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Tiid conflict betwesn .l^bor Aiu] oapiM bocoioes tli« gtruKglu of tbe af{B- ^n 'Miih aides there ar« titanic |Hiwcr9 pDga(i^(t in w!>at aptwnrs tu be hc.Milong and iiu1iacrlmiiial.iii|j; vtet. ^ There may he now and affain aVdl .n the contest- tlivre may Ixtsorae £ kind of truce proclaimpa — gomugood sort of iKH)ple mikv approach '£i,~ Uie corahatap.tg and liidiioe them Tor a goasun to lav iiown tlieir ;»' ftrmfl. But to tlie calm looker-on it ia evident that all the tine talk ^ , aboat mutnal forbearance, »j rptUhy and gaod 'ttlii, 1b only a ' % , mukeshift ; that each party retuma to work with Its p»MioDS but V reahrained for the moment or for tho occasion ; and with not only ^' tlKi ez|ieotation of a speedy mocwal of the contest, but with a I' determination, when the time airain comes round, to fight It out to I the bitter end. Is it not oue of thi: gtrange thiu^ in t'liii strange ^ > world that industry should theginttings of primitive industry are possible : oamelv ^ stock, prtvioualy accumulated, of the prodncts «f former labor. This accumulated stock of the p'oduoe of labor is termed capital. The function of capittvl iu production it is of the utmost importance thoroughly to understand, since a nttml>er of the erroneous notions with which our subject is Infested originats i« aa impet&ct aq^ cmifiiwd apprsbeusioa of this pointi f^r. e. ^- J* ■^ - ^..a w -^» )^ .o*^ .^-v*' " Oftpiu;, by peioons wholly iinutm: to refltH-t on th« •ubj'-ct, •atipoand 1o be gynonymmig with money. Monwy is ni> mo U ._ _ _^ _ , moru iynonymon* with cnpitHl than it ta with wenlth. Mom-y oaiimit, in ita«lf, |H>rfoaii nny part of tlw oltice of capital, iiinco it cAn atlortl no uiwiHUnoe to production. To supply productive labor 'vith.thcsa various pre-requiaites— are capital." The above extract may be taken as representing the views generally held by economists on the subject of akpital. The definitions may be considered as in some measure correct. They are not such at, in the use of exact language, I would employ. I think a better and more guarded definition can be given—bettor insofar AS it would close every door acainst the entrance of thiwo "erroneous notions with which our subject is infe»Ufd," of which coffiplaint is justly made by Mr. Mill. I haveeUewhero had occasion to remark that poll. ical economy, moru thanony other science, has been worm-eaten with that incautious language which a moein^ exchanged for other things is capable of Contributing to production in the sauie degree. If this language be not wholly flmbipruous, it sets forth that money, •when exchanged for other things, then and only then becomes an agent in production ; and that anything susceptible of exchange is, from that very fact, exalted to the rank of a productive agent. Mow, money, in a high degree, is susceptible of exchange, and must therefore be in'^luded in the latter statement. There are thousands of products on which you may cast your eye every dav as you pass X\A shop windows, which could not by any stretch of fancy be ^v .^L.^ > » ,« .^■m >^^^ tiibjret, !■ I n(« moru caiinut, in n AlToru do intiKud fur t-xcliitiiged liuii in lira attorJ the k requires, ho pruoesi. n pnat, And n< ilHgtiiied cae various the vlcwi iiital. ThP !Ct. They i\oy. I thinic tor in BO far ) of itllMO ," of wliicli ad ocvnsion BCi?/ ' j'-.t'; .JLi^. 'l ^-l conilderad •« pnidiiciive aitents , and yet they are all siig<^«i|itihlt consist in the laot that they may bt- told for money, or eu-hiioKed for other IhinKs, but that thtv are profierly fashioied and Hlly mwlo liv indiistrioiiH hands to aid thesu liandit in ronlirnifd production. I ihiiik it i« quite evident that I hero has liien a notion Hi>atini{ in our amlior's mind— tome iud«Hn«Idu ii'i-a, stMnuthing inUn|;ihlH which he calls capital, and wincb lie priM'launt at iU|ierior to and indo|Mr extract from .Mr. Mill. " (Suppose, for instance, that the capilidist is a hardware nmnii- facUirer; and that his .stiHik in trade, over andalwve his machinery, consistt at present whollv in iron goods. Iron goods cannot feed laborers. NeverthcleRS, by a mere change cf the destination of tt>«8etna»aop()|»lMi <;«i»«i»U8«) laborc» (fOtelM. Suppose ibat 1 .K'^l^:^' '- '■J^-a^'*fi'">?-'^^'''- ., ■ ,/-^- ' Vj^WM^g^''? :.:r-;?n'Mioi'j'-'\^-i*-^- ■ ■ v-"^" wilh i» iMirllon nC the |iroc«4>iliii h« inlcii(l<'yi» It in hU InwdwM, |>»y''>K 'I '" *<»({•'■*«) •<•- dltiiinnl work \m>\>\v Thtiw! work )»eo|ilc ure «>nnl)liHl to buy »n.| ooMiimnlhu food which wiwild otherwi»e hsvn tHw-n noiwiinwi by thii hoiiiuli or by thn wrvHiiU; und thiw without tlw tmiploycr'i hnviilK lusvn or loii«h«d tnm |i»rtlclt) ot Iho food, hi» ct to b(o' out induHtry itw-lf from lu position m the great factor in th« world'c production. It is not by n change in thp des- lim.tion of iron stivfi*, or of any othet giHvU, that a capit.illst can ca>isu lnlMirers to bt .'ed. It is not by paying wbkpm to work jieiiple that workers are vimbled to t»uy and coiimnoo tii« f(KMl which wuuid ollwrwi*) t* consumed hy hounds and terranls. It is not the " conduct" of tiie capitaiiH*. which lias determined that so r. nch more oJ tlieexistiug focxi liaK 'nien devoted ;o tlie use of prodiwtiTe ludustry. The truth i», the, i. ts of .noncy j»aid liy the oapiullst are poweriess in the cano. The power is wholly on the olher side. Ttic production is entirely with the laborers. They do not 'lee the capitalist's money | nelibor do they eat the capitalisla food. It la tlwirown nioiicv they H(>end— it is their own fd '.hey consume. If the capitalist places totiU in ilieir hands, he takes good care that the workmen pay for their use throngh either of the only two jm»- •Ible chtmuels— reduction of wam-s, or enhanced price of the things made. Wsges are alwftys i>aid in money, and the workmen hare gi>«n full value for that money. The capitalist hands over to them oertain little ooiivs upon which he bestows no toil fram.Uie lOoment tlioy come in^nhis possession till the moment th?y Iwive— the workingmen hand over to him the sufwlantial nvidenoe of a full week's personal toil and txhaustion. Whatever doubtamay arise in the mind as to the oartiinga and toil of the capitalist, and as to the legitimacy of his great rewards, of one thing we may be certain— the men leave Iftehind them, at tho week's end, full and siiiwtaniial value for the pittance they carry to their homee. At the same time 1 'may he w.-rmitled to say that I am just as certain tlM) noble mind of John Stuart olill did not ftilly realise what wm written when i-/is pen tracid the lines which I have liansferrcd to ihese pages ; D,ud svhich, nnlini>pily, are not by any means fitted to wstore tbo bsautitul temple of industry, so long laid in ruins. All attempts tints to frame the system of political economy, or itny of it* great principles, on the lite or death of a pack of houndsL or of a lot of domestic servants, or of a number of half-starved ^borers, must, in the end, onl^ expose our system, if not ourselves, to tlie ridicule of critical and intelligent men. Industry is aiiterior to capital, aad moft, in the nature of things, be co'jtinually anterior to it, seeing that it is « principle (now happily being recognised more and more) tbHt there is no value without Hhvr. Tiie savage who firet fashioned a bow and (trrow or iioUoWed out a eanoe, illuatrftted ihfffe;Uli{>i^ ""^■'-'"'■"Tj|t 1 A iM»rk of 'hanKoii lit* hi buy An>i >niiim«:l >» KlllllllCt hM the country id Bu niucD M Hnd r«B* I economy^ rroiv-li li • il euonumy ; lUI liio j{!^Ai 5 ill thp de«- ,pi:.ilUt Clin ¥ork i>et)i)lB fiwd wbtob I. It la not hat »o II neb r prodiwli»« M|)itiiUgt are other aide. ) not rt tti« natural ord«r uf thinK*. \\\t>. th« prupoai* tiou or tiworviii uf Mr. Mill tru«, tliat i-iduvtry i» liiuttuii by o«|>lt«I, tbon there iipror wmild bav« bevn auv ra^tal. To wiy timl ind'ui- tnr ia limilod bv tlio vory Ihiii^a it liuiliiona i* iiiiiiiin>itly itbiiitrd. U any philo»o|itiic ulalmHint is really uttc«iMnry on Uin aiitijcr^ I wuu'd rtTvnw tbc tliuurmu of Mr. Mill and cuy that eupUal ii Uimiml by tuiliulfy that wliatttvvr u yieldmiur liiut'lH'tHi yiuldml by indii*- try may l>« (uwiinicd aa liaTiiig had itx tiiujtii clearly doHiiwd by lit- duatry ita«lt'. Whuii a man la tuilinR up a mountain, and a fW-.id In poaaiuK ^ivea hint a lift to It* Ruuimii in Ul«i H«KR<>n, on condi- tion, wo will aay, that ho drivoa and (("id»« tliu TiorM< ; »•< uue wonld allvK" that the iuurm^y b.id lM>un limltrd, wli« n It liad buea actually allied, by tlw lionse and waggon. If' (o produce luurchaii" diae lie thn ((oal uf lifu, aa thtt top of tho mountain waa tiiu goal owar of phynical undurancu indvtid prcaiiiila ii limit to iuduatrial effort. Incrt-A^iiiigage and ftM^blvntigs will gradu- ally impcMH) a limit to ttlfcciivu lurov. AHlHiugh it iur^ Iki aaid, and aald truly, that tlio lialum and wild aniniala and berriea whidh auatain aavugH life are in a c«-rtaiii at'iiao atiturior lo imiuaWy ; yvt it ia alao irun that, aa an iniluatrial qiioation, tbo labor i>i>(t«aaary to aocurv them U »nt«>rior lo the prodtir»~ the lalair ia lirai o\art(Ml, tb«n ibt> riiaulla ap|>«>ar. Thoae wbo bold llmt induatry ia liniitrd by capital do t^^^i mean to act forth the. aimplv truiam that ttvi^ry <:r«aU3d thing tiecfiiaarily haa ita limila. They mean to pruiiound* aomelhing very ditfurent ftoiu that—indved, ao fa.r aii lalmr ia cott- c«rnad, a moat dangtsroua and deatructivu ho"e(iy. To say that iodiiairy ia liniiu>d by CHpita! in Uiu a«iMi« in which lh» ecoooraiata uac the phraxc, ia to aay tlia 'le parent is (Im) oJfanrmg of tlie child i that capital is tliu inaal - nd man the alt.vti ; tha . deail inert matter rul«8 and reignx; auci that inttdligcnt and airong-hmlxHl men muat implicitly oliey. In ohort, it ia lo put tlio i^M\ in the place uf Uie living ; to take from imiuatry ita birthright, ita bloaaoni, and ita crown. AnoUior of Mr. Mill'a fiindniiicntal itrupositiona regnrtling capital la, that it ia the result of aaving. Thia, he saya, ia the aourci-, or relatea to the aource, from which i* \» derived. "Wo may aay that all capital, and lanecinlly all adduion to cniiHal, arc the ruttult of aaving." After wliat 1 have f Ircady 8t»^ted, I i.'iink few, if any, of my reaflera will feel inclined to pin their faith to so fooliah a pro- I <»aition. Hut aMtiair that it has been (iluvalcd to the rank uf an aziomatio truth ino^osomic science, we do not wonder that tbia haa fiirtlivr been aet forth with all (Uie a? **c-vf m w %-S-i^ '='* !« -*i-^ 6 derived from privations which, though not genera! ly called by ttutt name, are cggentially the game with savings j anrt so forth. SwPBe of tbegs are plain and simple trui«>Be, ami have livtle cr no relation 1o economic science. Not one of them hears out the proposittoii that capital is prodaced or increased X-y saving. In fact, ir^instr* nut only produces the capital, Icit cares for it afterwards, keeps it in repK.'ir, am,' '.hus " saves" it for use. Nob«»dy will dispute the fact thai, if a i^ctory or piece of machinery is not burned up or otherwise destroved, it will be found standing in its place ready tor its work j in fa.in8t all these statements I place the siin|i1e economic truth which a child may untferstand — that industry ig the "source" ■f capital, and capital the "^reHult" of industry. But Mr. Mill could itutshut his eyes to the obvious fact that every thing prod' by mortal hands griduallj decays and disapiienrs; that ''dni . dust" h written over both man and his works. He there>broab..tnceg ar jiher theor.^m, that thoujfh capital i» saved, it is nevertheless conanmed. T'> save it for yourself you must, lie says, have it consumed by some other person, not by yoiirstuf. Arp v'«, then, to believe absolute im'Kwsibiiitics? If laid by for ftiture ure, he urges, it is iiot saved, it is then only honrdeii. Why there should ba any real distincHon of this kind Vn'tween the flour I sell to a lal)or:iig man to lie immediately consumed by himself and family, and the Hour I keep past me and consume in say three or six month'- hence, is a species of eonomic lepTdeiaaiii I cannot comprehend. What is th-ire involved that sl'oubs cause the one transaction t« be B|K)ken of approvingly, the oihe. in terms of reprobatio i ? Mr. Milt makes a vast deal out of vhat f.e calls the unproductive consumption of the good things of this life, such as wiue«, e.(nipages, and line furniture. He speaks of them being " deniroyed " by being consumed, so as to lead one to infer that Ihev are as eSfectually put out of existence as if some stout fellows, ()luD in hand, bad inuwbed them to pieces, bottles, ec^uip-^es, and I CI. The thing ih loo preposU-rtnis to bear investigation. Is one n-An to be reviled J^ton'ie he makes for himself a handsome turn- out — even though i'. be a four-in-hand, livery, cocked bats and all — and another >.<>be(tiai8ed because In- is content with acreaking old cart? Is one man to be roproTwl l,*ci*use he grows a field of grapes, and turns oui some puncheons of generous wiBO ; the ether vW ' ^ ^faW«Mt.£i& — «^\4blU^^ .*M.