The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-04-01

pound, nails 40 cents a pound and so on
through the whole list. 1t was thus the
scarcity OF goods and not of money that
caused the hard times in early days. Hard
times are common to all newly settled
regions that are deprived of commercial
exchanges with the rest of the world, and
prosperity comes to Minnesota without
mines quite as readily as to Nevada with
them. The price Of all articles being
higher before the mines were opened than
to-day, it follows that the amount of money
in proportion to the amount of goods must
have been greater then than now. Other
wise, prices would have been less, not
greater.
If there is any insult to the miners in the
Tenth census, which we have quoted, it
may possibly be that some crazy miner can
imagine we have insulted him, but not
otherwise.
Weplead guilty to the first count and re-
peat that there is no difference in the
utility of producing gold and silver and in
producing anything else for which people
have use. This is also the demonstrated
fact taught by every eminent man that has
investigated the production of wealth for
the past one hundred years. The quarrel
of the baby economist on our contempory
is not with The GERALD at all, but with
the economists. And it might just as well
quarrel with NEWTON and LA PLACE, and
say in opposition to them that the diverg
ing lines Of the hyperbola will come to-
gether as to say there is any essential diff
ference between the production of gold and
silver and the production of other commo-
dities. If our contemporary has really
made such discovery in mathematics as
to reverse NEWTON and LAPLAoE, or such
a one in economics as to reverse ADAM
SMITH, JEvoNs, CAIRNEs and WAYLAND, it
ought not thus to hide its light under q
bushel, but bring forth it's discovery.
The scientific doctrine accepted by all the
great students is thus stated by MAccANE,
of Harvard
To superficial observer the struggle Of
| life may well seem to be a struggle for
money. All our gains and the worth of all
our possessions are expressed in money.
The laborer, the merchant, the employer
the builder, the inventor, all seem to exert
|
hope to get in return. Now, this view is
totally false and misleading when used al
the basis of economic theories. The frs
step in the study of political economy is II
gain larger and truer view. Money, il
and of itself, is the one form of wealth tina
has no Independent use for u.s. and is use.
full only as means of getting other things
If some unseen power were suddenly to de
prive everybody of all things that are goot
to eat or to drink or to wear, leaving ever
a most liberal price In money for every
thing so taken away, it is easy to see tina
money would not save US from cold, hunge
and misery. Money is useful only whe1
we can get other things in exchange for i
useful only when we part with it.
Civilized man devotes himself to one oc
cupation, and then exchanges his work O.
its results for the work or the results O
the work of others. Money makes this ex
change easier. The amount of money tina
carries on this exchange may be much o.
little, depending on the habits O.
the people in boarding or banking. If the
money is hidden in old stockings by one
community, there will be much more money
in that community than where the money
is put into banks and kept in circulation
So that the amount of money in any coun-
try is no index of the amount of wealth Of
prosperity of the people. On the contrary
the tendency of the highest centres of civil
ization and wealth Is to use less money pc
capita than chose less advanced.
''The student has made his first real ste]
in the science when he has perceived clearl,
that buying and selling are merely tn
easiest way of exchanging products.
II Men nominally work for wages. but il
reality they work for commodities. B,
getting paid in money they really get tn
commodities without any danger of dis
putes about quality and kind. |
follows that the amount of money we receiv
does not of itself determine our reward
An increase of money accompanied by a
equal rise in prices [see this very absurdit
in the Tribune quotation above woul
leave US no better OF than before.
''Many speak and act as if mere increase @
money were, in and of itself, genera
bles sing. But to one who reflects at all.
must be clear that what we need i
order to have an increase of the genera
wealth is not more money but more CON
modities.r
Certainly, our contemporary shoul
, hasten to point out the error of this con
: clusion and that of all the other maste
minds that have given US their results O
this subject. But we are pretty sure thi
, baby economist will let that part of th
question severely alone, and delude if
, readers as before by pandering to the yer
natural prejudice mentioned above.