VALUES 7 



first must earn wages by outside labor in order to live. But a 

 person possessed of a few thousand dollars or its equivalent can 

 hire this work done and accomplish it in a short time. 



The term capital is used to signify a stock of wealth existing 

 at a given instant of time, and therefore available for future 

 use. All wealth is capital. Efforts to separate wealth into 

 classes, such as that which is intended for consumption, and that 

 used for the production of other wealth, lead to confusion. It 

 is immaterial whether a man's capital is in the form of food, 

 buildings, land or money. He will endeavor to secure by ex- 

 change a proper balance between the different kinds of capital 

 he possesses. The exchange of wheat for money, its reserva- 

 tion for seed or its conversion into flour does not alter its status 

 as capital. 



13. The Capitalist. With sufficient capital a man is not 

 only free from immediate personal wants but by employment 

 and the payment of wages, can provide for the daily wants of 

 others. On this basis all modern business enterprises are con- 

 ducted. The time needed in constructive works may be lessened 

 by increasing the number of persons employed and the capital 

 expended, but only to a limited extent. For crop production, 

 and in the growing of trees, the time required cannot be appre- 

 ciably reduced. Since it is only by the use of capital that any 

 enterprise requiring 'time can be undertaken, capitalists make 

 possible the entire fabric of modern civilization, and without 

 this accumulated surplus we would revert to primitive condi- 

 tions. In forest production the element of time is so important 

 that the trend is toward state and national forestry, for govern- 

 ments represent the accumulated capital of the entire community 

 and can best afford to await the maturing of timber crops by 

 the slow process of growth. 



14. Interest. The present moment is the basis for comput- 

 ing and comparing all values. Although use and income, on 

 which value depends, continue into the future indefinitely, 

 yet no one will provide for future wants and leave present 

 demands wholly unsatisfied. To every one the enjoyment of 

 wealth in the present is valued more highly than at any future 