« railed bjr ttuit forth. Some CT no relittion ic proposition fact, irdngtrv 'ArdH, ke*ps it ! diapiitfl tb« burned up or 9 place reiidjr isptite the fHct u cannot both At all peraonfl i, capital will ense in which ion Im! nothing tH?" prtiduof. wiin nil they ct to Bay tha* ■ than hi« owii, ring." It wv> •oT. Vlw mail I labor ot ihe Here k jiisi an only leadH so science whu'h 'b.j.igation 11^ t nple economic g the "source" fact that every id disapitear* ; his work«. lie Hal ia saved, it you niU8t, he yourxilf. Arc 1 by for ftituro Why I here the flour 1 sell himfielf and n say three or aaiu I cannot cause the one in terms of *t I e calls the is life, such OS of them beiug to infer that » stout fellows, equip'.gcg, and iilioii. Is one indsome turn- ■kc'l hats and ?lth a creaking rows a field of ^iuc j the c«her '■:» i/i^ ^t^ to be praised bccnase bo aspires no higher than a draught of good cider, or Tiayhap is content with a glass of milk from his cow ? Ll one man lo be raited at because be makes lor himself by his iabcr, or purchases for hirat^lf by *he produce of bis labor, a set of nic«, polul" i, and comfortab!? furniture ; and another praised because lie is content to lie on a rough plank 7 There is no " destruction " in either caijo. The very object for which all labor is undertsken, personal satisfaction, has been equally attained in each of th^ cacs supposed. To say that it would be better to have the labor which is expem'ed in the production of all these good things dirertedJuto ' (ome other ch,innel, such as tlw production of more tooh for tlte workmen, or capital so called; or to say, as Mr. Mill says, that society collectiTely is poorer by the amount expended m thew things, is to say what is manifestly untrue. It would be to sweep av.ay much that makes life pleasant and enjo}'abie ; much that tends to the adva>icement and relinement of society, ijottiiiff > aiorals aside, ani looking at it only from an economic peint cers, so li^ng as he expends the produce of his own labor. An economist whose recent death we all mourn held that .-^bstmct political economy 'j susceptible of reduction to a single equation — in the s«me way as Lagrange reduced abstract muchai)i",8 — the f^inuaa •>-ital idea erf" - which is, that every person seeks to employ his productive power* in the 'vay which will yield him most. Whilst questioning the propriety cf attempting such a reduction of thid noble science, we may ye* •n-'^ept of the statement so far as it goes, o^ so iar as it h rclate(' ^ oduction. And so it stands out in bold antagonism to ' the proposition of Mr. Mill. The position held by the economists, that " 'lad men always consniaed th^iir produce in the gratilication of their immediate " wants and desir«$8, there would be na saoh thing as cipitnl at all."* it so startling ^hat one cau soarcek believe u. to h!*ve heen ndvanied in sober esrnest. Tl..jre is no't the least truth in it. It subverts the very order of nature. Itpiits aside, as of no moment, the very end and aim ofali industrial elfo t It is to graiify their wants ahd desires that men work aud consu ^e tlia produce of their work. Men do no', eat up their plounjhs Pud spaties .i.nd harrows ; they do not swallow their steam engines ard their ,;hip8 ; but they clothe 'iic' feed themselves generally Oa .veil as tliey c* .i, and they love to decorate their homes. The reverse of the statement of the economists is the truth. If men hod not always consumed their produce iu the gratifitDation of their wants and (fosires, no suci' thing as capital would ever have existed ; and they would all bog . .lave descended to Ihe position of ra'serable Btarvlings. It is tlie ateady production of all that is good, and tb© no lee It sieady consiir, ption of these good thinirK which go, if men would but live and let live;, to clothe industry with its pro- ductive powers, and to yield it to tuose satiefa<;tioas after wnich it constaotly strives. How is it possible; as Mr. Mill alleges, to'cave yonr products foj yourself by having them consumed by some other person? The proilucts arc goue when ihcy are consumed. Those who have con- sumed them have purchased thnm. Thev have '.lutpntan equiva- lei>t in their place. The original |>roducer or owner has got an «^uivalent for them, something else in excbai.ge, that is nil. Is it "Knoy, Brit. 9th Kd. Art Vol ounomy. . I 1 &^ •^ I^ aper, and ihus to make the very acknowledgment ol debt to in- lustxy ameans orp?yraent, so called, of its just demand — to set forth that "credit," or the getting of the proceeds of labor into or«'s hands without payment, ■« actually a blessing to ii.dastry — to fail into the perilous sort of security wJiicli accspis of what we see around us as the natural and inevitable condition of things —to •L, .„i.-''.-v,-j,' . J,g4..^..»JMTa.i8-...^^fa» -.-^ i Ib; ; t i - i r*,^,#: lat the ceoiHW . gystom. have lo in political cUng oapitel, labor. This f capital " or I do not wish ^ill bear upon le moment to adranoed by' two walk to- pieoaaut tusk lauy respeotb, Ana yo.t, ni far to vitiate hject. I have npregsod with s very portals laying wbitlier mlv speaking, taken in tbeu- or in political > bo Knt forth th a crowd of away ere it \» sre I to parade i\8 sampleiii of iinatic asylum, iroceed to rea- ntatiou of hu- -u absurd than titudes, strug- X at night like mo ana legiti- lomic science? led numerous these : to esalt a"ly a ))roduc- ciaim separate labor — to set ney to bits of ot'^debt to in- d — to set forth bor into one's instry — to fail what we sse 1 of things— to ekereife, by sprinkling a few gold jHeces aronnd the be»e of tt* tnightpr mounlain of j>aper, the lieinooa and constviint detieption of what 18 facotiously called "the specie basis" (that "cunningly devised fable" whiclihas led such multitudes astray) — to peroeiuate, under the j>rctence of paying by paper promises to pay, a imiversai sus- pension of payment, thus convicting us as a nation of being, like the Oietians of old, " «1 ways liars"— and to say and do many other things at which reason and mor'^.lity alike revolt. In a word, the economists havu labored hard and brought forth, not a mouse, bat a monster. I will cow advance two distinct propositions or theorems oti the subject of Capital, and then proceed to lay down a few i^rinciples in jMlitical economy, which, though they may be new to moat if not all of my readers, in my judgment throw so clear a light over the whole field of Capital as, I trust, will induce those who lovo truth for truth's sake to follow up the very interesting subject for themselves. 1st* Capital, at turh, jannot receive any reward from Industry. 2nd. Inau8>jy, as a productive offent, cannot afford ray return to OM>ital. Each of these theorems is the i^rollary of the other. If one is true, both are true. And if both are trae, then it follows that there never was and never can Iki an equitable or Oiher division of profits between labor and capital, between indnstrjr and the things which it produces. In that ctse, if capital be divoreed from the producerj there cannot but be unceasing conCict between the two. There is no such thing in nature, and therefore no such thinij; in political economy, as demand for labor. What is thero to demand it? Is thero any thing outside of labor itself to demand it ? Do mcr work' for others or for themselves ? Can money demand labor? Money is rmply a product of industry, in general and gratuitoiib use by i .Justry in the exchange of its products. !t is produced by industry, is emphatically for industri/, and surely must be owned by industry. It is designed for circulation throughout all the fields of labor, so that wherever a nroduct ot labor 18 found, there also will be found or ought to be found, an- other product of labor, moncj with which to bu'-. In its univci'sal and gratuitous use to industry, mjney may be said to be its very slave. It is where it should be when it is in the hand of industry ; for the absolute title which labor gives to the prodcctg of its own toil PAP never be destroyed. Would tiiere be any reason in calling such a thing as this, or calling buying with such f-. thing as this, a demand for industry? A series of ojyings. on the Dart of the capitalist, from the raw material all through up to the finished pi'oduct, is not production, for buying a thing orsellinj^ a thing is not prodncing it. It is simply an exchange of money tor the pro- ducts of labor, and the buyer, as .such, is nev^r the producer. Yon may pleaw to call this continued scries of purchases inveUing, but there is no prt>duction in it at all, not even to the extent of tbo i"i. jl slender thread. Labor can only sell ita producta. For thesi there is a demand ; and (jf these ttero is a supply. If you buy a human t<7ing from .;orao one who claims to own him, and set him to work for you, yon will have a slave In your possession. He never owns property, the product of his toil. You simply keep h?m ?n life for the sake of what his labor will yield, by giving him & bare sustenance out of {lie things he produces ) but it is impossi- i*«>j r ble 5>e can oter rice nbovo tliu position of a slare. And yet, &i you mugt well know, il is his labor which keeps yon iu life, If a eystem prevails by wlucli the gcnerttlity of men receive only davs wages, and never own the things thev produce, their iiosition ■will practically bo similar to tliatof the Biave.. They willg. t the bare necesaaries of life, nothing more. A home, a dwelling, with nil ite pleasant surroundings, they will rarely if ever own. They will remain stran^rs to all elevating and refining influences. They will see all the good thiuf^ they create — the good houecs, the ([ood clothing, the good food, ine good equipages, the good fur- nishings of all kinds — continually passing away, as if uy gome inevitable law, out of the hands of tlie many into the hands of the few, out of the bands of the producers into those of the non-pro- ducers. The stalely steamships which they build will rarely carry ♦hem across the occAn on a visit of plc*suro, or of recreation tor their wearied frames. Js not thitthe very condition in which lee now find the industrial world f It is impossible, under our present system, th«t it can be other- wise. It 18 a provision In economic science that the human rac« is to be gr(!atly advanced in culture, condition, and refinement, by the universal exchange of the products of every land, and by the pro- fits realized in such exchange. If the whole earth had teen of the same tomnorature and yielded the same products, there would have been but lit lie ocoasion for different nations to geek each other out In order to exchange their various commodities. The diversity of climate, surface, and natural products, sustains foreign trade, ami vastly increases the intercourse between nationa. Now, men ex- change their jiroducts with each other in order that they may (tecure a proht by the exchange. If there were no jirofii, there would bo no exclif.ntje. But wb-it is this profit? Men like to make as much of it as thov can. but how few of them ever con- sider what it really is. I tliink the bcstdofinition 1 can give of it is, that it Is labor taved. It is not a definition cumbered witli wonJs, but it tells the whole story. To save labor, we mirst labor. Men exchange the products of their toil for other products of toil, because they see that they can save their labor by so doing — they find it cheaper to excliange than that they should themselves make tlie things they are in quest of. Thus we are coD-jxjlled to throw our skill and energy into one channel, and in that particular channel or branch of industry we natuniUy become proficient. This definition, so simple, brings before us at a glance the prolific Bouroe of all tliose vast emoluments which are represented by the general term '■income"; all of it tho fruit of industry ; all of it the -vrealth of labor. Of course the true profit in every case is secured when the '-wo products arc exchanged ut their true value — timt ia, at the value of the actual labor embodied in each, reckoned in but never arbitrarily measured by tliat article of universal use and desire which is taken from the mine ; and which, though it be called a medium of exchange, yet exchanges nothing but the labor value it contains. It is evident, also, that this profit or saving of labor is a most powerful and imjtortani factor, though silent and unseen, in the ))rogros8 of our race^ bestowing upon us vast r«s- sonrcea beyond all computation. And thus also we see how it comes round that the products of iiiduatrial skill and effort flow into the very channel—that of exchange— through wliich these beneficent forces are brought into full and best play. k mm And yet, t^ I fii life. If a receive only tbcir logltion y will t.; t the welling, with r own. They iR influences, od houBCg, the the good fur- ts if uy 8omo 3 hands of the ' the Don-pro- II rarely carry recreation for which we noip can be other- human rac* is leroeut, by the nd by tiie pro- id btten of tho re would have !acli other out 10 divcrBity of ffn trade, and Sow, men ex- lat they may 3 jtrofii, there Men lil«. How coidd industry mau^ profit out of useless surplus which would have to lie and rot? It ie as striking as it is instrnctive to see with what regularity all the great staiues of life arc produced and consumed, consumption following as closely on the heels of pro- duction as night follows day. Even the luxuries of litb are all callc-sonaUy own the things he makes in order to secure the lawful profit by their cxchanire ; and if, as is the fact, the workers never own, these things ; then it follows that themiUioris of actual producers are inevitably shut outfrom all profit on their labor. This grca( sotiree of elevation and progress is practically closed against them. The wealth, whatever it is, goes into another citannol and falls into other hands. Industry firoduces it and loset it — capital claims it and gets it. Under such a system the doo.n of the working classes is effectually sealed. Though they produce the world's weelth, they havcj in the way of reward, no part or lot in tho matter. As a bod^ it is irapogsfbte they can ever rise above that low plane of exi-stetice on which, from the ciadle to tho grave, they spend their unanibitious, sad, and hopeless lives. Hence also we perceive how it is that all the vast resources, in thi shape of machinery, now in the hands of in- dustry, nllied as these are with some of the moat powerful forces of nnturt*, have failed appreciably to ntfeci for the better the condition of industry itself. Nations without values to exciiiwiLC will eiiher remain in an uHcivlliiicd statdity can be sold ? Have we consideved how closely man's moral anu material interests are linked together ? 