Confiscations; United States -- Social conditions -- 1865-1918
We could undo the capitalist by making interest illegal, as this would
force him. to draw on his principal. We do not object, however, to the
interest capital receives. Banks have no enemy in this proposed change,
and we suspect either the motives or the judgment of those whose stock
in trade is a howl against banks, and what they call usury. Money has
its place in civilization, and the bank where it is dealt in is a shop
just as much as is the dry goods store or grocery, and is entitled to
its profits just the same. If a man earns $5,000 he should be allowed to
charge something for its use the same as for the wagon be made or the
house he built. Neither the wagon nor house is any more the result of
his labor than is this money, and no one will question his right to
charge something for the use of the first two. It is here where the
banks are of service - the man with money takes it to a place - the bank
- where the man who wishes to hire it knows where to look for it. Good
sense will not deny a market to a man with potatoes; neither will it
deny him a market for any other product of his labor, be it capital or
what not. Interest is wrong only when it is being drawn by a
millionaire, who, of course, did not earn the principal. Those millions
is where the danger lies, when found with an individual owner, whether
they are in bank vaults or on the shelves of the millionaire merchant.
Besides, it is a slow process, this breaking up the millionaire owner of
some thing by stopping his interest. This earth should be ours while we
are alive to enjoy it, and there is no hope of getting it by applying
the graduated tax idea to either land or capital. When a curse like
poverty can be removed the quicker it is done the better.
Interest is wrong (we are not justifying extortion) when it is drawn by
the millionaire, not only because his labor did not earn the principal,
but because he has the power to take it out of the country where it was
earned. And he does take it out thereby impoverishing the country of the
capital that is needed to carry on developments that should never be
allowed to stop.
There is, as has been said, idle money now, but the millionaire owners
care nothing for the general welfare, and the people cannot get this
idle money because they find it impossible to pay interest for its use,
and carry at the same time the fearful burdens they are now loaded with.
Public-domain text, read in full here on John Shaqi.
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