Principles of Political EconomyPerry, Arthur Latham
General
Principles of Political Economy
Perry, Arthur Latham
Economics
Ignorance of this vastly important truth has pecuniarily ruined
thousands upon thousands of the people of this country during the last
20 years. They have gone into the mining of metals, gold and silver
and copper, sometimes as individuals and more often as companies
gathering in the driblets of investors, under the notion that if they
could only get these metals out of the ground their Value would be
just as secure and fixed as their physical qualities. They found out
their mistake in bitterness of spirit. For example, the Value of an
ounce of silver has gone down and down and down as the quantity of
silver excavated has increased under zealous digging, in accordance
with the universal and pitiless law of Supply and Demand. So of
copper. And both these great monetary interests went to Congress and
secured the passage of laws designed to lift artificially the Values
that were sinking naturally under increased Supply, the silver men by
a law requiring the United States to buy and mint at least $2,000,000
in silver each month whether the silver dollars were needed or not,
and the copper men by a law imposing a tariff-tax on foreign copper
that has actually lifted the price two cents a pound on the average of
the whole 20 years above the average price of copper in the markets of
the world.
Take another illustration of disappearing Values, this time in lands,
long supposed to be the most stable in value of all human possessions.
Whole tiers of farms in the writer's native town in New Hampshire, and
for that matter all over New England as well, that in his boyhood
supported large families, and when sold usually brought a fair price,
are now abandoned of their owners as wholly or comparatively
worthless, and are allowed to grow up into forest again, without a
sign of present human habitation upon them. Value is something that
needs to be studied carefully, if it is to be fully understood.
(b) Perhaps the origin of the word, "Value," will throw some light
upon its nature and changes. Etymology can never be safely despised in
scientific discussions, although words are perpetually changing their
meaning in the mouths of men. No science can afford to build upon the
transient meaning of a word; and yet it is clearly possible so to use
words as to reach and describe ultimate and unchanging facts in
science; and some knowledge of the original meaning of words is always
a help in getting at those definitions and analyses of facts that are
permanent in science. Let us hold fast to the cheering truth
exemplified on all sides of every science, that a just analysis and
exact description of ultimate facts in any department of knowledge are
for all time, in spite of the transient meaning of current words.
Public-domain text, read in full here on John Shaqi.
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