H3 4 IYu s

U S U R Y
THE

S C O URG E OF NATI O N S
‘

M O N E Y IN T E RE S T ,
A N E VE RL A S T IN G T A ! LE VIE D

BY THE AN N UIT A N T C LA S S ON L A BO UR .

A DD R E S SE D TO THE

LA N D A N D LA B O U R L E A G UE ,

BY JA M E S H A RV E Y,
C H ATH AM PLACE L IV E RP O O L , .

LAB O UR, T HE S O URC E OF A LL W E A LT H —A da m S m i zf lz

. .

W ho e ve r borro w s at u su r hims e l f to pov e rty T he

y c on de m n s .

borro we r is n o t r e li e v e d h e is only e mba rra ss e d T he usur e r s li fe i s ’

both indol e nt a n d insati abl e —h e ga th e rs his h a rve st W h e r e he so ws hi s

.
,

s e e d H e a wa k e s i n t he morni n g ri c h e r th a n h e we nt t o b e d D e sist
. .
,

o h m an ! f ro m your d a ng e rous c a r e s — f rom your pr e c a rio u s c d c u la

tio n s— se e k n o O ffspring f rom gold an d silv e r— things n a turally b arr e n .

!

- 0c Wr i t er .

y L O N DO N .

A US T I N 85 C o 1 7 , JO H N S O N S C O URT , F LE E T S T E C
’
.
, .
,

1 8 70 .

Pr ic e O n e Pen ny T iz r eepe n e e p er Do "

en .
 USURY THE SCOURGE OF NATIONS .

D a ni e l Le
Bro c k G ov e rnor O f G u e rn se y d e t e rmin e d to build a
, ,

m a rk e t in S t Pe t e r s b u t la bour e d und e r t he usu a l fin a n c i a l di ffi c ult y

'
.
, .

N o t h a vi ng t he f e a r o f S ir R ob e rt Pe e l be f or e his e y e s he issu e d und e r , ,

t he s e a l o f t he I sl a nd 4000 m a rk e t note s f or o n e pound e a c h Wit h

'

, .

th e s e t he -art ifi c e rs we re pa id an d t he m a te rials proc ur e d ! tra d e was

stimula te d by t he c irc ula ti on o f t he not e s i n p aym e nt for m at e ri a l a n d ,

t he shopk e e p e rs d e riv e d b e n e fit f rom t he wa ge s e xp e nd e d T he m a rk e t .

wa s fini sh e d ! a n d w h e n t he r e nts c a m e in t h e not e s a s th e y we r , ,

e

t e nd e r e d w e re c a n c e ll e d T he m a rk e t wa s built w ithout a n oun c e o f

gold —
, .

Jo 7mflz(m D u n c an o n t he Ba n k C ha rt e r
!
. .

“
M on e yi s g e n e rally r e ga rd e d a s a bis e xu a l a nim al e ndo we d w ith t he
c a p ab ility O f se l f in c re a se an d wi th t he po we r o f prop a ga t ion
-
,
.

d lr Lo we on t he E wige r
. .

I h a te hi m f o r in lo w simpli c ity .

H e l e nds out mon e y gra tis a n d brings do wn ,

T he ra te s o f usa n c e h e r e i n Ve ni c e .

he r ils a .

E v e n w h e r e our m e rc h a nts most do c o n re ga t e n .

O n m e my b a rga ins a n d my we ll wo n t hri f t ,

W hi c h he c a lls in te r e st — S /yloc k
,
!
. z .

I nt e re st usury sur e ly a re a lli e d

an d ,

A n d thin p a rtitions do th e i r bounds d w x de .

T HE PR I N C IPLE S a nvo c ar n n IN T HI S m n r n mar are

T H AT N O C O MM O D I T Y can fulfil the fu n ctio n s o f money ,

b e i t diamo n ds gold o r silver Tha t mon e y is in i ts natu re

, , .

a representatio n o f wealth and no t real w e alth as a bil l O f , ,

l ading o r a wareh o use warrant are represe n ta t io n s o f c arg o

, , ,

o r o f goods warehoused an d like t he s e instrumen ts mu st be

d ocu mentary o r p a per , .

!
“
T HAT T HE S TAT E alone can i ssue such paper mon ey .
 Ah truly this firs t p r actical for m O f the S ph in x ques
,

tio n w r i tes M r C arlyle i n h is Past a n d P resent

,
.
,
ia ,
!

a r t icul ately a n d ye t so au d ibly p u t i s o n e Of th e most ,

i m pressive ever aske d i n t he wo r ld Beh old u s here so

ma n y th o u s a nds — millions —a n d increasi n g at t h e ra te o f
.
,

fi fty e v e r y h ou r W e are righ t willing a n d able to wo r k

.
,

a n d o n the pla n e t E a r t h is ple n ty o f work an d w a ges (

!
n ot

w a g es M r C a r ly le a s I w i ll s ho w p r e s e n t ly f o r w a n t of
, .
, ,

m o n ey) f o r a m illio n times as ma n y lVe ask i f you .

,

m e an t o lead u s towards work ! t r y t o lead u s — b y w ays

new ,
ne ve r y e t hea r d o f till th i s new unhea r d o f t im e (by -
!

w ay s n e w, Mr C a r lyle R ees — by a do
r es e n t a t i ve t i n
.
y p p g
Pa pe r M o n ey i n s t ea d of t he a bs u rd m e t a llic sy s t em , e mbo di e d
i n S ir Ro be r t Pe e l s go ld s o vere ign ) or i f yo u declare yo u
’

ca n n ot lead u s d o you expect th at we are to remai n u n led ,

,

a n d i n a compos e d m a n ner die O f starvation ? What is i t

, ,

you expe c t o f u s ? What i s i t yo u mea n t o do with u s ?

Thi s questio n I say h as bee n pu t i n the he a r i n g O f all
, ,

B r itain a n d w ill b e agai n pu t a n d e v er agai n (t his w r i t t e n

,
!

!
in 1 8 43 till some a n s w er be give n .

