658 THE IMPENDING REVOLUTION. 



In addition to the above a careful estimate from the 

 most reliable sources, show that the mortgages resting 

 upon the homes and farms of the people represents a 

 further indebtedness of $16,000,000,000. This would 

 indicate a total interest bearing indebtedness of the people 

 of the whole country of about $22,000,000,000. There is 

 no doubt but that the private indebtedness other than that 

 included in the above figures, and secured by mortgages on 

 personal property, and not secured, will amount to half as 

 much more, which would make a total of $33,000,000,000. 

 From a careful review of the laws regulating interest, and 

 the rate payable on funded debts in different states and 

 which runs from three and one-half to ten per cent. ; and 

 from loss to producers of real wealth by discount on these 

 securities when the funding of the debt is resorted to is 

 taken into consideration; and from statements of men in 

 the West and South who have had to borrow money to 

 make improvements, and to tide over the season of poor 

 crops and pay deficiencies resulting from falling prices, 

 who very generally not only have the home and farm 

 mortgaged, and pay from 8 to 18 per cent, interest, but 

 almost always have to pay a premium ranging from 5 to 

 15 per cent, of the sum for which the mortgage is drawn. 

 With all these points taken into consideration it is safe to 

 affirm that on all these forms of indebtedness, aggregating 

 $33,000,000,000, the average rate of interest is not less 

 than 8 per cent. The interest burden of this vast sum at 

 the above rate is $2,730,000,000 per annum. As the 

 capitalist is not a producer but only accumulates wealth, 

 this entire tax, or tribute, must necessarily be paid out of 

 the products of labor. Let us now consider for a moment 

 what this vast sum means. It is the amount annually 

 transferred from the producer to the capitalist. It repre- 

 sents the value of all the wheat produced in the United 

 States in six years at one dollar per bushel. It represents 



