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peculiarly his own that he is fairly entitled to the credit of originality. That the work of this interesting trio should have been done so nearly simultaneously would seem to indicate that Socialism was in the air, and that the time was ripe and the conditions favorable for the appearance of this new school of thought. So far as priority of time is concerned, the credit seems to belong to Warren, the American,—a fact which should be noted by the stump orators who are so fond of declaiming against Socialism as an imported article. Of the purest revolutionary blood, too, this Warren, for he descends from the Warren who fell at Bunker Hill.

From Smith's principle that labor is the true measure of price—or, as Warren phrased it, that cost is the proper limit of price—these three men made the following deductions: that the natural wage of labor is its product; that this wage, or product, is the only just source of income (leaving out, of course, gift, inheritance, etc.); that all who derive income from any other source abstract it directly or indirectly from the natural and just wage of labor; that this abstracting process generally takes one of three forms,—interest, rent, and profit; that these three constitute the trinity of usury, and are simply different methods of levying tribute for the use of capital; that, capital being simply stored-up labor which has already received its pay in full, its use ought to be gratuitous, on the principle that labor is the only basis of price; that the lender of capital is entitled to its return intact, and nothing more; that the only reason why the banker, the stockholder, the landlord, the manufacturer, and the merchant are able to exact usury from labor lies in the fact that they are backed by legal privilege, or monopoly; and that the only way to secure to labor the enjoyment of its entire product, or natural wage, is to strike down monopoly.

It must not be inferred that either Warren, Proudhon, or Marx used exactly this phraseology, or followed exactly this line of thought, but it indicates definitely enough the fundamental ground taken by all three, and their substantial thought up to the limit to which they went in common. And, lest I may be accused of stating the positions and arguments of these men incorrectly, it may be well to say in advance that I have viewed them broadly, and that, for the purpose of sharp, vivid, and emphatic comparison and contrast, I have taken considerable liberty with their thought by rearranging it in an order, and often in a phraseology, of my own, but, I am satisfied, without, in so doing, misrepresenting them in any essentiak particular.