S O asks Thomas C arlyle i n hi s P ast a n d P r ese n t a n d ,

he r e we are i n 1 8 7 0 pu tti n g the sam e question a n d gettin g

, ,

n o ans w er

T he co n dition o f E n gland —o u whi c h ma n y pamphlets

.

a r e i n t he cou r se o f pu blicatio n a n d m a n y t h o ugh ts u n ,

publ ished are goi n g on i n every re flective mi n d — is j ustly ,

regard e d as o n e O f the most omi n ous a n d wi th al o n e o f th e ,

stra n gest ever see n i n this wo r ld E n g la n d i s full of .

W E A L T H (bu t emp ty of blo n ey M r C a rlyle l)

!
o f m ulti , .

f a rio u s produce — supply of hu man want o f every ki n d

,
yet
E n gl a n d i s dy i n g o f inani tion .

Wi th u n a ba t ed bou n ty the lan d o f E n gl a n d blooms a n d

grows ! w avi n g with y e llow harvests thick studded wi th ,

wo r kshops i n d u st r ial i mpleme n ts with

, of ,

workers u n de r stood to b e the stro n gest c u n n ingest will , ,

i ngest o u r earth e v er h a d These me n are here the work .

they h ave d o n e t he fru i t they h ave realised i s he r e ab u n dant

, , ,

exuberan t o n ev e ry han d O f u s a n d behold ! some bale fu l ,

fi a t — fi a t o f e n ch a n tm ent (w a n t of M o n ey M r C a rly le )
!
, .

has gone fo r th sayi n g Touch i t n o t ’

An d so M r C a r lyle periodically b r eaks forth —a lugu

, .

brion s wai l, a n d n o remedy proposed ! N e w I propose a

 remedy G I V E U S PA PE R M ON E Y — re presentati ve pape r
money— paper mo n ey issue d by the S tate u nder Parlia
,

men tary sanction .

E x c n e o u n n N OT E S which the G overn me nt w ill recog

,
t
n ise as qu ittance o f t ax at i o n an d ma n y of o u r evils those
,
i
,

arising from u n restrai ned Usu ry would disa p pear , .

N o w for a series o f q u estions pu t by Pr ofessor F a w c e t t ,

the p r ese n t member for B righton H e r e the n i s a poli tical , ,

eco n omi cal question o f surpassi n g i nteres t an d importance

H ow is i t th a t thi s v a s t production o f wealth (a n d y e t a r i s ,

t o c ra t i c a n d m i d dle -c la s s de e la z me rs afi e c t t o d e n o u n c e t he
'

r o d u c e rs o a lt h as a n id le d r u n ken d
p f t h i s v a s t w e i s s o lu t e , ,

ma s s of d eg ra ded be ing s J) does not lead t O a h appier dis t ri

b u t io n ? H o w I S I T that the rich see m cons ta n tly to be
growi n g ri c her while the poverty o f the poor is not per c ep
,

t i bly dimi n ished T

!

L et u s tel l the P ro f essor H o w I T I s “

First by the .
,

i ncrease Of e xorb itan t US URY owing t o the dec r e a si n g ,

quanti ty o f mo n ey relatively as compa r ed with produ cti o n .

S econ dly by the i n crease o f exorbi ta n t i n crease o f R E N T

,

demanded from o f u s i n th e se i sl an ds , limi t ed

i n e xte nt .

Bu t as o n e subj ect i s even more than ca n be done j ustice

to i n a few pages I shall abstai n from s ayi n g a w o rd o n
,

L AN D and i ts proper tenu re and confi n e mysel f to M O N E Y

,

i ts natu re ph ilosophy an d u s e
, ,
M oney as B ishop .
,

B erkeley ask s i n hi s ! uerist t he n ature O f wh ich do m e n

,
! “

u n de rsta n d although they so eagerly pursue i t ?

,

N o w how is i t th a t the man possessing money is able to

,

deman d IN T E R E ST — ln the case o f the pa w nbroker bil l ,

discou n te r a n d pro fessed money -lender, USURI O U S I N T E R E S T

—t hat i s yearly paymen t f o r the u se Of h is sove r eig n s ? 1
,

I t i s becaus e M O NE Y bein g made O f the dearest me tal know n ,

,

i s always scarce o r dear as m e asured against commodities .

T h e A ssign ats lost th e ir valu e b eca use t he F re n c h D ire c tory r e f us e d

,

to r ec e iv e th e m in pa ym e nt O f T a x e s .

S ee A pp e ndix .

I sa y sov e r e igns f or t he bank note is no a ddi t ion to o u r mon e y

-

i t 1 8 only a promise to pay sove re igns th a t is i f you h a v e a fi ve

“
, ,

pound note you c an on pre se n t in i t a t t he bank r ec e iv e fi ve sov e r e ign s

,

whi c h is th e re withdra wn f rom C i rc ul ation r eady for you A bank not e .

is m e r e ly a c e rtifica te or fi ve sov e r e igns in a porta bl e f orm

,
.
 p

N o w, what the M onetary Reformers ! ? advocate i s that ,

M ONY should n ot consist o f the dearest metal know n bu t ,

s hould be a mere p a per in strume n t authorised by the S tate

an d i ssue d i n su fficient qu a n t i t ies t o bring I n t e r e s t —i f n ot

, ,

to the poi n t o f u tter annihilation —a t least to the lowe st ,

p ossi b l e rate .

IN T E R E S T O F M O NEY is a most glari n g robbery committed

by desig n ing u surers an d by ann ui ta n ts o n the class who l iv e
by labour a n d the Obj ections t o it are
,

Firs t — TH AT 1 T 1 8 A N A NNU AL P AY M EN T E ! A C T ED PR O M
L A B O UR f o r the u se o f a n i n s tr ume n t Of excha n g e which i s ,

made ar t ificially dear when it m ight be made i n a n y ,

qu a n ti ty
S e con d —TH AT I T LA s T s F O R E V ER
.

T h il d —TH AT I T REC O G N I ! ES T H E A R I S T O CR A T I C PR I N
.

‘
.

G I F LE that the son may be rewarde d f o r the vir t u es (virtues !)

O f the father
Fourth —TH AT S I MPLE I N T ERE ST I NE V I TA BLY C RE AT ES
.

C O M P O UND INT ERE S T

Fi r s t —TH AT I T I S A N A NNU A L P A YM EN T E ! A C T ED F R O M
.

L A B O UR .

