The Caucasian. (Clinton, N.C.) 188?-1913, 1895-09-19
THE WEALTH PRODUCER OR THE
DOLLAR.


Another practical illustration is to
compare the man at work with the
dollar at interest. At first thought
it would seem ridiculous to make the
comparison with even one man, hut
we shall make it with al the pro-
ducers of the nation pitted against
one dollar.
In 1890, after almost 400 years of
labor of many millions Of people,
tho total accumulation of wealth Of
the nation was about $62, 500 ,OOO. 600.
This included . large amount of
wealth brought to this country by
immigrants; it also included the
vast value of, our lands, forests,
mines, etc.. which We did not pro-
duce, but found ready for our use.
With the great shrinkage in val
ues that has since occurred the total
accumulation would probably be less
than $50, ,OOO, ,0OO, 900.
Now, suppose that Christopher
Columbus, when he landed in
America, had started a bank on
capital of one dollar, loaned the
money at the rate of ten per cent,
compounding at the end of every
three months, as is the usual GUS
tom with banks where they do not
charge interest in advance.
The capital would double every
seven years, and by 1890 would have
accumulated $143,603, 198, 1913 ,228,-
032.
AS a wealth accumulation the dol
lar proves far superior to the most
ingenious and Industrious people, oc-
cupying the most fertile country on
earth. Great are the United States
of America.
Great are the American people.
But 1852 1854 times greater is the
Shylock dollar at ten per cent. in
terest.
How long can the people keep
ahead Of the banksf
How long until the banks own the
people and the nationi
The power that the system gives
to the bankers over the industry and
commerce of the country is we'll il
lustrated by the following, clipped
| lTOu Lu0 OUu
of August 20, 1893:
"When Venice was the republic
that ruled the financial and COM
mercial world the Council of Ten
were the potent magnates who
swayed the destinies of nations.
But not even in their most inf1uen-
tial hour did they possess a tithe of
| NJ
six men, sitting daily in New York,
now WELD. This modern financial
junta have an authority and direct
q wide-reachlng influence that is
probably unprecedented in the his
tory of all nations. No presidents
cabinet, not even the directors OF
the world-renowned 'Old Lady of
Threadneedle Street herself, could
approach their possibilities. Their
identity is known to comparatively
few of the millions their actions
affect. They are the half-dozen
members of the loan committee OF
the New York clearing house. F,
| D. Tappan, president Of the Gala.
tin National Bank, is the chairman
and his associates are: E II. Per
kins. Jr., president of the Importers
and Traders Bank; J. Edward 81
mons, of the Fourth National; b
w. Cannon, of the Chase National
w. A. Nash, of the Corn Exchang'
Bank, and George G.. Williams, o1
the Chemical Bank. Each business
day they meet at the clearing house
IL Pine street, and by their decision
formulate the policy of the New
York Banks, which, in turn. domi
! mates the tone of the finances of tn
whole country, and incidentally at
fects the rest of the world. In tn
. present emergency they have issue'
. the $64, 4,OOO, 900 Of loan certificate
p that have stemmed the rising tide o
commercial depression. Their wor'
is the law countenancing the loal
e that saves banker or merchant, o
t the refusal that brings ruin. HO,
: few know how much depends on tn
!, judgment of those six men, an
. how few appreciate their tremendou