The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1922-01-31

W PROPORTION TO cum ~ liaih hlHAA
the profits. measured IN goods IN
The. second period were only two I
thirds ~ much M In the first period.
I am not sure that this Is not % good
illustration OF the fact that Tho pros
perlty brought about by the war
booms ls fancif~l Some persons
may gain but the average man loses
Perhaps we may believe thai any dis.
turhance that oauacs a great change
81 occupation causes los, however
That loss may be disguised.
Continued observation leads me tol
boIi.v. ever more firmly tnut this
conclusion il correct. but thr same
observation shows that most people
fail TO perceive A.. They tre COM
fused by the relation Of muue 10
goods. falling to realize nat money ~
worthless in itself n b. onl, the
symbol FOR the exchange of goods
Nearly everybody feels richer with
two dollars worth fifty cents each
than With one dollars worth 3D. nun
bred cents. This fccllua even
reachcs 10 the point OF Imagining
that the country II better of hy los
ing tina hy gaining. For example
% b. argued IN all seriuusuo- that
there is profit in selling but NOT ga
buying. hat an cNceas of exports
over Imports IL o sign Of prosperity
luN illni Mn tNtt~H VI Ahll.'|. ~ a ]
symptom ct impoVcrishmtHI i'ou-
PIE Imagine that mnncy uiuuo viii
pay debts. forgetting entirely the
goods that money stands Goo d b.
ensy for "a foreigner To- write HH name
on a piece of paper nui call a
money. it is not 40 easy fur lm a.
furnish goods equivalent Co fHr prin-
cipal aud interest OF WIN boo has
bought \ bond or u moi. B.. 900 10.
s'tt merely such q piece 90 HIu"r. ~
10 does not stand as an uhIlIluu tu
repay with effort. or II on u." other
u4,nd. the debtor h. assured that his
credito does not wish him goo eNrrt .
himself to repay with effutf he viii
soon find that writing notes and
bonds Ia indeed an easy WY 10 get
E1p.i.. But II any ono viii forget
about money aud recoilrDI thpt 90
consignment OF goods 10 90 foreign
country b. e. real contribution ufl
NmcriCan labor and material be-
must perceive that thc country loser
unless nm equivalent Of labor and
material comes back. with some
thing additional to represent Inturost
aud to- pay Tor the trouble thc
only value Of the money BEL That o.
stands for the power To make the
actual importation. u doe not in
deed make any difference fa Amer
wi VIM HNHNN"N" ~ NN|.'HNN CO. NNNN
comes from; to have none merely
gives u the choFc OF whsr, fo buy
Dat obviously 30 ls no great prIlIiogr
for 10 creditor Co DE able Co luY only
from himself not any sIlu OF
commercial H-futruess Co work rtr
others and at the same limo per
-und' himself that II is 90 hardship
600 hayc Others work foi hlm in o.,
turn
Money aud Property Values.
would confess that this urgu-
mcnt De- irrelevant to our purpose
were J not convinced that The samp
lHuE Of logic has To hc %cuu;hatod lu
-roa-nuing the value ~ property
900 general whether Tor taxation ut
tor any other purpose, There l-
too much readiness To found the cone
c.ption of value upon money and too
little 20 consider the a%ctuaiities hat
give vulu. 10 money. Properly has
un value except fur the 90 thuf can
bee made OF Do. the extent OF The value
b. 10" oNi~n. Of the use: 90 other
words 90 the productive labor put
upon d. Property pays mo- tax; % is
the people who work for. or on. that
prut'rTs vino must pa b. tndo-
yclurcds natural Resources that VIII
alwuy- remain undeyolopcd Will al
way he worthless How mnrh W.
the chino copper mime worth Whlo
D. belonged to ~ A%p,'hvz. and How
much wuutd II be worth if N,w N,s-
irn should revert Co ih, AparU
" TIE economic position uf the
mining Industry b. determined ur Ir
power to compete with other ludu-
tries d seems TO follow hat lts rpll
tive productiNcness must be meas.
urcd approximately uF the amount
81 labor 10 employ Some uftcu-
/ MN ia HAHa f.sWaAH.H..H can rur#H ...