Proletarec. [volume] (Chicago, Ill.) 1906-19??, 1946-02-20
a SOUTHERN SOPHIsT SPEAKS

A good friend has sent IS an editorial written by Edward j. Nee
man editor Of the Memphis, Tenn. "press-scmitar," in which a
agement" but neglect to take Capital into consideration.
Capital" says Editor Meeman, is the indispensable third part
ner" of Labor and Management. And then he goes o to assert that
Proof that capital is indispensable is found in the fact that both Com
munist Russia and Socialist Britain are seeking loans from the United
States today-they need u capital"
Since he W writing al editorial about Capital" it would appear
TO us that Editor Meeman should at least have told his readers what
Capital" is. But he didn't His closest approach to a definition is
use for any end. good or bad" And since that might have been said
with equal truth and no less clarity about cobwebs Or manure, it
Further down in his article, Mr. Meeman trips over his own tongue
by confusing capital with private property and urging that workers
IS right there, as Mr.. Meeman slides easily from "Capital' to THE
Capitalist" that he reveals the sophbtry of his argument.
Our own contribution to clarity a begin with the admission
that capital is necessary for the advancement of human welfare;
Following which, we must explain that capital consists of THINGS
and not of dollars-which man can use to increase his wealth and
advance his own welLbeing.
Labor Power is capitalize only capital which many people
possess. So are the coal, oil and mineral deposits below ground, the
land itself and the trees and plants that groy upon the land.
If Mr.. Meeman accepts that definition (and let is be the first
to admit that it condenses into a paragraph what books have been
Socialist CD Britain need our capital: They need u minerals,
our metals, VI lumber, our food and other things that have been
made valuable and useful by labor power.
But those nations don't need our gold-not at least for any other
purpose than to exchange it for capital and consumption articles
Russia, which needs all the real capital it can get, showed its con-
tempt for money itself when, during the division of the spoIs of
victory, that country calmly disavowed any claim to German gold
out took all the machinery it could get.
Russia wanted capital But it did not want gold " money be-
We suspect that Editor Meeman knows better. We believe he
was pulling the wool over the eyes of his Southern readers by mix
ing up capital" with "captaist!"
Editors of the pnvate-proft press don't want people to under
stand that
Although mankind needs capital it doesn't need the capitalist
1t is possible to socialize the ownership of real capital and to use it
for the creation of abundance for all instead of for the profit OF
private capitalists.
Russia, which Editor Meeman ses as an example, has demons
trated how well the private capitalist can be dispensed with. Britain
promises to do the same thing. And even here in these United States
proof that dollar capitalism is losing status is furnished by the falling
value of dollars in the market place, by reduced bank interest rates
for saved dollars and by the fact that more and more of the pubics
saved dollars are being banked with the government rather than with
private bankers.
Yes, we need capital. But, no, we don't need the capitalist. If
we had needed him we'd AVE lost the "a when he refused to CAPT
taIize and forced the people, through their government, to extend
the va economy by public capitalization.
Mr.. Meeman wants us to forget COmmunsms nonsense" Per
haps he also wants us to forget that the American people have
hundreds Of millions of dollars worth of pubicly-Iinanccd induStricsI
which could be used FOR Americans just as effectively as they were
Used AGAINST Germans and Japs. - Reading Labor Advocate.