154 WISCONSIN STATE AG HI CULTURAL SOCIETY. 
prises of capital have met and are constantly meeting with similar 
losses, but the organization is never abandoned for that reason. 
Each one interested shares his proportion of the loss, and the 
business goes on with a more perfect organization, and with addi¬ 
tional securities against future losses ; and it is not discouraged 
because in spite of every precaution losses still occur. 
Labor can no doubt be organized—not so readily and per¬ 
fectly, perhaps, as capital, but still it can be organized so as greatly 
to improve its condition. How this may be done is beyond the 
scope of this address ; but that it may be done, and that it will be 
done, I cannot doubt. Labor may yet have its Wall street as 
well as capital. Why not ? 
0 
CAPITAL THAT IS INSEPARABLE FROM LABOR. 
I have used the words “ labor” and u capital ” in this address 
in their more general and comprehensive sense, without stopping 
to define the precise and technical meaning of either term. But, 
to avoid misunderstanding, I will say here, that in many particu¬ 
lars, capital and labor are inseparable; so that neither can move 
without the aid and co-operation of the other. This is true es¬ 
pecially of agricultural and mechanical labor. But in both in¬ 
stances, capital forms so inconsiderable a part in the general 
result attained, that I have chosen simply to notice the fact, and 
to speak of it in general] terms as labor. I have felt at lib¬ 
erty to do so, because it is quite certain this is not the capital that 
organizes and fixes the price of products and labor. The imple¬ 
ments of a farmer and the tools of a mechanic are indeed capital, 
without which he can accomplish little or nothing. They are a 
kind of special capital which wears out with use, while the capi¬ 
tal of which we are speaking increases in value, and gathers 
strength and influence by use. This capital, in fact, reproduces 
itself, while the other wears out periodically, and has to be re¬ 
newed or reproduced by labor. Of this class of capital is machin¬ 
ery for manufacturing, houses, barns, fences and the like, which, 
in the aggregate, amount to a vast sum of money, as indeed do 
agricultural and mechanical implements. But after all it is dead 
capital, constantly decreasing in value, and constantly requiring 
labor to keep it in repair. This is not the capital that controls 