N ow when we recollect that L A B O UR I S T H E S O URCE O F ALL

W E A L T H why shou ld l abou r be asked to pay t his h eavy fi n e
,

f o r the use O f an i n s tr ument which ! bu t f o r that labou r ,

w ould have no value ? O f W hat u se would sove r eig n s b e

i n the desert o f S ahara W hat valu e d id R obi n son C r u soe
attach to the ducats pieces Of e ight a n d S pan ish dollars h e
,

fo u n d i n the w reck ? If a man has the skill an d i n dustry to

m ake a table or a chai r , why should he be forb idde n t o p u t
forth h is powers till he can fin d some C A P I TA L I S T (this i s a
wro n g te r m as I will show—i t ough t to b e M O N I E D M A N )
,

, ,

w h o ca n len d h im o r advance hi m ce r tai n di sks o f gol d !

If L A B O UR i s t he sou r ce o f wealth L AB O UR shou ld be t he ,

In onse qu e n c e O f t he T imes an d ind e e d all t h e p e nny p a p e rs an d

c ,

monthly se ri als studiously suppre ssing thi s qu e stion u n d e r t he pr e te n c e

,

o f its b e ing dry a n d h a rd to und e rsta nd t h e mon e ta ry r e f orm e rs a r e ,

oblig e d t o c on fi n e th e m se lv e s to p amphle ts t h e a uthors O f w hi c h I ,

w i ll v e ntur e to n a m e R e v John T we lls R igby W a son R i c h a rd

. .
, ,

S a lt S a mu e l G odd ar d J C a pps C ha rl e s H ay wa rd C o l M ac don a ld

, , .
, , . ,

A l e xa nd e r W ilson t h e l a t e Jon a tha n D un ca n & c Bishop B e rk e l e y i n

hi s f ! u e rist : —Yarran t o n i n C h a rl e s I I s tim e a n d S ir John S in c la i r in
.
, , ,
‘ ! ’
.
,

Pit t s tim e a dvo ca te d t he tru e prin c ipl e s O f mon e y

’

, .
 6

sou rce o f MO NEY As t h e s ub s tance comes in to existence

.
,

so sh oul d the shadow .

The only thi n g w anted i s that m e n should work If they .

wi ll work every facili ty should be given to them and n o t diff i

, ,

c u lty i n compelling them t o go to the monied m an ge n erally

, ,

their employers fo r adva n ces

S eco n d —
, .

TH AT I T La sT s F O R E V E R .

N o t for a f e w year s— n o t for centuries— bu t f o r ever If

t he f ather dies the so n m ust pay ! i f the hu sban d dies t he
, ,

widow must pay .

B u t let u s take the most strikin g i llu stratio n Of thi s cru el

an d u n n ecessary e xactio n —T H E N AT I O NA L D E B T I t began .

i n D utch William s r e ig n fi and gradual ly i n c r eased till at

’

the begin n i n g o f G eo r ge II I s reig n it wa s .

’

N o w in 1 8 70 i t i s , a n d o n th is deb t o f
th e n ation w ill have pai d say by 1 8 8 0 , ,

bu t i n 1 8 8 0 wil l the debt be ex ti n gu ished ?

N O , i t w ill go o n for c e n tu ries and as wa r h as n ot ceased ,

a mo n g nations bu t becomes more expe n sive every year

, ,

i nstead o f bei n g ex ti n gu ished t h e debt wil l augmen t— a pre tty

prospect f o r o u r childre n
The taxatio n t o meet this does not fal l o n the rents o f
th e la n d lo r ds as i t ought to do f or the deb t w a s i n c u rred
, ,

t o de f e nd t h e la n dlo r ds i n th e possessi o n o f their estates ,

n or on the h oards O f the M O NEY LO R D s bu t o n th e tea , ,

spiri ts tobacco a n d mal t consumed by the people the hu r

, ,

t he n has bee n throw n o n the people — o n labo ur N ow it is .

n o t f o r a momen t t o be supposed that the F r en ch would ever

h ave succe e de d i n com pelling the E n g li s h peopl e t o pay

t hem tri bu te y e a r by ye ar o f
, (his t ory d o e s ,
'

n o t present u s with t he Spe c t a c le Of o u r n a t i o n exac ti n g

su ch a sum fr o m another ) an d therefore it i s evide n t that ,

o u r i nter n al e n emy t he F UND H O LDE R is a g r e a t e r e n emy a

, , ,

m ore cru el e x a ctor than any fo reign enemy c o uld be , O u rs .

To hom we a re ind e bte d f or t he f unding syste m or t he syste m o f

w ,

mortga gi n g t he l a bour o f nn bo m ge n e rations a syste m whi c h has gro w n ,

to su c h e normous dim e nsions W i th a prosp ec t o f gro w ing gre a te r i n

,

f utur e wa rs th a t it threa te ns t he d issolution o f soc i e ty a n d t he d e

, ,

ca d e n ce o f t he on c e glorious an d h a ppy En glish n a tion I f in som e .

f utu re wa r t he E mp e ror o f t he F re n c h say or t he C z a r O f R ussi a w e re

, , ,

to bu up our sove r e igns a t 23 or 24 shillin gs we sh ould be h e lpl e ss

W e sh
.
,

ould be without mon ey w e c ould not fit out a fle e t or e quip a n

army .
 is i n deed an E gyp t ian bon dage W e are com pelle d to “

make b r icks without stra w —w e a r e compell e d t o pay thi s

.
,
!

eno rmou s su m i n so vereigns Of the f ul l weigh t an d “

fi n e n ess !
Th i s lien o n L a bo u r—e ter n al l— th ere fore make s yo u an d
.

me pay I NT E R E S T year by year o n the gol d lace o n the

u n iform o f M a r lborou gh s O ffi c e rs —o n the gu n powder con
, ,
’

sumed i n ! ueen An n e s w ars —o n the me n O f -w ar l o s t u n de r

’
-

S i r C lo u de s lc y S hovel o n the S cilly I sla n ds 1 2 0 y e ars si n ce

—O n th e fleets a n d armies fitte d o u t i n the co n tes t wi th the
Ame r ica n C olo n ies and i n the N apoleo n ic wa r s .

Another illust r ation Of the everlasti n g clai m for I n te r est

i s tha t Of R ailways .

