The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-07-31
COMING HOME TO ROOSI
THE DOWNFALL OF USURY.
Phi1adoJnhia tom

THE DOWNFALL OF USURY.
Philadelphia Item.
The London Statist prints an article
showing the alarms of English bankers
cat the depreciation Of the earning
power Of money" and the question is
asked: "Is capital losing its value?"
which all means, of course, are rates of
usury threatening to become less in the
future?
The Statist goes on and states that
rates for time money loaned by banks in
London have of late been as low as 21-32
of l per cent!
This is an important admission for
American money borrowers to consider,
because it shows how low our banks are
willing to loan money, and consider that
profit is being afforded them, for this
means that banking pays when money
is loaned out at less than three-fourths
of one per cent
But the Statist says that the bankers
OF England are more anxious about the
possible continuance of low rates Of in
terest than in what may have caused low
rates up to the present time; and they
cite the probable quantity of gold to be
mined in South Africa, which they put
at no less than twenty million pounds
sterling per annum; this, combined with
the mining of gold in other parts of the
world, they now estimate will foot up
not less than two hundred million to two
hundred and fifty million dollars per an
mum, all Of which is to occur each year
of the coming fifty.
The Statist goes on to show that until
a demand for more money takes place in
the United States and in Australia, be-
cause of an increase in business in these
two sections of the world, that money in
London is likely to remain at somewhat
near prevailing rates of interest for it's
use.
All this is in pretty good illustration
of the powerful money influences at work
in London to stop anything in the shape
OF free silver coinage in any and all coun-
tries; because as shown, these money
lenders, in alone considering that the
gold output of mines threatens a large
additional supply of money, and their
consequent alarm from their narrow point
OF view because of it, they would stop at
no efforts to prevent any additional in
crease in the money volume that might
come by means of the advent of free sill
yer.
All this clearly shows how foolish it is
for bimetallists, as the Manufacturers
Club now asserts itself to be, to look for
aid from abroad in the establishment of
bimetallism in the United States
English money lenders, it must be re-
membered, are not English industries
The latter are suffering in England, just
as much as the industries of the United
States, because of the mischief wrought
in the midst Of both countries by the dis
continuance Of free silver coinage, and
silver's consequent arbitrary deprec;a-
ton.
The real reason for the low rates of
money in London is nine-tenths due to the
one cause Of the decentralization of sill
yer. Because the silver basis countries
are and have long been taking away the
trade of English producers and producers
to whom they export in this unnatural
competition of silver-basis countries, and
thus have destroyed English manufac-
tories, as we'll as the incentive among
those remaining to compete for &nglish)
export trade.
But the Statist, even if it knows such
to be the case, very carefully avoids say
ing so; they know that money lenders
do not care to hear of anything so totally
opposed to their wishes, which are against
an increase in the worlds money volume
consequently they-the Statist-go right
on, as all goldites are doing and support
the suicidal policy of a narrow volume
OF money in order to force up rates. of
usury for its use. Money lenders cannot
find borrowers among ruined industries
But 1t is astonishing how few money
lenders understand this.
All this goes to show that there is only
one way for the people to live and get a
decent quantity of bread and butter for
their work in this world, and that is to
clean out private money lending entirely
as business, and substitute for it gov
eminent money loans to Industries at
cost rates, and thus force money lending
capitalists to put their money in indus
tries or do the other thing Russia is
moving rapidly in this direction, and
promises to outstrip the United States. }
Money lenders would earn more money
in that way than they do now, but they
are SO eternally lazy, and SO fond Of en-
couraging the submission of the people
and industries to do their work of attend
ing to industries for them-the money
lenders-that they rebel at regularly and
legitimately earning their own incomes.
But the people will have something to
say about that if they live long enough,
and capitalists need not wait until re-
strictive measures are adopted before
learning that fact. Usury has robbed peo-
pie enough. 1t is high time that it be
abolished, and the money thus paid by
industries go to these industries in max
ing their undertakings SO much more
profitable. Usury is paras;tism, pure and
simple.