Low Money Wages: They believed that economic ffairs should be allow money wagesed to run according to leir own "natural laws," much as the physical rorld was regulated by such laws as the law of ravity. One of the "natural laws" of economics lat businessmen thought they perceived was le "iron law of wages"-it held that wages could ot possibly rise above a subsistence level. So tw wages and long hours seemed inevitable.
GRESHAM'S LAW, gresh'amz, in economics, is usually stated as "bad money drives out good." The law stems from the fact that money has a value both as money and as a commodity in the open market. The former value is set arbitrarily by law and is relatively fixed; the latter is determined by supply and demand and varies from time to time, "Good money" has a higher value as a commodity than as money and will disappear from circulation.
Betv 1895 and 1897 he wrote several political p phlets on monetary themes including Iowa the Silver Question, and Money, Wages Prices. Appointed director of the mint in I he resigned in 1907 to become president of ( cago's Commercial National Bank. He af headed the mint from 1910 to 1914. During first of these tenures he purchased the Des Moi (Iowa) Register in 1902, consolidated it with Des Moines Leader and sold the combined paf the follow money wagesing year.
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