Denver labor bulletin., 1917-02-24
of Slavery
By SCOTT NEARING.

A great deal has been said and
written about the "stupendous" debts
that are being piled up by the Euro
pean nations during the present war.
This huge debt" exclaim the most
radical of the objectors represents a
taxing power that will enslave Eu-
rope 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 un-
thinking to conclude that nothing of
the kind had ever occurred in the
United States within the memory of
the oldest inhabitant. AS matter of
fact, we are busy enslaving our
selves every day of the year, and we
have done the job more thoroly than
the Europeans.
The United States commissioner of
internal revenue reports for 1913, that
the corporations which are subject to
corporation income tax have a total
lllueDItuHGSS Ol dDOuJ lIllT
five billions, and a total of sixty-five
billions of corporate stock. The en-
tire paper value of the corporate Sc
curities in the United States is there
fore upwards of one hundred billions.
Upon this huge valuation the people
of the United States pay annually
five billions year in interest and div
idends.
Notice that there is not included in
this estimate property held by part
nerships or by private individuals.
The corporate values alone yield to
their owners an annual property in
come of nearly five billions of dollars.
What is this but a power created
by the present, to tax the future-to
fetter it, economically-to enslave it?
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 with
out work, upon the values that are
created by others. The ownership. by.
one man, of the resources and capital
with which other men must live, places
those other men, who must take the
job in order to live, in a position of
economic inferiority, which is very
close to slavery.
III lHtIIlOTe, our pTODIem Is I'M
mensely greater than that of the Eu-
ropean war debt. At the end of De-
cember, two and half years of war
had piled up debt of only fifty bill
lions. The debt of the American peo-
pie to the American corporations alone
is over hundred billions. All of the
nations at war will pay only about
two and half billions a year 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.
The nations at war, exclusive of
their colonies and dependencies, con-
tain more than four hundred millions
of people. There are only quarter
as many in the United States who
must carry this burden of debt that
calls for an annual tribute of five bill
hons to the owners of corporate prop
erty.
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.