Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1871-09-05
IFOr the Spirit Of Jefferson,
WHAT is MONEY!

uRd the products of labor combined. eonst;-
tute al that can, with any prOpriety, be STYLED
or defined capital
To call money, open accounts, bonds, notes
or other credits whatever, capita, is q misnomer
aud false definement, and leads directly to
confusion, injustice, aud fraud. AIlthese com.
bined, tO-Wit: money, open accounts, bonds,
notes, mortgages and other credits, are but the
machinery aud locomotives of labor and fhe
products OF labor to represent and exchange
labor and tie products of labor from hand TO
hand aud place to place; but, still, they are
separate and distinct in their nature from
labor and the products Of labor as the shado,u
Is from the substance and no more entitled
to be called capital than shGGOuO is to be called
Substance.
Labor and the products oflabor are of them.
selves selfprOductive, and If there was neither
money, open accounts, bonds, notes, mortgages.
or other credits in existence, and men would
work with their hands and brains, there would
be as much 'eeah or capital in existence
without the money, bonds, notes, open nc.
counts, mortgages, end other credits, as there
is with them; for the latter are, in them.
selves, no part Of the wealth or capital, but
only the representatives, of so much of the real
cGp'tdt or 1oedth, as each may respectively
represent and call for. They NAV change
hand or pOssessOr to another, but still there is
no more wealth and capital than there was
before, and If the wealth and capital is iu-
creased or enlarged, that increase or enlarge
ment eau only come from labor and the pro.
ductIon OF labor; or more strictly from labor
operating aud working on the productions of
labor, tho two, rs before said, CONSTITUTING
'1eGLh or capital. While l trust, then. to
have demonstrated, that, the definitions and
distinctions of labor and capital are wrong
aud talIaciOus; and that the true and ryODer
distinctions aud definitions should be copfaI
and credHS-inasmuch as copif0L is, indeed
aud in truth the combination of labor and the
products OF labor. 1t must not be understood
that undervalue credits as the indispensable
adjunct, convenience, and agent of cGDifaI in
the sense in which cdpitaL has been already
defined, as combined of labor aud the nro-
ducts of labor. Credit is an Indispensable
necessity; but still it must be SO instituted
aud guarded as not to become the despot and
robber OF labor and its productions in a word.
the robber aud despOt of Capital! for again,
and again, labor and the productions of labor
are cOpiaL; and "what God has ioined TO-
Gether, let no man put asunder!"
What, then, is credit, and what are credits.
as defined in connection with, and in relation
20, capital?
have already said they are money. bonds
notes, open accounts, mortgages, and other
c'eoiis-and by ''Other credits" I mean IN
embrace any thing that is not labor or the
product of labor-and, it may be matter of
surprise 70 some, who do not give themselves
the trouble Of thinking but who Swallow the
total grist unsi!tcd, husks and all" why I
have included money as one of the elements
aud items Of credits, as they have been in the
habit and use of regarding money as cash =
To such say, money is credit; and noth>
ing more than a crC'IH and, it matters not A
feather of what material the money is made
For, IT Of gold or silver the State accredits
It-hll the people accredit it-only as a s.de-
mnnd' or ''pIedge"-in the language of that
thinker, ATstotlc-that the holder of il will
receive from the day-laborer, iu work, or from
the holder of the products Of labor. in pro.
duets, whatever the State shall say is eouiv-
aleut to the 'dcmand" or "plcdge" in either
work, or the ProdUcts IF rorE !
How shall the State decide, and adjust.
this nice question? The State can only de.
eide and adjust this nice question, By looking
to, and considering, the nett annual increase
OF capial-that is the nett annual increase of
labor and the productions Of labor: and. wha;
is that increase? The statistics Of the coun.
try show it to be 81 per cent Then, it is
manifest that. If the capital of the country, is
only making 33 per ceut. and the credits-of
which money Is ODe-are making ten per
cent.-that. in three years, or a little more.
the credits Of the country. without work or
production, will have swallowed up and con.
sumcd the whole capital, laJOrcrs and the iiro-
GuciiOHs of labor. alike
proof that this is the process and to warn
capital-tha. is laborers and those who hold
the productions of labor-that this thing is
being done and accomplished by the credits.
| will repeat to them paragraph from the
speech OF General Ewing, who, in Ohio and un-
derthe programme Of the "labor union party'' is
sounding the alarm to capital-that is to
laborers and to those who have the produc.
tiOus of labor-the property of the country
that, the credits, though unproductive, are
swallowing up all the capital Of the country
that Is both labor aud the production oE labor
and are ready now with their rensioned,
bTIbed, and UnscTupUious tool, Grant to do
their business for them, and to compel them.
at the point of the oayOnett, to submit TO
despotism that will, at once, deprive them of
their property, their liberty. and Of republican
government Being foreWarued, for Gods
sake, be also foEeaEmed !!
General Ewing says:
'Let me still further illustrate this injustice
of this immense rate of interest to labor and
to other property. (@That is to capital.")-
All the property in the nation, in.lrdiug gold
and silver, in 1869, is stated BY commissioner
Wells, in his report for that year (psge 100
at less than twenty four billions. Add eyi.
dences Of Indebtedness bearing interest, in
cIudiDg all kinds Of notes and bonds. public
and private, individual aud corporate. saw
seven billions. Total, thiTty-oue billions
Now, all the nett increase of wealth comes
Y NrfngNN InElz