The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-09-05
OUR GREAT PUBLIC DEBT.

The public debt statement for une
30th, 1878, shows total of s., 292, &c.
493. Perhaps no one can comprehend
such an enormous sum; and but fey
can approximate towards it.
The amount of taxable property in
the State Of Minnesota. real and per-
sonal, for Nov. 30th, 1877, is $780,
925, 1913. -Report of Auditor of State,
page 25.
Consequently the national debt is
more than TEN times as much as the
whole State of Minnesota is worth,
and if the interest of it were 10 per
cent. it would swallow up one such
State as ours every year.
If all the legal tender greenbacks
were retired and the whole indebted
ness represented by bonds, as the
Resumption Act and the policy Of
Government intends, in less than a
generation it will absorb all the
property in the whole United States,
and every man, woman, and child, ,
except the bondholders be beggar
1t remains for us to say, and say it at
the ballot box. whether this shall be
so, or not.
Few people have any idea of the
absorbing power OF interest. Had
Capt. Newport. who headed the col
only which settled at jamestown in
1907, 800 years ago, purchased the
whole of North America for one dol
lar. and made the obligation payable
now, interest compounded at 10 per
cent, it would now amount to 1856
trillions, or over five times the value
of AL the property, real and personal,
in the whole country
The real value of hired money is
measured by the average rate of in
crease of wealth in the country. If
this rule be correct. money is not
worth more than per cent. 1t is
worth only 3 II per cent. for that is
the country 5 rate of growth in
wealth. In other words the country
grows richer at the rate of 3 - per
cent. per year, on an aggregate, and
no more; and that is. therefore. the
true value of hired money on absolute
security. ST. Louis Republican.
Hon. Edward Young. chief of the
bureau of statistics ut Washington.
writes to the Iiish World that he for
merly supposed that the increase
might be II per cent, but that he
is now convinced that 1t is much less.
and thinks Il 10 , per cent. would
cover the increase: and he is man of
all others in the United States best
qualified TO speak on this subject.
When money is plenty and times are
good, the working bees in the great
hive .Nf Itfrfnr4feN hpr hesr4gx-
above our support, iii the rate of per
hapS / 70 ) per cent; but under the
pressure OF the last five years no in
crease has been made in wealth. So
many of the workers have been cOnl-
PEELED 10 be droneS or tramps. On the
contrary. there has been great de-
crease Of wealth in most parts OF the
country.
Bat is the proposition that the aver
age increase in wealth of the country
true and just criterion to measure
the rate of interest on money. If =
man and team earn two dollars per
day over expenses. the man repre-
sentiug labor and the team capita, ii
will not do TO say that capital shall
have the credi, Of the TWO dollars. for
il would have earned nothing If labor
had not been combined with 1t. Labor
should certainly have half Of their
mutual earnings. And if the average
yearly increase OF the wealth OF the
country were even I per cent remem-
Der that labor co-0peEatad with capt.
tai 10 produce this increase. and
should he entitled to its equal share
Ii this reasoning he correct, any rate
of interest on our national debt over
per cent. can NEVER be paid, and
unless the debt be cancelled at once
or the interest reduced below per