Excerpt from Trusts Vs People
It is plain to every student of political conditions that our social institutions are In the midst of a revolution. The mode of production, the distribution of wealth, and the relations between labor and capital are undergoing rapid changes. The many differences between employer and employee under existing conditions lead to many strikes - a state of war between capital and labor; and unless a permanent basis for the settlement of these differences be found or created, they may result in a resort to arms. Employer and employee each claims certain rights, and each claims that wants nothing but what is fair, but there is for these conditions no rule or law for determining what is fair.
It is essential to the correct solution of questions of an economic nature that the economic conditions must neither be ridiculed nor deplored, but understood.
All specific or general observations will never lead to a thorough understanding of these conditions. They must be grounded on a thorough knowledge of the elementary principles of political economy. In approaching these conditions it will, therefore, be necessary to start with these elementary principles, just like the study of any other science is begun, and to understand, first, the meaning of value, capital, labor, etc.
This may be tedious; however it will not only repay the student for the effort, but it will be indispensable to the correct understanding of the great questions confronting our nation.
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