The patron of husbandry. (Columbus, Miss.) 1875-1883, 1879-07-12
DFATH,S GRIP-INTEREST IHE
TERRIBLE SCOURGE OF OUR
NATION AND HUMANITY.
IA Series of Articles in which all the reoP'e az
= interested.l M

NATION AND HUMANIl1
"A series Of Articles in which all the People are
interested. - 90
ARTICLE l.. 80
There are writers and speakers VINO
have reflected so little on the suoJect Oh
Interest as to say 'keep out OF deDt, nire
no money, and you will have no interest 10
navo Tt needs but little observation ana
reflection to convince one that the man
who hires money is not the only man that
navs interest. Indeed it is often the case
that the man who hires money does not
nav the interest at all but shifts the Dur
den on to somebody else. 1t IS a funda-
mental maxim with political economists
that labor pays all bills, and it is favor
lie maxim with another class, that money
has always beat labor and always VIII.
The savage had but little to do with pro-
duction; his garments were simple his nab
itation rude His Implements were few,
he lived by the chase, and, with fruits ana
the spontaneous productions OF the eartn,
he seldom needed a partner. with whom
to divide his spoils.
But civilization entirely alters the case.
Now Production is the chief end OF man.
His wants are many and he must have
partner whether he would or no, for pro-
duction requires labor, machinery and
money. In early ages every family sup
piled its own wants, provided It's own
food, made its own clothing, and built Its
own habitations, money was little used
and little needed. Trade was by barter,
and even taxes were levied and collected
in cattle and grain.
But in modern, civilized life, this is ut
terly changed. The family often supplies
none of its own wants, sells all its labor,
and buys all it needs, while barter is al
most unknown. What world wide diff
ference in the situation between the time
the family needed not copper OF money,
and the time when all its labor must be
turned into money.
From the beginning of civilization
there have been partners in production
and strife between them. Those who
owned the machinery of production, and
the laborer who owned the muscle and
brains to run it, have ever had more or
less contention. But latterly third part
ner has stepped in, and by dint of extended
combination, humbug and bribery, has
brought both the other partners to starva-
ton, mainly by the POKER Of extortiOnate
interest.
1t is plain that the profits of production
must be divided between these partners.
The laborer, who furnishes the muscle
and brain; the owner of the lands and
mills and teams and tools, and the machin-
merry generally, and the owner of the mon
ey that pays the running expenses.
Now, if one of these partners has the
power to compel the others to give him
price that will take the whole profits
to pay, the others must starve out. That
is precisely the trouble now. The
money power scoops the whole profits of
industry instead its part and share. The
interest on money paid bv the producing
classes is eight to ten per cent, while the
income of the lands and mills and other
machinery of production is but one and
two. The high and eXtortionate interest
mas made the merchants and manufactur-
ers bankrupts, and the laborers tramps;
has placed the earnings and savings. by
haSsd work and hard fare of many mans
lifea+;.,,e in the pockets of Shvlock. who
never earned an honest dollar in his life,
as the millions of mortgage sales all over
the country show. The net gains of al
most every business go into the pockets
of Shylock, the salary man, the annuity
man, every man with money income
gained some way independent of fair
share in production or of the profits of in
dustry.
Our first point, therefore, is the mpor-
lance of the interest question.
Take into consideration the amount of
which we are paying interest, and the
of men we are supporting by the
interest on money. The Comptroller of
the currency tells us, in his last report,
that 6,456 banks with their retinue of
Presidents, Cashiers and clerks, at least
seven on an average, to bank, exist in
the United States. God help US! What
an army to maintain in idleness and luxu-
ry, for bankers don't live on bread and
water. More than $4,000 men and each
costing more than four soldiers. No won
der France finds but little trouble in pay
ing up an army of 10000 men. Garfield
tells us (p. 6, in his speech on resumption),
that ::in France banking as an instrument
of trade is almost unknown. That there
are but So banks in France Happy
France! The lessons taught by the Gull
lotine are not forgotten, and the shylocks
of France are curbed by Legislators who
see in million of unemployed men. the
shadows of death. The Comptroller
tells us further, that these banks loan to
the people some 100000, 900 of money!
No, not 10 per cent of it is money. More
than ninety per cent of it is certified
checks with no guarantee or security be-
hind it whatever, and most of the remain
der is bank notes guaranteed by the peo-
pie, but not legal tender,not money. Add
to this 1000, 5000, lust as much more
national debt in untaxed bonds, and then
State bonds, county bonds, city bonds,
town bonds and railroad bonds, and it is
stated on what ought to be good authority
that the mortgages in many counties of
Michigan exceed the the valuation of the
real estate. That shows the immense
amount of individual bonds
Now then was is the sum of this indebt-
edness on which the people are paying
interest every year? The estimates run
from Sf2,oooooo,ooo to $4,000, 100000
Ihink of paving interest on IS noo 600 ooo