Tom Watson's Magazine, Vol. I, No. 3, May 1905Various
History
Tom Watson's Magazine, Vol. I, No. 3, May 1905
Various
United States -- Politics and government -- Periodicals
“All! All!” exclaimed Sir Nelson, grasping Fair’s hand and wringing it
hotly. “My God, man, I never heard of anything quite so great! My word,
sir, if you were not Tom Fair’s son, I could not believe such a sacrifice
of one’s life possible!”
“It is never difficult to do what one’s nature demands,” replied Fair
quietly, adding with less calmness: “But it is hard to see that all these
years of work are to come to naught. My life has been wasted.”
“Not at all,” retorted the old man eagerly. “Crime? Crime, you say. By
gad, boy, I’ll make you prove yourself guilty in a court of law—and if
you do, then we will all know that you are off your head!”
“The proofs of my guilt will not be far to seek,” answered Fair, with a
disheartening coolness and an air of ghoulish certainty.
(_To be continued._)
_Money and Prices_
BY E. L. SMITH
Money is a creation of law.
Money is a measure of valuable things or services.
Money is a measure of constant and ever-varying capacity.
Money is not value in itself.
The divisor measures the dividend by division.
Money measures property by division.
If the divisor increases as fast proportionately as the dividend, the
quotient will remain the same.
When the amount of money increases as fast proportionately as the
property to be measured or divided, the average of prices will remain on
a level; and, although there will be constant fluctuations in price among
the different articles to be measured or divided, the average purchasing
or measuring power of the measure or the unit of value will remain the
same.
When the divisor increases faster proportionately than the dividend, the
quotient will become smaller.
When the quantity of money increases faster than the property or things
to be measured or divided, the average of prices will rise.
When the average of prices rises, the measuring or purchasing power of
the unit of value becomes less.
When the average of prices rises, there is inflation of the money or
currency.
When the quantity of property increases faster proportionately than the
amount of money, the average of prices will fall.
When the average of prices falls, the money or currency is contracted.
All business interests are either produce interests or moneyed interests.
A produce interest is an interest in which the owner receives his pay for
his labor and the use of his capital in produce.
A moneyed interest is an interest in which the owners of the business
receive their pay for their labor and the use of their capital in money.
A farm is a produce interest.
A railroad is a moneyed interest.
If the owners of a produce interest wish any money, they sell their
produce and buy money.
If the owners of a moneyed interest wish any produce, they sell their
money and buy produce.
When prices rise produce interests gain.
When produce interests gain, moneyed interests lose.
Public-domain text, read in full here on John Shaqi.
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