The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-06-07
ABOUT WAGES
AND CAPITAL.
PrOfessOrTaussig's SoIu-
ton of the Social
Question.
The Harvard University Man
Takes Issue With the
Economists.
A Very Interesting Volume The Me-
mOirs of Maria Mitchell,
Astronomer.

A valuable contribution to the discus
sion of the wages fund doctrine is fur
nished in a new volume by F. w. Taussig,
professor of political economy of Harvard
University. 1t is divided into two parts,
the first consisting of five chapters devoted
to an elaborate statement of the authors
views of the problem of the relation of
wages to capital, and the second of nine
cha pters containing a summary of the
wages fund discussion from its beginning
to the present time. The arrangement of
the two parts differs from the plan usually
adopted in such cases of giving the history
of the subject first and the authors con-
illusions last, but Professor Taussig gives
good reason for his course in the state
ment that as criticism and comment pro-
coed inevitably from the thinkers own
point of view, 1t is only fair TO the reader
to have that point of view explained before
the criticism begins.
The principal point in the discussion is
whether wages are paid from capital out
of a so-calied wages fund" or are the
concurrent produce of the labor itself.
Professor Taussig holds that the answer to
this question depends on what is meant by
| the term capital, and declares the most
| consistent and significant meaning of that
| term is wealth not yet in enjoyable
shape" If that definition be accepted la
detin ition things yielding satisfaction or
constituting real income are not capital.
| Labor is steadily putting the finishing
! touches to wealth not yet in enjoyable
| form, and so advancing it to the stage
where it becomes source of real wages
| and of real interest and real rent.
| 1t will be seen that this definition of
wealth and wages eliminates money from
| the problem altogether. All wealth is
capital up to the time when it is enjoyed
| by the consumer. When it is thus enjoyed
it becomes wages, interest or rent as the
case may be. 1t happens, however, that
considerable portion of the working class
| is dependent upon others to give them
employment and their portion of real
wages is paid them in money. They have,
| therefore, to make bargain with an en-
ployer as to the money income they are to
| receive, and as this money income is paid
out of the real income which the independ-
ent workers of all classes receive, it may
be said in some sense to proceed from a
| wages fund.
Such wages fund, however, is quite
different from that which the older
economists had IN mind when they in
vented the phrase. 1t does not imply
fixed fund which in relation to q particu-
| lar community ut Particular time can
! be neither increased nor diminished.
| Hence it does not sustain what has been
/ called the Iron law of wages" Instead of
-
flow with a considerable degree of elias
ITCHY IN the volume of the current. The con-
| clusion of the matter is that wages are de-
| rived not wholly from stored up capital
nor yet wholly from current product
They are the result of both of these, and to
| form true theory of the relation of wages
to capital we must direct attention to that
relation in time between exertion and re-
! suit which was so lightly passed over in
the older literature on the subject. New
York: d. Appleton q Co. For sale by
William Doxey; price 81 SOL
A chatty and comprehensive memoir of
the late Maria Mitchell, the noted astron-
| omer, has Just been published 1t is
edited and complied by her sister. Phebe
M. Kendall, and is especially timely at
| the period of writing, viewing the interest
now manifested In all women who have
exhibited their powers of successfully COM
peting with men in their chosen voca-
! tons.
It is interesting in this connection to
| note that tnis comet (Which is constantly
called miss Mitchell's comet" in the
Journal of the Royal Astronomical So
! ciety) was not seen in Europe till several
days after Miss Mitchell's discovery.
| Then it was observed by Father de Vico of
| the Papal Observatory at Rome. Imme-
date recognition of the young Americans
priority of claim led to her being awarded
the prize.
Miss Mitchell's "reminiscences are told
in the present work in a fascinating man.
ner The book will be welcomed by her
old pupils at Vassar as fitting memorial
| of their preceptress, and to students of
astronomy generally for the valuable data
which it contains. Boston: Lee q SheP-
ard For sale by William Doxey; price
$2]