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191 wrong is this—that a man having credit cannot use it, but must exchange it and pay a monopoly price, which is really for the privilege of using his own credit!

And again, he cannot pay this himself, but must compel the poor man to work out this tax; the latter must pay this interest in the enhanced price of goods. I wonder if the people will always be thus blind and stupid! So long as business men, as such, and laborers shall continue to permit the few shrewd moneyed men to monopolize commercial credit—that is, money—just so long will it be hard times for business and labor. What we want now is the organization of credit on a just and equal plan. William B. Greene solved this whole matter and summed it up in two words: "." That is what we want.

APEX OR BASIS.

"" says that it is a barbarism to pay interest on money. That is another way of saying that a state of society in which wealth is not universalized is barbarous, since, in our present stage of evolution, those who have no capital of their own will be glad to borrow from those who have, and to pay interest for the use of the capital.

For it is really capital that is borrowed, and not money, the latter being only the means for obtaining the former, as money would be worthless if it could not be exchanged for the capital needed. We see already that, as the loanable capital of a country increases, the rate of interest diminishes, and when the accumulated wealth of the world becomes large enough no one will pay interest.

But to denounce the payment of interest to-day, and (if it could be done) to forbid the man of ability, but lacking means, borrowing the capital he needs, or, in other words, using his credit, would not tend to universalize wealth and so destroy usury; but, on the other hand, it would discourage the production and accumulation of capital, since one of the principal incentives to that production is the use of capital to increase production and add to one's wealth. It is obvious that, unless the use of capital added to the productiveness of labor, no one would wish to borrow, and no usury could be had. It should not be forgotten, in considering this question, that, in the last analysis, reducing things to their simplest, individualized form, the possessor of capital has acquired it by a willingness to work harder than his fellows and to sacrifice his love of spending all he produces that he may have the aid of capital to increase his power of production. For example, two men work side by side; one consumes all he produces, the other saves part of his product. In time the latter has saved enough to enable him to build or buy a tool by the aid of which he accomplishes four times as much work as before, and is able to go on adding to his accumulation. The one who has not saved, seeing the advantage of the use of capital, naturally desires to obtain the same benefit for himself; but, not liking to save and wait until he can create capital, he proposes to borrow a portion of the capital of