PROTECTION A DEADLY ENEMY. lOI 



The socialists are right, that protection implies higher 

 prices for goods, but it does not imply an increase in the 

 exchange value of labor unless the laborer is enabled to 

 combine with the manufacturer. The socialist should 

 learn that there are two values to be considered : one, the 

 value of goods in use or in consumption ; and the other, 

 the value of goods in exchange or in production, and that 

 the former is quite as important in estimating the power 

 of income as the latter. 



Nearly one half of the families of the continent of 

 America, say twenty millions of families, are depending 

 on industries almost directly upon land for their share 

 of what is called the world's wealth. And what is this 

 wealth ? Political economy says : " Riches, or wealth, is, 

 in fact, power — the power of getting what one wishes 

 done by other men, either by remunerating them direct- 

 ly, as in the case of servants, or by purchasing their 

 products, to which labor must be applied." And again : 

 ''Wealth may be defined as every thing which answers to 

 men's rational wants. The complete and harmonious 

 development of every human faculty being the object in 

 view, all wants, the satisfaction of which tends to this 

 end, may be considered rational," 



It is a true political economy which endeavors to 

 bring about, and to perpetuate, that condition which 

 tends most to secure to all men the power of wealth in 

 return for their labor, time, and efforts. It considers 

 that, barring accidents, the full play of natural laws 

 would go very far toward giving to every industrious and 

 permanent citizen the opportunity in some shape for 

 obtaining an ever increasing store of wealth, or a chance 

 for the satisfaction of an ever increasing number of 

 wants. Not merely power to satisfy the bare necessities 



