Let us suppose three millions of those now idle should be thus enabled
to engage in productive work, there would then be placed in circulation
each week from five to ten million dollars more money than there is now,
and it would be paid out in small amounts, so that the bulk of it would
instantly go into general circulation. The men would not only purchase
for their own needs, but would send a part of their earnings to their
loved ones, who would thus be able to do what they cannot now do--buy
coal, wood, groceries, and, indeed, life's various necessaries. The
prices of the farmer's crops would naturally rise, and he in turn would
be able to increase his buildings and purchase more machinery. The
increased demand for clothing would raise the price of wool and cotton,
while it would start up the factories without any resort to artificial
measures, such as levying a tax on imported goods.
The difference between present hard times and low prices and good times
and high prices would be illustrated in this way: To-day millions of our
people are idle, a load and an expense; they cannot buy what they need
at any price, for they have nothing to buy with. Millions of others
have to curtail in every way, frequently doing without many needed
things, for times are such that it is impossible for them to do more
than barely subsist. Now, the millions who to-day buy nothing, because
they have nothing to buy with, under these provisions for internal
improvements would soon be buying regularly, because they would have the
wherewithal to buy. They would gladly pay the farmer, manufacturer, and
merchant more than what they now ask because they would have something
to buy with, while to-day they have nothing; and those other millions
who are curtailing expenses to the last degree would gladly pay the
increased amount, for all lines of productive business would receive an
impetus from the great addition to the circulating medium put forth as a
result of the productive work being carried on. Now, our tariff taxes
may put up prices for the favored classes, but they thereby increase the
burdens of all save those who are enabled to gain added wealth from the
taxes imposed on the millions who are yet able to buy, while the small
increase in the demand for work, so long as millions are unable to buy
what is made, would make but little impression on the vast army of
unemployed.
Public-domain text, read in full here on John Shaqi.
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