The only argument which is at all tenable, that converts anything that has all the qualities of merchandise into a measure of value is, that the article thus rendered costs at all times, and in all countries, the same labor to produce it.
Woodhull argues that the value of merchandise can only be measured by the labor required to produce it.
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Every thinking person knows that no such persons or principles are in authority now, and that they have not been these many years.
That kind of money which has elasticity, that will be plenty when business is active, and that can be readily put to other use for profit when business is less demanding, is the kind the prosperity of a country demands.
Steam and water have relieved muscle of nearly all its most laborious occupations and increased the capacity of production a thousand fold.
Production lies at the basis of all progress.