The representative., 1901-04-25
st. Paul, Minn., April 49, 1901.
A New Theory.

Dear Sir: Political economy is claimed
to be that science which treats on the
laws governing the production and dis
tribution of a nations wealth.
All writer's on economics tell us that
land, labor and capital are the three
prime or fundamental factors upon
which are based all the laws relating to
the science of political economy.
They may and do have divergent opin-
ions on other matters, but these three
factors are like the laws of the Medes
and Persians, so manifestly true that
by all writers and by all professors of
that science they stand unquestioned.
1t is rather hazardous and unthank-
full task to run counter to established
authority or custom. Yet all the pro-
gress we have made in government
science, literature and art, in our own
onward march towards higher plane
of civilization, has been brought about
by bold and venturesome thinkers who
dared to run counter to established opin-
ions.
Everything depends upon correct or
Incorrect thoughts; correct thought is
information or knowledge Incorrect
thought is useless, and often harmful It
is the parent of all our superstitions, it
may at the time be almost universally
believed, or have firm local belief, but,
nevertheless, being incorrect thought
will pass away and correct thought final
ly prevail.
The earth was at one time almost
universally believed to be fiat, but the
discoveries of Columbus and Magellan
have given us of this age a more cor
rect thought. Our ancestors at that time
believed in witches and Witchcraft, and
SO strong and general was that false be-
lief, or incorrect thought, that Sir
Mathew Hale, lord chief justice of Eng
land. in cOndemning a poor woman to be
burnt at the stake as a witch for hav-
ing caused little children to vomit
crooked pins and raising a storm on the
ocean, stated in his charge to the jury
ea and demonstrated the truth of witch
craft. That thought finds no general
acceptance now.
In what l am about to say 1 propose
to show, and hope to prove to the salts
faction of your readers, that these writ
ers and professors have based their
theories on premises that are wrong and
the deductions they have made there
from are false and thereby have done
incalculable harm to their fellowmen.
Land, labor and capital are not the
three factors the knowledge of which
particularly concerns civilization. Fur
thermOre, those writer's and professors
il telling us this are not imparting to
us knowledge, nor even necessary infor-
them as factors than it is to know the
names of the seven satellites that revolve
in their own orbits around the planet
Jupiter, in the armament above u.s.
1t may be asked: Do l mean to say or
imply that these factors are not neces-
sites? I reply they are necessities, so
is the luminous sun, that shines down
upon us. on the necessity of which de-
ponds the existence of all animal and
vegetable life. And so with the air we
breathe, and many other things that
could be mentioned.
I mean to say the factors mentioned
are known quantities and. were it not
for the interference of some dominat-
ing, controlling power, of which the peo-
pie generally through false teachings of
the men are kept in complete ignorance;
the people would labor and produce
wealth from the land without let or
hinderance. Would work or play as in
cllnation on their own part dictated. In
other words, would enjoy perfect in
dividual and industrial freedom.
Wherein these gentlemen are befogged
and lost in a theoretical labyrinth Of
false reasoning is with their third fac
tor-capital. They are unable to come
t. any uniform and definite agreement
S1SS W Wudl IL Is. nave IL HlAeAl up
with money and wealth in a most
ludicrOus manner. At one time they
tell us that money is not wealth, but
that capital is. Then, OH some other
page in discussing another subject, they
let us infer that money is capital. When
the truth IS our resources are the real
capital. For if the capital was not al
ready there. in the shape of houses,
land crops and minerals in the ground,
we would have nothing to exchange, and
Of course would have no Use for money
to act as an exchange medium.
They have started with an uutruth
and it has required hundreds of un-
truths and contradictions 10 give the
first one the semDiancs .: ruth
This, think. can 5S accounted for in
two ways: First, they have simply fol-
lowed in the footsteps 81 the,ir former
instructors, deference to authority pre-
venting them from making any investi-
gations ON their own. account contrary
II ~ 4Nt