The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1889-07-15
~ABOLISHING POVERTY.
A Simple Plan Which Can Be Put in Opei
alton Mt a Cost of 600.

n ciiupAe ran Wn1cn Nau DC fut Il Oper-
alton at q Cost of $4,000.
Rev. j. B. WATSON. in North American Review.
My scheme, in brief, is for those who are
most anxious to abolish poverty to raise
the sum of S10,O 900 in cash. or more if posi-
bic, and put 1t ont at compound interest
until the principal shall become so immense
that the interest annually accruing from it
Will be large enough to change the whole
face of society. In order to bring the mat
ter more nearly home to us to-day, let us
suppose that some wise philanthrOpist. say
In the year 1929, had set aside that sum
of money, with the prOvlso that neither
principal nor interest should be touched
until the year 1889. at which time the whole
amount shOuld be safely invested and the
interest ever afterward devoted to the
alienation of poverty and to such other
humane objects as should commend them
selves to a wisely-selected board of anti
poverty trustees, two of whom might, per-
haps, be Mr.. George and DE-: McGlynn. l
venture to say that the actual money result
to-day Of such q fund would far surpass the
w~ildestdreams of the crankiest a~nti-poverty
disciple in the world.
AS thus, for instance: Assuming that,
when put out at compound interest, the
principal doubles itself every fifteen years
mo very extravagant assumptiOI-the
$4,000 invested in 1929 would to-day amount
to the incOnceivably enormous sum of $751;
2O7, 1865. 600. And this sum invested at the
rate of 4 per cent. would yield an annual
income of s., 36s, 2o4, 400. which sum, be it
remembered. would be available every
year in perpetuity, for the noble but misty
objects of the Anti-pOverty Society. But
in order to allow for leakages, and to avoid
the consideration of a cumbrOus number,
let us make our interest at an even five
billion dollars a year instead of seven odd
billions just mentioned as the actual in
terest of our fund. What then will we be
able to do with this great incomef
First of all, we notice the fact that $780,
100000 is just about half the money in act
i've circulation in the civilized world.
This means that half the work done in the
world would be done under the auspices,
and for the sole benefit, of our supposed
Anti-POverty Society. Moreover, a large
proportion of the capitalists and employers
of labor in the civilized world would be
simply the agents of the Anti-POverty So
ciety. The banks and other institutions
which now lend money. would find much,
If not all. of their business gone; for the
Anti-POverty Society would virtually own
the earth, and everything thereon. and
would therefore be the greatest lending in
exact it's own terms of interest. and
controlling, as it would, most of the
labor: the money. and commodities of the
world. 1T would have absolute power to
cordance with It's principles. The cap
~italist, the man of business. the retired
man of wealth. and the w%Orkingman. all
would be paying a percentage out of their
luCoIuc W Tic STcdb dutOCTdU OI nuUQdll
destiny. 1t would, however, at once strike
a snag that might-nay, that w~ould-prove
fatal to the society, unless it succeeded in
making over this human nature of ours.
The strong-brained acquisitive men. whose
very nature it is to work with both brain
and hand in order to acquire wealth,
would lose heart and stop work
ing. On the other hand, an inn
mense number, possibly a majority,
of the worlds w~orkingmen, knowing that
the society would provide for them any
how, would also stop working. Or. if they
worked at all. it would be in q ~listless way
that would be of little value. So, there
fore, the worlds industries would come to
a sudden and disastrous stand-still, and at
the end of the year the 3 ,0O0,0 600. 900 of in
terest due the Anti-poverty Society would
not be paid On account of the general cessa-
ton of work. And there would be no way
to enforce the payment. unless all the civil
lied governments of the world should
unite to do it. But even that would not
avail if the debtors did not AVE the money
to meet their obligations, for you ann
squeeze blood ont Of a stone.