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to ensure abatement; while idleness, more hurtful, and yet remedial by
legislation, for ages has been overlooked.
The Remedy is a Wider Consumption.
The real want is a wider range of consumption among the whole people everywhere,
so as to open large markets, by the most active interchange of their diversified
labor. Great broad channels of consumption are needed, in which to pour
exhaustless streams of production, until all the people are supplied with
the necessities and comforts of life.
Millions fully employed increase largely their purchasing ability, and
by their moderate consumption are created wider and more stable markets
than are furnished by the most wasteful extravagance of the few rich.
Assume our 45,000,000 of population are comprised in nine million families,
whose weekly earning are each increased ten dollars. Here is annually
4,680,000,000 of dollars of increased power to purchase the enlarged products
of industry!
If man will continue to improve labor-saving machinery, he must find a
way to dispose of its increased production, by larger general consumption,
or else stagnation and distress will be more and more frequent.
How to Create a Wider Consumption.
By simply allowing labor the unrestricted use of money to accomplish its
exchanges, a universal stimulus will be infused, both to create and to
market the product of man's energies. This free supply will cheapen interest,
and low interest, by adding to the profits of producers, will lessen that
of capital, thereby encouraging the activity of production.
This needed encouragement will cause more acres to be tilled, more metals
mined and fashioned, more good manufactured -- in short, will absorb mans
wasted faculties in producing wealth and prosperity. Millions of idle
people will then be able to earn the means to purchase the products, both
of machinery and human labor, and generally to supply the increasing necessities
of civilization.
The vast stimulus to increased production from the earth, some may call
inflation; but an inflation which fosters industry, and creates universal
happiness and comfort, by utilizing more largely the crude wealth of the
earth, is just the kind of inflation the country requires.
Money has been compared to a bridge, built and maintained
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