(Captain America Comics 004, 1941)
This is one of those moments where the first examples of a thing that shows up here is not a great example of the thing. Blame the tyranny of alphabetical order, I suppose, because I know for a fact that Star-Spangled Comics will feature the Ring of Rags when I work my way down my list to it, and that is a good example.
The thing in question is of course Poor People as a Horrifying and Existential Threat, and it's going to crop up periodically. The poor end up as a creeping horde without real agency of their own who can be mobilized in service to some evil end, in this case the destabilization of the American military/ industrial complex.
The reason that this is not the best example of the type is that the people in question are probably not actually poor beggars but Nazi spies. I mean, they are absolutely Nazi spies. The probably is in regard to the fact that there's no indication that any of them are anything else. Actual poor people being portrayed as monsters will have to wait.
(bonus: the thing that gets Captain America and Bucky on this case is that they give a guy money and then he turns out not to be disabled enough for them to have done so)
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