New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-06-12
POLITICAL ECONOMY
CAPITAL. -. SKILL INVENTION INTPr
- ------ LElrIIAL, PROPERTY -
BY HORACE GREEIEY. o.


der of the fruits proceeds of Industry. lie who
spends as fast as he earns accumulates no capital
the first man who eyet produced OF fashioned anu
substance for use beyond his instant need VIVA an.
first capitalist The absolute savage fixed 70 No
place, and living from hand to mouth on the spon.
taneous bOunties of Nature, is nearly devoid ~
capital as a human being well can be. The moment
he begins TO work for the satisfaction Of hi.
wants that stretch beyond the present hour be b~.
comes in sort capitalist. feeling the instinc.
as we'll as the need of accumulation The hirene a
civilization who lives as he along often spend.
ing by night in dissipation than he earns byt
and in debt for board and clothing to the full ex
tent of his worldly goods or beyond it, is more desti
tute of capital than the average barbarian. Apart
from bankrupts. almost every odult freeman is 10
some extent a capitalist.
Civilization is founded on accumulated Capitaland
systematic Labor. It cannot dispense with either
Though all men should work diligently. efficiently.
through each day, yet, If they spent fast "a they
earned. civilized society must perish, and human
existence be maintained with difficulty If at all The
bar-room loafer who decries Capital could not sur.
vive the next hard Winter without its aid. lie lyes.
at least through the nclement season. on that which
others provident have saved and stored against
a time of need. He may may not render prompt
and fair equivalent; but, in the absence of capital
lists, opportunity to make the indispensable trade
would be wanting There is poor or wretched
that Capital-earned and saved by others-has not
already saved him from perishing of want as doubt
less will do again and again. Capital justly acquired
and wisely employed, is every ones friend smoothing
the ruggedness and essening the discomfort Of even
the most forlOrn and hapless career
Capital is at odds with Destituton when, and
only when, it monopolizes the bounties of Naturs
and either denies their use to the needy or exaos an
4hpVty1
10 be stern in her requirements does yet ganish
the earth at seasons with spontaneous fruits Of
her bOunty-Vegetables, Roots, Fruits Nuts. &c.-at
once palatable and nutritiOus-which sgnally con-
duce to the sustenance and sOlace of Man. Capital,
finding or deeming the partition Of lands indis-
pensable to their thorough improvement and efficient
cultivation, declares the soil with all upon it the
rightful property of designated individuals. makes
whoever intrudes thereon trespasser in violation OF
law. Herein is natural right restricted in the
interest of Property, which, on the other hand Is
compelled to fence and bolt, lock and guard, against
the depredatons Of those who would appropriate and
enjoy that which they never produced or earned. II
the rights Of Capital were never stretched beyond
their proper limits, the tendency to override them
might be modified.
In laying down the foregoing premises, believe
do not differ essentially from the accredited teachers
of Political Economy, who have expended many more
words on the subect; though have failed 10 reoog
nize the distinction strenuously INSISTED by melt
not by all of them, between Wealth and Capital All
Capital is Wealth, Of course but all Wealth is not
lin their vew) Capital, which is restricted in their
conception 20 that portion kind Of Wealth which
directly ministers to the creation of other Wealth
| through the employment and recOmpense of Labor
| The distinction seems to me unimportant If not
wholly illusory youth just Of age works faithfully
| IL fret tuIa
pendence and has net surplus of 500 paid him by
his employer at the close. This now is his Capital
He buys with it gold watch for his own wearing,
| aud now he has no Capital; but tomorrow, hayinga
chance to sell his watch for horse with which he
proposes TO grow on shares field of corn next season,
| he makes the trade. and becomes again capitalist.
He grows the corn and having sold IL with his horse,
at the close of his second year finds himself worth $40
in cashall Capitals but being tempted TO marry, he
invests it all in house in which preside after mar
riage and, not regarding this an element or IN
strument OF production, he is again without Capital
1t to safer and simpler to regard all Wealth
as Capital, though for the moment it may he hut
| potentially, passvely so. This by means ignores
| the truth that both Labor and Capital may De nju-
diciously wastefully invested expended-ray that
Labor may be 50 wretchedly misapplied to pro-
duce no Wealth at all. The ruins of ancient capitals
like Tadmor ThebeS or Palmyra are nov Capital. and
can be made 10 yield little or 10 Wealth. the Pyramids
cost a vast amount of Labor, yet have no pccunaTy
value the remains of the Coliseum or Of Pompeii
have very little. fully concur in the assumption
that prodgals lavish expenditure no more contrib
utes in the large view 10 the relief of poverty than
to the increase of National wealth. The drunken
idiot or maniac who sows the street with dollars 10
be scrambled for by the mob does not bcfrirnd-he
rather debauches-his souiiiing struggling. shouting
followers. fully insist that he who make, ard
saves though already possessed Of vast wealth.
is greater benefaetOr 10 the poor than though he
were content to riot, spend aud squander BUj when
/ read that the wages of the poor necessarily use or
fall with the increase Of the wealth Of the rich
hesitate and demur Put it in the less positive form
of the tiISl of Mr. Mills Fundamental Propositions
respecting Capital viz: That Industry is limited
! by Capital and deem it still too sweeping DO
we not all know that Capital was very scarce wen
as dear in California throughout the year llSil io-
| lowing the discovery of gold. yet Labor has iaIry
been nywhere in more eager demand, or more bouh-
teously rewarded than just then and there Today
the wealth of California must be thrice as much per
head as il was in 1919 or either Of the three following
wears; yet Labor is neither in such eager dcnandnor
so generously recOmpensed as il then was. am far
enough from wishing to assume orncite an aniason-
ism between Capital and Labor; firmly believe
that other things being equal, an increase Of the
wealth of country per head is advantageous 70 us
poorer classes in promising them ampler aud sirader
employment; yet in 50 far it tends to increase fhe
price of lands and other fixed property, an" TINS
impede the transmutatIon of hIcinss into inep'ha-
ent frcehOders and artisans who direct ti''ro"h
labor il is rather a bane thar blessing to tte lo''
Nor do admit that Capital must be consumed III
older to render it productive Ii mag be consumed
i'm the process of production. and often IS since uSo