To make a rail w ay i t i s n ecessary to raise the mo n ey

sovereig n s — i n S hare s amo n g mon ied people The railway .

i s made And for ever afte r the sha r eholde r sits there like
.
, , ,

t h e O ld man o f the islan d on S i n bad s ba c k dema n ding his

’

3 or 4 o r 5 or 6 or 7 per ce n t (more i f he c ou l d get it )

, , , , .

o n t h e receipts from traf fic Travell i ng i s S O m uc h deare r.

b y that o laim i
Thi r d —TH AT I T RE C O G N I ! E S T H E A R I S T O C RAT I C PR I N
.

G
! I F LE that the s o n m a
y be r e w a r de d for the vi r tues — o ften
v ices — O f t h e father .

The m id dle class the great recipien ts o f In terest declai m

, ,

i n Parl iame n t an d o n plat forms o n the evils O f a n h eredi t a r y

peerage M r B right de n ou n ced the landed a r istocracy as a
. .

bloated aristocra c y N o w M r B righ t belo n gs to a

. .

“
bloated a r istoc r acy o f mu ch more i nj urious c ha r acter ,
seein g t hat i t not o n ly robs L abou r bu t—through i ts w ith ,

holdi n g employme n t by refusi n g M o n ey excep t a t a hi gh ,

price —i t keeps the work ing classes i n a state O f u tte r de gra

,

datio n an d misery .

A S the lande d aristocracy l ive o n the mo n o poly O f l and ,

S O does the monied aristocracy l ive 0 11 t h e monopoly O f

mo n e y .

It
is propose d t o m ak e it p e n al t o O ff e r a light sov e r e ign an d ye t ,

M r Lo w e t h e C ha n c e llor O f t he E x c h e qu e r told us th a t o n e third O f

.
, ,
-

t he sov e r e igns i n c irc ula tion a re light But t he c urr e n c y qu e sti on is a n

—
.

a bstrus e qu e stion a n d we a re n o t to look into it !

l A n d t he n avvy wh o m ad e t h e r a il wa y is put into a third c la s s

‘

ca rri a g e a mise r a bl e b o x w ith sm a ll wi ndo ws

, ! u e ry should n o t t h e .
,

n avvy b e f rc e O f all r il ways f o r li f e ? a

 8

A man leaves a fortun e as it is cal led to h is son —tha t , ,

fortu n e being after all by certai n parc hme n t s ‘t and deeds , ,

a n d scri ps a n d pape r s a me r e claim o n t h e labou r o f o thers :

,

th at son becomes an ann u ita n t This s o n has some vagu e .

i dea that h i s mo n ey i s rai n ed from h eaven bu t the truth is ,

h is income is t h e result o f th e labou r o f tens h u n dreds , ,

a n d in th e case o f some o f the mi ll ionaire class o f thou sands

, ,

o f work ing me n i n f ou n dri es i n yards in f acto r ies i n

, , , ,

m i n es i n fields i n qu arrie s L et this son in vest i n a rail

, , .

way say ,
H is an nu al i ncome at 4 per cent i s .

an d thi s de r ived fr om the l abours first o f the engineers , ,

e xcava t o r s i r o n ra ilm a k e rs platelayers 8z c , a n d af t erward s

, , ,
.

fr om the labours o f station -masters engin e -drive r s porters , , ,

&c .Where would h is i n come be if the labou r o f these

workers were suspended ?
!
The son to be rewa r ded for the virtues of t he f ather I
say rather v ices —for these immense fortunes a r e as oft en
the resul t o f stock — j obbi n g land specu lation an d watching , ,

t h e tu r n o f the markets a n d of pen uriou sness a gri ping over , ,

reachi n g dea f to al l t h e claim s o f kind r ed o r o f cou n try,

,

as the fru i ts o f i n du stry — i n fa ct the greater th e avarice

o f t he f a t h er — the more kee n ly h e avai ls h imsel f o f
,

,
t he
e xtortions o f compou nd i n teres t 1— the greate r the re w ard ,
‘

to the so n !
Fou rth — TH A T S IM PL E IN T E RE ST I NE V I TA BLY C R E AT E S
.

C O MPO UN D IN T E R E ST .

W hat a n om al ies do we see the fru i t of i n terest o f money ,

Pa r c hm e nts ye s , , v e n e r abl e but th e y o u gh t a t all

pa rc hm e nts a re ,

tim e s to re pr e se nt as n ea r as by possibility th e y ca n t he wr it in o f t he
oth er wi s e th e y a re not so v e n e rabl e Be n e cg
, ,

a da ma ntin e ta bl e s ic t t he
in va in pl ea d e d p a rc hm e nts —his us ur i es
. .
, ,
"
Je w (like o ur a n n u i t a n t ola a ) a
,

we re too m any T he ! i n sa id (A lt t ha t i n t hes e day s we had s wk a

G o to—f or
.

arc hm e n t s thou sh a lt
! i ng t hy pay j ust d e bt
‘

do wn wi t h t he dust or obse rv e t is tooth forc e ps .

’

1
“
T h e w orking o f c ompound i nt e r e st i s littl e und e rs t oo d A t ho u sa nd .

pounds la id out a t inte re st say in t he y e a r 1 8 00 w ould doubl e itse l f

, ,

e ve ry f ourt e e n y e a rs I n 1 8 70 it would a mount to

. i n 1 900 or
in a ce ntury to 3 a sum t he c r e ditor m ay d e m a nd o f his d e bto r
who had omi t t e d to a y i n te re s t T o sho w t he i mprac ti c a bility a n d
a bs u rdity o f c o m po u n g
.

i n t e re s t it has be e n ca l c ul a te d th a t a sov e r e n
lyi ng a t c ompound inte re st f rom t he ye a r o f our Lord O n e wo igd ,

a mount in i t s ac c umula ti on to a ma ss o f gold e qu al t o t h e bulk o f t h e

e a rth ! But i t si m pl e inte r e st be allo we d c ompoun d in te r est follo w s a s ,

a n a tura l c onse qu e n ce .
 0

an d i ts mo n stro us proge n y—C O M PO UN D IN T ERES T ? G oo d

f o r n othing old me n a n d wo m e n i n the l a st stage o f i mb e ,

c ili t
y ,
and u n able to e nj o y their i n iqu itou s e xto r tio n s
( sa n ctio n ed by law ) risi n g i n a,
mor n i n g ma n y pou n ds
richer th a n they w ent to bed — I say sa n ctione d by la w , ,

fo r S ir Rober t Peel who by the la w o f 1 8 4 4 made th e

, ,

sove r eig n o u r only mo n ey aboli she d the U su r y L a w s ,

.

