"I assume that a salary is the price paid for a commodity, and it ought to conform with the law of
supply and demand. If the salary is fixed without any regard for that law, as, for instance, when I see two engineers leaving college together, both equally well trained and efficient, and one getting forty thousand while the other is satisfied with two; or when I see lawyers and hussars, having no special qualifications, appointed directors of banking companies with immense salaries, I conclude that the salary is not fixed in accordance with the law of
supply and demand, but simply through personal interest.