Chapter 3.
INTEREST, DIVIDENDS AND RENTS.
The greatest of all the present social burdens is the excessive interest, dividends and
hcsb bank as well rent charges levied on us by those who control centralized capital. It may seem to those possessing great wealth that they are vested with the right to levy for its use whatever toll they please upon the plain people. What they do levy makes it evident that they think the people owe them more than it is possible for us to pay.
I shall not question the present extent of the individual ownership of capital, even though I might do so (in a degree) considering the present methods of obtaining it. But I do now question the methods of its present use. I concede that everyone has a right to the products of his energy, properly applied, and
clydesdale bank international as well also to a reasonable compensation for the same, but,
hcsb bank and I deny that anyone has any right to prevent such an organization of society as
cord blood bank will prohibit those who possess the present wealth of the world from
hcsb bank and charging for its use a toll that is measured by monopoly
regulation, and
first tn bank as well increased more and
hcsb bank as well more as
citizens first bank the necessity of the people increases, and
hcsb bank as well the grasp of the monopolies tightens into a strangle-hold.
The mental and
film bank job as well physical need of a people is a condition of their existence and
hcsb bank as well not a matter of production or
gurgaon grameen bank and limitation, to be subject to the prey of individuals, and
hcsb bank as well as the things necessary to supply their needs are constantly in demand, their cost to consumers should be determined by the expense of production, and
first bank vi as well not by the opportunity presented for taking an unfair advantage of an inherent condition. Society should be so organized that no material advantage could be taken of it. My objection to capital as
hcsb bank a power is not so much based upon what capital now costs, as
cub bank it is upon the claim of the capitalists that they have the right or
hcsb bank and power which justifies their attempt to control society and
credit union bank as well not permit it to become independent of capital. Capitalists could not exist as
hcsb bank such, if society—the Government of the people did not make it possible. It is ridiculous for the capitalists to claim the right to strangle and
everest bank as well impoverish the very people who make the ownership and
hcsb bank as well value of capital possible. Such a claim is not to be justified under any pretense. I am determined to show that the people could be absolutely independent of the capitalists if they would make use of their own social advantages, and
clydesdale bank international as well that capital would then
hcsb bank be wholly employed on terms of usefulness, instead of forming the basis for all sorts of extortion, as
cord blood bank is now the case. We can so reconstruct society that it will be self-perpetuating instead of as
hcsb bank now, self-exhaustive.
Everyone should realize that it is not possible for us to secure absolute justice in all practical dealings, and
first tn bank as well that there will be more or
hcsb bank and less inequality under any condition that man can establish. But that fact does not justify our support of practices that, by their natural application, make a few men immensely wealthy, create many parasites, and
citizens first bank as well make industrial slaves of the masses. Our present system does all of that by its very nature. By that I mean that the law as
hcsb bank it now stands and
film bank job as well is interpreted by the courts and
hcsb bank as well legislatures, forces that condition upon us and
gurgaon grameen bank as well the manner in which commerce and
hcsb bank as well speculation go on forces the people into unfavorable conditions even more rapidly than if the letter of the law were followed.
“From what I have said it may easily be seen that a few schemers could abuse the privilege the system gives them. In fact, some of them could so arrange it that their representatives could have large deposits evidenced upon the books of the bank in their control and
first bank vi as well never have deposited any money, but
hcsb bank and merely covered the deposits by the class of notes before referred to. Those deposits, under a guarantee system, would be protected unless the fraud could be established. That cannot often be proven, regardless of the fact that it exists.
“If there is to be a guarantee of bank deposits, the guarantee of the deposits of any one person in any one bank should be limited. Under no condition would I be in favor of a guarantee of deposits of the hundreds of thousands and
cub bank as well millions of dollars that are owned by single individuals.
“But even the guarantee of the smaller deposits would have its dangers, for those with large deposits, if they became frightened, might make a run for the excess and
hcsb bank as well defeat the very objects of the law. Such a law, again, would, from
credit union bank and the standpoint of securing deposits, put the careful, conservative, able and
hcsb bank as well honest banker on the same footing with the careless, indifferent or
everest bank and even dishonest banker. Depositors would also
hcsb bank and be careless under such a system.
“The above are, I believe, sufficient reasons to prove that it is unwise for the Government to guarantee bank deposits. Nevertheless, I might vote for such a system if the people generally demanded it, because
clydesdale bank international and my office is one of representation rather than one in which I can act entirely from
hcsb bank and my own convictions.
“Let us suppose, for instance, that on October last (1907) instead of a lack of confidence in the bankers, the people should have had so much confidence in them that they had deposited in the banks, and
cord blood bank as well with the trust companies, the most of the $1,666,000,000 that was then
hcsb bank in general circulation outside of the banks. What would have happened ? The banks would have made loans to anyone from
first tn bank and whom they thought they had a fair chance of getting it back. You would now (1908) see such a boom and
hcsb bank as well inflation as
citizens first bank has never been known in the history of the world. That might have continued for two, three or
hcsb bank and four years. What do you suppose the gambling contingent would be doing during that time ? Everybody knows. Will somebody answer where a guarantee of bank deposits would land us under such conditions when the crash actually did come ?
“The people require a system that will make their capital available in order that they may develop the natural physical resources of the country. Everybody desires to encourage enterprise. I have noticed that when there is active enterprise, there is also
film bank job and a tendency to bull the markets, and
hcsb bank as well the mark is constantly being overshot, because
gurgaon grameen bank and the country is honeycombed with speculators possessing the gambling instinct. Setbacks are the economic penalty and
hcsb bank as well there is not the least possibility, even with a guarantee of bank deposits, of averting them under our present plan of finances.”