Th e se e x a e t o rs m u st be told that the ir i ncomes a r e th e

f r uits o f the labour of h a r d work ing men i n facto r ies in ,

fo u n dries i n fields i n qu a r ries i n fi s hi n g-boats on stormy

coasts —
, , ,

o f labo ur begi n n ing at early dawn a n d con tinu e d

,

t ill d e wy e ve .

E verybody condemn s u su r y N o vice i s more severely .

de n ou n c ed i n th e Bible b u t priests clergyme n a n d mi n i s

, , ,

ters n e v er all ude to i t fro m their p ulpits They k n o w t o o .

well whence co n tribu tions an d pew re n ts are derived Th e se .

m i n isters o f relig ion are the obsequ iou s an d flatterin g

sla v es o f the mo n ie d powe r .

With a pop ul ation compelled to l abo ur i n order to li ve ,

an d wi th r aw material i n abu nd ance why shoul d n o t the ,

p r ogress o f the n atio n i n w e alth be i n fin ite ! but 10 ! th e

1 ’6

u surer s teps i n a n d says : N o ! fi r st fi nd me i n a per “

ce n t age i n sove r eig n s o r yo u shall n o t touch tr o wel s a w , ,

Un der thi s restrictio n o f the qu a n tity

!
hammer o r spade
o f mo n e y the annu ita n t class —the m o n ied c lass —is c o n
, .

, , ,

s t an t l i n creasi n g B r i n g a n es t ate i n to highe r u ltiva t io

y . c n

th r ough l abou r an d the landlord i s e n abled to demand

,

h igher r en t— h e i s en abled t o tak e o n e o f those palac e s

which rise like exhalations at the West -end M ake a ne w .

railway by l abou r ! an d f orthwi th the shar e holders occupy

those mag n ifice n t ter r aces whic h exten d f o r miles abo u t
! e n sington o r those villas wh ich e n ci rcle th e l a r ge towns .

N e w s w arms ru sh down t he R hine cl imb the Alps o r , ,

in fest the streets o f P aris a n d o f R ome I n t h e mean .

t ime , a r e reported as red u ce d to the l ast stage o f

destitu tio n in E ast L ondon !
N o r are we come to the worst .

The sovereig n I reiterate bei n g o u r only mo ney th is law

, , ,

By w ea lth is m e a nt wellt lz t he S axon w ord f o r w e ll b e ing —good

,
-

c loth e s , d e c e nt : roomy c ottag e s va rious a n d nutritio us food w ith a

, ,

s u tfi me n c
y o f l e i sur e an d books a n d pi c tur e s W hy n o t .
 10

of 1 8 44
enac ts that the i mmense annu al production of real
wealth —houses food and cloth ing for an increasi n g po pu
! —
, , ,

lati on this production aide d by the wonderful mechanical

powers o f the present day and compu ted by L o r d O ve r sto n e ,

at added year by year to our n ation al capi t al

—shall be measure d a gainst a qu a n tu m o f gold estimate d by
,

P rofessor Jevons at o n ly with the ann ual addi

tion o f some of n e w coi n ed s o ve re ig n s x i -

L A B O U R T H E S O U RC E O F A LL W E A LT H —I re fer to this
, .

fi rs t pri nci ple laid down in the title page and illustrated by ,

t h e G UERNSE Y M A R ! E T L abou r the source o f all we a lth

.
, ,

shoul d be the so u r ce o f al l money, a n d n o t gold w hich , ,

t hough endowed wi th th e fu n ction s a n d privileges of mo n ey ,

i s ye t a c ommodity w hich may whenever Rothschild sees ,

h i s way to a p r ofit he e x po r t e d jl : leavi n g u s gaspi n g fro m

,

loss o f the li fe blood o f t r ade , — o f the o n ly thing i n

“
,

wh ich by P eel s c r uel la w we c a n pay o u r deb ts a n d taxes

’
.

Apply the G UERN S EY M A R ! E T PR I N C I PLE to a r ai l w ay ! .

The u rgent wan t o f a railway i s felt i n a certain d ist r i c t .

Appl i c ation is m ade to a c erta i n G ove r nme n t depa rt m e nt ,

w ho o n assuri n g them selves o f the feasibili ty o f the re pre

scu tation f ur n ish E xchequer notes —wi t ho u t i n t e re s t —a n d
,

wi th these they pay the enginee r s the rai lma k e rs t he e x c a , ,

v at e rs an d this wi thou t the intervention o f the mon e y m a n

,

o r shareholder who w ill fin d his occupation go n e “ !

—
, .

L B O U R E ! E RT ED O N
A M AT E R I A L Th e r e i s n o wan t o f
labou r i n the cou n try and as t o ra w materi a l t h e e a r th
, , ,

Iti s c ompute d th a t a popul a tion equ a l to th a t o f Le ic e s t e rs lt ire is

, ,

a dd e d to our numbe rs e v e ry y e a r .

1 I n 1 8 6 7 not a sin le sov e r e ign wa s c oin e d

’
.

T h a t e xporta tion e ad s to Pa ni c .

e ta llic mon e y h o we v e r b e ing wr ong in prin c ipl e w or ks w e ll f or

nobod y T he ri c h ha v e la rge d e posits in t he banks —s o th e y think but

, ,

. ,

i f th e y h a pp e n to go f or th e ir d e posits in too gr e a t n umbe rs a n d th e y

—t he bre a k t he
,

do t his wh e n c r edit i s sh a ky c red i t s u p ic i o n a s le o s

b a nk— t he c on ta gion sprea d s—th e r e a re runs o n a l t he ba n s who in

,

, ,

th e ir turn run on t he Ba nk o f E ngl nd w hi c h in it s turn bre aks a s

,
a , , , ,

i n 1 8 47 1 8 57 a n d 18 66 a n d lo ! Pa ni c !
, , ,
R i c h e s do v e rily ta k e wings
a n d ti v a wa y l
Ye s ! a n d to t he Th a m e s E mba nkm e nt T hi s gra nd work co n
v e rte d stinking m ud fla ts into a noble qu ay—t he most va lua ble la nd i n
.

