Looking Backward

Book Excerpt: ...the ancient methods of industry made this possible would delay us too much. I shall only stop now to say that interest on investments was a species of tax in perpetuity upon the product of those engaged in industry which a person possessing or inheriting money was able to levy. It must not be supposed that an arrangement which seems so unnatural and preposterous according to modern notions was never criticized by your ancestors. It had been the effort of lawgivers and prophets from the earliest ages to abolish interest, or at least to limit it to the smallest possible rate. All these efforts had, however, failed, as they necessarily must so long as the ancient social organizations prevailed. At the time of which I write, the latter part of the nineteenth century, governments had generally given up trying to regulate the subject at all. By way of attempting to give the reader some general impression of the way people lived together in those days, and especially of the relations of the rich and poor to one...