"No, I have been here several times and every time I come I get some new light which applies to our own country. These ruins teach a wonderful lesson. It does seem, as Norrena claims, that human progress always leads up through similar channels of development. Here we are in what was once a city, every feature of which indicates very clearly the existence of the same conditions which now prevail in the great cities of the outer world. It had its day and passed away because it had served its purpose, and so must all great centers of pride and fashion in which a few absorb the wealth created by the people and expend it for their own pleasure without regard for others."
We now entered a locality where all the buildings, pavements, etc., had been kept in a state of repair that had in a great measure withstood the ravages of time. Everywhere else the island had been left without care and was a mass of ruins which were largely concealed from view by a deep soil, composed of accumulated dust and vegetable humus from ages of luxuriant growth. Here, however, were the Sub-treasury, Stock Exchange and a number of great banking houses, still preserved, to some extent, as the money kings had left them.
"These buildings," said Norrena, "were occupied by the taskmasters of the people. Here was the headquarters of the gold power in this country, and having a monopoly of money, it bore to the people the relation of a Universal Creditor and absorbed the ENTIRE SURPLUS created by their labor to meet its demand for interest, etc. Here was practically determined the amount allowed to producers on one hand, and the price charged to consumers on the other. This power was the unquestioned dictator in every sphere of human activity. But we will visit the vaults of the great money kings of that time, which were the actual head-center of this oppressive oligarchy of wealth."
We entered a massive building. Its heavy bronze doors and polished granite walls gave the impression, that notwithstanding its artistic finish, the chief object in its erection had been strength and durability. The thick plate glass windows could be at once protected by heavily barred steel shutters. At a moment's notice this massive structure could have been converted into a fortress that would enable a small number to hold it against a multitude.
The front room was perfectly equipped as a bank, but with a strange, and seemingly reckless display of gold coins, giving one the impression that a time had come when the owners were utterly indifferent as to what became of their accumulated hoard. Large safes were standing open literally crammed with stacks of glittering coins. Tables and shelves were crowded with the yellow metal, which the custodian informed us, was kept just as it had been left, as a relic of the ages of mental darkness, when the wealth producing millions foolishly believed that they were dependent upon this golden hoard for the privilege of converting their labor into the means of subsistence.
From the public office of the bank we descended a flight of marble steps into the basement which we found brilliantly lighted by electricity. Huge steel vaults were standing open, piles of gold bricks rested upon the floors and packages of gold coins met our sight in every direction.
"You see," said Norrena, "how the gold flowed in upon the creditors when the people were making their exchanges without its use. Among the people, it was only used to pay debts, and as the money kings owned, to such a large extent, the indebtedness, the gold supply of the country flowed in upon them until it was difficult to find storage for it. Additional vaults were built and these were soon filled. At first they sought to turn this glut of gold to profit by making improvements which gave employment to labor. Great trunk lines of railroad were built and the government borrowed vast sums which were expended on country roads, waterways, harbors and so forth. But the people, now fully established in business for themselves, continued, by their system of paying dividends to consumption, to increase the price of labor and its products. When these millions were paid out as wages and entered into circulation they speedily found their way into the people's banks and were returned to these vaults to pay debts. All this time the price of labor and its products was increasing, and the purchasing power of gold was decreasing, until in time all the debts were paid and the people ceased to exchange their products for money altogether. The purchasing power of gold was gone, and the money kings, who held on to the system to the last, were poor indeed. They found starvation staring them in the face. Then, they abandoned these useless hoards, went out among the people and found plenty of employment for their really valuable talents."
From the gold vaults we passed into others where bonds, mortgages, stocks etc., had been kept.
"Here," continued Norrena, "at regular intervals, clerks were locked in and kept close prisoners while they clipped coupons for their masters. You see by the labels, the kind of securities which each compartment contained. These vaults held a legal lien upon the great bulk of the wealth of the country, the interest, dividends, etc., on which, if paid in cash, would require each year a sum equal to, at least, one and one-half times the entire circulating medium of the country, and the principal if converted into cash would have required ten times the entire volume of gold in the world. Here, in potency, was held a lien sufficient to take every acre of land and personal property in the country."
"That," I said, "calls to my mind a phase of the question which I would like to have you explain. How did the multitudes, especially in this city and on this coast, escape the grasp of these money-kings who also owned the real estate? The people had no land to go upon, and hence could not procure a subsistence by cultivating the soil without paying tribute in the shape of rent."