The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1898-02-22
TEE PaoPLR.s PLArEoRM.

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the GfGve.-The Fruit of Interest is
Bitter and Evil.
Special Correspondence Of The Progressive Far
meF.
CHAPTER z.
Referring to last chapter we see that
by adding the paid interest and prin.
cipal together, we have 81 OH, 218, 1913
on the National debt, paid up to Janu-
airy 1, 1892. This amount in corr aEN25
cents a bushel gives us Is 284 S72. 492
bushels. At ten tons, or $40 bushels to
the car, it fills AZ, 1876 .684 cars, which at
100 ears to the mile will be 999 354
miles long, or q train of cars reaching
a fraction less than twelve times around
the world, while the debt yet remain
ing will cost as many days work to
pay it as in 1867.
Measure it in wheat at rs cts; $50
bushels per car and we have a train four
times around the world. Measure it in
cotton at 3 cents, 40 bales to the car
and it gives a train reaching once
around the world.
So we count it in any of the products
OF labor and it will figure out to re
quire at least as much labor to pay the
remainder Of the debt as would have
paid it all in 1852, while we have al
ready paid it twice over in dollars and
sixteen times YER in labor as compared
with labor in 1862,
This is the fruit of interest. It lie
bitter. But we are not done yet.
This interest bearing feature of our
monetary system, this third and mostly
unnecessary use of money has created
stocks, mortgage bondsand other obi
cations Of Indebtedness, the exact ex-
tent OF which a never be known,
but it is unprecedented in the worlds
history. For example the railway sys-
tenn is represented by stocks and bonds
amounting to about ten billions of dol
lars. Other mortgages sum up full ten
billions more; then other obligations
of interest, bearing indebtedness esti
mated at from ten to twenty billion,
say fifteenth all s~ggregating about
$35. 600, OO0, 000, which being an inter
est at say six per cent, will require be-.
tween one and two million dollars to
pay it; or, in other words, industry
must hand over to the holders of this
enormous amount Of interest bearing
paper from one half to three-fourths
Of the surplus wealth annually pro-
duced-must hand it over to one hun
dredth part of the brotherhood of this
great nation (and to foreign bondhol-
ders) for what7
What does the hundredth mar give
the other ninety nine for three fOurths
Of all they annually make above ex
penses9 Will you tell us that the
hundredth man loans the borrower his
property to trade ont I ask them for
what purpose does the creditor take
the borrowers property as a hostageI
Verify it is his own money he is using,
for his property is its basis and the last
thing for which it was given (see chap
ter y and which it represents.
If his property is good to the hum
dreth man for what he borrows on in
terst, a anyone tell why it would
not be good to the ninety-eight (the
StateS for the same amount without
INTEREST," %9ee Chap. 2, Art. O, under
money! =
Here is the weak point in our fnan-
NS0l oANaArov TR 10 thu 1.0So& NJ v~RSah
the usurer gets in his legislative work.
1t is the duty of the sovereign people,
insteadof allowing this hundredth part
or class Of the people to dictate the
material substance on which money
must be printed and limiting it's vol
ume far below the normal demand,
thus promoting increased interest, the
ninety nine (the State) should say to
the borrower, I'VE will issue, as aloane
money representing a per cent. Of your
property, if it be impossible, so that
you may have it to use, at cost of issu,
and loan expenses, for a reasonable
time. (See Chap. 2 Art. @, +. h)
This would be the great mass of the
producing people controlling their
money supply, quality and quantity
las was intended by the Constitution
for the benefit of the people and not
for banks and usurers. A bank, so
far as it relates to the people should be
their servant in all its functions and
not their master. Money should be at
their sovereign will for all its func.
tional uses Git has but two, q Chap.
q and not a masterful agent used to
rob and Cypress them.
God saw this evil when he talked
with Moses on Mount Sinai and when
he dictated in the Mosaic code about