t h e w orld —but inste a d o f a mon e y p a p e r issu e d on this v a lua bl e l nd a ,

th e y oppre sse d t he hous e hold e rs o f London by gri e vous a n d i n s u ppo rt

a bl e r at e s .
 11

i tsel f is composed of ra w m ate r ial — squ are m iles of brick

clay mou ntain s o f lime an d slate timber covering deg r ees
, ,

O f lati tude iro n lead marble coal

, ,
These h ave o nly to b e
, ,
.

w orked u p by labour and hou ses food a n d clothing might

, , ,

be supplied i n abu n dance B u t to bring l abou r an d raw .

m aterial i n to healthy rel a tions a third requi si te i s wanti n g

M O NEY The bullio n ist says For money yo u m ust go to
.
,
“

the a n ti podes a n d dig a certain metal W e say “

M A! E .
!
,
! ’
M O NEY, follo w i n g the advice con tained i n Bishop B erkeley s
query Whether the stam p an d sig n ature an d au thority o f
“
,

the S tate with i ts obl igation to recog n ise i ts o wn i ssu e does

, ,

n o t give paper the S ig n ifica n ce o f gold ? M ake m o n ey of !

"
paper i ssu ed u nder the san ctio n o f Pa r liame n t With th is 6
.

paper mo n ey w h a t great works migh t be u n dertaken ! H ow

might E n gla n d be culti vated u p to high wate r ma r k M ore—
c ambe B ay an d the W ash a n d al l estua r ies be embanke d

a n d cu ltivated ! H o w migh t the soil n e w c a r ried do w n i n to ,

river v alle y s by the rain s o f a thou sa n d ye a r s fro m h ill sides

a n d slopes be retu rned spreadi n g fertility ove r e xh au ste d
, ,

distric ts —ho w migh t the sewerage of tow n s be carried to

t h e cou n try roun d ? As i t is no g r eat work i mplying , ,

heavy first outlay dare even be co n templated

, .

The Ba r king C reek works are stopped i n m id -career

they a r e obliged to pollute the Thames a t E r it h with the
s ewer age o f L o n don which w ith the brick co n du it pipe s
, ,

c ompleted wo ul d have made the wilde rn ess o f M a pli n sands

,

smile l ike the rose W hole cou nties might b e brought i n to

.

h igh er cultivatio n wh ilst tho usands o f a c res n ear th e la r ge

,

t own s m igh t be covered with glass 1 c re a t i n g a n a r tifi c ia l

’
’

climate f o r the fru i t a n d ea r ly vegetables n o w so dea r A .

great want i n to wn s mi g ht be supplied n amely s u b w ay s j: for , ,

s ewers a n d gas a n d water pipes

, N o n e o f these great and
-
.

u se fu l work s c an be e ff e cted f o r we h ave fi r st to satisfy the

,

m o n ied man that h e will sec ure his four o r five pounds every

A s Pa rli a m e nt onsists o f moni e d m e n an d l a nd e d m a gn a te s i t w ill

c ,

b e v a in t o look f o r its c onse nt till t he furth e r a ggra v atio n O f mis e ry an d

‘

w ant O f e mploym e nt driv e t he p e opl e to d e sp e ra tion an d e v e n th e n i s , ,

th e r e int e llige n c e e nough to tak e up t he qu e stion ? N O t he pi c k O f o u r

popul atio n a re e m i gra t i n
t W h a t is gla ss but so d a a n d s a nd vi trifi e d by h e a t

T h u ltim a t e s a ving O f s u c h sub w a ys w ould b e i mm e ns e but no

I e ,

Pe e l s Bi ll stops t he w ay— no m on e y !
’
 12

year for every hun dred advanced o f the need f ul —n ee df u l “

in deed u nder the i n sa n e theory o f gold

,
.

B ut if interest o f money is abolished w hat would you do ,

wi th a n n u ita n ts ? I have n o cal l to look at the i n terests o f

a n y c l a ss bu ilt o n a n i nj u s t i c e a n d a robbery If gold
m o n e y i s wro n g i n pri n ci ple —i f I N T ERES T i s a fraud th e
.
'

a n n ui ta n ts m u st be provided for i n some o t her way M r . .

L o we s i dea migh t b e carrie d o u t All above a certai n age

’
.

migh t be protected by a N at ional M u tu al L ife I nsurance ,

bu t thi s i s n o t an i n qu iry I am boun d t o prosec ute — i f

i nte r est o f mo n ey i s wro n g a n nihilate i t , .

Th e M I DDLE C L A S S i e the mon ied class i s a frai d o f thi s

, . .
, ,

qu es tio n They cry th r ou gh the ir press that capital a n d

.

l abour a r e fr ie n ds Tru e C A PI TA L i e labour i n ess e is the

.
, . .
,

fr iend a n d t r u e assista n t o f labou r i n p o s s e bu t not M O NE Y , .

The m id dle class have the P arliamen t i n their keep i n g al l

the m embe r s a r e lande d o r monied m e n They extend e d .

the su ff rage u n de r the pre tence that the doors o f the con
s t i t u t io n might be opened to the worki n g men Bu t .

w hat do we see ? I n v ain ha s M r O dge r been elec te d a s .

t h eir represe n tative m a n a n d been pu t u p for S ou thwark ,

an d Bris t ol t he middle class set u p o n e o f their body an d ,

the n c r y o u t — D o u t divide the L ib e ral i n terest

“ ’
In a .
!

body o f 6 00 they w o n t permi t the admi ssion o f o n e

’

the best possible pu blic instru ctor —

.

The p r es s ,
“
the
press h e a ded by the T i mes the orga n O f th e mo n ied p o wer
an d tailed by the P enny Pr ess —i s the property o f
, ,

capi ,

t ali s t s an d re flec ts their in terests an d i deas b u t i t i s a

, ,

d elusion t o su ppose t hat i t i s th e mouthpiece o f labou r an d

labourers E ven th e B e e H i ve i s devot e d o n ly to t h e
i nterests of the Trades Union s—monopolists i n thei r way
.

