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"Labor is prior to and independent of capital. Capital is only the fruit of labor and could never have existed if labor had not first existed. Labor is the superior of capital and deserves much the higher consideration."
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"That policy which aims at raising the objective exchange-value of money is called, after the most important means at its disposal, restrictionism or deflationism. This nomenclature does not really embrace all the policies that aim at an increase in the value of money. The aim of restrictionism may also be attained by not increasing the quantity of money when the demand for it increases, or by not increasing it enough. This method has quite often been adopted as a way of increasing the value of money in face of the problems of a depreciated credit-money standard."
"A variation in the objective exchange-value of money can arise only when a force is exerted in one direction that is not cancelled by a counteracting force in the opposite direction. If the causes that alter the ratio between the stock of money and the demand for it from the point of view of an individual consist merely in accidental and personal factors that concern that particular individual only, then, according to the law of large numbers, it is likely that the forces arising from this cause, and acting in both directions in the market, will counterbalance each other."
"And the reason Luke is thinking about time and free will is because he believes that money is the closest human beings have ever come to crystallizing time and free will into a compact physical form. Cash. Cash is a time crystal. Cash allows you to multiply your will, and it allows you to speed up time. Cash is what defines us as a species. Nothing else in the universe has money."
"The values of commodities are directly as the times of labour employed in their production, and are inversely as the productive powers of the labour employed."
"You are horrified at our intending to do away with private property. But in your existing society private property is already done away with for nine-tenths of the population; its existence for the few is solely due to its non-existence in the hands of those nine-tenths. You reproach us, therefore, with intending to do away with a form of property, the necessary condition for whose existence is the non-existence of any property for the immense majority of society.In one word, you reproach us with intending to do away with your property. Precisely so: that is just what we intend."
"The moneyprice of any commodity in any place, under the assumption of completely unrestricted exchange and disregarding the differences arising from the time taken in transit, must be the same as the price at any other place, augmented or diminished by the money-cost of transport."
"The oldest and most popular instrument of etatistic monetary policy is the official fixing of maximum prices. High prices, thinks the etatist, are not a consequence of an increase in the quantity of money, but a consequence of reprehensible activity on the part of 'bulls' and 'profiteers'; it will suffice to suppress their machinations in order to ensure the cessation of the rise of prices. Thus it is made a punishable offence to demand, or even to pay, 'excessive' prices."
"As a rule, however, an increase in the value of money spreads only gradually. The first of those who have to content themselves with lower prices than before for the commodities they sell, while they still have to pay the old higher prices for the commodities they buy, are those who are injured by the increase in the value of money. Those, however, who are the last to have to reduce the prices of the commodities they sell, and have meanwhile been able to take advantage of the fall in the prices of other things, are those who profit by the change."
Explore more quotes by Abraham Lincoln
"If you once forfeit the confidence of your fellow citizens, you can never regain their respect and esteem. It is true that you may fool all of the people some of the time; you can even fool some of the people all of the time; but you can't fool all of the people all of the time. -Speech at Clinton, Illinois, September 8, 1854."
"Take all that you can of this book upon reason, and the balance on faith, and you will live and die a happier man. (When a skeptic expressed surprise to see him reading a Bible)"
"Do not worry eat three square meals a day say your prayers be courteous to your creditors keep your digestion good exercise go slow and easy. Maybe there are other things your special case requires to make you happy but my friend these I reckon will give you a good life."
"Fourscore and seven years ago our fathers brought forth on this continent, a new nation, conceived in Liberty, and dedicated to the proposition that all men are created equal."
"Allow the president to invade a neighboring nation, whenever he shall deem it necessary to repel an invasion, and you allow him to do so whenever he may choose to say he deems it necessary for such a purpose - and you allow him to make war at pleasure."
"I sincerely wish war was a pleasanter and easier business than it is but it does not admit of holidays."
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