centrally r"a.'a
10 ar a''.InhIe, eacrp. at tbe h,rh"pt rlt. "f m
trfc-t. urat ruinnMs:y low .Rlaations. Honey e.n
br borrowed readily only np"n +uch s"cnrt:"F ~
h'nLs whish are tsfrd on the unlimited tAx-IcvJing
rswrr nj the Government. OF nps.n thr bonds AMI
sa1,upr, whpte fsrrnt and fare ra,cs ptattcaly
tax n1H'n the entire population and rr,tnrrrs of
tue FeginMs Which th". Traverse anil snrpiy. Ths
cnmpclitinH amons capitalists to loan nnney IN
thee more ample '.curhet he% iceosnc very
kcca, and snch sccuf.'.cs command E,oary II
r.te. % ii interest, tn.,ead ot d+n"tins ansne.i
t,eng.h mi industrial pro'peFisy, ste
beng eau,ed by the overflow Of htassh!nl eisen-
lation. Or etena pranf Of ,ataclent elrcn1st'"n.
t"n. eaused hy d.etea.ng and ,n.atn,sens CIR
fuatiun. The rcatIness with which Government
hnnts bearing very low rate Of interest are sakcn
Insseal Of shuW1ng that the credit OF The Govern.
H.ent has impfo!rd. Ii HelanehnIy evidence ot the
cro't.s,cd eoneltion 70 which industry and traae
:. s @ %
AMT considered low. Cnlest the psoYseas oi the
commercial world in the policy of contracting
bcaring much iowcr rate Of tutereIt than any yet
ohsrea vii, be gladly accepted oy esu,t.'i.a he,e
a,,,i.h,t ana n Eaop1 Mnen nc osey .'1sS !,
profit in IL. greatly inessa.ed value Of tn: princs.
made IA IN ltoi. II tsoad ID isis. would have been
sepald with an addiction Of 14D per eenl III Inc par
ehs,'n1 ppssr o. .he .nS n:s.s', h.
n,n1,ey 10 ths t;overnment since lH;1 hare already
reteIfed nearly ~ much In ths tnefeased .aue Of
bt!rs .te IN regard 10 the pei cent ttirty .1s.,
national bonds now he!n1 negotiated, II they are
redeemed IN gold that uose pront will be suadc by
the augmentation IN the value Of principal than
thfough interest, Indeed. the figna Of The TINES
sre that the boutls Of country t'U-se'btnz tht
Gni.eJ states. payable in eois Il tne cad af IT, IT,
thirty years w!thant any interest Whatever. would,
through the increase Of the va'ue Of tast metal,
psuTs 4 tnost pr1tnhia Investment
ocn ruoR DAI.tABoA1hs,
The woret cdctt. h1Wertt, economically con-
afnrrcd. Of fallIng prces, l. not upon ettstIng
.sos.ss va whom NH i deprvc, u emplo;nent 'sn IND
c1nslsns TO poverty. And spon soelesy. which II
deprirra Of thst vast Of wealth which resides
Msn. A shrinking. volume of money transfers c1.
Lifting property nn1Hstiy. and causes conccntra.
shat Important element Of value conferred upon II
W the SKILL energy. and care Of the dcbtors from
e1,stins property, white Il does absolutely an.
Il condemn 10 idlcneea. 1he estimate l. no. an
States g. ono 900 persons Wiling totvosk, but whn
arc idle beeanee they eanpot "otaih employment.
vii continue 10 increase n lung ~ falling pttees
! the fund unt Of which W2Ec4 ls uata,
tfom tabor. and to discourage inveAtmsnt In other
''1 isat da!"a Il Ill, period when property !. being
sasrlsi to INIT saffsnt m ~ lin1ts,a
money fattena on the genera disaster. Cnder ANY
money system whatever. labor, money. and otlsf
furcca. each teeklng through natural tariiaet 70
chang. Thcre forces. although always peraunr
| against. nfe nut neceaeafty tnitn3C1t OF de-
structlre OF each other. On the contrary. under a
ju.t money sSstem, they arc not eren harmful 10
| Hui under an unjurt .noneJ-sYutem, under sys
tenn which through law or accidtu falls 10 rrgalst
Tic quantity of money so 4. TO the equi)ib'
duct,u... tl,e conflict between money and i.bo1
and other ioFms Of capital becomes s:astraetl.s
s natas ssa volume IT ous3 n III III dssy, sSsT .os. s
otsanixes. taat rota thrcascn and destroy. that
n.cn " combine. md taat tic revenues oi Govern.
| mems srr disslpated In the employment Of labor.
o. n the q st.nans
wased between moury capital and lab i, and which
ea Gn IT, tae saecs o asd
shl!nksns solu,nc of ,auney 70 - nuselcnlins
wnr, threatening she dessT1e,,on Of both. Money,
like dlsrusv,nE chemical separates eanltal from
labor. II IL not against capital. bat agalnst lh'
financial sy'tem 5has permit. The volume
The hostility Of society should 10 arou,td. IL
| Iat0r and capItA9 DO put on equal terms
80 lhat Idle capital Will be A. uafruisful =
idle 1abor, and the conflict between them vii
cease TO bo destructive. An unjutt money. .ry.teu
proluces au unjust relation between labor capital,
and money, md the resn!tsng erils esnuot be rem
edtcd By Rpccia! legislation on particular cases. no
BY general legislation sbridgtnR the nstura! right
of either. Such legislation would b. futile IN.
impcrlnent. destructive of that freedom Of tndl
tlyr to tr tsuc in,ercss Of iii eassea Of society
and wonlL powerfully tend to Tho overthrow i
FIRE instttuttons. The equitable adjustment Of IT.
n,atn through vtolence. and il utterly ilaposslot
through any legal or ether conttisanct. under In
systcn, thai pcrnlits contraction Or undue expan
the property of the capitalist and the labor OF tn
workman. 1t II only through the action and coua
trracti1n of the antagoniatC forces Of capital an
laho.. automatically operating under jus
nancy systeu, that equity and harnlunJ can b
| cYulYrd. -