New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1850-08-14
Equitable Commsrce....No. III.

Equitable Commerce".NO. III.
To me Editor Of The TSIme.
am finally back q proper point to begin the
demonstration Of wha. regard as the basis prin
eipe upon which all equity! all justice in the trans.
actions Of men with each other, all honesty must
rest, namely, that CosT IS The LIMIT OF PRICE,
At the danger Of some repetition must again
state that this principle stands broadly contracted
with another principle which is now universally
recognized throughout the civilized world, theores
cally and practically and which no one has hitherto
thought Of seriously questioning-namely, that
"ralue "a he limit Of price or in other words that
"a thing IS tcOrtk toha. q rH Jring.' 1t is upon
this last principle or maxim that all trade is now
conducted, except in tbofs instances in which the
oppressive operation Or the principle is so glazing
and repuguant TO the mora sense of mankind, that
those who carry it cat are denounced as rogues
and cheats and thus = SOL OF conventional limit
il aced upon the application Of princip pie which
is equally tie principle Of every swindlng transac'
ton and Of what is called legitimate commerce.
The discovery has not hitherto been made
that it is the principle itself which is essentially
vicious and that in liz Infinite and allpervading
variety of applications this vicious principle is The
source Of that iojuslioe, inequality Of condition,
hightlul pauper:sm and w.etchedness which char
acer Sc the existug state Of our so'caled clvilza
ton Still less has the discovery been made that
there is another simple principle OF traffic which,
once understood aud applied in practice, will e.
ACTUALLY rcctiiy al those monstrous evils aud In
troduce into human society the reign OF absolute
equity in all property relations, while it will tend
powerfully 10 harmonic the social and moral rela'
lions OF man as well
But what is the use, says some splenatic reform.
er Of discovering any more principles, II the world
can't be induced % scopt them Very good But
suppose, Sir Grumber, that eiOLg with the dscoy-
ery of this principle is also dis covered the means Of
Iorcipg It's adoption by those who oppose and de-
pounce IT, and by those who ere too thickheaded
70 understand it, as surely, though somewhat more
tsrdily than by those " 40 cordially approve IL by
An Rppeal 10 their Interests, too direct aud power
hi 10 be RI sisted All that alters the case. Well
wait while then, and will tell you all about It.
In the meanwhile let me eX plain the principle tseii
Ican't for the life Of me- say everything at once.
Wait little and will tell you also some OF the
most interesting stories Ia the world, about the
practical operation of this principle, where 1t has
positively been and is now being tried but We
must first come back e, ana understand the prln-
cipe itself
"Cosr IS THE LIMIT OF Price" the true P-nci.
pie "VALUE THR LIMIT OF PRICE, the false
pripciple What then is cost and what is r1lue.
ormance Of any act or the procurement of any OBJ
ect or thing has caused 70 the person who possess
esit Value is the beneft which a. act or an object
oonfers upon the person to whose use It aPpro'
pristed
To illustrate: Suppose | an a wheelrisht in a
small village and the only one OF my trade. You
are travelling with certain VG.uabes In your car
rage which breaks down opposite my shop. 1t
will tax an hour OF my time to mend the cRrrlaS G.
You can get no other means OF conveyance, aud the
oss to you If you fail to arrive at the neighboring
town ia season for the sailing OF certain vessel,
vii be five hundred dollars, which TACT you men,
lion to me, in good faith N order TO quicken my
sxertions | give one hour OF my work and mend
the carriage. What am / IN equity entitled to
sharee-what should be the limit Of price upon my
lAborl
Let Us apply the different measures and see
bow they VIII operate. If value is the limi. OF
price, then the price Of the hour labor should be
$500. That is the equivalent OF the value OF the
labor 70 you II cost is the limit OF price then you
should pay me a su Mo matter what, at present,
say 25 oents--which should be an equivalent of the
hours labor to noe. without the slightest reference
being had to the degree Of benefit winch that iaoof
/ has bestowed on you.
This Illustration is good only for the purpose Of
showing in general way what is meant by labor
and what is meant By cost, and must be taken Tor
1 nOhing more than that We will come by and by
70 the more exact Measurement Of cost and to the
| ature and Measurement OF equivalents.
Assuming the Is cents 10 be ~ equivalent for
~ hours labor Of IN artisan IN that parucular
etde, then according TO the Cost Principle |
thoad be justified ia asking oly 25 cents, bat ac-
oUdiDg TO the {" Value Principle should be justi.
led in asking $500.
Tie Value Principle is, Is ! have said, the
only recpgai-ed pIiaciple Of trade, throughout ths
world. "A thing is worth whst IL viii brlng in the
market" Still II were 70 charge you $500 or a
ioufth part Of that sum, and taking advantage OF
Jour necessities force you % pay H. every body
Would denounce me, the poor wheelwrlsht' as an
sxtoytoner and a sco1ndrel Why Simply be-
cause this is an unusual application OF the prln
cple. " heelsrghis don't often have chance
70 make such Speculation, and therefore II IS
hot &C sordlne to the "estab shed ussges Of trade
Hence It's manifest Injustice shocks the common
sense OF right Meanwhile YOU wealthy mer.
chant, are dtly rolling up an enormous fortuae by
uolns business upon The same principle which you
Soh1emh IN me Wheel wright, ard nobody fad,
SuN AZ every scarcity IN the market you imme-
aieteiy RAISE the Price OF every article Won hold
Ills your business 20 take Rdyantags Of the nsce,
sities OF those with whom 700 deal by seuios n
them according 20 the sake aud not accor5jnS n
tie cost to you. You 60 further You Inv sys-v
nesrs In your power create those necessities nv
heyiDg up particular articles and holding them on,
Of the market until the demand becomes pressing
y circulating false reports Of short crops aa,
S0sr similar tricks known 20 the trade. This il
tas same In principle as i the wheelwdght ba,
sS dug the rut in which your carriage upset an,
soen charged you the $500.
bot yoQ ex,laim, why should sell At cost ?
Gov GOV an 10 live a. q merchant without profits
never you miad. That 10 Dot the particular que.
soe nov up. Perhaps the world has no particus
sse nf yon Al merchant. We will take care
HH ~ AID BY. Jest now al that We are doia