2b it .onsistsnt with his dignity, independence, righta, and progress, thiu he should sell his labor otherwise than through t\w. produce of his toil— that the great bulk of the world's commo- dities shouM never be owned by Uie iwople who toil for them— that the tnnn and tlie material nroducc of bis hands should be brought to the seme level ? It is a question of profoundest interest. I have my own thoughts on the subject, but for the present I must leave the problem in the bands of the reader. W^e know, at M .y.:^i^|^y^gS^smteK- ODOst I'readfal a>i!e demands, )eiesB bondago mtry in rultii ; lelf baatening L week, and it his Ittooi- for ofit out of thf iftd been able, 8omo of the income b^ SO I to tbe little notoi'ioaa &ct )n the edme of ingg them to !ling tho pro- r weelc's labor, ch case, meet its of industry not wanted at while. Labor le with value, the one side is ; tho factories, msport, all in ustry, wearied the door : on I, on tbe other 3 could not be t'«)8 there may iugs with him Ld oe a shame- law of supply ot in demand, ts present sad , it will cease the obiecta on d products of he other hand y itself in tbe nan beings, leation or hu- 1 the proceds «inK in whom )ld ? Have we 98t8 are linked donee, righta, than throiif;h arid 'a commo- or them— that Id be brongbt t interest. I resent I must know, at all «T9nt8. what ft wise man said on the subject long ago,—" Alio that every man hhould eat and drink, and onloy the good of all hit labor : it is tbe gift of Qod : there is nothing better than that a man coould rrjolce in bia own works." . It will help us much in oar investigations if wo beat in mind that it is not the material of whicli products are made, but the la- tK>r embodied in tbe product, which ia sold, ihi^ truth comes too •eldom to tue surface. We appropriate nature's (tifta— we sell only men's labor. From the richest and rarest of her products (the diamond for example) down to the cheapest and commonest of thcK all, the same truth prevails ; it is labor only which can b« aold. I would invite the capitalist especially to Uiko this gr^at truth in hand, and see whither it will lead bim. and what it will do ;lrith all that he so fondly calls bis own. . It may be neceaaarv to remind my mercantile readers that they also must subrait4o the inevitable laws regulating value and ex- change. Political epon' ui^ hag no special rules for them. They can bo paid on no other principle than that on which the laboring man is paid. If they think that tho mere touch of their fingers, ot the miTe act of purchase, separates in some mysterious manner a largo portion of the world's wealth for their pockets, they are deep. ly mistakiui. They can claim for their labor ; for all Mcy have got to exchangp ; for all the valuu the;/ add to commodities ; and for no more. Can one expect to reap where he has uot sown ? The broker who spends a few hours of each day rushing up and down the street must account for his labor just the same as the fitrmer who follows his plough. The laws of value aud of the exchange 9f values embrace ench with the t.ime firm grasp. Labor demands at the hands of every man a service of some sort ; and it must be a true industrial servic«) if it is to come witiiin the circle of exchange. Trade i.s but buying and selling, Kichange is the appointed channel through which a profit comes to industry; and though it cannot come unless an cxcliHnga is made, yet it d'.ies not come simply because the exchange is made, but tJecause an ex- change is enected of thing3 in which certain partieahavo embodied a determinate amount of labor value. If any one presumes to inter- cept a portion, whether great or sm.-*!!, of that profit flowing to the producer throagh this, nature's own channel, he must, it is vorv plain, be able, by a labor title and by uo other, to establish hu) claim to the share he appropriates, otherwise he will wrong labor by taking that which dot* nut belong to him. Commerce ia not a Vast grab-bag into which a man may thrust his band at pleasure. Possession is not necessarily ownership. Broad lands do not bei- come yours because some marauding baron of old looked ofer them from some distant height, and said to sundry of his followers : All this will I give you if you wDl fall down and worship me. Property S' ot by fraud or violence must ever be a, source of reproach and iame; property got by values incorporate') with it by other hand* cAn never be a cause for boasting; property accumulated as tba ^^uU or equivalent of personal toil must ever be a source of honpr- fble pride and satisfaction. The eye of truth itself can discover jy) flaw in the title conferred by an exchange of labor value for ifbor Talue ; bat it Is a questionable sort of title which comes with property whose price has bi»n jjrcatly depressed by the urgent ne- cnsaitiet of the man wh(»e toil it representj. Are there maoyeom- meroiai transactions mlly able to pius through the ordesl of r^ A.'^. 'V . . V !l.'^ i >• -' <■»■-■ labor? fl«Tf we m;ich luopf rtr Id pogfcsulon eMe tost'iid th» terr trial, nnd to {inKluce, oo demand, labor's grand and uulm- feubable title? The next propoiltion which I haT^ to make in one of (rreat Jm- portance with retirenoe to ihc quest'on uf cnpiial, llb<>«n direct ij upon it, and, to tari>8 it govt, prrgei tsan insnpornblo obxtacla to It* claims. It m this — l/iat in every net of nehan:j« the profit it on the ixdt of the man with the labor, not on I he aide o/ the man with the monfy. I hare flscweic laid thlg d«iWn a« a principle in poMtiral Cconomjr, and given, with rome ftilneRS, thearKument in support of U.* Money is an nbsoluiely unproducive commodity. Labor it finished with it from the moment it leaTeg the mint. \U general wrvice to ihn human family in helping barter or exctianRe, and in placing in the hands of industry at all limes absolute security for Its work or for its goods, no aiithtneticnl terms can fiilly em- brace. Bui in its special work in the act of exchange between man and man, it can bring hack U'lthing to its holder except the labor Talue embodied in the coins Though we nro in the habit of call- ' ipg it a medium of exchange, it ezchangos nothing outside of iUsetf. Of course, ii" it did uot circulote, men would not desire it- But It does circulate, and it does own value ; and these are the reasons why indugtry accounts itself safe in investing its labor in it for tb« time being. Labor itself will permit no questionings on the point ; for it considers itself, and justly so, absolutely safe in such an investment. With gold and silver in hand it not only feels secure, but t> secure, and in the midst of the wildest panic, is (>erfcctly serene. Nothing can equal a labor title, and gold and silver hay« that title iveifect. Labor knows it gave toil for its specie- it knows the specie is always in demand— and with that in itg hand, it can laugh in the midst of the greatest commotion. But profit on the bit of money, there is none. That waa all settled for when It passed from the mln i or from the hana of the man who dug It from 'he mine. VroHt can only accrue when labor is spent ; never ■when money is spent. It may startle the reader to tell him so. It is true nevertheless. And it is well that it is so; for iudustria! nrosperity for the world does not consist in the quantity of money in existence, nor in (he accumulation of money in particular hands, but in the quantity of good things produced by labor, and distribut- ed wherever other labor establishes its claim to a share. I need hardly pause to point out how or to what extent this important economic truth bears on the subject of capital and its claims. The reader may intuitively make the application. Fixed and circulat- ing capital are the two divisions generally made of the .subject by the economists. Money is consequently held by them to be capital, and entitled to rewards. But if the principle I have laid down be correct, it can receive no return from industry ; and there is surely no other conceivable source from which it can he supplied. And then, let it be borne in miitd, the labnrerg are always paid their wages in money, Oi in. what pretends to be money. It needs no Argument to shew that the worker gives toil, and that the man who gives a bit of money, gives an article on which he has be- stow^ no toil. If he claims a profit because he has given a bit of money in exchange for labor, as all capiwtisis do. he claims what labor can ntver give without looii icrious loss and saSferiDe. •Kew Cateohtsm on PoUtleai Economy, p M^- iji.i -o.s ..iv.«» is.;?, f- .' I't ..Miti I irii i$ to ii-nd th* id and uulm- of fmitt im- IxNin direct- nblo ubHtacle the profit it on t man teiih the in poMtiral in support of ty. Labor is \U general cctianRe, and ulute security :Hn fiilly em- bptweon initn opt the labor habit of caU- tside of itself, re it. But it B reasons why in it for the ings on the Y unfe in such y feels secure, ■, is i)erfcctly 1 gilver have ita specie— th that in its motion. But M settled for nan who dug spent; never tell him so. for iudiistri«I tity of money icutnr hands, »nd disiribut- are. I need lis important claims. The and circulat- le subject by to be capital, laid down bo lere is surely jplied. Ana rg paid their It needs no hat the maa 3 he has be- ;lven a bit of claims what id gaflferiag^ Mo ley, instead of being a Wesiing to industry, will thee he tnrned Inttt an instrument of oppression. In exoha'ngiug a pair of boot* for a pair of pnntg, the tailor and the shoemaker each receives hit full Ubor back ag>iin. and i profit besides, because each baa brought skllivd and pfTective liibor to boar on the thinas made, «nd labor is mntuallvsavod by tlio excliango. The skill of the tai- lor is transferred to the shoemitknr, and the skill of the shoemaker becomes the property of the tailor. But in exchanging the boots for a five-dollar piece, the owner of the money '•na claim no profit, because bo t? part with llie money, he parts with it without « profit. It Is plain, then, that If the capitalists, or anybody else, claim a profit on the mere exchang" of money, of this so-called oiiculating capital, they claim what labor, at any rate, never can atford to give. Itrcay not be out of pi --e to consider, in passlDg, what really constitutes the capital of Uie Bar>k of Kugland. It is made up of three thingis ; specie, pa))er, aod credit. As related to industry, the fjr.4t is re&l, the second valueless, the third a myth. It may faave some other things! In possession, such as bills discounted, or. In other words, vast claims against tlie commercial aud manumc- turing cla.ises, and which the industrial classes are canstautly la the act of paying out of their hard toil. But the three things mentioned arc those bv which it principallv' does its work. Tna specie has been all protluced by the band of'^toil. It has been got by much labor. It is the profKirty of industry. It ought to be in the band of industry, busy exchanging the products of industry. It could not be more out of ita place than stowed iiway in a ba::k vault. The Bank of England never gave a bit of genuine labor for a single sovereign or bar within its vaults. I do not say that it has been gathered in there out of the hand of industry /or the .''inown pu.pose of destroying industry ; but I sav that the effect of its being so gathered is to destroy industry. The next thing is the bit of paper, nicely engraved, promising to pay industry its money on demand. As rel ttca to industry, that bit of paper must not only be valueless, but ruinous; for, so long its it floats, it suspends payment, draws vast returns out of labor, aod thus uses the capital bt Ubor to ruin labor. It is absolutely un]>ossible that you can •Ver hand to me a bit of paper in exchange for my labor, withoat fnu makinz a gratitious use of my toil for the time beicg. t is ffeuerallv hi^li up as an honomble and creditabla thing for the Bank of Kngland to pay specie on demand. Why should it be so co isidered ? The money does not belong to the bank — it bclougs to industry. Trace it b.ick to the man who produced it; or trace it down from that man till it was Intercepted by a bit of paper. Is there anything creditable in the Bank paying back to the man of labor the gold which belontrs to bita, and which the other has ori||in»lly got out of his hands iu exchange for a bit of paper? Is this all tbat can l>e said in favor of specie paycients, or of a return to specie payments— a question wbieh is «i this moment convulsing this western continent? Is it ;y&sm^m^^m' *"■,,•'■ »f luch work m thin that we are Mtisfled toctill creditable nmi bonoi^ »ble7 Has industry any real interest in such a question? Not ^^ira>ftii■^ 17 ble snii bonotv 9tion T Not on© rer th« lubiect, ■V, tbe Umni llUdf Will ft - being siibsti- ter by a hit of nxper called % make to toll? le thing called I ptwiuction or ' giiffers by It* vrurd, « most Aixlle It, or ■«• when you can ro'ir possession tribute for th« t pays tbe r&st ' th3 men who itrength of tbft md. I pity bit U in the Bank nomy are the ml. ands, to