Workmen's advocate. (New Haven, Conn.) 1883-1891, 1890-03-22

lapse.
She must be an irredeemable sim
ner.
H-As l said before, capital cooper
ates actively in production. But the
question comes What does it produce?
The $50, 600 which MIR. Van Rensselaer,
pockets yearly are, as no one will dare
gainsay, an exchange value. Is it not
thus. Professor?
Prof $50, 900 are without doubt an
exchange value.
H-And very important one to boot.
II, then, this exchange value were pro-
duced in whole or in part by capital,
it must be presupposed that capital can
produce exchange values. But this is
not so. Capital produces no exchange
value.
P,Uf-The confusion of thought of
which this young man is a victim is so
great that | am inclined to suggest we
break off the discussion.
H-No, indeed, Professor. shall
show you that capital produces no ex.
change value. A machine is useful in
production because it sets the forces of
nature in motion; because by means
81 'reof certain qualities or properties of
matter are utilized to the end of conju-
ring into existence useful article. But
these are the qualities CT use-value.
Seeing that it wears out by degrees, that
is, becomes useless, the exchange value
of a machine goes over into Il new pro.
duct Mr.. Van Rensselaer, is well aware
that, fast as a machine is used up, its
purchase price is fully restored by the
sale of the very article towards the
production of which it has contributed.
Prof-Very well! But what conclu-
sion do you draw from that?
H.-Pray have patience. The pur.
chase price of the machine is restored.
just SO much and no more. Let us as
sumo that, by reason of some new inven-
ton, it be possible to produce the same
machine with halt the expenditure of la
Dor, including in the computation what
ever labor may be needed to its repro
duction; you will in this case admit
that as a consequence OF untrammeIed
competition, the machine hehcetorth
Will have to be sold for half its former
price, and that, consequently, it Can be
bought for half the former price.
Prof. Very well. But what of it?
H-You will grant that owing once
more o petition, this new and cheap
er machine will thenceforlh transfer
to the article towards whose production
it coo ,erates only one half as much value
as before. MIR Van Rensselaer, knows
very well that if. soon as production
can be carried on with cheaper machin-
cry, he does not lower the prices of his
goods, his competitors would, and,
in consequence, his own and dearer
goods would remain without purchaser
on the market.
Prof-Very well. But this fact only
reveals the beneticent effect of that very
| competition which is SO much attacked
| by your econ' mic correlglonlsts.
H-You might be right, were it not
| for the circumstance that the merChau-
dise Labor is also ground down by the
heel OF competition whence 1t follows that
| the labOrer also is constrained to knock
| down his labor power as cheap as pos
slble; that is, ut a price that barely
enables HIM to vegetate along. But let
us return TO the subject. You
saw that the machine by degrees trans
| ters lis own exchange value upon the
article it helps TO produce, but that it
IN no way produces new exchange
value. Let us even assume that the
same machine, which To day costs but
half as much, produces twice as much
as before. You ar, we'll aware that, by
reason of competition, the pr Z OF
the goods must again drop. 1t follows
lherefrom that, So far as the question
| nf 10 II IN
| quite Immaterlal what amount of lab l
the machine performs in lis function OF
utilizing the forces Of nature that on
the contrary 1t Is Of much more impor-
lance to know how much exchange
value itself contains, i. e. how much 1t
has cost. This exchange value of the
machine is infused 10y 1t into the new
products, and is received back at the
sale of these. A neC exchange value, how
ever, never issues from the process OF
infusion.
S,-Why don't you refute this non
sense, Professor?
Prof-So far, his reasoning is not
quite wrong.
S.-You refuse to contradict this
arIant NONSENSE hope, Professor, We
may continue to be friends!
Ptuf.-For heavens sake, Mr.. Van
Rensselaer, do not misunderstood ME.
His reasoning was not what might be
called false. but it proves nothing.
II We shall see about that. Let us
proceed. If the exchange value ind,-
cat I'd in the 5 000O is not produced by
the machines, tools, or other imple
ments of labor, in other words, if It is
not produced 10y capital it must spring
from some other source.
S.-Nunsense
Has you yourself stated before
Professor. production is carried on by
the GO Cooperative efforts OF two things
Capital and Labor. il it is proven that
the new value is not produced by CAPT
taI what then docs IT inevitably fallnu