of production for all commodities measured in which the rate of wages is
Explain and prove this proposition, and illustrate it from the circumstances of the United States.
- State under what limitations the proposition is correct, that profits vary inversely with wages. Explain the circumstances which cause both a higher rate of wages and profits to prevail in a young country, such as the United States, than in England.
- In America wages are much higher than in England, yet the [pg 658] general rate of profits is higher also, according to Mr. Mill. How do you reconcile the two facts?
- Examine the following:
“It seems to me that protection is absolutely essential to the encouragement of capital, and equally necessary for the protection of the American laborer.... He must have good food, enough of it, good clothing, school-houses for his children, comforts for his home, and a fair chance to improve his condition. To this end I would protect him against competition with the half-paid laborers of European countries.”—Congressional Globe.
An American newspaper has said of the burning of Chicago: “The money to replace what has been burned will not be sent abroad to enrich foreign manufacturers; but, thanks to the wise policy of protection which has built up American industries, it will stimulate our own