aid la I. It rcliered, ■oimd with th» ible prodactlon e construction of machiner)'. idea of making' an implement, fellows. Until his rewards of To make him ' paternnl gov- to take into rosperity of it» IBS of industry, other member* nrentive facul> and 80 another r tbe model of a Mrof scnitching Tubitl- Cain not ficers to do th» ais, these three are entitled to ider bow mucb udebfed to the lat instrument conclude that, all others ever front raak of rehending how ^»' eapital is rrsaied, and how it It at once the rrodiKHi and flw pra- p«rty of toil. It is simply an «M Jo indudirj, and to ftir mnit h« COnsldcrNl <>,» the tools and appliances with which furiher pro- diirtion la to b< 'complinhed ; and, In this resp;-c», if we are fery faxtidious abnui the matter, at embracing aUo all that thcltan, clothes, and ftedd industry. Tbe Important question n'^w cnme« hefhre us, In what manner and to whiit extent can capital itself receire rewards from industry T The cr,iiitalit)t !.ny# that he is entitled to rco'lv* a return ft-nm industry for the employment or use of capi'al ; I say that industry can never afford to gire a return to capital. The caiiiiallst says that the employment of his capital in the hands of induttry, and the recepiion of a distinct and senarale reward for himself an the owner of that capital, is a blessing to Industry: I say that the employment of canititl by industry, in its own hanilH, and for its own liehoof, io a HleMing ; but that the f firing of ft distinct and separate reward to copital Is a onr»« nstend of a lilessinij to industry, and can never ^eufrally be done without iniiiistry being brought, as a d'rect consetinence, to utter degradation ann slavery. The capitalist gays the profit can be divided between those who do the work and those who own the machinery : I say that proflti can never be so divided without serious injury to in.lustry. The eapltaliDt says the profit,'} may be doubled by the etuiiloyment of capital, so as to give one profit to the laborer and anotlicr to the capitalist: I say that it is impossllile for labor ever to get a double profit out of the exchiu u'e of its products, and that every leeitimate exchange transaction yii'Ids on each side only a single profit. The capiutlist says it is better for him to " give employment" to thongands of laborers than to let them starve : I guy it Is better to do so, much better; twtter that men should work and earn oven wages than not to work and starve ; but that this is no iirgnmcnt at all on behalf of the claim? of capital, and dots not ilirow tbe least ray of light into our subject. These propositions, as I have pnt them, are distinct and anti- thetic. If one stands, the other falls : b'.th cannot be true : either Industry or the capitalist must be relega.id beyond tiie sphere of political economy. I think I need hardly gay to the intelligent reader that the qnei- tion is not, Ought I to give the U3e of my capital without fee or reward ? or, Ought the working men to make use of my capital and give me no return ? Happily, tlie economist is not cftilcd to ad.iu- ' dicate npon qnesfions of that sort. What men may do or willdo belongs to another department of thongbt. Our dnt^ is to expound the principles of our science, and to show what industry can do and what tt cannot i*q. It seems necessary also, juat ai this point, to remind the reader tV.rt industry receives its rewards, or equivalents, fVom the produce to which it gives birth. Out of that source alone can it be paid. I suppose there can be no dispute with the capitalist on this poipt : '' for I will admit, as the capitalist will also admit, that if capital ii ' entitled to a reward, it can be got ont of no other source than tji* produce of indastry. Tbe more ample things made by the nse ^f capital will bring in the more ample returns than if '-he toola in aia of lahor had never been fabricated. Simple and self-erttldyit thotigh it be, it yet seem* necessary tokwp coatinaally in ffijijd .■*K!^.'^"fMww*« T-: « ^/& ■; that indHiSijr f«n only (t»« iU relnm* and it* profit* out of th* '" thiugf t'loductd by liiinian liandi, bv iiidiiitrjr \\Hi\t; n Irutk which '« |lt« v«a«riil iiM and cIrculHtiun or moi)«y Iim iin duubt b«lp«d . UrK«i,-f to hld« frum Ti«w. For lb* uw of toney, whiUt it uraeti- Cklfy Mininlin«i en-ry tranxartion of eichanK*, to lh« carcieM or ,'fup*rft<-ial obfcrrer a|>|>far« at if It redncru tha icienoc to onl/ ' Mdltfj ooinpllcatlona or a runfuiion of tonifUM which nobodr ean umlcratunri. Nritlier inuit we omit lu e^tiinata tha powrrful - itifliirnce cxrrr ^(a oTrr niniiT niinds by that liitanRibln «iid incor* poreiil tbtriff called credit ; wnicb, lo long an it It only talked about outtido of induKlry. U hariiileiti eoougli ; but wliicli, tha mOMMt it Uturt in KcliinK liold of the product* of tnduitry, lucb at mOMy or an^ Ihinx eliM-, witlioiit payinent, and tben ad
  • , it doing both a mean ana ftn nuiust thing. At I* wril known, it hat been f >und tomewhat difficult to gira » proper deliuiiion of the Hciencc of political economy— to rettrain it vilnin proiier iHiunds. Itn inKnite value i v,ai the simplest op to the uost oomplicatad, ' ■ the tame truth prevails. There ia no .exemption In favor of capital. '■ or t^f tiia usa of capital. It ia ^-? t^ia movemaut of iba oMrbJ ,h ■I ■■■, Srii, ir: ; ' -a w'li i JA» . i «i * . *fr tfafc«.'* jmm ■.,^-:v .; /v;*^; It U out of th4 A irutb which doubt b«lp«d iilUt it imtoti- ho CAKlcM or lence to only vhich nobody tha powfrfiil liln iind inoor- y lalkod kbout I, the moniCDt puch M montf to the priM of irtful anil dM- it continuiUSr i>f liidiiitry, u «ke« tiidustrr tb « mean aad icult to girt * -to rettraio It in race teems ilic iwad'Hinz >rttc<', aod will oei of demaf' I beinn a* tha for wboM toil IlDcrerenn ugh, a tbra.ih- no uu f marina >0t mu-'t erer es over all ; of the {iroducta ; nee and coa- iatenco woald itself can no nature which will. Uapilal itl of industry, or the moon Fct if we also rally set forth to last con- from place to laiiitner or tha iliread.eTery tliat man cab does the leu. work ; about :cu3traciinga iu a product to the highest .complicated, vor of capital, of tha mortaU ftame, for the mutcular fbrer r«<]nUlta— In other wnrds, for tha ttlHindiiure of toll, or for the iiwrat of the brow— that men are and '•ter rauit be paid. All phyiicil till rer(Uirei some m«nt.tl toll. * •ome thought, more or less. If m^n are to K") paid In a pliysicai ' ' product, such as money, t)i« visible product must h« the offsprlof '• of pbysieni toil, concelvedin the mind, thought out there, and lusuinf ■^, through the hand. The lliing produced, as v/e say, by the band, IS ,4 the fruit In etri^ry Instance of the combined efforts of brain and raut* - " «la,and inuit be accepted as pajmrntin fi.ll fur all that govs b«. or*— for all tbHt brain and hand harp iointly contribiiti-d towards th« product. There is a sa-eet and ererlastinif pHftnerahip between tho band and the brain of ••rcry human Iwing .ami the r'ruit.iof that (Mrt- ner!ibip hip the endless things useful nnA iM'autiful which confer Joy and comfort, reA lemrnt and satiffaciion, .o society In general. Tht . hand and the brain ran no more l« divorced than ran the workman aad his tools. I admit that industry may be so degraded in ignor* .'^ aoce and so reduced br oppression, that hraini mnr arrogate alt Uio wealth, comfort and profit, learir.g ontv bare life to industrr. Bui this nerer ran bt done without the violation of natural laws and of n tural rights, and the lntrod.i turned out, tbea they would not be paid for I icir t'nl. If one improves his knitting machine so that he turns out a hundred pa'rs of stockings in tba •ame time as he usrd to turn out fifty, the price of ilockiiigs wll* tend to fall. Unlesi. hn were secured a racpopoiy of stocViug making, h« would not long retain anr advnntage over bis feih.ws, for notnmg can erer prereot human labor so oistributing itself as to becotue generally equalised in Its rewards. Unless men arbi- trarily interfere with natural lavs, no department of labor can long ooatinue in the ngcendant orer other departments. Just as money, true moner, baa a tendv ncy lo distribute itself abroad wherever products of induntry are offered for sale ; so labor has a tendency to tqualise itself throughout ererr department of toil. There is no sneasure of the ralue of labor but labor Itself. Every product of toil must submit to be meoHiired liy ail other products of toil. I do Aot set aside the efflcncy of skill in all works of industry. Tha most skilful r orker is the Iw it worker, and wlU reap the best re- wards. The " skill " of the mind will be shown thniugh the skill and " cunning " of the hand. The expert workman who doc.i his work as well as his fellow and in half the time, wilt got a better payment. Yet both are paid /or their labor, /or the amount of toil — that Is, the one baa a certain return, in risible firoducts, for bis (oil ; the other has a certain, and larg?r, return foi' his toil. ,, But Is it 3Jon«y which really paya the great world of indnstry for all iis toil? Without mor.«iot, in tin ordinary sense, b* ■ pRid. The digging of money from the mine will pay its producers, or make them richer than if tbey had not done any work at all. And, after that, it will t?i the medium, but the medium only, through which profits are brought to errty toiling band, [is gen- eral mstribuUon at thi< moment would give to each family bat a ' 1!1 •■••/■ le of exchange, seem to have been designed by our all wi Creator to restore to us tlio waste of the sweat of the brow— to return to the race, in lut/'jrm qf nrofii, far more than :t can ever experul in the shap" of neraotal toil I jave been long impresspil with the fact tliax all the laws of political -couomy hate ft. merci.'ul side. There is a deep .ad b-nefireut design in the mt«r- depCDdence of human labor, as well a^, in the interchange of blessing which all pvod-icera are unconsciously corapelled to bi»»tow nj on on" another in the act of production and exchange. I expect that the old truth ls< as fresh and vigorous as ever--';hftt the wo.y 1o fill our barns and burst out our presses, is for industry to coisaecrate its first fiuits to the cause of suffering humanity la evofv land. I am quite convinced that thoughtful men w 11 yet unfoH the whole 3;ihjcci from points of 7i( w which will command o.;r deepest interest and attention, Tlie period is approaciimg when, to the pulpit especiall;, tho industrial and economic ethics of the Bible must be for he time being of paramount impoTtacce. Tlr-i man who works is the true and only producer. All thatAi> toil brings forth, aided or not aided by implements or tools, is Aw property, unless it can be rstiiUished that there are other reasoua outside of production itself, which confer a title to a share of the products of his toil for peot>!e who 'io nol work. If the fact of the ownm-fhip of catiinl establishes a claim to a large share of the products of industrr, we may >ie quite sure that as an economic tri.th it will fall in with every other economic truth. Od the one aide w>- have tue claims of the capitalist: Ist Th^t be should have a share of the products of industry, becaiise he owns the capital or sppliarcen; 2nd. That he should have a share because others use and employ wh-it belongs to b^m. These two grounds, I think, fairly set P:rth and embrace his claims. On th«i other side we have the claims of industry, actagonistic to those of capital as just set forth : lat, That all the tCfAs and appli- %Xi*' *ft!P y which mfffe?* s I coacclTe 't, il iu the esma siry, that there xmion qf lafior, vacd toil which ■e, in passinff, [ iRt is secured to been designed if the sweat of , far more than jave been lonjf "couomy hate an in the inter- interchange of corapelled to and exchange. as ever — ^hat is for ind'iitry ig humanity la I men w 11 yet will eoinraatid is a^proacbiDK conomic cthice int importance, r. All thatAi> I or tools, is Ht B otlier reasoun a share of the ' the fact of the « share of the as an economic iliaf. 1st. Thfct try. because he Id liAve a share m. These two aims. actagonistic to tools and appli- •ucted specially c4'.nnol gire a ms, to those ib- woMs, th?,t he the fools, with- n, were he still at rD, or w|th moat propriety,- to compel Mm ; and out of Uie rork to the rkrj lustry ; for it is oncwni ^ M»j « secufe ibr yj* it to double itself in ten or twelve yeara, ouirbt I not to see mr r)iUIon as ft producer advanced at a correspondinfl: rate ? Ought not by this time to have (yood clothes, (rood food, a home of my own, and my family In comfort ? Ought I not to be shariog, along- With yon, in all the precious tilings I produce? Ought I not Jo see my children, if not myself, rising in the social scale, and inheriting a share of all that is going ? Ought I nut to be now getting <)«it of my igioranco my raga, and my wretchedness? Why sliould the ground which I till not yield to me her s'rengtb ? Is the Tsry cur-e of Cain upon me that I and my children after me should be as fugitivcj and vagabonds in the earth? Why should the little ones whom I love ix tpken from their childish play to be ruined itt, body and mind, and yoked to repulsive labor ? How is it that the very order of natura should be reversed, anu tlie idler be rich and ever accumulating vnore riches, and the toiler be poor and familiar for evermore with poverty? Why should all these vast industrial resources only Issue in reducing ine and my fellow laborers to mere days wages and mere days labor? What good do we jjetontof them if we never own any of the things we meke ? Is it not (»ir labor which doubles tfour capital ? iTow is it that we have lost the ownership of the very tools with which we work? How is it that the working millions, producing ai' that is handled in every market, should stili remain poor, very poor, and the few fortunate ones, who noithrfr toil nor spin, be rich, very rich ? These may be hard questions, and we may bt- troubled at their presence ; but never were more legitimate ormore pressing eaqusriee presented before the minds of thoughtful men. 