—an d M r Bra dla u g h s N a t io n a lRef o rm e r i s a m isn o mer f o r

.
’
,

i t c o nfin e s i ts speculations chie fly to qu e sti o ns o f m e t a phy

s i c a l theol o gy a n d h as treated thi s monetary question i n a
,

spiri t savou ri n g o f contempt .

’
The wo n der i s that the m iddle cl ass w i th large fam ilies
,

cannot see th a t t he battle o f labour i s th e ir battl e ! for it i s

i m possi b le t hat they c an leav e their ch il dren e n o u gh t o kee p
th em from be i n g depen den t o n labou r L e t t hese the most .
,

harassed class i n the n atio n , o n ce see the qu estio n s o f REN T

T he w ri t e r o f this is o f t he m iddl e c l ass , an d has a l a rg e fa mily .

 13

an d IN T ERE ST i n the proper light an d th eir i n tellige n ce a n d

,

ene r gy would furn ish l eaders to a movemen t and an agitati o n

u nparalleled i n this cou n try .

This i n crease i n the v alue o f l an d o r space cou pled wi th ,

th is increase i n the value o f M O NE Y is the cause o f the n u ,

easiness a n d disconten t prevail ing among the n atio n s o f

E urope E ven i n America a la n ded an d mo n ied arist o cracy
.

i s raising its head .

Th e rich however bate n o t o n e j ot o n their claims

, ,
.

T heir ren ts a n d their i nterest mu s t be pai d to the d ay ,

a n d i n s o v e re i g n s
l ’s
.

The French revol u tion has taugh t the m no thi n g n or ,

h a s it ta u ght u s ! we h ave drawn no lesso n fr om th at por

“

t e n t o u s eve n t—fr om i ts absurd misma n agemen t o f the g r eat

q uestio n s o f L and an d M o n ey The n o ble s s e c ame back

.

to claim the fee simple o f the land a n d the a s sig u a t s thre w ,

d isc r edit O n paper money si mp ly becau se the D i r ectory

re fu sed to recognise its o wn issue as legal ten der for
taxes .

B u t will o u com ing revol ution bear a n y bett e r fr u it ?

r

I t i s to be fea r e d tha t t he people ca n n ot b e taught i n

1

t i me . The d elusion i n f avour o f gold ? i s too d e eply i m

p lanted to be dissip ated i n time an d Thomas C arlyle only ,

e mbodies the g e n e r al feel ing that co n vulsio n i s immi ne n t

!
by his exp r essive phrase We are shooti n g N iagara ,

W e a r e o n the bri n k O f an abyss o f roa r ing tu mult whirl ,

pools o f popu lar fury o f tumu lt con f u sio n an d tu rbu le n ce

, , ,
.

T he M a rquis O f B e l gr av e , t h e n e w sp ap e rs t e ll us , is , o n t he e xpiry
o f t he W e st -e n d l e as e s, t o c om e into t he posse ssion o f 1 0, 000l a d ay. .

H e m ay e xa c t this t o t h e day f rom his t e na nts i n sove r e i gns , o f t h e f ull

w e ight an d fin e n e ss , an d i f it so pl e a se d hi m h e might bury th e s e sov e
r e igns i n v a ults , a s do e s t he E mp e ror o f M oro cc o .

f D e ba sing t h e c oi n is a fa vourit e Obj e c t o f d e n un c i a tion w ith h isto

ri ans a n d e d i tors Pra y w h a t did M r G l adston e do wh e n he l e ss e n e d
. .

t he si z e o f t he p e nny ? D e an S w i f t, t o o , p a nd e r e d t o popula r pr e j udi c e

wh e n i n D ra pi e r s Le tte rs h e d e nou n ce d W ood s c opp e r c oin a g e
’ ’
.
 14

A PPE N D I ! .

US URY .

U SURY brou gh t down the R oman E m pi re Turkey ! an d ,

w hich i s a b y word f o r bad go v er n ment i s r e a lly the v i c t i m

-
,

o f a ha d mo n ey system As Turkey i s a forcible e xa m pl e

.

o f the evils o f u sury I give an extrac t from M r R A

, . . .

Arn old s rece n t work in the L eva n t wbe re t he C hri s t ia n

’

'
,

A r me n i a n i s t he c haej t rafi c ke r i n m o n ey the g r eat money

’

len der i n fact the u su r er ! f o r t h e M ahome t an s a re by law

, , ,

c ustom an d religion deb arred from e xerc isi n g a p r o f ession

,

a n athematise d by thei r cree d a n d d iscredi table i n the e yes

of socie ty The Armenian scale writes M r Arnold
.
,
!
.
,

v aries from 2 4 to 6 0 per cent sometimes by e xpress c o n .

,

tract some times as a di sgu ised loan f requen tly by c ompou n d

, ,

i n te rest All cl a sse s are v ictim s bu t the chie f s u fle re rs a r e

!
.
,

n aturally t h e poor and more especially the peasa n t s N O

, .

Turkish n o Arab landlord w o ul d e ver dream o f selling o u t

,

o r ev ic t i n g a tena n t ( hear t his Oh I rish landlords ) bu t o u r , ,

“
E as tern C hristian u su rer will and when as is frequen t ly ,

the case t he u surer can gai n to his help the s t ro ng arm o f

,

G overnment evicti o n with all its resu lts of mi sery c rime

, , ,

and v iolence (for Wh iteboys are n o t peculiar t o I re land ) i s ,

carried o u t over wi de t r acts E n tire villages hav e bee n .

thu s u nroofed an d cu lti v ated lands le f t to pasture o r to

,

dow n right de sol a tion The E u rope an t raveller -pri m ed

.
,
’
wi th staple ide a s abou t Tu r kish oppressio n s t he S ul t a n s
horse hoo fs barba rian rule and the l ike —
,

,
s ecs the ru in a long
, ,

the wayside a n d n otes for subs eque n t pu blica t ion hi s

, , ,

o bs ervation s o n the de c adence o f the Turkish E mpire and ,

th e fatal results o f O ttoman o r M —

ahome t n rule o bserva
a

tions whi c h his G reek dragoman will sedulou s ly confirm !

and t hese will perhaps be repeated and b e l iev e d in P arlia
, ,

ment Bu t, cou ld he k now th e real , the active c au se o f al l

.

thi s de s olation h is vi sion ary P as ha tyra n t would f a de a way

, ,

an d would trans f orm himself in t o n o other than some wea lthy

 15

mo n ey le n der the u su rer whose cen t per c e n t has take n

,
. . .

away the u ppe r garme n t an d the very m illsto n e not for ,

!
pledge bu t sale , .

