The Labor enquirer., 1884-08-16
we.lth-C.plt.i.

AT the close of a letter three columns
| long. Mr.. WhYte says the greenback
theory still stands in all its majestic
power. Probably that theory is SO. CON
splcuous that knowledge of it is sup
posed to be universal, butt must make
the confession that / can discern neither
the theory nor the majesty.
I have read the letter several times
and am surprised to find can still raise
my head without derrick, which is
more than Ihoped for, as such reasoning
ought to add several tons toits weight.
Because Henry George says wealth
can be changed to capital, and capital to
wealth, Mr.. Whyte thinks the terms are
synonymous. The conclusion is not
sound.
Henry George says plainly that wealth
is capital only when applied to the pro-
duction of more wealth. With that
proposition distinct before him, Mr..
Whyte says bonds and stored up arrow
heads are capital. Wealth cannot be
both stored up and used in production at
the same time, therefore, the terms are
notsynonyms, although the term, wealth,
includes capital and everything valuable.
A dwelling house is wealth. Turn it into
-four mill and it is still wealth, but tits
capital Use the arrow-heads in hunting
deer, and they are changed from stor ed
wealth to capital.
A Eond is not wealth because it has no
intrinsic value, stored up or otherwise.
It is not capital because it does not aid
in production. M
A bond is vested right to take wealth
| from the whole people. A bondh older
may be said to be shareholder in the
public revenue. If so, an attempt might
be made to prove bond capital by
comparing it to share in a railroad,
but the latter is not a definite represen-
tative of capital. 1t represents only a
share of the dividends. No shareholder
can say his certificate represents any
particular car, rail, freight house, or en-
CINE. A bond cannot be compared to
money unless it be used as such. Money
represents the wealth for which, it is
directly exchanged. If the bond was
received for the mule, as currency, it
repr esents the mule (; but the wealth. Of
the mules late owner is no longer
capital. ~ .- IA m 4. (
A bond, then, may represent wealth
but not capital. Henry George never
said the terms were synonymous. The
washerwoman's bond is not "a co-worker
with her. 1t and the railroad share are
devices not for producing wealth, but fol-
extorting wealth from those who pro-
| duce. n
| am unable to profit by the medicine.
man story, for cannot see the applica.
ton. 1t shows how man, by his
avarice, may gain power over his fellows,
AS an illustration of the methods of our
monopolists, it Is very clear. The fact is
"as firmly established as the Copernican
system" Then what is the use of hurl-
ling the greenback idea at such an invul-
nerable fact?
But wonder of wonders It is because
the fact is so firmly established, that the
greenback theory stands in all its
majesty and powerl In Heavens name
describe this phenomenal theory that
depends for its existence on the evil it is
meant to overcome. Mr.. WhyA had a
good opportunity to do so at the point
where he says:
eve have arrived to-day at a state OF
complete dependence, on the one hand,
and on the other, Of arrogance, pride
and caste. Why n
What a portentious "why" this is
Right here, in answer to it could have
been given the whole greenback remedy,
What do we get instead +? We are told
simply we are ignorant. Well, which is
the better remedy for that education or
greenbacks?
Just because those in a state of de-
pendence are kept in entire ignorance
What is the good IN learning about an
evil that is as firmly fixed as tie Copper
nican theory? We could not remove it.
| fear Mr.. whyte has been learning logic
of professors. ZENo.
urns.,, c.. - IL ~