The Hartford herald., 1885-02-25

money Naptail regulates PiiceS,
according to the legal rates of interest
allowed; and, hence, it governs the
distribution of wealth. Rents, Wages,
Profits, and every form of Percentage
are determined by the PRICE or MONEY.
Then, if interest be high, Capital reaps
large incomes, while wages are low,
and labor suffers. In fact the Rates Of
Interest govern the Distribution of
Wealth, and if they are high the profits
of capital are great, while the wages of
labor are low, because Of the dcarness
IT money.
National Banks or any species of
bznks-of. issue, should not be paid, or
allowed, to furnish one dollar of money.
The Government ought to issue all the
money, and control the volume of the
circulating medium, a. well as fix the
rate of interest by a National Law.
A uniform currency and II low rate of
interest, fixed by Constitutional Law,
would protect Productive Labor, make
distribution more equitable, aud prevent
Quotations. So great il the power of
money to accumulate value by the
high rates of Legal Interest in all the
States of the Union, and to cheaper
Labor and its Products, that no accum-
ulation of property 10y labor can possi-
bly, equal that OF money loaned. The
percentage on money loaned, and
invested in bonds, is all the way from
81 to per cent; while labor cannot
realize over , per cent; at its highest
tide of prosperity. Besides, rents and
The prices OF property are determined
by interest rates, and high interest in
creases the power of IN 'ney to COM
mand property by loans, secured by
bonds, mortgages, notes, and every
species of collateral security. Hence,
high interest (dear money decreases
the productive power of labor for the
benefit Of labor, by forcing all unjust
distribu ten of wealth which leaves
labor a bare subsistence, but gorges
capital with enormous profits! Thus,
by the power of money, at high interest
rates, "money centres" absorb wealth,
and stdrre tabor Money, falsely
named capital, by means of high rates
of legalized interest, is constantly
drawing upon the productive powers of
1.-THE country aud concentrating
money, stocks, bonds, mortgages,
houses and lots in the hands of the
money-lenders, bond and stockholders
in ''the city," but these fellows toll not
neither do they produce. IL the real
capital in land, water power, minerals,
labor, etc, had not been In "the eoun>
try" these fellows would not have ''in-
vested
We need, not only the abolition of
high rates of interest, which cripples
productive labor-making rents high
and labor's products and wages relati We
ly low-while capital, so-called, is thus
given power to accumulate a supera-
bundance of unearned wealth, but We
need currency issned entirely 10y the
Government, necessary to the actual
needs of business, and which shall have
only one raiue, and shall never he IA
commodity.
Undoubtedly, no matter what some
Political Economists may say, Labor Is
Capital, just as much as mules or horses
and machinery that are used in Pro-
duction. Labor seeks "lnvestm ent, "
and its toiling hands are production, y
in reality. Then it should have the
same rights, privileges and Protection
which other forms of Capital have.
But such is not the case, neither can IL
be with our present Financial System,
and our high rates of interest, which
are ever placing the burden of taxation
on Productive Labor, forcing ii to pay
high rates of interest, and thus central
izing wealth in the hands of few in-
, dividuals called "Cspitalists."
} The legal power of money to accum-
ulate an undue rate Of interest, compels
laborers to give nearly all their surplus
products to the money>lenders, bankers,
bondholders, and other capitalists In
the forms of interest, rents and tariffs.
A low rate Of interest and heavy taxes
on capital is the only way to remedy
the evil.
The National Banks have been re-
ceiving 8, 4, and 81 per cent interest on
their bonds, which are exempt from
taxation, and, on their notes and de-