The ABC of Money: Including The Way to Wealth and The Gospel of Wealth
By Andrew Carnegie and Benjamin Franklin
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Andrew Carnegie
Andrew Carnegie (1835–1919) was a Scottish-American industrialist, railroad man, and steel magnate whose charitable giving and life philosophies (“The man who dies thus rich dies disgraced”) made him one of the most captivating figures in American history. After selling his Pittsburgh-based steel company to J. P. Morgan, Carnegie spent the remaining years of his life giving away roughly $350 million (the equivalent of almost $5 trillion today) to universities and charities around the world. A self-proclaimed positivist, his influence and beneficence are reflected in the names of institutions such as Carnegie Hall, Carnegie Mellon University, and the Carnegie Endowment for International Peace.
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The ABC of Money - Andrew Carnegie
Wealth
The ABC
of Money
By Andrew Carnegie
New York
Isuppose every one who has spoken to or written for the public has wished at times that everybody would drop everything and just listen to him for a few minutes. I feel so this morning, for I believe that a grave injury threatens the people and the progress of our country simply because the masses—the farmers and the wage-earners—do not understand the question of money. I wish therefore to explain money
in so simple a way that all can understand it.
Perhaps some one in the vast audience which I have imagined I am about to hold spellbound cries out: Who are you—a gold-bug, a millionaire, an iron-baron, a beneficiary of the McKinley Bill?
Before beginning my address, let me therefore reply to that imaginary gentlemen that I have not seen a thousand dollars in gold for many a year. So far as the McKinley Bill is concerned, I am perhaps the one man in the United States who has the best right to complain under it, for it has cut and slashed the duties upon iron and steel, reducing them 20, 25, and 30 per cent; and if it will recommend me to my supposed interrupter, I beg to inform him that I do not greatly disapprove of these reductions, that as an American manufacturer I intend to struggle still against the foreigner for the home market, even with the lower duties fixed upon our product by that bill, and that I am not in favor of protection beyond the point necessary to allow Americans to retain their own market in a fair contest with the foreigner.
It does not matter who the man is, nor what he does,—be he worker in the mine, factory, or field, farmer, laborer, merchant, manufacturer, or millionaire,—he is deeply interested in understanding this question of money, and in having the right policy adopted in regard to it. Therefore I ask all to hear what I have to say, because what is good for one worker must be good for all, and what injures one must injure all, poor or rich.
To get at the root of the subject, you must know, first, why money exists; secondly, what money really is. Let me try to tell you, taking a new district of our own modern country to illustrate how money
comes. In times past, when the people only tilled the soil, and commerce and manufactures had not developed, men had few wants, and so they got along without money
by exchanging the articles themselves when they needed something which they had not. The farmer who wanted a pair of shoes gave so many bushels of corn for them, and his wife bought her sun- bonnet by giving so many bushels of potatoes; thus all sales and purchases were made by exchanging articles—by barter.
As population grew and wants extended, this plan became very inconvenient. One man in the district then started a general store and kept on hand a great many of the things which were most wanted, and took for these any of the articles which the farmer had to give in exchange. This was a great step in advance, for the farmer who wanted half a dozen different things when he went to the village had then no longer to search for half a dozen different people who wanted one or more of the things he had to offer in exchange. He could not go directly to one man, the storekeeper, and for any of his agricultural products he could get most of the articles he desired. It did not matter to the storekeeper whether he gave the farmer tea or coffee, blankets or a hayrake; nor did it matter what articles he took from the farmer, wheat or corn or potatoes, so he could send them away to the city and get other articles for them which he wanted. The farmer could even pay the wages of his hired men by giving them orders for articles upon the store. No dollars appear here yet, you see; all is still barter—exchange of articles; very inconvenient and very costly, because the agricultural articles given in exchange had to be hauled about and were always changing their value.
One day the storekeeper would be willing to take, say a bushel of wheat for so many pounds of sugar; but upon the next visit of the farmer it might be impossible for him to do so. He might require more wheat for the same amount of sugar. But if the market for wheat had risen and not fallen, you may be sure the storekeeper didn’t take less wheat as promptly as he required more. Just the same with any of the articles which the farmer had to offer. These went up and down in value; so did the tea and the coffee, and the sugar and the clothing, and the boots and the shoes which the storekeeper had for exchange.
Now, it is needless to remark that in all these dealings the storekeeper had the advantage of the farmer. He knew the markets and their ups and downs long before the farmer did, and he knew the signs of the times better than the farmer or any of his customers could. The cute storekeeper had the inside track all the time. Just here I wish you to note particularly that the storekeeper liked to take one article from the farmer better than another; that article being always the one for which the storekeeper had the best customers—something that was most in demand. In Virginia that article came to be tobacco; over a great portion of our country it was wheat,—whence comes the saying, As good as wheat.
It was taken everywhere, because it could be most easily disposed of for anything else desired. A curious illustration about wheat I find in the life of my friend, Judge Mellon, of Pittsburg, who has written one of the best biographies in the world because it done so naturally. When the Judge’s father bought his farm near Pittsburg, he agreed to pay, not is dollars,
but in "sacks of