Year: 1867

shelter. TO give An idea to what extent
The power Of interest operates, 1t Is only !
to say that all the money lent
ON lands and mortgages by individuals,
by insurance and trust companies, all
for United States, State, county, city,
canal and other bonds, to make
public improvements, whether these
DO made by incorpora-
tions, by the State, or by individuals,
also all money lent by banks, brokers
and individuals on prommissory notes
all these loans are operating with like
power against the producers
and distributors Of the national wealth,
and in favor of the money lenders. This
power also establishes the like rate per
cent, rent to be paid for the use Of all
real and personal. All the
goods on hand in the nation and in
process Of being manufactured, are under
tribute to this centralizing power tits
unavoidable power, because 1t IL institu-
ted and enforced by the national laws,
and is the basis upon which all market
values are founded. 1t may be proper
to remark in this connection that, in the
calculations that follow, 1 have COM
pounded the interest annually which is


the national law governing increase by


percentage. The lowest rate of interest


upon money established by any State is


six per cent, per annum, and the rate


has fluctuated between six and twenty


per cent since the formation of the Gov


ernment. five take into account the


rates authorized on the bonds Of the


United States, etc., and the price at


which those bonds have been sold, and


the exorbitant rates in many cases charg-


ed in business transactions. think


it will not be doubted that the rate has
averaged as much as ten per cent, per
annum since the earliest settlement Of
the country. To get a clear idea of the
accumulative power of money, and its
influence in the distribution of the


wealth of the nation, We must take the


longest possible period in our history.
The first permanent settlement on our
territory was made at Jamestown, in
Virginia, in 1907, or two hundred and
sixty years ago. Now If these settlers
had purchased of the mother country
the entire territory of the United States
for one dollar, and given their obliga-
tions bearing ten per cent, interest,
payable two hundred and sixty years
after date, their obligations would fall
due the present year, and / doubt not
1t would be considered by many to have
been good financial operation, and all
that would be necessary to discharge
this obligation would he for the Secreta-


ry of the Treasury to part with q por-
tion of the gold now lying idle in the
Treasury, or make draft for the mon
ey deposited with the national banks


but the result will, l think, convince
the most strenuous advocates Of high
rates of interest that no natiUn people


can pay ten per cent, without robbing
labor and centralizing wealth in the
hands Of the few. This one dollar
with interest compounded annually for
two hundred and sixty years, will
amount to fifty-nine billion six hun
dred and fifty million dollars-or over
property, real and personal, of the Uni
ted States. There are in the United
States at the present time, about seven
million two hundred thousand male
Inhabitants over the age of twenty years,
and allowing each ofthem to work three
hundred days in the year, the number
OF days work performed annually would
be two billion one hundred and sixty
million. To pay the annual interest on
the above sum would require two dol
lars and seventy-six cents ($2,76) for
each days labor performed in the nation.


Now, let us see what the result would
have been with the honest and we'll reg
ulated dollar-with money SO instituted
as to be the servant and not the master
Of labor. Had the obligations for the
payment of the one dollar been made to
bear three per cent. per annum, the
amount would be two thousand one hun
dred AND eighty dollars. But it may be
objected that the resources of the coun-
try were not developed as rapidly during
her colonial condition as since the es-
tablishment of her independence, and
that the per cent. is above the average
rate Of interest / will therefore COM
pare the increase in the national wealth
by natural production, with the accumu-
lative power of money at seven per cent.
interest since the Declaration of Inde-
pendence. There are in the thirteen
original colonies or States three hun
dred and forty-seven thousand square
miles, or two billion ninety-five million
seven hundred and sixty thousand acres,
which I will suppose our ancestor to
have purchased in 1875 at fifty cents per
acre, including Improvements and per-
sonal property, the amount would have
been ten hundred and forty-seven mill
ion eight hundred and eighty thou
sand dollars. This would have been but
little over two hundred and fifty dollars
per capita, which think will not be
considered an over estimate of the then
value of the property of the nation, for
allowing it to have increased at the rate
ofincrease during the decade from 1850 to
1860, which was three and one-thlrd per
cent. per annum, the amount on the 4th
of July, 1867, would in round numbers
be twenty billion seven hundred and
twenty-three million, three hundred and
Ill hln -N0