The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-07-17
Abolishing Poverty on Paper.
The Ret. J. B. Wasson, in the Mort
american Rerie1U

Ine heG. y. Is. WGSSon, m the North
american ReUieuU.
My scheme, in brief, is for those who are
most anxious to abolish poverty. to raise
the sum Of $4,000 in cash, or more if Dos
sible, and put it out at compound interest,
until the principal shall become so immense
that the interest annually accruing from it
will be large enough 10 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 proviso that neither pril-
cipal nor interest should be touched until
the year 1889, at which time the whole
amount should be safely invested and the
interest forever after devoted to the allie
Walton of poverty and to such other hu-
name objects as should comma d them
selves to wisely selected board of anti
poverty trustees, two Of whom might, per-
hRps, be Mr.. George and Dr. McGlynn. |
venture to say that the actual money result
to-day of such fund would far surpass the
widest dreams of the crankiest anti
poverty disciple in the world.
AS thus, for instance: Assuming that,
when put out at compound interest. the
principal doubles itself every fifteen years
no very eXtravagant assumption-the
$4,000 invested in 1929 would to-day
amount to the inconceivably enormous sum
Of 1854, 207, 365, 900. And this sum invested
at the rate of per cent, would yield an
annual income Of 81, 36S 224, 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 $780,
600, 900 year instead of S7,36S, 224, 400 Just
mentioned as the actual interest of our fund
w hat then will we be able to do with this
great income.
First of all, we notice the fact that IS, 000,-
OO0, 900 IS just about half the money in &C
tive 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 tho anti-pOveryv So
ciety. The banks and other institutions
which now lend money would find much
II not all, OF their business gone. For the
anti-poverty society would virtually own
the earth and everythi & thereon, and
would, therefore, be the greatest lending in
stitution i'll the world. 1t could exact its
own terms of interests, and controlling, az
it would, most of the labor money, and com
modities of the world, it would have abso-
IuIe power 90 control the property OF the
world in accordance with its principles
The capitalist, the man of business, the
retired man of wealth, and the working
man, all would be paying percentage out
of their income to this great autocrat of
human destiny. 1t would, however at once
strike snag that might-nay, that would
prove fatal to the society, unless it sue
ceeded in making over this humane nature
of ours. The stongbrained, acquisitive men,
whose very nature 1t is to work with both
brain and hand in order to acquire wealth,
would lose heart ard stop working. On the
other hand, an immense number, possibly
majority, of the worlds work. lgmen.
knowing that the society would provide for
them anyhow, would also stop working.
Or, if they worked at all, it would be in a
listless way that would be of little value
So, therefore, the worlds industries would
come TO a sudden and disastrous stand-stil
and at the end of the year the S., 900, 900, 900
Of interest due the anti poverty society
would not be paid on account of the general
cessation of work. And there would be no
way to enforce the payment, unless all the
civilized governments Of the world should
unite to 90 it. But even that would not
avail if the debtors didnot have the money
to meet their obligations, foryou cannot
squeeze blood out of q stOle.