The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-09-27

Wll eventually exceed in magnitude
the increase of wealth. This is the eli
max OF error in financial policy I'M
der which the nation is bound to bring
nla1orltysof its inhabitants into con-
dltion of insolvency and bankruptcy.
WIN the foregoing statement OF the
evils of Republican financial policy, and
the causes that are necessarily put in
to operation under that policy to bring
the people into a state of perpetual
bondage, 1 now propose to show that
as the natural result of that policy, the
nation is not only bankrupt, but it
Will remain bankrupt and grow more
ana more inSolvent, so long as that
baleful policy prevails.
First. My first proposition is that
the debts of the country, as previously
Shown in detail, are more than $4,000
100000. Now, the essential evil of the
Republican policy is that by delegat-
ing the money power to individuals and
corporations it provides for unlimited
accumulation of interest burdens The
interest on the foregoing indebtedness
is probably not less than per cent per
annum on an average. Reckoning it
at 6 per cent, it amounts~each year
to 81, 400, 100000. In ten years without
compromising, it amounts to S24 600, 000,-
600. This growth of interest is incalcu-
liable. 1t is. not impeded by cold or
heat, bad seasons or good, rain or shine.
Whether we sleep or wake, it never
forgets to grow.
The census bureau has given out the
information that productive labor (and
that means everybody in, all the active
pursuits), realizes but 3 per cent per
annum profit. And reckoning in the
rise Of values and the profits Of labor,
the rate of annual increase in wealth
for the decade 1880 to 1890 (Which was
greatly inflated by Superintendent Por-
teri, was just about 4 per cent, and
this represents the joint savings of la
Dor and capital. See Wards financial
system, page 165.
Now, without considering the mere
rofits of ldb.r and capital combined,
we can see at a glance that while the
entire increase of wealth of the coun-
try from 1880 to 1890 was only SIG, OOO,-
100000, the increase of interest, as
above stated, was $24, 900, 900, 900. So
the interest account exceed the aggre-
gate increase of wealth $4,000, 600 900, an
excess of 30 per cent in ten years.
1t is thus apparent not only that the
annual increase of interest exceeds the
net profits of all kinds of productive
labor, but it exceeds the total increase
of national wealth by at least $4,000
600. 600 every ten years. This state of
things begets a wholly abnormal eco
homie condition. 1t brings into opera
ton new law of distribution of
wealth. The nation is not producing
enough met increase of wealth" to
pay the interest absorption. What is
the consequence? The property of the
country along with the profits of labor
are going into the hands of the in
terest gatherers. That is, the wealth
Of the country is rapidly accommodating
in the hands of the rich and the poor
are growing poorer.
In order to apprehend this tendency
Of wealth to concentrate in a few
hands under the operation of the law
of usury. call attention of readers to
official statistics, and I hope they will
be able to realize the alarming signifi-
canoe of the following table: