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241 Would if the silver were immediately consumed or destroyed instead of being hoarded. Surely it is a very palpable error to say that when government sells or spends gold it consumes it in an economic sense. If I swap a horse for a cow and kill and eat the cow, do I consume the horse? (13) I took the horse from the market when I bought it, and I return it to the market when I offer to sell it. The question of the metal has demanded so much elucidation that debts as commodities and as currency must wait a future communication.

(1) No, this is not a correct interpretation of my phrase, because it is based upon a conception of the term product seriously differing from my own. If a laborer's product is looked upon as the entirety of that which he delivers to the consumer, then indeed Mr. Fisher's point is well taken, and to expect the laborer's wages to buy back his product is to expect too much. But that is not what is ordinarily meant by a laborer's product. A laborer's product is such portion of the value of that which he delivers to the consumer as his own labor has contributed. To expect the laborer's wages to buy this value back is to expect no more than simple equity. If some other laborer has contributed to the total value of the delivered article by making a tool which has been used in its manufacture by the laborer who delivers it, then the wages of the laborer who makes the tool should also buy back his product or due proportion of value, and would do so under liberty. But his portion of the value and therefore his wage would be measured by the wear and tear which the tool had suffered in this single act of manufacture, and not by any supposed benefit conferred by the use of the tool over and above its wear and tear. In other words, the tool-maker would simply sell that portion of the tool destroyed in the act of manufacture instead of lending the tool and receiving it again accompanied by a value which would more than restore it to its original condition. Mr. Fisher's interpretation rests, furthermore, on a misconception of the term wages. When a farmer hires a day-laborer for a dollar a day and his board, the board is as truly a part of the wages as is the dollar; and when I say that the laborer's wages should buy back his product, I mean that the total amount which he receives for his labor, whether in advance or subsequently, and whether consumed before or after the performance of his labor, should be equal in market value to his total contribution to the product upon which he bestows his labor. Is this expecting too much? If so, might I ask to whom the excess of product over wage should equitably go? (2) Every man who postpones consumption takes a risk. If