'ibey must be answered sooner or later, and he is far from being a wise or a prudent man who shirks the investigation. And they will be- answered when political economy, in the person of its expounders^ ceases to play the courtier in presence of capital. God forbia that, with sucn a world of Siiffering at our doors, we should hny longer barter the pure gold of this noble science for a. lot of lounding brs-'^s. But '.he t'.ath lies at our hfr.i. The working man is not able, by his owa work, to produce for himself and also for the capitalis't. It is beyond his capaciiv to do so. The very tools, in that case, instead of lieiog an aid become an oppression* to him. To be able, as some may say, by an ingenious turn of the wheel < ( fortune, to take all the appliances of labor, all the inventions of industry, out of its h'\nds, and then put them bsck again with a demand that all the visible produce of labor shall go into the pockets of others than thosa who toil, is bu utter subversion of what is just and right, a complete destruction of every principle in political economy. You may urge that possession is nine points in law, bat 1 am bound to tell you, on the part of the working world, that this, accomplished, will ruin industry so thoroughly that there will not be much to choose between "White slavery and black. The increased production tiotfing froni the employment of these Kids to industry does not come fo hand on the ground that the "Worker ownii these resources or aids. The ownership is invested 1ft the hfind which has toiled and fashioned. It is simplv the fruit of industry. Wherever the commodity goe«, the ownership goes with it, so long ma the labor title, or title of service can be produced. When that fails, ownership also fails. The o^cupanry is tber* because the owe rship is there ; and »he ownersi.ip is there became T-'W m i - ^ the tlllo which labor glr^ 1^ " complete titl'^ The owtiTBhip ii 'Oti« thing , tiip ciiiiiloynunt ot all tlip inivlementg and tcolB hi •nother and quite different tiling. The labok/sr who owns his tuoU bas increased production, not Decanse bo owns, but nccaase be Wurka with tbem. It it certuin, therefore, that there c be no increased production (Itiit the reverse) when cftpitnl gets poases- tion of the tools and hires men to work for day's wages. The Increased pro'^nce appears, not because all tlnse things are owned, tut bpcuuse men work with tbem. The ownei ;> hHS therefore no relation to pr()duciion,exccpt, itmay be, asasti..iulantto thosewho own and work at thesumetime. Production is caused neither by the owner aa such, nor by the ownership. Production fluws forth, not ^cause things are owned, not because thing.^ are bired, not be- «anse men are hired, but bee use men work. If, with the eoiploy- icent of certain agricultural implements, the farmer is able to support himself and funilly in decency :\nd comfort, be can do no more if the ownership of his capital pasi'es away inio other handfi. The yield will just be the ?am.'. Indeed, it will, if aortbiug, bo jdecreased ; for thesiimulus to toil will be lessened, and those hom.s ' and inducements lo lHl>or which are inspired by a full return for i»ne'« work, and by the pride and happiness of owning property, Will ceaee to op?rflte. The farmer's returns, which formerly were ■iifHcient to ke^p his fumiiy in comfort and independence, will now be 80 diminishec by the returu? detnanded by c'. from the verpr beginning, has produced all the tools and roacb'Derjr. Surely it could not lie mere accident that has thrown everything o e way. £ome great principle must have been violated to bi-ing Mfure as so extraordinary and unnatural a spectacle as a complete divorce be> tween labor and its tools. I might thus hedge you up ftom quel- .Uoi: to question, until you were at laat driven to the wall; or O^jliged to acknowledge, what indeed is the truth, that industry has fror the beginning lost its capital, and must continue to loae it, br the utteir perversion of every principle in monetary science ; by taat cunning which, shrinking froin hnrd toil, or any toil at all, M L m I ownership ig ttnd tcol8 Ig bvrns his tools lit itecauae h« ;re can be no 1 gCt« P08M3- wages. The g» «re owned, 18 therefore no t to those who neither by the iWi forth, not hired, not be- N the employ- sr is able to be can do no 1 other bandfi. auvthing, be id those honi.a ill return for ing property, 'onaerly were nee, will now I, and by the n ot accntage educed to all ind, which at ns by far the ttcreosed but :e in the dis- handb oi' its rer any more )it of grocud 1 in comfort, ith. What a en it is thua e very hands ul morttl a-jd well requited ai is rile and >t do for you 1 aa 80 many roTide labor •ou, How did ingtruraents >m the TerT J. Surely ft ng o e way, : befiiTe as so I divorce be- p from ques- Ihe wall; or hat industry tinne to los« ary science ; ly toil at all, 4*fe/'i#%?*1^ ■'*-*»KeV."^'^'i5*'*'s^'»<'j-* '• -^#t^^"?**^iS^^ 5- - H^ has never fussed, since the world began, to play fast and loose nth honest bad unsuspecting industry. Whatever strraa you may lay upon the cirrnmstancc that youar» the owner tif the capital, the tact remains that it is the laborer* toil which brings in your returns. That cannot be disputed. It is out of his toil that you are |aid. For if he dii not work for you, then yon would have to take tlie tools in hand And work for your- self. And if you did so, yon would just have the produce of rour labor aa your reward. You would take the workingwan's pfacf, Ud yon would get the woikingmnn's reward. Political economy must ever regard the worker as the producer, to whom a reward single and indivisible must fall. It is to the worker, and to the worker alone, that the reward must ever come. U is therefore im- . possible that iudustry can cer pay you, or pay evtn itaelf, on tbir (round of ownership. Again, I m.ght ask, What about the dccKase in prodnctiou eansed by the CRpitalist ceasing to work? 1 suppose he was formerly a producer. He could not be a capital 'st (setting inleritance •side) unless tie had been a nroducer, for surely he mast have fiven value to the people in exchange for the people's capital, he strnge thing in the whole affair is— what b-g becou') of all which is alleged to have been given in ekchange for the capital? Can any one lay his hands upon it? Do you say the mu'titudes have consumed it in food? That cannot bcf- for what they ha. } produced is worth far more tLan their food and clothing. The capilalista are all fed too, and well ftd, but in addition they have mauaged to"" get hold of all the gooa things made by toiling bands ; and furthermore, by means of paper, to carry a claim against industry, the principal of wdicb IS 80 vast that the present resources of labor could not liquidate it for a century to come. You say the capitalist looks after hi» property. But there is no production in that. Everybody is bound to look after his property, and everybody does look after it. Could you ask your neighbor to pay you for looking after your own property? Doei) production consist in buying ttie same goods, or the same siocka, ten or a dozen tioies in the course of a day? Are gambliag and gau bling debls production ? How much productioa IS there in Wall street or Lombard street ? Is there any in specula- tion ? These are the fields in which many a capitalis'. wastes hia life. Bui where i» the production f When a full and fi*ir profit is obtained by each of two workmen Ifl the exchange of the product or his work, it is evident that there is not zoom for further, ami perhaps larger profits, for ever.- one of perhaps half a doie_ people over the same products, Ti first and principal profit is "ic-ured by the producers. The labor of transporting to destination will legitimately be paid. But now Is it possible that additional profits can be given to those who do nothing but speculate in the great staples of industry 7 The writer of the article on Poiitical Kcoaomy in the last edition of the Encyclopaedia Britannica asks, in the defence of capita.], and with u triumphant air, " What could the most skilful agriculturist perform without his spade and his plough? a weaver without his loom? or a house-carpenter without bis saw. his axe, and big planes?" There would be very little " performsnce '' indeed. There might be enough t^ keep life in the body of the producer ; t'oere wooid certainly not be so maob as a bite for the hopgry • "^ ''' M - capitalist. Tho one, at all events, vould live because he ftill did •ome iitile work ; the other would ferish from tijo face of the earth. The one would, at the worst, bare a hut and buuih Bkins to cover him I the other would go naked and without shelter. Capital, ia putting such i]iie8tioDB, pronounces it' own condemnatiou. But will Capital now permit Industry to ask a few questions? yT^ What would capitnlials do if there wore no workingmen to make y the spade, plough, loom, axe and other tools ? What would capital- ists do if there were uo persons willing to 'oil in the mine for |rold, on the land for food, lu the bowels uf the r rth fur fuel, or in tue forests for timber? What would capitalists do if they produced OQlhing to eiclwnge for the gold, the food, or the fuel ? What would capitalists do if industry refused to give away its tools and machinery, its clothing and food and furnishings, unless for an ♦quivaleni in labor value ? In a woid, what cou/cT capital do with- out industry? I now asK every intelligect reader if he is not prepared, with Bayaelf, to repel with scorn the gratuitous assumptions of these writers, thai something they call " Capital " found Indusiry a beggur, fed itj clothed it^ and fostered it it to life and vij^our; when the truth IS tliftt Capital ia indebted tc Inductry for its very existence. F.-om all that has been stated it is quite evident tnat modern _ workmen (and, aiasi the children of mtniern workmen) are sub- ' jected to severe, constant, and depressing toil in order to provide the Tast returns demauu>;d by capital. Let us just glance at nhatcapital iakes, and what industry recdves. I am wiiu-ig to abide by the verdictof any unprejudiced on-'.ooker. Are not the workingmen, AS a body, just kept out of the breakers, nothing more? Do they «et anything beyond w bare living, with a hard struggle at that? Are not sufl'ering and poverty their inevitable lot? Contiast their position with that of the capiialis'. Jiark how the principle of Accumulation, once begun, ..outinucs to swell the hoard. The veriest simpleton, one who knows as little of any department of ■Industry as an unborn child, has only to invest in a successful banking institution, uud he begins ior.bwith to draw out of indus- try. The anxiety of the workingraan is to keep himself and family in life— the anxiety of the capitalist is to add to his tsbounding and increasing wealth. See how one man reaps as much ao two or three hi'.dred producers. One of these capitalists has just died in Kew York, leaving propert> worth one hundifd millions of dollars. Where b« the equivalent, the otbet one huudred millions of dollars •4/iven in exchange for the one hundred millions taken f la it In the 4ihAp« of rents of kouses 7 Is it houses, then, which pay rent 7 Let xae tell you, it is out of the toil of human beings that rents are taken. And that indugtry has nothing left to represent these one hundred isiUiuaB it Las given. It ought to have that amount somewhere in bouses or other proi>erty ; fur it labor has given this vast sum (and of that there can be no doubt) to one man in New York, it ought to bave B corresponding sum to represent it. Do you think it has gone to the laboring claitses in food and clothing ? It has gone uo such .road. Mr. Astor did not feed the workingmen of New York. Theie workingmen fed theuselves by their own labor. But they have le^ ia oat man's hands as much as would feed the whole pppulation of A'ew Y'ork for two or three years. You gee then how luterestingf '$b« iuvestigatiiOB really becomes wh^#^ ijVSs e he .till did B of the earth, iktns to cover Capital, ia itiou. !W queatioai? men to make rould capita!- the mine for for fuel, or in hey produced ifuel? What its luolti aod uukss fur an pitttl do with- repared, with lions of these istryabeggitr, lur; when the cry existence. , mat modern jien) are sub- to provide tlje t B hat capital abide b; the worklnginco, >re ? Do they igglc at that? Contrast tbeir e principle of hoard. The lepartmint of a Buccessfiil out of itidua- elf and family bounding and 3h a' two or ks just died in }ns of dollars, una of dollars Is it In the tap rent 7 Let ;nt8 are taken, one buudred somewhere in v.