United States -- Economic conditions -- 1918-1945; United States -- History
Fifth. Property titles under this system are rendered immortal. A
thousand dollars, invested in 1880 in 5 per cent. 40 year bonds, will
pay to the owner $2,000 in interest by 1920, at which time the owner
gets his original thousand back again to be re-invested so long as he
and his descendants care to do so. The dollar, invested in the business
of the steel corporation, by the technical processes of bookkeeping, is
constantly renewed. Not only does it pay a return to the owner, but
literally, it never dies.
The community is built upon labor. Its processes are continued and its
wealth is re-created by labor. The men who work on the railroad keep the
road operating; those who own the railroad owe to it no personal fealty,
and perform upon it no personal service. If the worker dies, the train
must stop until he is replaced; if the owner dies, the clerk records a
change of name in the registry books.
The well-ordered society will encourage work. It will aim to develop
enthusiasm, to stimulate activity. Nevertheless, in "practical America"
a scheme of economic organization is being perfected under which the
cream of life goes to the owners. They have the amplest opportunities.
They enjoy the first fruits.
4. _Property Rights and Civilization_
Under these circumstances, it is easy to see how "the rights of
property" soon comes to mean the same thing as "civilization," and how
"the preservation of law and order" is always interpreted as the
protection of property. With a community organized on a basis which
renders property rights supreme in all essential particulars, it is but
natural that the perpetuation of these rights should be regarded as the
perpetuation of civilization itself.
The present organization of economic life in the United States permits
the wealth owners through their ownership to live without doing any work
upon the work done by their fellows. As recipients of property income
(rent, interest and dividends) they have a return for which they need
perform no service,--a return that allows them to "live on their
income."
The man who fails to assist in productive activity gives nothing of
himself in return for the food, clothing and shelter which he
enjoys,--that is, he lives on the labor of others. Where some have sowed
and reaped, hammered and drilled, he has regaled himself on the fruits
of their toil, while never toiling himself.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account