A New Banking System: The Needful Capital for Rebuilding the Burnt District — John Shaqi
A New Banking System: The Needful Capital for Rebuilding the Burnt DistrictSpooner, Lysander
General
A New Banking System: The Needful Capital for Rebuilding the Burnt District
Spooner, Lysander
Banks and banking -- United States; Paper money
There are, doubtless, in the country, ten million (10,000,000) persons,
male and female--sixteen years of age and upwards--who are naturally
capable of creating from three to five dollars of wealth per day, if
they had the science, skill, machinery, and capital which they ought to
have, and might have; but who, from the want of these, are now creating
not more than one dollar each per day, on an average; thus occasioning a
loss, to themselves and the country of from twenty to forty millions of
dollars per day, for three hundred days in a year; a sum equal to from
six to twelve thousand millions per annum; or three to six times the
amount of our entire national debt.
And there are another ten million of persons--better supplied, indeed,
with capital, machinery, &c., than the ten million before mentioned--but
who, nevertheless, from the same causes, are producing far less than
they might.
The aggregate loss to the country, from these causes, is, doubtless,
equal to from ten to fifteen thousand millions per year; or five, six,
or seven times the amount of the entire national debt.
In this estimate no account is taken of the loss suffered from our
inability--owing simply to a want of money--to bring to this country,
and give employment to, the millions of laborers, in Europe and Asia,
who desire to come here, and add the products of their labor to our
national wealth.
It is, probably, no more than a reasonable estimate to suppose that the
nation, as a nation, is losing twenty thousand millions of dollars
($20,000,000,000) per annum--about ten times the amount of our national
debt--solely for the want of money to give such employment as they need,
to the population we now have, and to those who desire to come here from
other countries.
Among the losses we suffer, from the causes mentioned, the
non-production of new inventions is by no means the least. As a general
rule, new inventions are made only where money and machinery prevail.
And they are generally produced in a ratio corresponding with the amount
of money and machinery. In no part of the country are the new inventions
equal in number to what they ought to be, and might be. In three fourths
of the country very few are produced. In some, almost none at all. The
losses from this cause cannot be estimated in money.
Public-domain text, read in full here on John Shaqi.
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