The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1878-09-13
Debt, Labor and Trade.

All debts must he PAID through eXac-
tions from labor, and the real pressure of |
debts is measured by the price of the |
commodities which debtors must sell in |
order to make payment. When prices |
are high, debts are more easily met and |
labor is permitted to retain large por-
ton of the products which it creates |
The debtor class is composed of the ac- |
tive workers in every department of in |
dustry, who unite their thought and en-
ergy with capital to create value Since |
all payments are made in money, or
money valuation, if the products which |
these men make sell at high price it |
will require less of it to discharge their |
debts hence they will be allowed to re-
tain larger portion for their own use.
When products are high wealth is
likely to be distributed with nearer ap-
proach to equity. This always increases
the products of agriculture, manufacture
and mining, and stimulates exchange or
commerce.; because, as economists say, |
1.-The incentive To labor is in proportion
TO the wages of labor" and it has been
demonstrated that by placing property
in the hands of all workers-that is, let
ting everyone work on his own capital
the growth of wealth is greatly increased.
Now, if it were not for the operation of
debt every worker might, perhaps, soon
have capital of his own upon which to
employ his labor, and not be compelled
TO rely upon others for employment, or
spend half his time in absolute idleness.
The legislator who legislates To heighten
the burden of debt does his country an
incalculable injury, for he concentrates
wealth and limits its production, pro
ducing social caste, out of which grows
this effete conservatism and everything
else anti-democratic.
10 get an adequate idea OF the exact
ness of debt-to understand how IL trans
fers the wealth silently and surely from
those who work TO those who lend-it is
necessary that we present little calcu-
lation. Senator Jones estimates the in
debtedness of the nation, public and pri-
vate, at nineteen billions. Here are his
figures:
National. .-..................-...$ 600 600 goo
Silies lawns and COMMITTEES sS 600 S9S
Railroads.. ..,...... 2,43s, 100000
Canals. ...........,,., ;..t.-.. lo5. o0o,i %
Banks Insurance. individuals. lSS8lOOOOOO
Total. $40 O4s OOO, OOC
This, at six per cent. interest, yields a
revenue nearly as great in value as all
the products made in all the workshops
of the United States. 1t requires the In
Dor of 1886, 1887 workmen working at tho
present price for uneducated labor. tC
pay IL. This is over twice the number
of our skilled mechanics and artisans
Is Il any wonder that we sell the pro
ducts Of our farms, forests, workshop.
and mines, and every year approach near
er and nearer to the verge of bankruptcy
Is not this sufficient cause for the inc
quality which we perceive in the socia
condition.
1t may be objected that the figures ar,
too large. Well, they will bear consid
cradle "scaling," as they term it, and still
present frightful results-results power
full enough to reduce to hopeless poyert,
nine-tenths of the race. We must keel
in mind that labor has to pay every dol
lar of il, both principal and interest.
we let this fact escape us, we lose tn
force of the whole discussion.
There is another influence which re
suits from our vicious manner of dom!
business, that is operating with grea
force against the west and south. Gu
merchants buy goods on time, payinj
eastern jobbers a certain per cent. Oh
their purchases. This is added to tn
price of goods, and their customers ulti
mately pay II. In this way we are pay
ing the east certain per cent. on tn
whole of our working capital. Mel
chants and traders may suppose that thi
intiicts no serious injury ON their trade
Iftheir bills receivable balance their bin