The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1884-07-24
der these conditions, aud Gen, West there
upon accepted.
The Era OF National Debts

80 0uAtlihuAS WIN uluh AuNiNHN TVS
ciety,' Mr.. L, II. Morgan says, most truly:
A mere property career IL not tho final des.
tiny Of mankind, II progress In to DO the
law OF the future M Of the past,
The dissolution Of society bids fair to be-
come the termination Of u career Ut which
property IN the end and aim, because such
4 career contains tho clements Of solf-do-
struction.n
The truth Of this wise criticism of social
methods must appear 40 clear that II Ii i'm
possible TO question II, If the investigator
looks intelligently nj the proceedings Of the
nations with national debts, In them NIL
the existence Of national debt, by ths Jug.
glery Of our modern financial methods, IL
treated, not ~ d debt, but ~ u valuable
property, bringing In m actual yearly In.
come gained without any eNertion,
In this country. whose functions. In the
modern history of social progress seem Ia
he the speedy testing " methods Of social
organization which. III other countries, 10.
qnire centuries for their elaboration aud
possible rejection. the em Of national debts
has grown with n rapidly never before
eaual.d, and with the same celebrity seems
to have ohscured or hottca out MI the com
mon sense methods IN the study If social
cconomys
Here, for example, IL report Of an in.
teryiew with the largest holder uf Govern
ment bonds in the country, in which he ex-
presses wonder that II can hc supposed n
man who does not own n an.lar In thu
country's debt can feel any all, gancr IL its
Governments or. To quote ms reported
words: THE Government II paying oil It's
debt too fast-a great dead too fast~ana the
natnml consequence Il, that the people
won't have So much interest IN Govern
ment they don't own stosk in. How can
theyy say, when they haven't dollar Of
its debt, they can't.
Though - one his ever 81 mistaken the
character Of this mightiest bondholder In
the country rs TO imagine him a social
philosopher Ut any force. yet there Is Very
little doubt that he fairly represents the
current opinion Of bonlhollers In fact, aud
bOndholders i'll desire.
Let any one compare the value Of this
class as social factors in the ideal repuhli,
with the fact that Jefferson confessed he
was so worried by his eauntry's debt al
only fifteen millions that he could not sleep
IN peace, 10 judge Of the change that two III
three generations have wrought in the
stimulation of the selfish greed Of Mammon.
For there il little doubt that this bond era
rs an incubus upon thu Development of gu,
social morality, Is the legitimate sneeessa,
Of our slave EN-, and is 10 be oycithlown, as
was that, by the increasing education Of the
| nations moml intelligence.
Let the purchase and the ownership II 4
bond become as morally offensive ~ thu
| purchase and ownership Of fellow man
became 10 the decent common sense Of this
people. and the abolition 1T this last crime
against equality will BE- rs inevitable rs that
| of the first. For the investment. Of the
money Of the community In bond Is both
rage against industry rs ever the purchase
of the laborer was an Outrage against labor
And yet, Just exactly that class in ths
community who are the piomp,cst in nrgin.
on the creation Of bonds arc always tn,
loudest and most insolent disclaimers against
| any government assistance to labor. though
every decent sent;m Mt Of human symlath,
and love would justify the use of the col
lecti,e might in aiioraing remnnemtiye EN-
/ ployment To these who are suffering fron
want Of IT, before using the same eolleetiv,
powers to assist the detainers If capital
whose only suffering comes from want O
n secure Investment that shall give them
regular income without any exertien oi
| their part.
To deny the workers while eagerly dom,
everything for the spectators Is Ia,
enough. but it is much worse to aid tn,
spectators by throwing upon the worker,
the entire cost of providing the speealatea'
| with their regular income Aud yet this i
exactly what is done by our en- of bonds,
Ii 10 thus that tn economy Of Mammol
contains tn elements Of self-destraetion
and works toward thh end a~ gayly aud al
inevitably as the Jester, Who tried to eseap
from his master hy climbing II the end o
n projecting beam AMI saving il oil between
himself and the supporting seatfeld,
In France. whera the spectators are en-
joying the discovery If making a perpetua
| income ont Of deb. while the workers starry,
as the same class does here, il is proposed
to institute the hereaity If the state, :,
that as the spectators die the enlleeiiyit'
shall re-enter upon the possession Of sael
portion of the Fortunes they leave, as the,
became possessed of hs the fact that the,
were members Of society; and use tn
funds thus recovered III ahosishing III,
poverty Of the Workers, The plan is an ex
cellent one. and viii prove elective.
But in this country the practical reahxa
ton Of tn recent decision Of the Surrem,
Court. and the Introduction into our soeia
economy of the truth int money il tn
creation Of law. will open a new era for SO
ciety. and demonstrate that progress i tn
law Of the future as Of the past history u
the ace.-Chieaao seatiatt,