Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1890-03-08

AN ESTIMATE OF EIGHT THOUSAND
| MILLIONS
for these unknown debts nav not b,
unreasonable. The above facts .ant
estimates are summarized as follows
National debit. ........... s., COS. 595 $50 q
County aud municipal detts ss2 GOO o." 10 q
Debts OF railroads. ........... 4,4gl G25 I 81 o.
Debts to national banks ........ sos 72s . g. 8
Debts TO other banks .......... 1868 ,os8 G72 "
Deb'a to insurance companies,
| capitalists and others ........ 5000 COO 900 On
Total....... .............. SIS. s2l $40, z
Of course the last two items are Il
mere conjecture. They are, however
probably no exaggeration.
Dr.. Denslow quotes, in a note or
page AS of his work on Poli,ic.
Economy, an estimate Of the entire
Indebtedness in the United States
published IN the Iron Age. The
aggregate Of debts, public and
private, contained in this estimate is
s27,9G9,249,048. This may be an
exaggeration. But however that may
be. the debts of the people Of the
United States are simply enormous.
The assessed valuation of property
in the United States, for the purposes
OF taxation. was, according TO the
census of 1880, 4l6,9O2, 993,543. In
1888, according to the American
Almanac, the assessed value of the
property Of :he thirty. eight States
then in the Union was S22,G37, 3S3,.
29S. Whether or not the debts OF
the people of the United States
EQUAL OR RxCEED THE ASSESSED VAL
UE or THEIR PROPERTY
is im materia! for the purposes of this
argument. But it is undoubtedly
true that tn. aggregate OF debts very
nearly approx'mates in amount the
assessed valuation Of the real and
personal property OF the United
States. This enormous Indebtedness
indicates great activity and enterprise
in the development of the vast re-
sources of the country. The produc-
tive power of the people is probably
sufficient to pay it with interest, if
nothing more is required. 1t is quite
possible, however,
TO SO ENHANCE THESE VAST oBLIGA-
TONS by LEGISLATION
and administration to force the
county into bankruptcy. Both
debtor and Gre ditor are interested in
avoiding such calamity. II these
debts are to be paid, the creditors
must be willing to accept in payment
money of the same value, with in
t.rrs', as the money they loaned.
The people can pay no more.
1t is Necessary for correct under.
standing Of the just obligation of
contract. to pay money, to bear in
mind that the value of money de-
ponds upon the law Of supply aud de
mand. While money measures all
things and fixes the price of property.
the aggregates of property measures
the value of money. When property
is dear, money is cheap; and when
money is dear. property is cheap.
The creditor is entitled to the same
value OF money which he loaned, to.
gether with interest, aud nothing
more. Most authors on political
economy are confused as to the
meaning of the word "value." They
it with utility" Dr..
Amasa Walker is one Of the few
authors who has accurately defined
value and adhered to his definition
throughout his entire work. eie saws:
"Wha,, then, is value? When
does an article or commodity possess
value? When it is an object ofman's
desire and can be obtained only nv
mans efforts. Anything upon which
these two conditions unite will have
value; that is. a power in exchange
Value is the exchange power which
one commodity or service has in re.
|ation to another.
"Again let us remark that the term
value always expresses precisely
power in exchange, and no other
power or fact. Disturbances is not
value. Utility is not value. No
objects are more useful and desirable
than atmospheric Air, the light OF day,
The heat OF the sun; yet these have
no value. They will exchange for
nothing, because anyone NAV have all
he wishes without effort. (Walk.r's
'The Science Of Wealth." pape8)
The value Of given quantity Of
money At any particular time is the
amount OF property which it will com.
nnnd according to the existing range
ii prices. 1t is not what il will buy
If any particular conn modify, because
hat will depend upon the supply and
demand Of the article in question, but
low much it will huy of an article
he price of which is according to tie |
General range Of the price Of COM
nodities. In other words.
'uE VALUE OF MONEY DEPENDS UPON |
THE QUANTITY OF PROPERTY
n services the owner can ohtaiH for
/, taking into consideration the mar.
ct Orfce of pron. rfv and services