A cityless and countryless world : $b An outline of practical cooperative individualismOlerich, Henry
Science
A cityless and countryless world : $b An outline of practical cooperative individualism
Olerich, Henry
Cooperation; Social problems -- Miscellanea
“One more brief comparison on this point: Suppose that in 1866 a farmer
stores away $1,000 worth of wheat at $2.50 a bushel, which would amount
to 400 bushels. His brother banker also puts in his safe the same
amount of property, a thousand dollars, in _dollars_, not in wheat or
any other _commodity_. Now, they have stored away an equal amount of
property. Let us see now how they stand in 1890. The farmer has his 400
bushels of wheat, which is worth about 60 cents a bushel. If he turns
his wheat into cash, he has $240, while his brother banker has $1,000
in cash. Here you see that the farmer, or any other laborer, ‘comes out
of the small end of the horn.’ Now let us see how they stand when both
turn their property into wheat. The farmer has 400 bushels. The banker
has $1,000, for which, at 60 cents a bushel, he can buy 1,666 bushels;
1,666 bushels minus 400 bushels leaves 1,266 bushels, that the banker
is ahead of the farmer, after they have converted their property into
wheat.
“I am well aware that in a few cases the varying purchasing power of
the dollar gives an advantage to the laborer instead of the capitalist.
But this advantage to the laborer is as unjust as if the advantage were
to the capitalist; and the injustice of this advantage, whether to the
capitalist or to the laborer, is what we are here considering.
“These are all _truths_, but they lie so deeply hidden that the masses
of your people do not yet see them. _Our_ medium of exchange does not
possess this grave injustice; the unit of value is based on a day’s
productive labor, which varies very little, if any, and all share an
equal part in this slight variation.
Public-domain text, read in full here on John Shaqi.
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