Parasitic Wealth: Or, Money Reform. A Manifesto to the People of the United States and to the Workers of the Whole World

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C. H. Kerr, 1898 - Currency question - 164 pages

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Page 110 - Still one thing more, fellow-citizens, a wise and frugal government, which shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned.
Page 66 - ... enterprises, or to enlarge those already established, will be very great. If the community be, also, young, having brought to new fields the social and industrial ideas, tastes and ambitions of an old society, the supply of capital will be scanty, and the rate of interest will rule high.
Page 80 - ... per cent of the wealth of the country is in the hands of about 250,000 persons, or about one two-hundred-fortieth of the population. This excludes the wealth of well-to-do farmers and merchants; and it goes without saying that nine-tenths of this wealth held by the immensely rich is interest-bearing. Nearly all of it is lent, or if not lent out it is invested in some business where interest on the money invested is added to the return or profits of the undertakers. The wealth in the hands of...
Page 79 - ... must be kept up. Buildings, machinery — everything, must be kept in repair; and improvements for use in the future must be taken from the stock of the present. There is not wealth enough to meet all these obligations, and the business of the world must go into the hands of a receiver every now and then, so that a new start in business may be made. The country with all its allied industries is analogous to a mammoth business concern. When it contracts greater liabilities than it can meet it...
Page 79 - It seems like a platitude to say that active industries failed to meet their obligations because these obligations were too large, yet this is strictly the fact. The borrowed capital of the country claims more in remuneration than the country can produce. Every dollar invested in business claims a return called interest. Every dollar representing debts unpaid claims a like remuneration. This must all be paid out of the production of each year, and from each year's product men must be fed and clothed...
Page 51 - ... the members of the community must have money in order to exchange their goods, and since, by the supposition, they must exchange their goods in order to make it worth while to produce them, they, each and all, must needs buy money. In order to buy it, they must pay its price, give what it is worth. What it shall be worth will depend, demand being fixed, upon the supply. The cost of production of money will influence its value only as it affects that supply.
Page 75 - interest was approved by jurists, because the accumulation and use " of capital was advantageous to society as a whole, and increased "the public wealth. With this end in view, society was willing to " offer rewards to those who would abstain from destroying wealth " and would use it productively.
Page 92 - possible," " possibly," and " perhaps " in the above extracts shows that I have no positive opinion as to what may hereafter take place. The reason for this state of hesitancy is that I cannot see my way toward reconciliation of the ethical requirements with the politico-economical requirements. On the one hand, a condition of things under which the owner of, say, the Scilly Isles might make tenancy of his land conditional upon professing a certain creed or adopting prescribed habits of life, giving...
Page 80 - ... person who cares to give the subject thought. If any of the money invested in business bears interest, all money invested in business must likewise bear interest, otherwise nobody would assume business risks. But we may arrive at the same conclusion by a process quite different.
Page 80 - At least one-half of such wealth is interest-bearing. An examination of the mortgage lists of the several states will more than bear out this estimate. We are, then, paying fixed charges, as the railroads put it, on about $55,000,000,000 of the country's wealth. The net rate will average...

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