^it sum (and rk, it ought to Ilk it has gone gone no such - Yofk. Theie they have left ppptiiatioD of }W interesting to inaUtut* ,^ earaHst in inj desire to have you inrestigate the question of rent as « return fo? capiial. You will find that the dwwlliiigs, th« *cry homes of the people, or what sliould bo their homes, as well as 'heir tools and machinery, are all passing into the hands of capitalists through the violation of the same laws. In this investigation one illustra- tion is as good as a thousand. The same pernicious system which Ukes away a man's apade, can take away his plough, his horses, his stables and barns, and at last his house or home. And is not labor, to a very large extcr t, now really destitute of house and home 7 If lay labor fails to provide for me a home I can call my own, then tla labor of my life has proved a failure, and other peo- ple, by some means or other, but not by labor, have got the best t>roduco of my life's toil. 1 have studied these questions long enough to know that capital has acquired its vast accumulations m.iin!v through the practical destruction, as an industrial instrument or exchimgc, of the money Erovidt 1 for industry and produced by industry. 'The economist as investigated to little purpose who has failed to perceive the almost unlimited power thrown by such means into the bands of a class. Capital (or some intangible thing called credit) has gathered iip the true mot ey out of t^e hand of industry (leaving a fiction in fts place) and f oucen rated and employed it for iie own ends largely in the fields of speculation and j itnWing ; and tbrou|r'i] the enormous increase of mere buying and selling, repeat- ing c transactions over the samt goods, selling and buying millions worth of stocks in the course of a day, multiplying " paper " with- out end for discount, and concentrating all tliese enormous pay- ments into a tow so-caP d uoniud centres, has actually deceived pe^le into ihe notiou that nature has failed in providing a iufficient quantity of money for our wantt. And there are uot Wanting those on this side the water, who, apparently in the extremity of their despair of ever uuderstanding what all this con- fusion is abuui, do not hesitate to launch their "uniheinas against even the gold and silver. I do not say that it was through the destruction of its money labor first began to be oppressed ; but this I say, that it is by such means the oppression hasj m modern times, become conuentruted, svatemised, and vastly intensified. Any government which has thus practically destroyed the true money of its people, and cast the gold, or most of the gold, into the vortex of speouiatioh and gambling, has entered oa a path so full of perils that I tremble to thmk of the resnlt. The road may be a long one to travel, but sooner oi later the end must come. Kvory step in that road Is strewn with the wrecks of industry; and these wrucks not only tell of the sufferings of the lowest ranks ofsocietv, but of the ruin of millions above them who begivn life with brigLt andjjoyous hopes. Now, it is deeply ijieresiing to trace the man- ner in which capital exercises its cruel and unrcien'.lng oppression on labor. It is said to double i'self in a certain period, say in eight or ten years. A capitalist who invests his money ic stocks or shares expects it to be doubted in about that time. There ore certain bank stocks which, on the original shares, are doubled every five or six yeius. The language in which all this ia set forth has become incoi^^rated with the daily life ofsocietv. All these vast returns come out of labor. There is no other conceivable source from which they ctt,n be taken. Personal toil, aided by its own appliances, or what ought to l>c iis own ap'pliaacci product^ the is 11' \*rKole. The pniducta of industry, it k admitted, havo bc«n Ijrcatlv lncreiisc;d by th« cm|iloy«n''nt of mftchitiery. Industry is now able to aceuiii|)riiili a grfat deai more tlian it formerly did in Ibe game apace of time ; but capital 8tt>pa in aud domande a full profit, a certain rate per cent., out of the entire value of all tlic tools, factories, houees, warehougeB, implements, and machinery employed ; ami ail this continued from year to year, bo long as tlicse vahoug atiplianccs exist. That is to say, labor builds a house rated at a tboitwiud pouuds ; capiuil dcnmnds from labor, and prets for that house, dunug a course of years, iiflv thousand or a hundred thou- sand uounds. Labor has put a value equivalent to a thousand pounds, and no more, into the building. Capital, under the name of rent, compels labor, some way or other, to pay a continuous tax 80 long as the house will shield from wind and rain, amounting, it May be with compound interest, to two or three hundred timcB Uie actual labor value embodied in it. Labor builds a warehouse or factory worth ten or twenty thousand pounds | under the demand which capital makes for its inevitable rate, labor continues to i»ay, whilst the b'.ilding stands, an amount which may bo counted sy the million. And so with tools and every kind of machinery and applittn<'j. The thimjs vrodtteed by labor ihia beeeme iiutf^ menu s (as it certainly ought) what a different state of things wo would wit- ness. This working man would then begin to advance through the only le|rit/.iiate way by which industry can ever advance — that is, ho would, either by himself or in equitable co-ojieration with his fellows, own and sell the produce of tiis own toil, wrought out by his own hands, and with the aid of his own tools. He would own the house, and the thousand pounds worth of labor invested; and he and b'3 children after him would not only sit rtint-free for life, but evcjy eight or Ufn years (If the estimated return of capital be taken .is the true rate of incn-ase) ho would have rei?oiircc8 at command equal to another dwelling worth a thousand jwunds. The working men would, singly, or in co-oi>eration, own the ware- houses, factories, and all the tools and machinery, and the con- stant strain which capita! w lays upon them would be turned to theiradvantaKe. They «> Id own all the goods they make, and would derive the profits on the sale of those goods. The mirchasiug jiower of industry" would bo increased a hundired-fold. The masses, under the rigor of the reign of this capital, arc so poor that they may be said to havo hardly any purcliasitig pnwcr at all. Thefr constiint anxiety is to keep soul and body iogetlior. What can they do as patrons of iuiunes or the t\ns — enjoy, without paying for the use of. that wliich is tlicir own— and see the change which waiilJ lake place. The gaunt poverty and tlie crime which are now ihu reproiich of our inodern civtli^iatiiin woidd disMppear m if by magic. The mighty \ud wealthy world of indtisiiy wusiUl empty every market in a day. There would be od, hftTO hem Iiiitiigtry is unimrl; diu in jinande a fuil Df all tlie toolii, icry employed ; tlicso variouB use ratvd at a pets for that liundrcd thou- a thousand nder the name continuous tax amounting, it tlrod timcB iho warcliouse or ?r the demand ■ continues to ay bo counted of niacliinery becemf initm- stead of being fficle to obt'dn hunt over our h'o a happiness rangers. And ' grinds in its appliances (as wo would wit- fe through the ranee — that is, ■ation with his Tought out by Uu would own invested; and nt-freefor life, n of capital be B resoiirct^s at ngand ])Ounds. own the waro- and the con- d be turned to boy make, and 'he mirchasiug . The masses, poor llittt thev at all. Tlici'r r. What can .'en of the vast infortis of Wh ? kud factories — lioir own — and it poverty and rn civiiiiititiiia wealthy world here would be 2? ik call for goodn, and tlio Iwat of goods, which would set evory wheel in motion, and Btirauiate every mirid into thought and activity. The wealthy would have about aa many vuihU comforts and luxuries as over; those now poor and degraded would Ik> lifted to the same plane. All would work, and all would receive, under the increHsed stimulus of new and improved n;achinory, every tiling good to their heart's content. Machinery would l«! so ijerfect^Ml and »Tangid ♦hat repulsive work on any large scale, would hardly evei- re ..lire t« be performed by direct manual toil. The wide gulf which how separates us into different ranks and classes, our modern caste, would disappear. Kducation and all the refining arts of civilization would take hold of and loavon society. Think of the complete change in our literature, and of the demand for pnro «nd stimulating works, with the great majority of men at onco thinkers and readers. What a renovation there vonld Iw of the bookseller's shelves! Where could a market then be found for Uio disgusting products (literature we cannot caU it) of disuasof! imagination ? That which, in the hand of the capitalist, is now the most terrible instrument of oppression to our race, would con- fer upon industry resources of such incalculable and iMsncficisnt power, that nations mipht then be said to Ihj born in a day. And, last and most blessed cUbct of all, the uncounted re.sourcos of industry, instead of l)eiug concentrated on self and accumulation, would overflow in unmeasured largess to eve»v land. The average cpntage which is deraantled and obtained by CApifiU appears to be the average division of not only all the profits of industry, but of all its products too, ({Her a provmon i» made to keep iiuimtry just in life. If capital bo some great and independ- ent force acting in antagonism to industry ; that is, if it bo not industry itaelf, but something outside of industrv. ,vhose interest it is to take all it can possibl^jr obtain from the producers, then we may be certjiin that it will get industry bo thoroughly into its power, that anything which may be given to it beyond bare existecce muai be looked upon in the light only of a gratuit}'. The great and substan'ial truth th)U utilities cannot he. sold, hero forces itself ujMjn the attention, and we must follow it out in what- ever direction it leads. It has been somewhat timidly approached by the later economista. But if it be a principle in jiolitical economy, we may be ure that it will never lead ns astray. 1 have never seen any reason to doubt that close and critical examination will result in its being generally received as an accredited doctrine, and perha])B one of the most important in the whole range of the science. If utilities are all gratnitous, it follows that nothing bi>i labor, as represented by its productions, or as embodied in its hai>.li- work, c*n ever be sola ; that paymcnta withheld, or given in oon- gecutive periods, can never increase or diminish the real value of a eomraodity ; and that no article, from a needle to an anchor, from a (lalaco to a cottage, can ever, on any ground ivhatevir, receive, pennanenily, more from labor than the labor value cml)odied. If yon will but reflect over the subject, - on will come (xj perceive tl«it to speak of the value of the use of ii thing is really as alisurd as to speak of the weighing of a sunbeaii,, or of measuring in money, a mother'g love. Industry, as a i,-,.ductive agent, can never both produce the properly and pay foi the use of the proiwrly. If it is compelled to do so, theh' ita tools or appnanwB are not aiiis to in-^ dustry, but the reverse. Theecunomisi must use terms in accordance ^ ? . 1/ with the principles of the science ; And when we ipeak Oi valn« it mDHt ever refer tocommcrciftl or Industrial value, or, what is perhaps a SHfcr phrase, viUue in txehnnge. It is not utilities which are sold, bat hutnan labor. And around that human labor, as the grand centre and regulator of all, eTorything that is represented by that nncertain phrase "demand and supply" must continually revolve.* The couscmusnesB which men in general entertain of tne amount of toll they have embodied in what they have to sell, holds in its inexorable grasp all demand and all supply : so that men, ns a rule, will neither give away thoir goods for less tlian an equivalent, nor continue to produce things for which there may be no demand, or to produce them in similar or greater quantities when there is a less demand. We do not reflect at all as we ought to do, that in every exchange, demand and supply co-exist in each of the parties to the exchange, so that four factors of equivalent power are ever at work rejfulating the movements of the whole machine. Demand, among civilized men, can never remain, as a rule, at the mercy of supply, nor supply at the mercy of demand. On some tar away coast, an Indian may exchange an otter skin for a glittering beaa, but it is not nn exchange of value for value. Civilization im this iusiance, aa in many others, has only over-reached ignorance and barbarism. It appears from all the foregoing considerations, that a " wage- fund theory," for which a place in the realms of jJolitical economy has lately been so strenuously sought, has no tangible grv>und on which to rest, and no certain or reliable principles to present to tht- niind. The system of days wages, as we now know it throughout all the fields of industry, comes before the iihilosophic eye only as a ruin — it may be a vast and splendid one, ^ut yet only a ruin. There is but ol. refuge more into which capital endeavors to retreat. It lays claim to a return on the ground that profits may be divided between itself and indnstry, or on the grouna that profits i! * " utility and value are mere acoldonts of a thiog srislnr m tli" Ikat that somebody wants it Money must tiavo uttlity as the basis of value." " Muuoy and tlio Moclisnism uf Kxcliaugc " by Pro- ffMor Jovons. Tlio Icornod Author wuula ha.ve U8 belli've ihat mere desire or clamor for nimioy— tlie oryini of the nnblic baby— Imparts to money tb« "acoldi'iit" of value, and that utility, iiot lalmr, is the bast* of^ value! Hrubably ho has not frivcii much coiidderatinn to labor a* tlie source of all value. Apart trum this and some similar errorti, Mr. Jovons has prmluoed an inipoHant treatise on monetar/ science. Nothing could be cleaix'r or mure to the point than his re- mar's on International Money, and to American statesmen especially what he has to ssy on "Tho future Atnorican Dollar" ought to prove of profound Intsrest in tho pretieut a^itat^d stale of th(f public mind. He sayu : ''The most easy and iiniwrtant stt'p which can nowW) taken towards an international money, oon.arts of tho world gives it long odds. lu becoming assimilated to the French *ou, American gold would be capable of circulation in Kurope, or wherever tlie t'rench naimleon luis hitherto been ascpptod. It may seMn unpatriotic in an Knglisliman to advocate a cliaitgo whicli may lead to the dofeat of the pound Kterilug, but 1 look upon any one Hchcme ot nniScation as twtter than none. Wltat4!vor may ho tiio uhiinato nwults, I desire to see aasimtlatlQn botweou tho French and American systems I. aiA. I )«ak Oi valne it wbund that profits artolng Trom th* uttuty •< the hjvuge " by Pro- 'lli've ihat more 13 baby— Impwtg ut labiir, is tlie eonsideralion to id fiomo aimtUr 98 OD monetar/ ilDt than hta re- «mea especially ought to prove LtubUc mind. He bu taken towards 1' the American 1 adhnslon of tlie loiwlary) oflWiS !ighti4, tutHUttrtts JolUr the Aituro iionotary unit uf g aiwiniilRted to sition in Europe, jf'ptod. It may whiclk may Isad y one Hohctae oi tjinat« rt»ult8, 1 nerieau tiystems tnay l>e doublod. I do not think thnt capital could vcntuw nl* more inhospitable gronud lluin this. It iteekg a sorrr mftigu. Political eouuoniy at once nuixuii the intruder aiid decapitate* him at a stroke. The true remuneration of liilior, n« ha* been shewn, is not what is paid in wages, Imt is the amount of the things produced, the vimble product of handiwork. Tlie industry of tlie world can never bo remunerated except through tlio total industrial products of the world. As the products collectively are the reniiineration of all the toilers, so eacli iiarticular product is the rcmuneratitjn, either in itself or by an equivalent, ol^ him who has prorofits. The increment of protit has no natural tendency to resolve itself, as so mf«ny ocono- ..CBists imagine, into certain parts or divisions, a portion fur this, a ..