The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1888-04-28
How to Grow Rich.
From the 50. Louis Republican.

From the st. Louis Republican.
1t is very important to remember that the nine
industrial or manufacturing Stotes OF the Union are
the capitalist and creditor States also They all
loan money to the other STATES, and all the
other States borrow from them. There is
not single one of the twenty-nine agricultural
gage to the money lending creditor States. These
mortgages on farms and railroads represent an
enormous aggregate In Kansas it is estimated that
onehalf the entire wealth of the State is mortgaged
to the industrial States; and the older Western
States, Ohio Illinois, Minnesota, Michigan and
Indiana are mortgaged to the extent of 20 TO % per
cent of their farms and nearly all their railroads.
1t is stated that the insurance companies of Hart
ford Conn.,, hold S7OOOOOO0 in Western farm mortga-
ges: that the loan companies of Boston hold 81 90
mortgages, representing S76000O0O, and in the little
State of New Hampshire, Western farm mortgages
TO the amount of SIS 0OG 600 are held If the whole
debt claim of the industrial States the farms and
railroads of the agricultural States could be ascer
tanned, it would probably be not less than S. 900,
100000, bearing an annual interest of sls0OOOOOO.
The industrial States have not only shaped the
their manufacturing interests, but they have been
equally successful in shaping the financial policy of
the Government, also for the special benefit of their
monetary interests There was not a financial
measure taken by the Government from 1867 to
1855 with single notable exception, that was not
dictated or suggested by them-and it may well be
inferred that they made no small amount Of money
by it,
sued during and just after the war. They bore 6
per cent and were payable not in gold or silver COIN
but in lawful money"-and lawful money at that
the capital States secured tho passage of act in
1869 converting this greenback debt into gold debt
AS the bonds had cost only 20 cents in gold the
profit on the conversion was clear Sis006O0O0
Their next profitable achievement was the resump-
ton of specie payment in 1879. OF course specie
payment had TO be resumed, but this does NOT i'm
pair the value of its tremendous effect in favor of
the creditor States at the expense of the debtor
States, whereby So 100000 Indebtedness was in
creased at least one-third or 81 000O00O00
The whole management of the national debt has
been in the interest of the creditor States and.
although the effects have been SO gradual as to be
almost impercepbe, they have still been of yery
substantial character In the last twenty-five wears
the holding of the government bonds living chiefly
in the creditor States, have been paid in Interest
alone 81 1913 1000, sum greater than the entire
bonded national debt at its maximum
We have stated that there was a single case in
which the capital States failed to have their way in
the monetary policy OF the government 1t was in
the passage of the silver coinage bill They opposed il
with all their power, because they sought to
have all debts estimated in gold alone whereby 10
to 10 per cent would have been added to them. and
in the arrogance of their opposition one prominent
paper at least in New York far as 10 threaten
a withdrawal of the moneyed States from the Union
1t is no wonder the industrial States have grown
enormously rich under the Federal policy Of the
last twenty-sx years. They have shaped that policy
in its two most practical features, revenue and
finance, and shaped it with such effect to ma Ike
themselves owners of one full half the entire wealth
of the country and to force the agricultural States
to pay them Sls0,OOO,0OO year in interest alone.