The Kanzas news., 1857-11-28
Observation-Disclosures.

creator of capital and all organised wealth.
| No matter how rich in material resources
or fertile a soil may be, it is of no value
| without labor to extend the hand of power
over them. Without labor, talent is drug
and genius curse. Capital is the repre-
sentative of labor. There can be no true
capital which is not procured by labor, and
that which is brought into existence by mere
speculation is but bubble on the surface,
and possesses little permanent value The
capitalist should be the embodiment of both
labor and skill Mere labor-bone and mus
Gle drudgery-never made the man who ap-
plies it the possessor of much capital. To
cause what q person has created by sheer
physical toll to accumulate or reproduce
itself, requires the exercise of various men
tai faculties, and brings into play elements
that aid in the elevation of the individual
and the progress of the race. When na-
ton can only gain bare subsistence BY its
labor and produces but the necessities of
| life it ranks low in the scale of civilization,
and its progress is in proportion to its in
creased capacity of production. One most
certain measure of progress is the power to
/, mould the rude elements of wealth by the
appliances of skilled labor to the purpose of
creating capital; another is the grand diffu-
sion of that wealth. community being
generally the most advanced where the cap
ital is ample yet widely spread. The proofs
of this statement are to be found in the great
industrial communities of the present age.
To make labor valuable and capital of
| benefit, means of exchanging various COM
modities must be found. The primitive
mode of exchange was in trading in the ar
ticles of manufacture made by one commu-
nifty for the products raised by another.-
| Without system of exchange, the labors OF
man would be of but little benefit beyond
the supply of his rudest wants, and hence
arose our modern colossal fabric of Com
merce, Barter and Trade. AS the interests
of man became more complicated, the direct
mode of exchange became cumbersome, and
something of greater convenience must be
found instead. The des;derotum was, that
the symbol of capital should as nearly as
possible represent the labor that created it.
A metallic currency thus grew into existence.
and has always found more favor in the
minds of the people than any other medium
of barter Several reasons have operated
in producing this result, the principal of
which seem to be that gold, silver, copper
or bronze represent more nearly the actual
amount of labor bestowed upon the article
| of which the metal is the substitute. An
artificial exchange medium must always
have more or less a fictitious value, and
therefore that material which comes nearest
as a representative of labor done is the one
best adapted to the purposes. A paper cur
rency, such as our present system of bank
ing has flooded the country with, is liable
to serious objections. Promises to pay;'
such as bank notes are, possess little intrin-
sic value, representing as they do but a
small amount of labor, are Objectionable, as
| they directly contravene the true rules of
exchange and commerce. 1t is of too huc
tuating character, and affords opportuni-
ties for individuals, without labor, to seize the
wealth of country. Our banking system
is like vast sponge, which absorbs to itself
all the surrounding moisture. 1t is the re-
presentation of capital not acquired by
labor, and, by false system, taking from
those who created it and, therefore, being
the creature of speculation, it is liable to
fluctuations, and produces commercial pan
les and periods of monetary pressure.
Let it be fully understood. that labor value
is the only true capital, and that any medium
of exchange is valuable only as far as it
truly represents the amount of labor be-
slowed upon the articles of commerce
When we understand these elementary prin-
ciples we shall be able to appreciate the ne
cessity of regulating our exchange upon a
basis which shall most truly embrace them.
When the day comes that these fundamental
ideas are comprehended, the practice of them
will prevent in great measure the recur-
renee of crisises like that which is now con-
vulsing the country.
sThe Good Time Coming
Charles Maekay, the author of the beau
tiful poem bearing the above title, is now In