•d<>pted as aoon as ponslble. For reasnuR snliseqnenfly dtsfed, 1 eonsldOr the dollar so good a unit that It would be niure national |»r<>ludleo to Oppose H, wore there a ftiir ch«nc«! Of its general adoption. Kven if It were not generally adopted, It would N' a great i"tnp in advance If (treat Britain, America, and Franco were to agree t< coin gold money iden- tloal in weight and (inoDfss, which might olrcuiate liKll(«>rontly as iovoiolgno, live-dollar piocca, and tivtvfraiio pit'ccn." IVoftwHor .tovons adUii that hv conBidors the gold dollar and (Ive-lVanc pl<'c<( too small to be Miued in gold, an ilicy iiutriT too much by abriwlon. It may iiteriiit the feaUor, and perhapn add some woinlit to the foregoing, if t here repro- dnco vhat I stated on this iniporhtnt nubjeot some yiars slneiv "Tap ^elimil system of ourreny, with .iiich, lianpily, wj in Uils Uorainiun are now so conversant, even tiiuiigh it be mmfesstidly artillclaJ, Is yet oue we would not like to see displaced. Some years since wO wont, all at once, and with extraordinary facility, from the old and cumbrous method of computation by noiiiid«, sliilllnKs ami peiice, to the simple plan of dollars and cents ; and thus a common sy»tem prevails over all North America. The exrtmple of the United Htates Oi>n- ferred upon us this great boon, and the edvnntugo to both our Inter- national and domestic commerco haslieeii very great. I ooiioeive it would bo a great a of the United Kingdom if they shonld at some future day adopt the deciin.d currency, and prefer tlie dollar as the cenvral unit, around which ao largo a portion of the oonimercoof the world has ri'volvod. 1 think it would be well if all nations were to bring tl^elr coins Into rfonlnml r»>lii•«. Iiji f«roii''.t .niige of decimal muilloles and Bubdivlafoiis. But this is only mr national idea : and the Krencli |>e(>pie Will cling to the l'aniili.%r fl-ane, and the Knglish iw-oplo to tlio no los-t fam- iliar pound ; «ud ftUhongh tlie pound sterling of Kiiglnnd, the tlvo-dollar gold piece, or haif-eaglo of America, and the proposed twenty-ttve franc -piece of France, approach each other in valne, they are not tlie same thing precisely, and It Ik just the precise (Hjaivalent that la wanted In a vp>- t<>m ot international coinage."— iKTKawATioSAi, Coinaub ahd tbk" 8TANI»ABI>8 OF VAMTB, " ■ : • -1-*w— .JO^lt" ""^ jfH ' ■I . I -HmI » Bii^i ili l 'I'M A.":, L- V'' V- 89 , )leond fbr t1>4L And a third for •onwUiInK ctie. tt e*n only t IthAiltf •videnM itmlf by tho ((rncrikl ailvancti and wel'-lteineof industry, or of tliogc who work and iirmliicp — not by acciiniiilatt''>n« oC money, but by aU th« vigiblo comforbtble «iirroiinding« t f indun*''^ Hkul and energy aro the two forces which we brinj( to Uar in thu act of |irodiictio'.. One who workg harder or more gkilfiillr than anothvr, will have .nore of the k""<1 thinfci of this life, not iiocaum he ha« rondo a greater profit than the other, but bt'caiiae be ha* had mora thiiixi to exchauKO. He will indeed liave, in sura, a r .«at«r ttrofil collectivelv than the laay or indifferent worker, but ae will tare it bctcaiiio he bun had more thiiiffs to exchange with otbert more diligent or e«Mially diligent withTiitnuelf 'Tii but poor profit that in made out or llielaity portion of the community. They will remain iMior, notlH-cauMi they hava small profits or half profit*, but because they have few things to exchange. When each workiwell, all fart' well. The principle of exchange liiiH no premium for the igno> rant or indifferent worker. Tlie man who produces only one pair of ehoea a day cannot expect to exchange them against the five pain ftroduoer b^ Mimeother in the same space of time. The r^lueof our ahor i« seen in wha* we produce. The fire pairs of shoes will not seek to exchange ngaitiiit the one pair, twcause rnlue ever seeks for an equivalent. The five pairs will nuturally seek to exchange with some other thingti produced by some one equally skilful and energetic. Here like clings to like. The owner of*^ the one iHvJr will pit his profit according to the labor saved to him in the o». change ; the owner of the five jMiirs will get his nrofit also according to thu labor saved to him— a single and indivisible profit on each transaction. The true way to save our labor, and thus to earn profit, is to work skilfnlly and well. For labor to eharo its profit* with a clalM who do not itroduco (for in those days there is a greit di^al of working, so called, the hutineas of more " busybodies," which is not production but itKojiiioglto) is just as unnatural as to attempt to double its! profits. In oilho'- case llio ineviliible tendency would bo to the destruction and ruin of indimtry. To say that indu.itry, ^nder the reign of capital, gelt s share of profits, is to say what .is not true. It does not get the smallest remnant of profit. All . tlie profit Is swept into the eolTeri of the capitalist, much of it to be reissued In further oppretr, an oppre.u.'don which haa itn limit only in the capacity of industry to bear the stnUni,*,^ ^' • I quote from the !{«>port of ('nmmiulonere on IIonr.< of Labor: C(Hm< Hiotiwealth utMaiwsoliuiieli.''. IWiB: "Tt»e avornae wsgcxor tmtlcn tliroufthout tlio tnlted Htatw In ttuwode- 40riptloiiH nl la'tMr -maiiiirsctiirc of C'lUtoii, Wuolleii, »ix New Ktigland 8t«l0f>, deiinoed ■ >^ the metliod xlateil, from the oeuKue of 18(i(), give:— S'i.KHV* for nial<>si. per Aniiuin SS8f> 1h Do Keniali rt rate oi wages over tint whole of tiie United States is given at 91] contu |>cr day A letter to the Commtimloner^ from one of t!ii' t>ofit pn)d Journeymen meohaniOK, a flr-l-claiwithiitcBrpenlcr, utattw tliat with hb fhmliy of eignt perHonK. he ha» bcoii driven to ■•« !<\.>iteiH of ecomimy which hiu* loft. pain- Ail evideiMiMi of ito wiverity," Biul lia.i hvcu o«inp<>llod to riMiiovo his cliildrvn from mliool to eonlribule li'wardu the Huppurt of the tbinily. ! nuppioai lliere U no one moi^ ouiiiin-liwii., nt h-sxt on thix continent, to Judge of t|i(.> cimt|iiweut8 of workingiiic" thsn Mr, g u ){9K«r«, "ho WTw '.■1';, r %-. M. J-JS f: \ .1' at inly f UKftiliy ^of iniltiiuy, Kill* of mooer, dun*"^ Skftl r in tno net of kilfullr thun V, not iMHMuae iHti bo Imm had uin, a r .iJKter r, but ae will s with othore )at pour profit r. They will ilf protita, but ih work* well, I for thc> ifrtio- iljr on« pair of . the five pnin e rilueof our hoflj will not iver s«i>k8 for xchnnKf with ' skilful nnd the ono jwiir im in the ox- Iso according |)ri)fit on each thus to earn ars it« profits lore is a grpit loilifs," which as to atiiMnnt idcncy woiild that indiistr*-, to 80 jr whiit f profit. All niich of it to on which \um train.* *■ >' Labor: OmiH- ft* in lliMiMJ de- )tliin«, Hliom, Italofi, dc. paiii- \o ri'iiKivo Uin \B Ikinlly. % Continent, tO' gew, who wiw 1 hftto pnrpodeiy avoiiUd any li>n(cth<er, Ui what is K^"^'''^lly undt^riitood hy brain wur!( or imei- lectual labor. ( havu hardly frli it uecvDiMrr that itiih<>'i!d engage our attention, n» 1 think it doos not materially altect tbe argntui'nt. It ban come under our ohtiervation for a few monipntsionly an relat- ed to th« visible pnxliicU of toil, or, in nlhei wonl^, an in a sort of " milent partnership'' with th« hand. Thin pari of the unbjfcl i» fkr fnmi Iwing devoid of interent, but nM|uir«g more conaiileration than 1 can at prctent devote to it. The equivaleulg of manual labor are not dittiuult to distingiiiiili. A gold dollar i« thtt oxaer, equivalent of anutlier gold dollar, and a buibel of Ivtrley, aH uearlv as tnay be, of another bimhel of barley. Most ptHiph , and even lonie econonii4t8,i)iiuk that gold is dearer than silver, and dia- mundg, in their |iric«', more precious than Hour; and even Hoine g'jv-" erntnents, professing to Ira very wis«,have,oi) this and olher gronmls, dumoneliMed their silver : but a day's labor of digging r-"irer !■< but worth a day's lab( r of (tigging gold, and the labor ot prociiieing diaraouda is just worth the laltur of producing Hour, Th« e<^wattoDU in each case arc at our hand. Hut who is acute enough to (ii.'cover the unit of value when we come lo compare material prod'ietB with inimatenal 7 Is there any true ratio of exchange between thii'gs so different? If there j no ratio, can yon arrive at an e({uation 7 What is the exact money value of \ thought f Has it money value at all? Canyon measure it in a quart or a i tor a pood than for an indifferent teacher: hut where in the standard ot value? JJuvi much is a sonff worth T In read- ing this article,you will pay for the pap<;r on which it is printed, for the ink, for the »y|>e setting, lor the jiress work, the fitlding, the atitchiiig, or, in other words for the labor embodifd in all these processes, but I am sure I could not tell you what, if any, is tliemint value of any thought there may be in it, and ae little can you. The thought may have comiDenced l>fcfore some of ray readers were Inirn. I am conscious of no small amount of brain work, and yet the thought has no dimcnfiion, no weight, no parts at all. You c«nnot manipulate; if, or place it in your scales, or adjust it by your most delicate balance. It may liave a general relation to other thought, or special relation to thought on economic science, but what rela- toin ha» it to a hit of money? Any value of this kind you place u|H)n it must bt> Tnerely an Brl)itriiry value. The only maniirl laW 1 have bail with it is an handling llic pen, and that you know is not worth mcntiuoing. You o«nnot pay me for wtiai sojue may call my " time," for I have none of it Vo m-ll, and political economy cannot turn /i»m« into a c^mmmlily. Tljei>rc8ent work has been to me emphatically a labor of love, and I dnnt think that I could be repaid in anytniugbiit similnr coin. Has nature made such a one of the Cominisslononi on Hours of f.abor, appointed by the Stale of MnuHacIiuiK'ttn. He rays. In the aliove Uii|MMt. " Wltli conntant tliouffbt- iulnoes lliis Inmino (#1.25 per day, S^uiidayB included) lu'ccxsltatwi an econdiiiy itcnnrlniiH in ItH clisraotcr, oft<>n liKiltng to mwt llio demand* of health In clothing; and throwing tlie !"ip{M)rt oi ■igM [Mtftitf on nmro fiivored ri'ldtions." "Wages," he adds, " s« at inewiil; txiid «rf> nnt an Quuitable ralurii lor l»bor |M>iriirroed. It 1» uuivomalty underHtuud that tlic laborer has only a living, Tlie idea of what a living iit, i» comparatlveiy «-ievBted in tliiH canntry ; but Hgnrc« show that the wnguii uf labor do out K«cb oa the whole that |M>iiK." t:. ",1 »i (iMilinf line lirtniv-n IntilhHoncp mA Work ni lh»( one pAriV olmll t)« nbl« to wtv, Wc hHvi> nil tliM iiiUtlliKnin) »iiil iniut tKt Ml the itrixliifla iiftoil, nxi-oiit what in Jiwt i*''^) to k<>0|> jroii, Work, in life T Haa th* ••crifloril LnlHir in h«r (tmlrH to eudow Iot«il)lt< for ennninK or (lire wiliiPM to lenvw, lu >'x. iiniiun, In Ihb liitnil* of indiittrjr 7 It in anionK ihofw ovHrc'.innf(><>K •'MriiM wlio«e MHhility hiui lM«n lUI but ilfslrovfd t>y tlix prciiviit mri'Uftlitili' Kyxtitm ( unduiiiitrilly n RjrRtrm of tl)« iiioal dKiiKt-rnim t'onimiiuiiiin) tliiit our iiiodi'rn nmn tit biiMiiiKM r««rH hiM (ortiiuc, and wlion he diet, ihi- pulp't «nd preia ni)|>lnudln|{i> v.iK\> thvir hnndu Hiid hold him un, lo Aw M his ffnlnii Ant eonc«riuri in aome light (ileHRfiiit fanojr work ; or he niiiv Tie " n profeitainiml miin " writing ik luw leltera, :>r iiwi-4>i>lng dollara by the liuiidreil into liia colli-rii by ilio uicnt utroke of liia |>vn ; and no ItMika duw.