The labor journal. [volume] (Everett, Wash.) 1909-1976, 1917-02-16
SPEAKING OF SLAVERY
WHAT ABOUT OUR OWN?
(By Scott Nearing)


that are being piled up by the Euro
pean nations during the present war.
"This huge debt" exclaim the most
radical of the DIRECTORS represents
taxing power that will enslave
Europe for centuries"
The European war debts certainly
represent the power of the present
to fetter the future-the slavery of
the new generation to the tyranny of
the old.
But is the situation so unusual or
remarkable?
The comment which American edi-
tors have made on the enslavement of
future generations by means of the
European war debt might lead the
unthinking to conclude that nothing
of the kind had ever occurred in the
United States within the memory of
the oldest inhabitant. AS a matter
of fact, we are busy enslaving our
selves every day of the year, and we
have done the job more thoroughly
than the Europeans.
The United States Commissioner Of
Internal Revenue Reports for 1918,
that the corporations which are sub
ject to corporation income tax have
a total bonded indebtedness of about
35 billions, and total of 65 billions
of corporate stock. The entire pa
per value of the corporate securities
in the United States is therefore up
wards of 100 billions. Upon this
huge valuation the people of the
United States pay annually bill
lions a year in interest and divid-
ends.
Notice that there is not included in
this estimate property held by part.
nerships or by private individuals
Many small manufacturing concerns
most retailers, most farm owners
most real estate owners, are not in
corporated. Many even of the larger
businesses are still conducted by part,
nerships or by private individuals
The corporate values alone yield tc
their owners an annual property in
come of nearly five billions of dol
lars.
What is this but power, created
by the present, to tax the future
to fetter it, economically-to enslave
lit?
The present generation sanctions
the issue of stocks and bonds. These
titles to share of the corporate in.
come enable those who own them
and their descendants forever, to live
without work, upon the values that
are created by others. The owner
ship, by one man, of the resources
and capital with which other mer
must live, places those other men, who
must take the job in order to live
in position of economic inferiority
which is very close to slavery.
Furthermore, our problem is i'm
Intensely greater than that of the
European war debt. At the end Of
December, two and a half years OF
war had piled up debt of only sc
billions. The debt of the American
people to the American Corporations
alone is over hundred billions. All
of the nations at war will pay only
about two and half billions a yea,
on their war debt. The American
people alone pay about five billions
each year on their debt to those who
own the great businesses of the
United States who must carry this
burden of debt that calls for an an.
nual tribute of five billions to the
owners of corporate property.
1t is highly commendable for the
United States to sympathize with the
millions enslaved by Europe's battle
fields, but we should reserve a few
precious drops" for the millions at
home, enslaved by the American in
dustrial system.