Vermont farmer. [volume] (Newport, Orleans County, Vt.) 1870-1877, 1875-09-10
The Science of Wealth, No. 8.

We come now to consider hurtful wealth.
All money expended to crafty unlawful
desires and morbid appetites is hurtful wealth.
Every indulgence that involves the loss of
time, or the wasting of vital energies or tends
to demoralize the individual, is not only hurt
full but ruinous, Hence, the expense Of such
indulgences is properly called hurtful wealth.
Such is all the money spent in fraudulent
speculation, gambling and other dsmoraliz-
ing games. All money spent for strong drink
TO be used as beverage, and for tobac co,
comes under the same head. Will any one
dispute US on this point, as q mere matter Of
fact We doubt it.
We have spoken Of value, but what docs
it mean? Gold is said to be more valuable
than iron. Why? Gold shines, is more
dense, does not rust, is better adapted to
coming, and is universally preferred to iron.
But iron, after all, is much the most useful
metal. In the conquest of Peru the invad-
ers shod their horses with gold, but iron
would have been much better for that pur-
pose. Indeed, its value in the arts cannot
be overestimated 1t is of more utility to
the world than all the other metals com.
bined. 1t is the symbol Of civilization.
We could dispense with gold altogether, since
it only ministers to luxury and refinement,
but iron represents the universal industry of
labor.
And yet, iron may lay safely in the street,
while gold must be locked up in the vault,
to protect it from the thief and the robber.
Why then, this strong desire for gold, aud
in what does its value consist ? What has
given it the name of precious metal" and
made it the standard Of all value ? In peace
or in war, it stands at the head of the list
/, / 40 or $50, as the case may be.
The value of gold does not exist in the
metal itself; for to the starving man who
has no power to exchange, million of gold
has no value. "a million Of money for an
hour of time" exclaimed the dying Alta.
mont who had just begun to realize the worth
lessness Of his treasures. La what then,
repeat it, consists the value Of gold ?
answer,-in its scarcity. Aud why? 1t
costs more labor to procure it. Gold is more
scarce than silver, and silver than copper
and copper than lead, and hence, each in it
order, on the descending scale, costs les
labor to procure it and hence, Is less valua
BILE.
This illustrates the nature of value
Labor is the measure Of all value, in every
thing. Suppose an ounce of gold has {
value equal to ten ounces of silver the pre-
sumption is that it costs ten times as mucl
labor, to procure an ounce Of gold, as Il
procure an ounce of silver; and for thi
reason, the gold will purchase ten times a
much food or clothing, or any other cOmmOd
ity desired, as silver. ....
Value then may be defined as "the relation
between two services exchanged" Tha
ounce of gold may not have cost me so muc
labor. / may have picked itup in the stree
with only moments delay, and yet it is jus
as valuable to me- as it would have been ha'
dug it from the solid rock with mucl
labor, because it will purchase the amour
of service from another which it might haV
cost me. My neighbOr has just as strong .
desire for that piece of gold as he woul,
have had if had earned it by the "swea
of my brow" And besides, the presump
ton is that it had cost somebody as muc
labor as it was worth.