Labor and Other Capital: The Rights of Each Secured and the Wrongs of Both Eradicated ...

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author, 1849 - Currency question - 298 pages

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Page 74 - States provides that the Congress shall have power — To coin money, regulate the value thereof, and of foreign coin, and fix the standard' of weights and measures: To provide for the punishment of counterfeiting the securities and current coin of the United States.
Page 60 - I have been accustomed to lay down to myself on this subject is the following one, viz. that no man of ripe years and of sound mind, acting freely, and with his eyes open, ought to be hindered, with a view to his advantage, from making such bargain, in the way of obtaining money, as he thinks fit: nor, (what is a necessary consequence) anybody hindered from supplying him, upon any terms he thinks proper to accede to.
Page 250 - coin money and regulate the value of foreign coins," and when they forbade the states to ''coin money, emit bills of credit, make anything but gold and silver a tender in payment of debts," or "pass any law impairing the obligation of contracts.
Page 54 - Besides being the legal representative of value, money is also the measure of value. " The government reserves the right to fix the length of the yard, the weight of the pound, the size of the bushel, and the value of the dollar, that they may be fitted for public use. Money is the public measure of value; and the government is bound to make it just and uniform, that it may correctly determine the value of all commodities.
Page xxxiv - ... fair rate of interest. Kellogg's criterion is the amount of increase in the national wealth which should be properly and fairly distributed to labor. " The money of a nation, instead of being a power by which a few capitalists may monopolize the greater part of the earnings of labor, ought to be a power which should distribute products to producers, according to their labor expended in the production.
Page xx - Labor signifies toil, which produces or distributes something actually useful; and this is the sense in which the term is used in this volume.
Page 67 - ... coins ? The same twelve thousand families are doubtless at this time the owners of a much larger amount of the capital stocks of the banks than the $9,600,000; and if they choose, can at any time sell stock enough to draw all the specie from the banks, and can thus cause a suspension of payments, and distress producers, even without shipping the specie.
Page xi - ... product of former labor, assumes that in present production capital is nothing and labor everything. Yet this remarkable delusion lies at the foundation of many a well meant disquisition about the rights of labor. See how transparently it is enclosed in the very first sentences of Mr. Kellogg's preface. " The laboring classes of all civilized nations have been, and are, as a body, poor. Nearly all wealth is the production of labor ; therefore laborers would have possessed it, had not something...
Page i - Labor and Other Capital: The Rights of Each Secured and the Wrongs of Both Eradicated. Or, An Exposition of the Cause Why Few Are Wealthy and Many Poor, and the Delineation of a System, Which, Without Infringing the Rights of Property, Will Give to Labor Its Just Reward.
Page 56 - A dollar which can be loaned for twelve per cent. interest, is worth twice as much as one that can be loaned for but six per cent., just as a railroad stock which will annually bring in twelve per cent., is worth twice as much as one that annually brings in six per cent. The value of state, bank., railroad, or any other stock, is estimated by the dividends it will pay during the time it has.

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