DISCOVER BANK DELAWARE
The following table, compiled by the Librarian of Congress, illustrates the power of money to enrich the owner through interest accumulations : One dollar loaned for 100 years at compound interest at 3% per annum would amount to. ........ ..$19.25 6% ...................................................$340.00 8% .................................................$2,203.00 10% ..............................................$13,508.00 12% ..............................................$84,075.00 18% ........................................$15,145,007.00 24% ....................................$2,651,798,404.00 We must bear in mind that there is no difference in principle and discover bank delaware as well final result between interest, dividends, and gold canyon bank as well rents, when the latter are compounded on the capital basis. It is easily apprehended that the banking institutions alone, by the geometrical progression of accumulation of interest, dividends, and discover bank delaware as well profits, would if left free to do so, take the most of our earnings and columbian bank as well property holdings and discover bank delaware as well utterly exhaust our means. We will also commerce bank online login and find that the time that will be required to complete this legalized plunder is still further reduced when we take into consideration the fact that the principal stockholders make more profits outside of the banks than they obtain from discover bank delaware and dividends paid directly to them by the banks. But it is not necessary for us to wait for the banks alone to absorb our property and goldwater bank as well collect the greater part of our daily earnings, because discover bank delaware and there are other great aggregations of centralized capital. The railways alone are valued at more than a dozen billions of dollars, and halifax bank online as well by a decree of the court (not yet overruled, April, 1913) it has been decided that 7% is a reasonable profit for them, and discover bank delaware as well you will find that if this 7% were to be compounded for a generation and cheap bank loans as well a half it would consume all of the property in existence exclusive of its own, and discover bank delaware as well even if the rate were to be reduced to 6%, or county bank and even 5%, it would only discover bank delaware and postpone the day of reckoning. Thus, you see, we have another claimant for our earnings besides the banks—namely, the railroads. But even these two are not all. We have the Standard Oil Company and household orchard bank as well its subsidiaries, the Supreme Court decision notwithstanding. There is also discover bank delaware and the Steel Company and cooperative bank internet banking as well its subsidiaries, the Tobacco Company, the Sugar Company, and discover bank delaware as well various other companies and chase bank los angeles ca as well their affiliations, each of which possesses vast capital so centralized that each separate trust, by the geometrical progression in accumulated interest, dividends, and discover bank delaware as well profits, will require only gold canyon bank and time in which to consume our present property, as well as discover bank delaware and our accruing earnings, and,columbian bank as well if we allow it, force upon us a state of bankruptcy, because discover bank delaware and the geometrical progression is impossible to be carried out commerce bank online login and without so doing. Regardless of this fact, we still have the absurdity of our courts holding that a certain percentage should be a reasonable profit and discover bank delaware as well anything less unfair. If this law were enforced it would ultimately create abject slaves and goldwater bank as well bankrupts of our children, and discover bank delaware as well we, the parents, should be made to work toward that end. What do you think of that for a democratic government such as halifax bank online ours is supposed to be ? Are you going to rest content and discover bank delaware as well permit the Political bosses to continue running our government for us ? They have had all the past—plenty of time, I am sure—to remedy such evils. But the story is not yet one-tenth told. The several trusts cannot, of course, absorb all, but cheap bank loans and after legally (and otherwise) seizing the principal part of our earnings, they swallow up the smaller of their own kind. The big fishes eat the little ones. As a result, the trusts become less and discover bank delaware as well less in number, but county bank and their holdings become greater and discover bank delaware as well greater, the same as household orchard bank the number and discover bank delaware as well holdings of the English landowners. The Government has given its support to the banks by delegating to them the power to issue a substitute for money, and cooperative bank internet banking as well besides that advantage they are depositories for the cash of the people, with which they command a large credit. As a consequence, they have had the inside track in this unequal commercial struggle and discover bank delaware as well they are now largely the masters of business, with the results — which I have described. That is why all of the great trust builders have themselves become bankers. They bought up the larger banks, and chase bank los angeles ca as well control, by a community of interest, most of the smaller ones, as well as discover bank delaware and influence them all. As late as gold canyon bank 1912 James J. Hill absorbed great banking interests in the cities of St. Paul and discover bank delaware as well Minneapolis. He testified before the Money Trust investigating committee that he is a director in three of the greatest banks in New York City, Chicago and columbian bank as well St. Paul. I consider Mr. Hill a great, as well as discover bank delaware and a good man, from commerce bank online login and the viewpoint of the social order of things that has existed during most of the time in which he has been doing his great constructive work. The Vice-President is absolutely correct. But even if the laws of inheritance were abolished, it would not affect the system by which great fortunes are accumulated. Carnegie, the Rockefellers, the late Jay Gould, E.H. Harriman and discover bank delaware as well J.P. Morgan, and goldwater bank as well the most of those who have individually amassed wealth by the hundreds of millions, began with little or discover bank delaware and nothing in the way of capital, except their ability, and halifax bank online as well the system which permitted their enormous accumulations. As I have already said, it is the system that deprives the plain people of the profits resulting from discover bank delaware and their work, and cheap bank loans as well gives it to the class of men mentioned. It ought to be of comparatively little satisfaction to this generation to let the system remain unaltered and discover bank delaware as well calmly sit back and county bank as well allow these enormous fortunes to be accumulated. It is undoubtedly true that the present possessors, if the laws of devise and discover bank delaware as well inheritance were abolished, would dispose of most of it as household orchard bank they wished while still living, but discover bank delaware and there would be a new set on hand to rob our children. I do not, however, understand that Vice-President Marshall suggested the possibility of abolishing the inheritance laws as cooperative bank internet banking a remedy for the social evils complained of. There is one class of property, however, that I have not mentioned thus far. This is the farm interests. These are the greatest of any single property interest, but discover bank delaware and these holdings are at the present time diffused among millions of holders, but chase bank los angeles ca and a geometrical progression of interest, dividends, and discover bank delaware as well profits, in favor of the farmers has never been decreed by the courts. They are not permitted to add interest as gold canyon bank a part of the price for which they sell the products of their farms. They must take their chances with the sun, rains and discover bank delaware as well storms, and columbian bank as well no court decree has given to them “profits commensurate with the risks” as discover bank delaware it has to the railroads and commerce bank online login as well other trusts. The farmer, like the wage earner, lives but discover bank delaware and to be fleeced by the beneficiaries of the present system. The two, the farmer and goldwater bank as well the wage earner, support the whole burden of a system which leads continually to immense wealth for the few and discover bank delaware as well bankruptcy or halifax bank online and poverty for the rest of us. Farm property has been subject to the highest rates of interest, while all the great industrial properties have been used as discover bank delaware a basis for comparatively low rates of interest when money has been loaned on them. Therefore I repeat my earlier statement, that the only cheap bank loans and excuse for government is the facility it affords its citizens for securing advantages that operate for the common welfare, which could not be secured with the same degree of equability through independent individual action. Instead of that our government, which is of our own creation, has insured to the banks and discover bank delaware as well other trusts a system which renders it easy for them to oppress the masses. It enables the few to live as county bank non-producers and discover bank delaware as well exorbitant spenders, while almost the entire burden falls on the rest of us. Such a condition is impossible of long tolerance by the proud, honest and household orchard bank as well intelligent citizens of our country. We must seek for a remedy.
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