Evening journal., 1889-07-09
AbolIshinr Poverty-on Paper.

MY Scneme, IN Drlef, is Tor those who
are most anxious to abolish poverty to
raise the sum of $10,0 600 in cash, or more
If possible, and put 1t out at compound
interest, until the principal shall become
so immense that the interest annually
accruing from il viii be large enough to
change the whole face of society. In
order to bring the matter 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 proviso 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 forever after devoted to
the alleviation of poverty and to such
other humane objects as should commend
themselves to wisely selected board of
Anti Poverty trustees, two Of whom
might, perhaps be Mr. George and DR..
McGlynn. venture to say that the
actual money result to-day of such a
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 $40, 900 invested in 1929 would to-
| day amount TO the inconceivably enor-
nous sum of $lS4, 207, 365, 900. And
this sum invested at the rate OF 4 per
cent would yield an annual income of
| ST. 1893, 224, 400 which sum be 1t remem-
bered, would be available every year at
perpetuity. for the noble but misty OBJ
jects of the Anti Poverty Society. But
in order to allow for leakages and to
avoid consideration of a cumbrous mum
Der, let us make our interest at an even
five billion dollars year instead of seven
odd billions just mentioned as the actual
interest of our fund. What then will
we be able TO do with this great income.
First of all, we notice the fact that FIVE
billions Of dollars is just about half the
money in active circulation in the civil
lied world. This means that half the
work in the world would be done under
the auspices ahd for the sole benefit OF
our supposed Anti-Poverty Society.
Moreover. large proportion of the capt
! talists and employers of labor in the
civilized world would be simply the
J agents Of the Anti-Poverty Society. 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 insti-
tuition in the world. Il could exact its
own terms Of interest, and con.
, trolling, as it would, most OF the
labor, the money, and commodities Of the
} world il would have absolute power To
control the property Of the world in &C.
cordance with its principles The capi.
, i faIf fat hn 81 k,ref
man of wealth. and the workingman. ali
would be paying percentage out Of their
J income to this great autocrat of human
destiny It would however, at once
strike q snag that might--nav. that
would--prove fatal to the society, unless
1t succeeded In making over this human
nature of ours. The strongbrained,
acquisitive men. whose very nature it is
to work with both brain and hand In
order to acquire wealth, would lose heart
and stop working. On the other hand,
an immense number, possibly a majority
OF the worlds workingmen, knowing that
the society would provide for them any.
how, would also stop working. Or, II
they worked at all. it would be in list
less way that would be OF little value.
so, therefore, the worlds industries
would come TO sudden and disastrous
stand-still, and at the end of the year the
! $4,000, 000 0lO 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 gov
ernments Of the world should unite to Dc
it. But even that would not avail if the
debtors did not have the money to meet
; their obligations. for you cannot squeez,
! blood out Of stone,-Rev. j. B. Wasson
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