FREE BOOKS

Author's List




PREV.   NEXT  
|<   117   118   119   120   121   122   123   124   125   126   127   128   129   130   131   132   133   134   135   136   137   138   139   140   141  
142   143   144   145   146   147   148   149   150   151   152   153   154   155   156   157   158   159   160   161   162   163   164   165   166   >>   >|  
bers of people, enriching the owners of the banks and virtually giving them a life and death power over the worker, the farmer and the floundering, struggling small business man alike. The laws were but slightly altered. "The great profits of the banks," reported a New York Senate Committee on banks and insurance in 1834, "arise from their issues. It is this privilege which enables them, in fact, to coin money, to substitute their evidences of debt for a metallic currency and to loan more than their actual capitals. A bank of $100,000 capital is permitted to loan $250,000; and thus receive an interest on twice and a half the amount actually invested."[123] THE WORKINGMEN'S PARTY PROTEST. It cannot be said that all of the workingmen were apathetic, or that some did not see through the fraud of the system. They had good reason for the deepest indignation and exasperation. The terrible injustices piled upon them from every quarter--the low wages that they were forced to accept, often in depreciated or worthless banknotes, the continually increasing exactions of the landlords, the high prices squeezed out of them by monopolies, the arbitrary discriminations of law--these were not without their effect. The Workingmen's Party, formed in 1829 in New York City, was the first and most ominous of these proletarian uprisings. Its resolutions read like a proletarian Declaration of Independence, and would unquestionably have resulted in the most momentous agitation, had it not been that it was smothered by its leaders, and also because the slavery issue long obscured purely economic questions. "Resolved," ran its resolutions adopted at Military Hall, Oct. 19, 1829, in the opinion of this meeting, that the first appropriation of the soil of the State to private and exclusive possession was eminently and barbarously unjust. That it was substantially feudal in its character, inasmuch as those who received enormous and unequal possessions were _lords_ and those who received little or nothing were _vassals_. That hereditary transmission of wealth on the one hand and poverty on the other, has brought down to the present generation all the evils of the feudal system, and that, in our opinion, is the prime source of all our calamities. After declaring that the Workingmen's Party would oppose all exclusive privileges, monopolies and exemptions, the resolutions proceeded: We consid
PREV.   NEXT  
|<   117   118   119   120   121   122   123   124   125   126   127   128   129   130   131   132   133   134   135   136   137   138   139   140   141  
142   143   144   145   146   147   148   149   150   151   152   153   154   155   156   157   158   159   160   161   162   163   164   165   166   >>   >|  



Top keywords:
resolutions
 

system

 

exclusive

 

opinion

 

feudal

 
Workingmen
 
monopolies
 

received

 
proletarian
 

leaders


obscured

 

purely

 
economic
 

slavery

 
smothered
 

unquestionably

 
formed
 
ominous
 

effect

 

arbitrary


discriminations

 

uprisings

 

resulted

 

momentous

 

questions

 

Independence

 

Declaration

 

agitation

 

possession

 

brought


present

 
poverty
 

hereditary

 

transmission

 

wealth

 
generation
 

exemptions

 
privileges
 

proceeded

 
consid

oppose
 

declaring

 
source
 
calamities
 

vassals

 

meeting

 
appropriation
 

adopted

 
Military
 

private