The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-17
LETTERS TO YOUNG REPUBLICANS.
[No. 81


Written for the indianapolis journal.
My Young Friend-The word economy is from
the Greek oekos, house, and nomos, law and
means the law of the house. Therefore the
economy of person means, in broad sense,
the government of his household. But it has
grown to have restricted meaning with which
the idea of frugality or prudence is associated.
In this sense it means the prudent management
of ones household concerns. If a man practices
wisely its precepts he will amass wealth.
The word polite is from the Latin, politicus
state Political economy, therefore, has refer
ence, in broad sense, to the regulation of the
affairs of nation. But as economy has the
idea prudence connected with it, and prudence
begets wealth. must define political economy
as the science which teaches how to produce
state or public wealth
Now, you do not need that I should tell you
anything about the Importance, the necessity of
economy or prudent management of the house
hold. You concede that in this age of stable
values individual wealth can be secured in no
other way. Your interests lead you to weigh
the best modes of amassing wealth. So a nation
must consider the best means Of amassing
wealth When the legislative power begins to
consider this question the first problem that pre-
sents itself is given free trade given tariff for
revenue only, given a protective tariff, to find
which of the three will contribute most to the
general wealth of the nation.
In the solution of this problem four considera-
tons enter: l. The production of wealth 2.
| The production of wealth. g. The production of
wealth. The production of wealth. The sole
question is how can the nation make the most
dollars9 How can the whole people get property
fastest; under free trade, revenue tariff or pro
tective tariff
Let us see. Suppose you pick up an ordinary
stone you may keep it If you like. but it has no
value. Why? Because it is too easily obtained.
1t cost you no effort to pick up the stone, conse-
| quently you can sell it for nothing. Suppose,
however you seek for diamond-you find one,
but you have been long time about it and
have been compelled TO dig deep into the earth
and wash great deal of dirt before you sue
ceeded 1t has value Why2 Because it was
not easily obtained. 1t cost you great effort to
pick it up consequently you can sell it for a
good price
Now, suppose you go into wood and fall a
hickory tree, then cut it into four-foot wood.
This costs you effort, and is worth something
Each stick has value of probably three cents.
Now, take one of the sticks and make an ak
handle out of it. 1t has cost you more labor
and you can sell it for morei you can probably
obtain forty cents for it.
Now, do you think you sell this diamond, or
the labor it cost you9 Do you think you sell the
ax-handle, or the labor you bestowed upon it?
You certainly did not put thirty cents
WOrlH LuOEt Ol llulDSr III JLe uduNlt. DuI, SllC6
it worth thirty-seven cents more,
does it not follow that you added that
much to it in something, and that
that something was labor9 Does it not follow
then that labor is the thing of most value9 Then
labor is wealth. Therefore, that course which
will make labor worth the most is the best po-
ltical economy. So the question is, will free
trade revenue tariff or protective tariff make
labor highest? That is the question for the
nation and the question for you to settle. You
have as | have shown nothing but labor to sell,
and the higher you can sell it the faster you got
wealth. think protective policy gives the best
! returns to labor. What do you think2
CoNNERSvILLE Ind. H. NJ VAN HORNE.