S u ch a re the evils o f u nrestrai n ed u sury i n a fore ign

co u n try ! bu t let u s look at h o me a n d w e shall see that , ,

o wi n g to S ir R obert P eel s a boliti o n o f the u su r y l a ws ’

,

(which laws made this cruel exactio n pe n al

) the mo n ey le n der -

he r e i n this civ ili z ed moral C h r i stian cou n t ry may levy

, ,
"
black mail o n t r ade o n ind ust r y a n d walk i n the mids t o f
, ,

us u n p u n ished an d unabashed .

T HE F O OLI S H TA S T E S O F T H E A RI S T O C RA C Y .

C O ST L Y C HI N A — E x t r3 0 1 din ary prices u n precede n te d

.
'

even w hen the rage for o ld c hi n a was at its w ilde s t “ !

,

we r e real ised at a sale th e other day o f t w o choice col

l ectio n s of old S é vre s ch ina— the fi r st belo n gi n g to the lat e
M ar c hi o n ess o f L o n don d e rry a n d the seco n d to M r R uc ker , .
,

a gen tlema n well k n o w n for his taste as a con n oi sseu r .

S o me o f the p r ices a r e wo r th qu oti n g A matchless .

“

ovi for m vase a n d cover brought 8 6 0 gu ineas the E a r l ,

.

o f D udl e y bei n g the pu r chase r H is l o r dshi p also gav e .

2 7 5 gu i n eas f o r a cu p a n d saucer 9 00 gu ineas for a

“ ! “
,

fine la r ge vase a n d cover 8 6 0 gu ineas for a m atc hless ,

! “

!
clock , an d 206 gui n eas f o r “
a teapot and basi n A .
!

mag n ifi c e n t c abinet the finest specimen o f o ld black buhl

,

fur n itur e k n o w n was k n ocke d do wn at 3 8 00 gu ineas

,
.

TO
E D ITO R O F T H E B EE HI V E
T HE .

S m —I h ave o f te n called t he atte n tio n o f the readers o f

,

th e B e elz z ve to the fac t that the rich a r e bec o mi n g too rich

’

an d the poor t o o poor i n this country a n d that this de plo r ,

able sta t e o f thi n gs i s cau sed by the operatio n o f re n t

always i n creasin g an d i n terest o f mo n ey o r u sury, also
, ,

i n c r e a si n g Abo ve i s an i n stan c e o f th e rid ic ulou s w a y

.

i n w hi c h o u r landed aristocra c y fool a w ay thei r mo n ey .

D id it ever strike thi s L o r d D udley that h i s money is th e

resu l t o f labou r the hard i ll -paid labour o f the men i n the
, ,

i ron district o f which he is the pro prietor (I sho ul d say

ho lde r) S uppose th is mo n ey, i n stead o f being thrown
.

away o n ar t icl e s o f vertu had been expe n ded i n improv ,

i n g the cottages o f the m e n whose labou r is the sou r ce a n d .

 spri n g o f his enormou s i ncome or su ppose this territorial ,

lord had pu t h is estates u n der ga rde n c ul t ivation wou ld h e ,

n o t have increase d the happi n ess o f all aro un d h im an d ,

wo uld he n o t have i n creased his o w n happi n ess ? These

rich seem to th i n k that their weal t h i s r a ined fr om he ave n ,

a n d that they are respo n si ble neith e r to their vassals n o r to

t he n ati o n at large f o r the proper and j ud icio u s e xpe n di tu re

o f their incomes
-
I t will be my b u sin e ss a n d that o f other
.
,

o f you r cor r espo n de n ts to sho w the m the folly and w i c ked

,

n ess o f their reckless a n d i nsa n e expe n d itur e O n e word .

There was su ch an even t as the French Revol ution and tha t ,

r evolution was caused by the pu rchase o f a diamond neck

la ce by M ari e A n toinette !
JA M E S H A R V E Y ,

C hatham P la c e L iverpool 2 2 n d April 1 8 6 9

, , , .

C H A RA C T E RIS T I C AN E C D O T E OF BA RO N
R O TH S C HILD .

The fo llowing anecdote was inte n ded to show Baron

!
R o thsch ild s benevole nce ! i t o n ly i n di c ates e n orm o u s
’
“

u su r y—somebody was robbed O n e o f yo u r con tri

b u tors i n a recen t ar ticle men t ion s an anecdote i n whi c h
the B aro n James de Ro thschild i s rep r esented as h a v ing
sat f o r a beggar before S c he fi b r the painter This ane c d o t e , .

is perfectly true but i t i s no t compl e t e

, H e re are the .

p articul ars — While the banker co ve r ed with rags an d ,

t atters was p u tting himsel f into p o si ti o n be fore the artist

, ,

I e n te r ed the studio Feel ing touched w ith the m iserable

.

’
appearance o f my friend s model I approached h i m and , ,

placed a louis i n hi s hand wh ich he a t o nce pu t i n to his ,

pocket Te n years later I rece i ve d o n e m o r n ing a le t te r

.
,

c o n tai n i n g a c hequ e f o r fr a n cs wi th the f ollowing

words : — S ir — O ne day you gave a lou is to m e i n the
,
‘
,

s t u dio o f Ary S che ff er I hav e made go o d u se o f i t a n d

.
,

h e r ewi th send you the little c apital wi t h i n ter e st A g o od , .

ac tion is n ev e r lost Your g r ate fu l serva n t Baron Ja m es

.
,
’
d o Ro thsch ild I immedi ately wen t t o Ro t hschild s bank
.
’
,

where I fou nd the b aron who showed me ho w the loui s had ,

!
been made to reac h the great sum o f francs .

r m x rm) Br a us rm 1 7,
’
'
Jo n x s o x s c o u nr , F LE E T ar e s ar , x
' '
co
'
.
,
University oi Toronto
library

DO N O T

RE M O VE

C A RD

F RO M

T HIS

PO C ! E T

Ac m e L i b rary C a rd Po c k e t
LO WE -M ART IN CO . LI M I T ED