The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-08-08
THURSDAY AUGUST s. 1875

The legal interest on money is fixed
at SIX per cent per annum. For two
years previous to their removal to the
island. the people prepare upon it
houses for themselves, and suitable
accommodations for merchants and
mechanics. Each of these families
expends $4,000 yearly for its support.
Each family being worth $15O,OOO,
the interest on which. at six per cent.
would be 5000, each has an income
from the people ofthe states. TO whom
they loaned this money, of $4,000 a
year, over and above expenses. They
expend their surplus income for two
years. i. e.. $4,000 for each family.
in the aggregate 1920. 700, in max
ing improvemts on the island. They
dispose OF their property on the main
land ON credit, securing it by bonds
and mortgages, state stocks, or other
wise, so that they insure an interest,
payable half-yearly Of six per cent
per annum, on the whole amount of
their property. These obligations
merely represent the value of the
property they leave upon the main
land, and must yield an income from
the products of the land and labor Of
the purchasers. The annual interest
on 81 800, 100000 amounts to 500 ,OOO,-
600. The paper obligations held by
the creditors legally empower them
to demand an interest of 800, 900, 900.
In specie. The mere giving of obli-
cations is all that is required in the
transfer OF property. The CONVEX
tion of their property into bonds and
mortgages and other securities may
not have required the use of a million
OF dollars of money. But the pay
ment OF both principal and interest
must be made in money.
The ten thousand persons contain,
on an average. five per persons each,
making in the aggregate a popula-
ton Of fifty thousand. They employ,
on an average. three domestics in
each family, increasing the population
to eighty thousand. The yearly ex-
penses of each family amount to S3,-
900; or, for the whole. to $50 O,O0O, 900.
HatterS. tailOrs, shoemakers, cabinet
makers, mechanics of every sort, col
lect about them to supply their wants,
and receive the sums which they ex-
pend in living. More than fifty
thousand labOrers and artisans are
needed to supply their wants. In a
few years the Capitalization Of capital
collects a city of three or four hun
dred thousand inhabitants. The ten
thousand families expend $4,000, 900
yearly, and draw besides from the
people of the main land a clear in
come of $60,00O,OOO a year. which
they can reloan. The debtors cannot
send the $60,000,000 in money. and
are therefore obliged to send the
products of the soil. manufactured ar
ticles, etc. to this city for sale, to
procure money to meet their pay
ments of interests. The city soon
becomes the market-place of the ma.
tion. and engrosses the principal busi-
ness. The people are astonished at
its wealth and prosperity. and con
gratulate themselves on having SO fine
a market for their products.
In the course of century or two
the ten thousand families and their
descendants can. if they choose, with
out labor on their part, build wall
around their city as high and as
broad as the walls of ancient Babylon.
Meanwhile the people upon the main
land are obliged to supply all the
wants. the food, clothing, etc., not
only of the ten thousand families and
their descendants who do no work.
but also of the laborers employed in
the erection of the wall, in the build
ing of houses. and in all other i'm
proyementS. Producers and manu-
facturers from different parts of the
country carry their goods to the city,
and the citizens. after selecting the
choicest for their own use. resell the
to laborers. who are only
able to purchase the poorer kinds.
If an account were kept of those sold
to the county. it would be found that
they were minus nearly the whole
of the people of the city.
Now what compensation is received
by the people of the mainland for the
supplies which they furnishl The
citizens, indeed, pay money for the
supplies. but this money is the inter-
est on capital loaned to the people.
without whose labor it would have
been useless. In a similar manner.
under the present monetary laws of
the United States. few rich men in
cities ensross the wealth of the coun-
try.
1t is as natural under these laws
for the wealth to fall into few
hands as for water to find its level by
its own grasitation; and while our
present rates of interest prevail. no
combination or shccess in production.
either by machinery or the muscular
power of labor, will ever effect any
important change for the better.
But when the iaboring classes COM
bine to have good national monetary
laws in lieu of the present evil ones.
their united efforts will effect
change in these laws, and thus accom-
plish the object they have 50 long and
so anxiousIy sought after.
IL the interest in this case supposed
were limited TO one per cent, the in
come for osch family would be only