294.Hoarding Capital Is Ungodly

On page 376 of his book on The Unity of Law, Henry Carey says that American capital is the instrument by help of which the work is done. So, after the Declaration of Independence was signed, the 'one People' went to work with the real capital that Americans had.  However, when more capital was needed,  new capital was authorized and made by the U.S. government. As America was growing, more and more capital had to be made by government. To destroy slavery and build the West, President Lincoln made more capital.  It was called the Yankee Dollar.  And socialism began to grow.

As seen, debts should never exist in America. Even if American exchanges are necessary with other nations, debts are not necessary because bartering can be used.

Somehow, American debts came into existences. I say that debts came when some Americans hoarded capital and began to make investment in the work of America labor. An example is J.P. Morgan. (click), (click) After Morgan died, he was able to continue to invest his hoarded capital through his large family. The hoarding capitalists increased in number. With this increase, the 'one People' of America lost its 'socialism' and 'togetherness.' These hoarding capitalists and the Republican party became a single political force in the USA..