The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1879-04-26

of the proceeds of the labor ard in
vestments of others~
In 1870, the whole productive, tax
able property. of the country was esti-
mated at about $4,000, 900, 900, and
the public debt say 100000, 600,
making total income investment of
$4,000, 100000.
The mission of the SIG, ZOO, 900, 900
is to cooperate with labor for the
production of wealth. Its increase,
if any, is the result of labor. 1t is
created to be added to the sum total.
The mission of the latter is to alb
sorb the product of labor without
creating. 1t is a financial sponge, re-
ceiving, but giving nothing.
For every dollar that a farmer, a
mechanic, laborer or a manufacture
or accumulates of the products of
others labor, a full guarantee is given
in those of his own.
Every dollar the public debt ac-
cumulates by interest, takes so much
from production, without the least
equivalent, and leaves the producer
so much the poorer.
In 1865, when the prices of pro-
ducts were high, this interest on the
public debt at per cent absorbed
only small per cent of the surplus
product of the country. But as
money grew scarce, and prices de-
clined, it required a larger and much
larger per cent to pay the public in
terest. For instance, averaging the
annual interest on the public debt at
| 100000, 600 and corn worth ST.. 90
per bushel, hundred million bushels
of corn would pay the interest in
1865. So at that time the value of
the debt was lO0,000,0O0 bushels of
corn per year.
In 1870, the interest would buy
125, 100000 bushels of corn.
In 1875, it would buy 2OO,0OO,Oo0
bushels.
In 1878, it would buy 400,O00,000
bushels.
By the terms Of the original con-
tract these bonds are now due, and
payable in greenbacks.
But they are too good an invest
ment to lose. Their owners want to
perpetuate them, so the terms ofpay-
ment were changed to gold, and the
people hoodwinked into support of
the measure by reduction ofinterest
from 6 to 4 per cent.
These four az per cents are issued
for an indefinite period, which means
that the interest is payable forever
and principal never. Like the con
soils of England they are designed as
''interminable annuities."
But let us investigate Sherman's
saying pretext.
In 1866 the six per cent. interest
was worth 100, 600, 900 bushels ofcorn
1t cost the people that amount of corn
or it's equivalent to pay it. In 1879
the four per cent interest will be worth
100000 bushels of corn. 1t will
cost the people that amount of corn
or its equivalent to pay it. And this
Sherman calls saving" 1t costs
just as much hard labor to raise a
bushel of corn, or to produce any 9th
er commodity to-day as it it did in
1866, while it takes three hundred per
cent more of the products of labor to
pay the 4 per cents. than it did to pay
the per cents. when they were due
and payable five years after they were
issued. This is beautiful scheme
of saving, one that will shed lustre
upon the fame of American states
men, and cause coming generations
to swell with pride at the mention of
their illustrious ancestors.
Resumption will keep prices down,
and the value of the interest incomes
up.
The whole scheme is one to bind
down labor and prices, that interest
income may absorb the product. 1t
makes slaves of men without their
knowledge of the cause, and binds
enterprise with an invisible chain,
which the blindness of prejudice fails
to detect.