The great West. [volume] (St. Paul, Minn.) 1889-18??, 1891-10-16
KEEP u IN SIGHT.

KEEP " IN SIGHT.
In increase In the Volume OF Currency
VIII Not Destroy Usury. Which f. the
Power Of Money to Cypress.
The issue before the people of this
country is, 1.-The power of money to OPP
PRESS" the question to be decided is,
which shall rule, man or the almighty
aollaF-labor or usury?" The object
to be accomplished by this peaceful
|revolution of the people is: The reduc-
ton OF the legal current ratio of inter-
est on capital to such point rs will
give labor q fair and just portion Of the
wealth which is their joint production!
This is the fight ALI else is but rubbish
and side issues. The rate Of interest
upon money is the basis of all calcula-
lions, and usury is at the bottom of all
schemes of oppression aud spoliatfon.
Q will formulate few proposition
which all alliancemen should commit
10 memory:
L. The average net annual increase
in wealth is about four per cent. 10 the
United States.
2. Such net annual increaseiu wealth
represents both the earnings of capital
and. the savings of labor.
8. If the prevailing currentrate of m
terest is four per cent. capital gets all
while labor gets none. If the rate Of
interest Is In excess of four per cent.
such excess must be paid by labor out
of the wealth it possessed at the begin
ming of the year.
a Whatever the interest is, less than
tourper cent. such less amount is left
in the hands of labor as it's share Of the
net annual increase of wealth.
s. Hence we conclude that il interest
shouid' be two per cent, or half the net
annual increase, in wealthy, labor and
capital would divide such increase
equally between them. Ii interest is
one per cent labor would get three
fourths Of such. increase and capital
one-fourth.
No amount, Of manipulation as to the
volume of money in circulation. such as
heavy imitation, or the provision, of a
supplemental or flexible volume of cur.
rency, can, by any MEANS, effect the
needed reform. The volume Of currency
nas nothing whatever. to do with the
rates of interest, except, indeed. that an
IMITATION, up to acertain limit, would
aave tendency to. raise; rather than
:ower the rates of interest.
Capital is stored labor; or the surplus
savings of labor Consisting Of many
several small sums, in the aggregate it.
representative net surplus savings of
wealth producers and. distributors.
These savings are now deposited in
private banks and loaned by such banks
1t rates of interest ranging from eight
10 twenty-four per cent, of which. the
iepositor, labor, gets three or four per
cent The residue goes, to enrich the
bankers. But if it is, true, as it GER
'ainly must be, that labor produces all
wealth. then it is clear that labor paws
lot only the interest, which stands for
The bankers profits, but, also the inter.
.st, received by ITSELF. which is, sup
,osedly paid by some one. else: Labor
,0ys all interest.
Almost all business reproductive en-
erprises are carried on with borrowed
:apital, such capital being the savings of
abor: Whateverinteres is paid by pro-
noters and exploiters is, in reality paid
pylabor in the end. so that it isvirtually
n the best interest Of labor that the
rate of interest on money is. as low as
possible. The people, as a government,
must assume the neutrality-suspicious. and
he banking systems of the United
states must be- nationalized in the
nterest;of the whole people. Labor
must be assured Of an absolute secure
place ofideposit for its surplus earnings
md, "a low rate of interest thereon.
Borrowers must be- enabled to. secure
apital at the actual cost of the bank
ng system, added to, the interest paid
lepositors. Not one class but all
lasses must be the beneficiaries, of the
,eople's banking system.
GEORGE G.. WARD.