Mutual banking: Showing the

Abstract

A series of meetings, in search of industrial equity, started in Worcester, Massachusetts, August, 1867, disclosed a belief that the solution of the labor problem will not be found in trades monopolies, special legislation to reduce the hours or increase the wages of service, co-operation on present methods of ownership, exchange, and finance, or other expedients, by restricting competition, to remove evils which natural forces would expel if allowed a chance; but rather in opportunity and reciprocity, in the unrestricted liberty to create and equitable exchange of values which only asks government to step out of the way. In the progress of thought, service appeared to be the source of wealth, and the true basis of exchange; while interest, rent and profit or dividends seemed inadmissible, except for work done or risk incurred. The use of one's credit was found to be a natural right, antecedently independent of human law, and free money the destined mediator between labor and capital. After this faith was reaffirmed in the Boston Convention of January, 1869, we were agreeably surprised to learn that substantially the same conclusions had been reached, by a different line of argument, twenty years before, in a series of articles published in a Worcester County newspaper over the signature of "Omega." Reprinted in 1850 and 1857, these essays generously placed at our disposal by their author, we now have the pleasure of reissuing for general circulation. The truths stated in them are as fresh and practicable today as they were twenty years ago, and the public is better prepared to receive them.

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