The times. [volume] (Richmond, Va.) 1890-1903, 1896-06-02
TUESDAY. JUNE .. 1886.


I IODA1. ~ NJ - i'"'.
LABOR The FOUNDATIONS on VALUE.
A member OF the House Of Representa-
tives has informed us that when the
financial debate occurred hero two or
three weeks ago great interest in IT was
taken in Congress. lie says that ON the
morning after tho discussion The Times
was much in demand for an account of il.
That a party of members gathered I'm
committoe-room 10 discuss IT, amongst
whom was Judge Turner of Georgia, who
is quite the leader in the House Of the
sound-mOnCy Democrats, and that Judge
Turner criticised the definitions Of labor
being the source Of value that Mr.. Royal
had made. lie said, for instance that a
man walking on the scashoro might pick
up a valuable diamond ana thus become
well off without any labor at all. 1t is
not OF the smallest consequence what Mr.
Royal may have said or what he may
not have said, considered as an utterancc
Of Mr.. Royal: but IT is of the last im-
portance that tho public shall have cor
rect ideas upon this. the crucial question
I'm the financial debates now going on In
the country.
The point under review is one Of these
points discussed by Mr. Royal which it
is absolutely necessary the people shall
have correct idea about as they will
never have sound financial opinions. Be
fore stating these we will say a word
upon the point made by Judge Turner.
When Mr.. Royal was arguing the point
that labor was at the bottom of an value,
he was. Of course, speaking Of the things
that are created by labor. lie was not
speaking Of those things which have their
value impaired TO them 10y the Almighty,
like air and water ana fertile fields and
diamonds. But even diamonds must be
sought for and dressed when found. and
the labor involved IN this must be taken
into consideration when a price is set
upon them or diamond discoveries will
come to an end. IT was no more than
n happy chance for Judee Turner'S friend
TO pick up his diamond. and we cannot
base the economies OF life upon happy
chances.
But the proposition. as Mr. Royal
stated It. cannot be conrovertcd, and
the people Of this Union must be made 20
understand II as he stated IT, or they
will forever grope in the dark ami be
raising disturbances in our financial state.
He stated the proposition thus Labor is
at the bottom Of the value Of ali things
that man creates. 1t is true that the arti-
Gle created may Dc produced i'm such
profusion that labor cannot, while the
glut lasts. get fun recognition for its just
demands, or the taste Of men may change
so as TO produce the same result. In
those cases labor must make concessions
10 the state Of demand and take what 1t
can get. But when a value Is being
set upon an article that man creates
the labor spent upon IL Is the starting
point Of that value. Take the case Of
shoemaker. when his shoes are finished.
after valuing the material in them, the
next thing he does As TO add TO their
price a sum equal TO a shoemaker daily
wages for the time employed in making
them. II shoes are scarce he will be able
TO get his full wages when the shoes arc
sold. But. IL shoes are abundant he
must make concessions in regard TO his
wages. and take for the labor employed
upon them what he can get This is true
Of everything created by labor. II proves
that labor IS at the bottom OF the value
OF all OF them. though the state Of the
demand may force labor to relnguish ana
abandon a part OF what Il is justly en-
titled 10. II diamonds or gold lay scatter
cd over the surface Of the earth and
could be picked UP as easily as wild
flowers gre gotten. they would lose their
value and would come 20 be no more es-
teemed than Wild flowers are. 1t is be-
cause labor Is required 10 secure them
that man values them as he docs.
The three points discussed then by Mr..
Royal which it is all important the peo-
pie shall have a correct apprehension Of
all that labor Is at the battom Of the
value Of all things that man creates; that
business consists OF exchanging cdi-
ties by exchanging their credit values in
stead Of purchasing and selling FOR money:
and that the essential and Indispensable
thing IN TO have fixed and interchangeable
standard OF value by which the values OF
commodities for the purpose Of exchang-
Ing them may be measured and stated
In the terms OF dollars.
truths we win have financial order. We
VIII always have financial disturbances
until they do. When the people learn these
truths they will learn that silver dol
lar cannot never DO as valuable as a gold
)olas. because II takes less labor to pro-