. The distribution of products; or, The mechanism and the metaphysics of exchange. Three essays: What makes the rate of wages? What is a bank? The railway, the farmer, and the public . e might well be named The indicator of progressfrom poverty of the workman and progress toward poverty of thecapitalist. Another graphical method of showing these results is submitted,as follows : 356 WIIA T MAKES PIG showing the changes which have occurred in a blast furnace used forthe conversion of iron ores and coal purchased at market-prices into conditions of i860 to 1864 inclusiv
. The distribution of products; or, The mechanism and the metaphysics of exchange. Three essays: What makes the rate of wages? What is a bank? The railway, the farmer, and the public . e might well be named The indicator of progressfrom poverty of the workman and progress toward poverty of thecapitalist. Another graphical method of showing these results is submitted,as follows : 356 WIIA T MAKES PIG showing the changes which have occurred in a blast furnace used forthe conversion of iron ores and coal purchased at market-prices into conditions of i860 to 1864 inclusive are taken as a standard, each beingcalled 100, and all represented by the single point at the head of the columnon the left; from this point the lines of variation diverge, and the severalpoints in the column on the right show the result of these variations in theaverages of product, prices, wages, etc., in 1875 to 1879 inclusive. S years:1875 to iii79 inclusive. Product per hand increasedfrom 776 tons to 1,219 tons. Total product increased from58,959 tons to 86,546 tons. Wages increased from $353jier year in a depreciatingcurrency to $486 per year inan appreciating Gross value of total productincreased from $1,627,268 to $1,651,298. Number of hands employeddecreased from 76 to 71. Price of iron decreased from$ to $ per ton. Margin between the value ofthe product and the costof materials and labor, fromwhich margin taxes, generalexpenses, and profits are tobe derived, decreased from$;?nto$^perton. THE RATE OF WAGES? 35/ It will be apparent that while the profits of capital may havebeen much more than ten per cent, in the first period, and musthave been much less, if any thing, in the second ; yet such factscan seldom be correctly ascertained, and if given, would not be asuseful as to assume a certain uniform rate of profit. It is anabsolute rule that if profits rise above a certain rate in any artwhich is open to free competition, capital wi
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