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5418474_3_1_1073.xml
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5418474_3_1_1073.xml
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<?xml version="1.0" encoding="UTF-8"?>
<?oxygen RNGSchema="../schema/flps0.2.rnc" type="compact"?>
<TEI xmlns="http://www.tei-c.org/ns/1.0">
<teiHeader>
<fileDesc>
<titleStmt>
<title>
<bibl><title>Illinois Staats-Zeitung</title>,
<date when="1879-01-16">Jan. 16, 1879</date>.
<title level="a">Drones</title><title level="a" type="sub">(Editorial)</title></bibl>
</title>
</titleStmt>
<publicationStmt>
<publisher>The Newberry Library</publisher>
<pubPlace>Chicago, Illinois</pubPlace>
<address>
<addrLine>60 West Walton</addrLine>
<addrLine>Chicago, IL 60610</addrLine>
<addrLine>USA</addrLine>
<addrLine>http://www.newberry.org</addrLine>
</address>
<idno>5418474_3_1_1073</idno>
</publicationStmt>
<notesStmt>
<note>Transcribed from digital images contributed to the Internet
Archive by the University of Illinois at Urbana-Champaign.</note>
</notesStmt>
<sourceDesc>
<bibl><title>Chicago Foreign Language Press Survey</title>, <date>1936-1941</date>,
<sponsor>Works Projects Administration</sponsor>,
<sponsor>Chicago Public Library Omnibus Project</sponsor></bibl>
<bibl>
<title>Chicago Foreign Language Press Survey [microform]</title>
<sponsor>University of Illinois Urbana-Champaign</sponsor>
<sponsor>Internet Archive</sponsor>
</bibl>
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<catRef target="#grp-german"/>
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<revisionDesc>
<change when="2009-10-02">Automated conversion to expanded header.</change>
<change when="2009-09-19">Initial TEI transcription from PanGeo Partners, Inc.</change>
</revisionDesc>
</teiHeader>
<text>
<front>
<pb facs="5418474_3_1_1073.jpg" n="1"/>
<div type="group">
<list>
<item>GERMAN</item>
</list>
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<div type="codes">
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<item>I E</item>
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<div type="citation">
<bibl><title>Illinois Staats-Zeitung</title>,
<date when="1879-01-16">Jan. 16, 1879</date>.
<title level="a">DRONES</title><title level="a" type="sub">(Editorial)</title></bibl>
</div>
</front>
<body>
<p>What we have said....regarding the hoarded money of the wealthy people who invest their funds in four per cent securities instead of in commercial enterprises, has also found acceptance in the Inter-Ocean: "It is gratifying that the Government can sell ten million dollar's worth of four-per-cent bonds every few days. We are glad that Uncle Sam enjoys such good credit. However, we regret that the capitalists take such little interest in the rebuilding of our nation's economic welfare or in the rejuvenation of its trade....Unfortunately, the wealthiest people are the drones of society....They sit calmly in their castles--cutting coupons".....</p>
<p>This sounds as if it were Socialist propaganda, but it is true, every word of it! Instead of having developed into a blessing for the persons of average, moderate income, our national debt which has now been converted into four per cent bonds, has become a detriment to the working class and a curse to the <pb facs="5418474_3_1_1074.jpg" n="2"/>nation. It produces a class of lazy, retired gentlemen whose sole vocation consists of various games of cards, pleasure strolls, and coupon clipping; these gentlemen are the kind of capitalists who arouse the ire and righteous indignation of the unemployed and working classes of Europe. In this manner the consolidation of our national debt becomes a potent danger to our social order.</p>
<p>Whereas it used to be thought that capital was a result of labor, and that capital, in turn, produced further valuable activity, one finds now that the sinking of hundreds of millions of dollars into a nonproductive investment [Government bonds] creates that mighty barrier which in Europe separates business and trade activity from the indolent rich who aid none, create nothing, and live only for their own enjoyment.</p>
<p>Obviously, then, we also, in this country, have the Same kind of dronish capitalism which is fought by the socialists in Europe. In our still young western communities, this form of capitalism seemed not to have developed very far, since the capitalist appeared to be merely a successful worker.</p>
<pb facs="5418474_3_1_1075.jpg" n="3"/>
<p>Even in France the conversion of five per cent interest-bearing Government bonds into a four and one-half per cent issue was given up, but in the United States such a change proved feasible.</p>
<p>Developments may even show that social misery will follow our Government's splendid present financial achievement, because this achievement contained the germ of catastrophe and peril which future generations must combat.</p>
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