used it again becomes a useless mass of perishable
wealth. It is the product of labor, pure and simple. Speaking on
"Management of the Banks" (footnote p. 223), in his work on _Labor and
Capital_, Edward Kellogg says:--

All who become rich by speculations in bank, state and other
stocks, gain their wealth at the expense of the producing
classes; for no increased production is made by the changing
market value of these stocks. It is clear, that when the
rate of interest is increased, the gains of money-lenders
are augmented, and the money gained will buy a greater
quantity of property and labor. The increased gains of the
lender must be paid by the borrowers, by the productions of
their own or of others' labor.

So Adam Smith, speaking of "the Origin and Use of Money" (_Wealth of
Nations_, p. 33), says:

In order to avoid the inconveniency of such situations,
every prudent man in every period of society, after the
first establishment of the divisions of labor, must
naturally have endeavored to manage his affairs in such a
manner as to have at all times by him, besides the peculiar
produce of his own industry, a certain quantity of some one
commodity or other, such as he imagined few people would be
likely to refuse in exchange for the produce of their
industry.

Labor is the one paramount force which develops the resources of the
world. It produces all the wealth; it pays, in the last analysis, all
the taxes--National, State and municipal; it produces the wealth which
sustains all the institutions of learning, as well as ministers to the
profligate luxuries of the idlers and sharpers who add nothing to the
wealth of society, but on the contrary constantly take from it, and
who have not inaptly been termed by Dr. Howard Crosby the "dangerous
classes;" it makes the wealth which gives a few men millions of
dollars as their share, either as rental or usurious interest upon
capital invested in the production of wealth; and it creates the vast
surplus which lies in the coffers of the Federal and State treasuries
of our land.

The producing agency, without which there could be no wealth; without
which the landlord could exact no rent and capital could draw no
interest, the producing agency alone receives an inadequate proportion
of the wealth it produces. The man who conducts any business requiring
labor and capital not only exact