The impending crisis : $b conditions resulting from the concentration of wealth in the United StatesBouroff, Basil A.
History
The impending crisis : $b conditions resulting from the concentration of wealth in the United States
Bouroff, Basil A.
Trusts, Industrial; United States -- Economic conditions; Wealth
When, however, we are through with the statistics, we may make
references to and may even make special statements about the tenant
families treated before; while the prominent position will now be given
to the mortgagor families, showing how they fall from the class of
property owners, become debtors to the owners of greater wealth, lose
their properties and increase the numbers of the propertyless.
It is important to note here that the loss of the rights to property
always precedes the actual loss of property itself; and that the fall of
the propertied into the sphere of dividogenesure, also precedes the
actual economic slavery of those that become propertyless.
The very day in which a propertied person mortgages his property he
loses his rights for the wealth he has owned, because his property goes
from him as a security [SN: LOSS OF RIGHTS PRECEDES LOSS OF PROPERTY.]
for the loan he makes. And while losing the rights, he takes upon
himself the obligation to divide the results of his labor between the
lender and himself, and thus falls under the influence of
dividogenesure. For, henceforth, he spends his active energy in favor of
the creditor and himself, and is obliged to regard the interests of the
creditor as of more importance than his own. The rate of interest to the
creditor must be accurately paid so much per cent per annum for the
loan. Hence, the mortgagor at once appears in the position of a tenant
of farm or of any other property. And it depends on the rate of the
percentage he agreed to pay out of the results of his labor whether he
is better off or worse even than a mere tenant. It also depends on the
fact whether his mortgaged property is a large one or small, and whether
he has mortgaged one part or the whole of his resources of wealth. In
any way, a mortgagor, according to the degree of his indebtedness, is an
economic slave of the owners of greater wealth. And he must have a
supernatural ability and must use an extraordinary effort in order to
pay his debt or to redeem his property. Otherwise his property must pass
into the absolute ownership of the wealthy families that millions of
other individuals already labor for under the modern type of slavery.
But let us now see the statistical facts and then we may better judge of
what mortgages signify and what they mean to the nation. We shall take
the other class treated in the same bulletin out of which we extracted
the 6,624,259 tenant families for the preceding chapter.[87]
STATISTICS.[88]
“Extra Bulletin No. 98 of the United States Census, 1890,” (of the
mortgagor families) “says:”
Public-domain text, read in full here on John Shaqi.
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