[Letter] Feb.18,1891,Smith College [to F.H. Giddings]

Feb. 18, 1891, Smith College.

Dear Friend,
       I should think
the heading would be
quite satisfactory.
 I sent your letter
about the Amherst-Physics-
Perkins question to Prof.
Morse. He is now on a
southern tour - as I
expect soon to be - but
I got a reply today. He
says he would speak to Pres't.
Gates if he were at home, but
he does not think it
desirable to write to him.
He adds what I fear may
be decisive in the case,
mainly that Pres't. Gates
is decided when he wants to
have, and will make a
strenuous effort to get him.
Prof. Morse must mean
that the man referred to
is another person - not
Dr. Perkins. I certainly
do wish that Dr. Perkins
may find a good place.
The treatment that he has
received will range all who
know the facts on his side.
 I wish you were within
reaching distance and enough
at leisure so that I
might inflict a paper on you.
In following out the subjective
rent analysis I think I have
been led to the clearest
law of distribution as a
whole that I ever attained.
It supplements my former
wages-and-interest law by
giving as objective rent
the entire wages fund, or
sum total of wages - also
by another application the
entire interest fund, or
sum total of interest. This
application of the rent principle
was involved in the unintelligible
supplementary note appended
to my Wages monograph; but
it was not developed. I mean
to show that the law of rent
logically applied is a complete
law of static distribution,
or of dist. as it would be in
the absence of structural changes.
Pure profits seem to me to be
a dynamic income, and the
one element in dist. not amenable
to the rent law. Whether
I can get this into good shape or not
remains to be seen. I am striving to do it
before about Mar. 10 for the Quarterly Journal.

        Yours Very Truly,
              J. B. Clark