The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-08-21

interest bearing obligations az Ali kinds II
near per cent, and he amount az s,i y
opiigations today, floating as burden
upon production, Is variously estimated a
from s25.ooo 100000 to $40. OOo, 600. 600 l
we should put 1t at 5000 900, 900. the an.
naai income Mt per cent would b,
lsSoiv,oVuVVo' This enormous sum at $50,
p ~. tanh'y would support 1920, 900 fam
.n es, Ut more than one-third OF the pop.
,h an IN other words. the laborng two.
.n,rus OF the population, In addition tc
supporting themselves, must labor hard
enough to support the other third. II /.
ohly necessary for these obligations IL
Increase as under restored confidence they
are expected TO do, to increase the burden
- 'ue wealth creators II the principle
sust wealth creates wealth is right, 1t 1:
my necessary to carry this Illustration
IN and on, increasing interest bearing
opIlgations and the number of people gain
'ng their support thereby, to see that the
Ime must ultimately come when the
laoor OF one man. miraculous as 1t may
sem must, under this principle. supp r,
an the people. And. finally, when thi;
last toiler by the same phllosophy that
mas enabled his fellows to secure the
coveted prize. is also the holder of an In
/ teres'-bearing instrument. then only, by
an lnterposition of Providence in behalf
OF misguided man, such as rain of
mama from Heaven. or some other like
miracle, can i conjecture the possible sur
Vlvai of the human race. | assert that
no ap Il gist of present day conditions can
get away from these conclusions They
are as fundamental as the rising and the
setting of the sun
rake away interest and you take away
the power Of man to despoil his fellow
man Of his wealth. Take away interest
and every man will bask in the reward
OF MS own industry, and whether the pro-
duct OF that industry be much or little 1t
will be all his own.
rake away interest and the price of
LABOR which now divides at the start with
inc interest gatherer, will rise. Take away
interest and the greatest lever of oppres.
sion the world has ever known will be de-
stroyed, and new day born TO civillza-
ton.
The wonderous change that would herald
tne ADVENT Of this economic dispensation is
past conceptions: but that the industrial
revolution would be the emancipation of
labor there can be no doubt
l. All the people would have to labo,
Tor Whatever sustenance they got. Their
could possibly be no drones in the hive.
since there could be nothing for their
support This would soon bring about
equality of wealth by bringing down the
mlllionaires and raising up the pc Die
who, heretofore in addition to supporting
themselves, have also given the millionaire
MS milli2ns. 1t would simply be the stop
ping Of this free hand generosity which
ihaugurated under fiction, hoary age has
made respectable, still perpetuates itself
although the greatest intellects combined
can never make it appear either logical
or Just Something like equality of
wealth once restored. then social equality
OF higher and mere tranquil order than
was ever known before would supersede
the wretched squalor and narrowing
anxiety of the present, for If one half the
people now, under the extravagant waste
OF interest spoiliaticn and indirecti II.
support all the people. how much easier
must 1t be when all the people work
lnseperable from these conditions are
others that must follow in the wake
OF mighty changes in our industrial sys-
tenn. The abolition of interest. while ii
would protect the less shrewd from spolia-
ton and grant to all the full measure OF
their industry would also strip the bank
ing business of its main source OF gain.
Stripped thus of its main object the loan
ing of money, banking business, would
become function of government, which
1t has always properly been. With the
tNNNPNi'h vi IHitltSl, lHuutN W0uiu SUN
retain all its other functions. But it's main
Offices. aside from a vehicle of exchange.
would be a counter of stored up accumula-
lions. The products OF industry would be
sold as now and the proceeds deposited
in banks; these being government institu-
tions, no anxiety as to their safety would
disturb the dreams of depositors. These
deposits would simply represent the re-
spective shares of the people, and would
ha 1t.atN n- ,g-t,. i 4 u
the purchase of the luXuries aud necessi
ties of life, al prices. determined at the
time, by supply and demand. On the other
hand, the sale of these commodities b.
their producers would increase their store
or deposits. While the general level of
prices would naturally rise and fall, on
all commodities, as determined by excess
sive or diminished production. This rise
and fall Of prices would be the gauge that
would naturally regulate production, for
II must be plain that when all the people
are employed in productive industry and
there is neither wasted energy nor drones,
as now. that one-third the -lours of labor
would suffice for the support of the people.
This would mean recreation and a vast
field for social and intellectual improve
ment. Neither would unremunerative toll
be forced upon the people as now only
to augment the evil of overproduction; for
those whose bank account was
already ample would cease to produce, let
ting those whose account was not so ample
recoup themselves. This they would not
to do any longer than was nee
essary, if production still continued SO
abundant that prices remained low Meth
err could prices rise abnormally high for
the same reason; 70: an increased amount
of labor would soon convert shortage
into surplus.
The evil that would be destroyed undes
the new emancipation would be the power
that absorbs, all unearned, the fruits OF
industry and makes production at any
price necessary TO the bare subsistence of
many, while the very increase from such
forced toll, as IS plain TO be seen, could
serve only to continue depressing prices
md to rendering conditions more and
more intolerable, because the supported
class, having the power OF usury TO en-
force their demands--from which there is
no escape-will certainly get their share;
the little that remains, being insufficient
for the support of the already overbur-
Tened producer, leaves him no other al
ernative but TO redouble his efforts or
starve. Who has not Witnessed these very
conditions In the crowded labor marts that
have made men offer their laLor - any
price? Who has not witnessed them In
h, fields of production. in the low price
,f cotton and of all the cereals, within
he last few years? Yet while the cry OF
'overproduction" rang throughout the
and, we knew that thousands we're starv-
ng, while other thousands in scarcely
better condition were redoubling their ef-
.