The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1884-08-07
PHILADELPHIA SOCIAL SCI
ENCE ASSOCIATION.
A Plea for Better Distribution.
IsY aHAs. NJ. Du Ply.

Continued from last 7reeh)
The system OF mortgaging or bond
ing every conceivable description OF
property. which law can contrivc n
way to hold rs IL security Is one OF
those modern Inventions which has
not yet boon fully tested by expert
cnce. This debt-making machinery
may yet prove to he like many IN
genious mechanisms, which, though
running smoothly at first, often after
IL while, develop radical defects.
These modern schemes OF credit,
which are scarcely Il couple Of cen
turtles old, may be found not sufli-
GENTLY mature enough to warrant
the endorsement OF success.
The policy OF Bonding in the early
past. was looked upon with such dis
trust and questionable morality, that
its limit was restricted by the Jewish
Law to a year Of Jubilee, when all
were again freed from debt. Still
Mosaic Law was not universally re-
spected. for men soon accustomed
themselves to mortgage houses and
lands, and even personal freedom
and labor.
The effect OF this old system Of
bonding, even on comparatively
small scale. we know wits always
bad, but as bad ms it was, its effect
was trifling in contrast with our
modern methods by which we cover
everything with mortgages. Now
whole nations bond themselves.
States are bonded. We bond cities.
towns, counties, villages. All these
are separately bonded, and us il all
this was not quite enough. on top OF
all, incorporated and individual en-
terprises and property are mortgage
ed up to the utmost ossible limit Of
value!
Tn the conflicts Of kings and races
during the past two hundred years.
one of the most potent means OF en-
larging the sinews of war to hull de-
struction upon the enemy, was by
bonding the labor of posterity
through National debts. As time
passed on, and modern progress
seemed to demand concerted and
giant efforts to increase productions
to fashion them, as well as to open
grand highways for traffic. these
| drafts on posterity have been still
more Iccklessly drawn.
At this iuncture, rs a ready means
OF accomplishing large undertakings
capitalized incorporated organiza-
| tons were originated. and with their
creation way was invented to COW
er them all over with heavy mort
cages. The promoters of these in
corporated enterprises have always
looked with close eye to legal pro-
lection and to their large annual
profit. They have not, however
been equally as anxious to keep
down the principal of these mort
cages to close limits, because the
larger the principal could be made,
the better became the chances for a
larger profit out Of them for promot-
ers. Besides this, the promoter act
ing AS the irresponsible agent fol
others far removed, perhaps not yet
born, does not therefore realize per.
sonal accountability for truste eship
SO it has come to pass, that We
cover every interest in existence
with debts for other generations tc
pay. As bonds mature, We easily
find a way to swell their magnitude
by adding on fresh commissions tt
be pocketed by negotiators. togeth
er with any arrearages OF interest
the payment Of which it may be con
venient to defer. Thus loaded up
we start these debts on a new career
of increased bondage to be agail
similarity arranged for by posterity
ut maturity.
As these great financial operations
are made to glide on smoothly. W,
fail to notice the enormous aggrega
ton of these rapidly growing bur
dens, to be paid for from production
If any species Of Incorporated prop
erty under temporary condition o
fortunate circumstances, is found Il
be able to pay further inyestmen
profit than its bonded value thel
represents, this value is general,
forthwith marketed in a new serie
of bonds.
Such Is the present condition O
society throughout the whole civil
J lied world. 1t is shingled all owe
with debt obligations to the utmos
tension of value, to be paid by tn
productive labor of the future--fo
nothing is surer than that future la
. Dor is the only foundation for tn
payment NJ debt Bits OF pape
called coupons representing oebt
to be raid out OF the profits OF labor
annually aggregate into enormou
sums. These are doubled up an
increased faster than the profits q
productive industry. and thus the
impoyerish production and becom
powerful instruments Of contraction
and financial difficulties.