Excerpt from The Factors of Civilization, Real and Assumed, Vol. 1: Considered in Their Relation to Vice, Misery, Happiness, Unhappiness, and Progress; The Factors Considered; Theological, Governmental, Educational, Politico-Economical

But our principal objection to Mr. George's plan is, that even if it could be put into practical operation, it would not accomplish the desired end, that is, not thoroughly and entirely. The gain indeed would be immense, but it would not be complete, nor proportionate to the magni tude of the innovation. For, granting that the four million land-owners (more or less) in the United States were willing to surrender their titles to the General Government for the benefit of themselves and the eight millions (more or less) who do not own land, what would result? This, that with an enormous augmentation of industry, there would be of money only so much as had heretofore existed. And this fact would retain the workers, the vast majority, in the very position they now occupy. That is, would keep them working for a bare subsistence while the excess production of labor would be secured by the speculators and the already rich.

For capitalists could so manipulate the money market, by means of certified checks, by indorsements, by giving credit to interior banks, as to produce an abundance of purchasing material when desired, thus raising prices of all articles, which they would take advantage of when wishing to sell. Then, when this had been accomplished, they could, by withdrawing credit, refusing accommodation, produce a stringency which would bring about lower prices preparatory to another deal at the expense of the public.

And while the actual wealth in the country would be greater with every harvest, this increase of wealth would go to those who, entering upon the experiment with plethoric purses, could keep the producer as he now is, a hewer of wood and a drawer of water.

Therefore, we insist that with the freeing of the land, the volume of currency must be increased to an extent that will bear a more or less distinct and calculable relation to the predicted augmentation of industry. And this increase of the currency, must be so placed among the people as to make it impossible for the banks or speculators, at their option, to cause fluctuations of sufficient moment to produce either a stringency or redundancy of the circulating medium.

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