The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1879-04-03
EPITOME OF POLITICAL
ECONOMY.
Edito 8 Erchdr &c:

individual and national wealth. II
consists in production. exchange, dis
tribution and consumption. All that
is necessary to wealth, is skillful and
profitable industry bestowed upon pro-
ducts. The science is designed to
augment the value and increase the
demand. Capital is an article upon
which industry may be proftably be-
slowed. Production consists in profit>
able and improbable consumption.
Consumption lessons and diminishes
the value and modifes materially the
condition of the article, such as wood,
clothing, food. Capital of the farmer
consists in land. houses, stock, cattle,
crops, manure, buildings, wagons and
animals. Value is that which sup>
plies the wants, desires and necessities
Of mankind. Intrinsic value, that
which cannot be exchanged, as air,
sunlight. electricity, water. Money,
or medium, is of the greatest ex>
changeable value, such as greenbacks,
gold and silver, and is used to facili-
tate exchange and the saving of labor,
aud seems to be scarce of circulation
when really plentiful on account of
inactive trade and want of facilities
for exchange. Money is worth, like
any Orther article, what it will bring,
interest or profit, as merchandise.
The more the demand for an article,
the greater the exchangeable value;
the want of demand, the less there is
need for exchangeable value. Labor
bestowed profitably and skillfully is
the foundation of exchangeable value.
An article can always be obtained for
what it will sell for, or the labor it
cost to produce it. Wealth consists
of all materials which have an ex>
changeahle value. Production is in
crease of value and quantity, and
change of quality and place. The
most prosperous country is that which
is engaged iu production, invention,
exchanging and productive industry
Wealth is acquired 10y small and re-
peated accumulatious, with frugality,
industry and vigilance. The two lat
ter are indispensably necessary to the
preservation Of wealth. Productive
capital is that which increases by in
iustry and skill or the familiar knowl
edge OF any art or science. united
with readiness and dexterity in the
application of it to practical pur-
poses. Unproductive capital is that
which remains lie, such as money
boarded away without interest, houses
unOccupied, horses and work stock
unemployed. unsaleabie materials,
manufactures unemployed, and land
unculti sated. Circulating capital is
that which changes its place and is
thereby augmented in value. Fixed
capital is land, houses, machinery,
ships, and canals Circulating capi-
tai should be converted into fixed
capital. Operative industry changes
in value, place, substance, form, and
elements, such as seeds and fertilizers
by cultivation. Amy advantage un-
fairly and fraudulently obtained from
another is unwise and unproductive.
Intrinsic value is augmented by
operative industry, changes form and
matter by which the demand increases
and is a profit to the owner. Steam
magnetism, electricity and caluric are
great advantages to civilization. Nat
ural agents are water, steam, caloric,
the muscular power of the horse, OK,
reindeer, elephant, and the scent of
bloodhound. Natural agents are
divided into animate and inanimate.
Animate agents are OK, horse, camel
and dog. 1nanimate agents are wind,
water, steam, electricity and powder.
Leather is the product of the currier,
and the capital of the shoe maker
Grease, I've and potassa are the pro-
ducts of the butcher and chemist, and
soap or washing fluid the capital of
the soapsmaker. Iron, metal and
wood are the capital of the machinist,
and machines, tools and instruments
are the products of industry and skill
of the operative. An individual pro-
duces an article by skill and industry
and wants thousand more, then he
makes nine hundred and ninety-nine
exchanges. High taxation and wars
will keep the most enterprising and
industrious nation poor and embar. |
raised. lnanimate power costs moth |
ing animate something. Mechanical
powers are the screw, lever, pulley, |
wedge and inclined plane. These are
the six simple mechanical powers.
The pin maker receives four and a
half pence, or nine cents day. The !
chronomcter, or watch. contains nine
hundred and ninety two pieces-forty.
three different trades. The chain,
eight inches in length, contains one
hundred and sixty>fve links, each
three plates and two pins, ir all eight
hundred and twenty-five. Fifteen
workmeu make them-fve hands to
each trade, making two hundred and
fifteen persons in all. Cost of balance
spring, less than one-fourth of an
inch, containing one ounce Of steel,
worth nine cents, drawn out two hun
lred and twenty-five yards, $500.
Seven thousand and six hundred bal
ance springs, at 60 cents in the ag-
yregate, are worth $3.50. Each
operative has a separate occupation
md continues at it. F. B. MOORE.
Jackson Dispatch: David A. Jones,