Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1882-01-05

interest charge on state and local debt'
are in the same ratio as that of th
national government. it adds to tn
interest burden of Sl6.56 the furthe
sum of $496S-or, total of S66.23 i
the shape of interest money, cost o
collecting aud disbursing the same, am
current expenses.
In other words, it costs heads o
families S66.2l each, annually, to rul
the national, state and local govern
ments, and pay the interest on tn
bonded debts.
This is equivalent to the burden o
a mortgage of $l,l02, at 6 per cen
interest, upon the back of every heat
of family.
1t will be observed that the amoun
Of property, at the assessed value, t,
each person is $336.S9, Or $2,02O,34 tC
each head of a family.
But the above item Of interest mon
ey and current expenses is BLOC
mortgage, bearing 6 per cent upon thai
S2,02O34!
In other words the taX.eaters ant
interest-suckers have a per cent first
mortgage upon every dollars worth oI
property formo than half its assessed
| value.
A man who happens to own a homC
or a farm worth $4,000 can best appre
ciate these figures by suppoSng that
some persons should demand of him
that he mortgage it for 81, 100 at 6 PEI
cent.
Nor in passing should be overlooked
the fact that probably not one man in
ten owns - 1920 Of property. Still the
taxation business is 50 arranged that
the men without even any property,
except perhaps barely enough house.
hold goods to keep house, pay most Of
the taxes. This 81, 100 mortgage in
such a case becomes mortgage upon
his labor instead of upon his property.
For instance man owns a house
valued at $1,000. 1t is taken to pay
state, county and local debts. The
owner pays the taxes, but when lie
rents it he charges it up to his tenants.
If Il merchant has stock Of goods h
pays the tax but charges it up to con-
sumers. So that in the end it comes
out of labor.
But the above does not tell half the
story.
Over and above the bonded indebted
ness above described there are estimal.
ed to be upwards of Sl2,000,O0O,OO0 ci
corporate and private debts which bear
interest.
How is the interest on these bonds
paid2
Fake, for instance, Si,O00,OOO,00o Of
railroad debts. The railroad pays the
interest to the holder of the railroad
bonds, and then charges it up in extra
freight and passenger rates.
But, says some one, if it is charged
up in freight rates, the merchant and
grain shipper pays most of it.
All, but what the merchant pays he
adds to the cost of the goods which he
sells, and if the grain shipper pays it, he
deducts it from tile price which he pays
the farmer for the grain.
So that in every conceivable case
labor foOts the bill.
If this Sl2,OOO,000,0O0 of private and
corporate Indebtedness bears 6.2-lO III
terest also, the burden Of annual in
terest is augmented by S742,OOO,OOO
every year. This, divided among the
heads Of families makes an additional
burden of $62 per year, or a total bur
den of upwards of $l5S each.
Compare this sum of SljS with the
average pay of labor, and one can east
ly, accurately and fOrcibly see what an
enormous curse the debt which exists
in this country really is.
If man is receiving $l50 per day
and works 800 days in the year, it
amounts to $3.50, and his proportion 0!
the debt curse is $l5S, or more than
one third of all he receives.
lie gives every third dollar us pen
atty for living in a debt-cursed cOm,
try. And again, every item of this
debt is part and parcel of the great
machinery which enables the few to ac
cumulate and control the wealth of the
country.
1t is perpetual aid to the process
which is going on of transferring the
labor-prOducts of the many into the
possession of the few.
What is the remedy?
Instead of contracting the currency
las is proposed by the new administT,
tion) expand it. FIRST, pay off and
wipe out national, state and local debts,
and then pay off and wipe out all other
debts-and then keep money enough in
circulation to do the business of the
country on a "cash basis" instead Of
on "credit basis"