Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1879-08-07
What is the Matter PA Greenback
Editorial.
From the New York Gazette.


at both ends. and let the bondhold.
ing rats gnaw great chunks on. of
the middle We are just as DELHI
erately going 10 ruin as is possible
for q nation ;"and if you don't open
your eyes and stop the leak we will
inevitably be swamped. Do you
understand the amount of interest
that is annually due in the United
States? Ifs you will see how our
whole circulating medium has to be
held available for tina. ore purpose,
and cannot and dares not be invests
ed in the lines of trade and manu-.
facture. We squirm under the u. S.
bonds; but they are only insignifi-
cant items in the grand totals that
the McCullochs ard Shermans have
fastened upon the tired backs of
American toilers.
Here is rough estimate OF Amer
lean Indebtedness taken from float
ing newspaper paragraph, yet suf-
| ficiently accurate for the purpose OF
illustration. Let us look at our
debts and the interest averaged at
only 5 per cent.
Public debit. s. 100000 900 Interest 100 900 900
Railroad bonds 1000 900 600 200 600 900
Morigsges.....- 3.ooo,ooO,Ooo l5o.o0o.oOo
niepsi debts. .~ 7,ooO.OOo.OOo $4,000 600
Total interest--
bearing debts. SIC o0O, 600 900 $4,000 900
By the census of 1870, the value
of the farm products. including ad
ditions to stock, is put at $780,
100000. In other words, the year.
ly interest due 10 the United States
is about ono-third of oil our agri>
cultural and stock productions. and
out of the other two. thirds the farm.
err is expected to make his profts
and pay for the cost of production.
The farm wages for 1870 (and prices
and wages are far lower now than
them, only amounted to S310,000,-
00J. 10 other words, we pay to the
non producers, the cormorauts who
craunch the body and bones of the
people in their remorseless teeth,
nearly three times as much as 10 the
SONS of the soil upon whose broad
backs is based the whole fabric of
our social, financial and political
prosperity.
But there is another item that the
farmer or mechanic must look at
when he begins to investigate "what
is the NATTER" and when his profits
60.
In France, the beacon of prosper.
ity in these hours of disaster and
wreck-there is an available curren
cy of s55 per capita. which would,
on the same basis, indicate SO, &c.
600, 900 for the United States As
result, France deals on a cash basis.
They pay there, as they go-and
they save the interest to the pro-
ducer. That is one great reason why
the French farmer is the most con-
tented agriculturist in the world.
1t is why be has remained an i'm
perialist at heart, because be identi-
fed Napoleon with the financial sys-
tenn, which makes monarchy and q
court cheaper institutions than an
aristocracy OF note shdUerS. The scare
ity OF money entails upon this coun
~ credit system of buziness; and
when credit begins interest begins
with it.
When Sherman had S571 900, 900
hid in the U. S. Treasury, and banks
$3.50. OOO. 900 tied up al reserved how
far could the available hundred mill
lions dollars, or Whereabouts, of cur
rency go towards transacting 10 cash
the business Of the Uuited States,
which amour s TO not less than |
forty, and according to some good |
authorities, sixty billion dollars per
annum?
The result is sale on time and in.
terest. Fifty billions of payments
at sixty days-a fair average-cost
the payers fre hundred millions a
year.
By the Genus of 1870, the profits
on the manufacture of raw materials
amounted to 81 IA 600. 900 In other
words, the interest which our busi-
ness men are compelled to pay
through ,thc abseocs of sufficient.
circulating legal tender, is equal to
nearly one third Of the raw materials
on all the increase in value over the
raw materials on all the manufac-
lures of the country Out OF the
other two.thirds the manufacturer
must find the cost of production and
his profits.
Now you have what is the matter
INTEREST, GU public and pri.
vate bonds, mortgages, Judgments
and even the ordinary exchanges of
trade, amounting in all to not less
than ONE BILLION THREE
HUNDRED MILLION DOLLARS
per annum.
And this is the condition of the
people whom fourteen years ago Nc
Culloch pronounced officially to be
practically out Of debt.
The inevitable logic of these fig
lres is hard as iron, cold as marble.
rue as steel.
THE MONEY LENDER is
THE WHOLE
INCREASE OF MATERIAL
WEALTH. Actually he takes all
hat is produced, and for the balance
till due him, demands more bonds.
All statistics show that the increase (.
# material wealth Is only about 8
'er cent Three per cent. on S4o,- 7
100, 00o, 900, the estimated value of
'ur material weath,is 81, 200, 900, 900.
II very near the amount, that, on a
otally different line of argument, we
gured out as the amount of interest y
eceived by the capitalist, and paid g
y the farmer and mechanic Farm 3,
RS and mechanics, so long as we 8;
ave to pay yearly billion and a v
uarter in interest, common sense B,
nd political economy alike swear to s.
on, that you cannot have any profits 1,
even hold your oUn. Your =,
rofits have gene; your lands and q:
our workshops are going and MUST II
0. In the language of the N. T. Oh
tines, you may as we'll settle down
, the belief that pauperism is per-
lament feature of American society.
Is there no remedy? W
Let US see.
Paying the bonds in legal tender
l. IL