The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-01-03
FIRST PAGE:-Items-Sl Instruction
nae Ability Of Labor to do without Capital.

The Ability Of Labor to do without Capital.
In all of our projects for works Of public
improvements, the objection is, we have not
the capital. But the work ITSELF ought to-
furnish the means, if we manage it right
We accomplish all things in this country, by
credit. Our money is but a system. OF cred
its. Confidence in the integrity Of the man
ayers and the value of the work, seems to be
all that is required to create the means to
accomplish the most stupendous undertakings
Labor now needs but proper organization
good system Of accounts-and legitimate,
valuable object to exercise itself upon, to do
its work without capital. AS soon as
it begins to work, it creates value, and if it
be in the shape of fixed capital, like railroad
or factory, modern credit coins a represen-
tative for it, which becomes a convertible, ex-
changeable value, in the shape Of note or
bond-with which labor can pay itself with
its own products, without the Intervention OF
help Of previously created capital How faT
this alchemy of modern credit, in converting
the products of labor into currency or eX-
changeable, capital can be safely carried, has
been a question of some doubt and difficulty
1t would appear safe to extend it as far as
labor continued to create REAL values. Whcr
its productions are of fictitious and Of iInag
mary value, the credit that is raised on them
is bubble that must burst. The only prop
er limit to the employment Of credit in thC
support Of labor, is determined by the answer
to the queston-"is the product intrinsically
worth the amount Of the denomination Of ths
representative? Pas we ask, lis the banh
note real representative Of the specie, Of
other value, actually in the bank?" If ther,
be the real value on which the representa-
tive is based, we say the money is good. S,
it will be with other representatives Of othe
values in different forms and shapes. Tn
power Of credit to coin all values into money
is unlimited, when there is faith in the val
ues created. All that labor wants, when vel
organised in all its departments, is a currenc.
to keep it's accounts. It's debts and credit
are always equal. The business of a commu
nifty is but an interchange Of work -worI
of one kind lives on, and is supported b.
work Of various other kinds.
The farmer works to give food to the me
chanic-the mechanic or manufacturer pro
duces a cloth for the merchant, and the mer
chant sells it back to the farmer The circl
is an eternal one. The laborer on the rail
road eats the food of the farmer-give3 hir
an order on the Railroad Company. TIL
farmer clothes himself and gives the order t
the merchandise merchant takes the raj
road bond and sells it in New York-the Ne,
Yorker pledges it to bank, and takes tn
banks promises to pay and sends them to tn
West, and buys produce and the produce goc
forward and pays the loan from the bank; an
when the bank notes come back, the raiIroa
bond is given up for them, and western Ia
borers have got back the mortgage they issue
on their labor in the railroad; and the railroa
remains product Of their own industry
which has paid its own way by its own credi
Two things only were necessary to make til
thing work; first confidence that the labl
was producing a real value equal to its COS
and that, that value would be honestly apple
to the payment of the de6t it created. I'll
English consols are just as good as gold an
silver in every part Of the world, and is jul
as much capital as gold for all the purposes
commerce. Their value is in their unloubte
credit. Perfect credit is perfect confidence
ultimate payment--in the real value of Il
thing on which the credit is based. The>
suggestions may be applied to our railroa
projects.
STADT DUEs.-Our country has success
f,ll,r rnrictn1 thn lnurr Of cn,,,l lnn. L..