<. from bin winilow on another toiling in a d<«p and lilthy cavity in the atrc*t. clearing awi^y ttomo obxtruction which tlireatenH inrliou)id you erery dfty 7 We know that it ia blind- work loh really doea |Hiy for hJI the brain-work which claims atid n ueivoa iiayment X» wo generftliy undt-ratand tba term, ^yroenc, it oo-ild not otlierwiae be paid. But ttiere abonid be An tntercliangi!, a true commisrce, ajuat reciprocity, ought theon not? None ahoiild tie burdened. The braina ahoiild surely be coming over, by this time, to the Hide of the hand. If priMlucts pay /or intelligence, then intelligimoe dhould be largely the prowrty of toil. Hut ia it ic ? If briiin takes away the pro«luce of hand aurely hand should get the produce of brain. Indiiatry by thia timo 8iiould be ao well Uiu^ht to do its work aa never more to need a teaoher. Wo are fund of talking of our mental labor, and of what we should get for that lalK>r, but it is a>ll simply tkoui/Sl. Aa regarda visible produota it ia not worth a rap till you mit out band and let U8 aee aome tVuit. I fully beliere in braina tailing induatry by Um hand ; but^ within Uie range of indualria! application. I hare u little faith in brains without industry as in industry witliout brains. 8ej)arat« them and you deatroy ibeiu. Can you tell mo t^what extent intelligence or intellect has itself suffered by being divorced from work 7 ilow has society fared 7 Perhaps we have a weak- ling, a silly nundesi-ript, where we might have had Upartan brain and vigor. Is not tlie mutual lielpfulneas of the family circle to be carried out into the larger circle of general humanity ? Wliat If we hare hitlierto uinsed a great economic truth in the general consti- tution of society a a colony of workers ? Is it the design of Pro- videuue that this great iudustriul hive is to be helpful to the «r«ak, i rTff l l liJi WTf a > rt - T hi i(^ i t tf i i^Mi lii iriiirfi Wi r i r fi i h ij T ip i ii 'i iii tt ii 'gi' i ^ tti i f i ti>0 ^'.-; »*>¥ ; 33 Ul»« OIK» (MttfV lit iniiHt ifHl •II |i joii, \/lttk, in w liil<>l|iK«n«-t And lim III), lu fltr to tU ritinic t biM Industry iM liucn InStitn it of miinejr in of hig tufling loes not Monti d(N>tt in »om« pMiniml BJAn " ndrmi into lii« dow.\ from bis ty in th«gtre«t. H niinHinn ami I bcnl ri'liirn 7 10 not gay thpy o. All I Mik fa relul to tell w «Dt8 in deter- in tbig cage, or know that it ia In-work which indcrgtAnd th« t there ibould ty, ought th«m iJld gurely be if products pay the property i>f dure of hand lugtry by thig r more to neod >r, and of what fu. Ab rpgards I hand and lot idugtry by the ion. I hare aa vitliout brains. 11 me t^what being divorced hare a weak - Hpartan braia ily circle Ui be ? Wliatlfwe [cneml oonsti- Icgign of Pro- I to tike wwk. the needy, thv l«iw-faTorry UihIT Is tbt* the rran> be th« Kratiiitoiii m^rvant of hiiiiiaiiity 7 Would it in anirwlsa iesiM>n its truu value or take from its dignity 7 If iaduntry Amis its sutJHfaetions in matrrtr.1 products, where should iiitelleot lind its Sttt!gf)krti()iis7 Did you ever rvflrct that it is from tlie ttll- aye of thu lUdd that the vre^itegt amonnt of Tailing )« rralisrdf |g the gruatest amount of vaTiie* returned timre 7 Von awe, then, hor many grave mid grand qiiegtiouf tbiro am yet to cballpnge our attention and inveNligatlon. Do you think you can gtUtU them by glMlving thfni? Am you Tahi viiuuK>' to think that (pieHlious Hiicb as theiH! wilt remain fbr ever buried in the dark 7 Let ug be bumble. We know nothing yet ag we ought to know. Hefiire cloging Uiig |>a(Mir, it ig right to glate that Mr. Mill seeing to have assunteil, thriiughuut his writings, tlie existing relations between capiterft;ct undemtandiug of the leading lemonta of (Hilitical economy. As this «cien«) is faxt lieconiiiig t>") moHt importaiii. of tlie day, I think it ig of the hlahcgt consequence that studenta in our schools aoil colleges should bo put upon their guard in reading Mr. Mill'a " Principlea," aa a teit be,and doubt not, that Mr. Mill will lung continue to be read. His ljU>oriouti application ; his simple, massive style ; his clear logic ; his extengive information; bio evident sympathy with workingnien ; the niHSter thoughts on some Important economic subjects which ho tag thrown out so far in advamH) of hig day; and the mas« of im- portant instniction he hag given to the woilil ; must ever untitle him tn the jfratitvide of inaukiad. And though it i« inevitable that the fabric a» raised with so ntiuch diligence will have to be taken down and rebuilt on a ditferen\ model, mucii of tbe material which he ao iwtiently gathered and i* skiifiiUy prepared, will cvv- continue as a monument lo bi« namri. As to living economists, I Mnnot express Iwlf what I fool in rega-rd to tbe solemn responiiibilities of the hour. . I confess that I am ajme what sorry fvr capital. It seems sudi a pity to destroy ao pleajant a delusion. It baa hitherto paoped aa a respectublo sort of pe.isonage. Hig retainers have, during the last twenty or thirty yeafs, given him some hard knocks. There can be no question as to which uide has fared worst in the strife. Uapital as well as industry baa cudgels in his buitd, ant. sometimes it is woree to ta looked out than to be locked in. There haH been plenty " striking " going, but thei« o^^n be littie doubt which of the two has got the m^ost bruiaea. The Bid thing is that amidst all the din tbe voice of reason cannot be heard. If caj>Ual hag truth on its side it will remain— if it is built on error it will pasa away. And I can say to both capital and industry that there are more tbonght- ful men than yc wot of jiondering over these momentous questiona. It ia c honefut sign of the times that there ih everywhere abroad a Ifirit (Hi ^rea inf^uiry ana ««»:?tiny, a spirit wliisli'u gajwiog flrom % '■ ' t I ''■ m 41 34 (lay to (lay. Tlie cnpiliilist who refuBos itivviitiKHr.ion will o»>ljr l^atber .urooBtl liim jfreulei iH-ri}*. For i supiwse there in uolxxiv m silly a«inolto()crc«'ive that there nn; iH'rils. It the economists in tlittir long And laborud endunvorg, and iinaur tli« namesof capital, erodit, and sc forth, hare cunjiired up notliinf^ but a a|ic-ctre to crtuh tho indiistry of the rac", and to scare fiev inquiry, we have only lotake the shadow in huud to know what it i-eally is. These sort of thinfts aro only fearful in the dni-k — the light of day put« them all to Hlght. " He that doetli truth ootneth to the lijrht." i^li8t with doin^; a wrong thing when he hires laboring men, and pays out wages. I do not feel called apon to say that the capitalist it) doing a wicked thing when ho iMrosta his means in any of the rccogniaoil cnlcrpriKes of tlio day. He is perhaps, in the circumatniii'i^, doing the beist thing possible. ! am conscious of the same resi'cot UHd kindly feeling towards c^pilAlists as U>wards wording men ; and I am aware uf the ^obie and 8poties.<« lives led by vary maoy of them. Hat 1 think it is of the utmoul consequence that both O'apilal and Industry know exactly where they stood, (tnd what tkey hftvo to stand ui>ori, Lbt us have a oaim iind thorough investigation of the whole subject. The int«riiit of money IS not to bo weighed for a moment against the interests of triitu. We can do without the i)ne — we cAn never do without the other. The views I have Mel forth iti this paper ar^ worthy of the most, careful consideration ; and I hope, moreover, they are able to btand examination. If these views be sound, there is one thing tl;e cap-* italist can do — he may look with a more favorable and kindly eye on virorking mcii, am tbu real producers of his wealth, and may give u> them a larger shitre than they now enjov of the produce of tlieiF toil. I hardly know anything better which I could recommend capitalists to do. If Corporations had souls— which it is said the^ have u»t — I would be incliued to say to ihem also that there a nothing at any rate which would bring them in more true enjoy- ment. Blessed is the hand which relieves poverty, but more blessed still is the hand which lifts workingmen above poverty. It may be said of humanity in gimeral Uiat men born into the world launch upon life under the necessity of earning; their bread by the sweat of the brow. It is the Inevitable ooudition of ezisteace from which the race can Bever escape. 1: is the mark which this old world must carry to its grave. As all must live, so all must labor. Physically a mnn lives by bread alone. It is from his own labor, and not from that of bis fell«>w8, that he must pro- vide for himself ruud,c1othijig and shelter. Labor gives the truiv title to all propertv, to everything fnimod by bui.iau band?. W bat comes to ^on by inheritance^ still comes to you, or outtht to conce to you, With tnat labor title intact. Ail that m above and beyoiid^ tlw' higher and better things, are for the higher and better life. The soil of the hand, tin- sweat of the brow, the rude bargain- ings of commerce, cannot tonoiniiit8int]>«ir f capital, credit, Ire to cruah tho laveonljr lotake jc sort of tbinRs ut8 tiie.n all to vy ho can doobt jreat over enoe r apon a tirade riiitloss things, 1 we edvocate. e or leua, of th* mot charge the laboring men, aay that tlw 3 bis means iu perhaps, iu the m conscious c^ ists as towards otlesf* lives led lul consequence ere they uttuid, ) a CAltn una il^ost of money eregts of truth. Iiont the other, hy of the most, -e able to stand thing the cap-* iud kindly eye , and may give he iwodaco of uld recommend 1 it is said they ] that there is )re true cnjoy- it more bleased rty. born into the earning their le oouditiott of ;: is tho mark II must lire, so >ne. It is trota t he must pro- 38 the true title hande. W bat uutrht to come e and beyoad, nd better tifo. rude bargain- 5 asBu. vftd by i^to ,»f merchantablj and iieri'shablo. For it appeani a« if no really euuilabie adjuntmeat could over Iw made Jw-tween t>o thoughts of tho brain i?nd the toil of the hand. It is, as I 'r.vo al- ready said, only when these thouglita of the brain find exprefisioa through tliB labor of the hand, that the produc'i stand on a com- mon plutfurru where values can bo righUy appniised. Where is) tho econoiniac who would venture to ;>rtc(t, in fH>righable gold, those high ministnes which directly contribute to spiritna) culture? Does it not seem that tho higher and more powerftd tho ministry, the fur- ther it is removed, by that very circumstance, from the compara- tively mean moasiiro of earthly values ? Thorsfore, although it i8 within reai^on that they who minister about holy things should livg oif the things of the temple, it is not the lesstnie that carnal things reaped can never be the measure of spiritual things sown. Pi>r things spiritual can only bo r^ckonei! in terras spiritual. It was not the bit of money cast into tho treasury which gave it the value ; it was thai which lay behind which made the very small ^'ift a very large gift in the eye of llim who seeth not as man seeth. Why l^uld the spirit of earthly ambition or gam annoy ua with eitlter its computations, its cu illiogs, or it!> lumeotations, when we choose to break our alal .ster box? And herein lies a truth for all workers, whether in the pulpit or the pew, who wouid forget self in their efforts after the good of their follow creatures, and who desire to live superior to tlio3<* low-born motives, which, it is to be feared, too often impel men oC great tnlont and power to sell themselves to " the highest bidder." Let oamest and thoughtful ineaever keep before them this high ideal, and they shall not fail to leave a lasting impression for good on their own aud succeeding generations. The njisn who have laid ♦he world under the greatest iebargos have themjelvra been " chargeable to no man." Christian- fty itself would have been strangled in its cradle by a modern en- dowment. It mast ever be so. For there "^oes seem, after all, to be » kingly sphere, into which things sordid may not enter — where . ^bc baubles of earth and tha babblings of commerce are alike out •jW" place — a quiet and humble sanctuary consncriited by the great travail of the mind, and whoHi mightier bolts are being forged than have ever rung to the workman's liammer. ; " confess that the cond tion of industry in this our boasted use Of civilization lies like a hv'ttvy burden on mj soul. I cannot shako It off. It haunts me night and dav. I have no faith that the ther- riipeutica of modern commerce will ever heal its wound*, or cause hfb and health to courae through its veins. In patient study and jiainstaking investigntion lies much of the renov. ,ing power. It may be that we will have to build the wall in troublous times. Surely industry expects of us that we expounu the principles of political economy in such a way as to secure to it the fruita of its 6wn toil. The science itself has Ixien handed over to the dominion 6f jnob law, nnd lias become the sport of every seatterbrain who imagines timt he has a call t<> pronounce, at first sight, upon the Dubject. In this western world we urs at this moment flooded with u literature which gives but too ctrtain and sickening evidence of tNs truth of what I have jnst stated. I need not waote words in urging upon the cultured men who read these pages thfs vast ira- poriance of the matters i have brought under review. I have but encleavored, according to rav humble ability, to open a door here and there to the great tomple of economic truth. How invitisg i« ■ I .'■'■» '<'S»'isK«' Wi w m ihc field ! Ami wIiai a wUtr\on» exprcice to' both th« inicllect tmA Um hmirt to gini>i>le wild flucli iiiifflily tirobktiM ! Tbo cliviin? of litbtir aniHt c-«U forth tho w«rnie«lByni{wlhl^g ot'ovory true-hewnort man. OuRht it not greatly to miiiKato •'..« rigor of the judgment wo are acciistmnedto |m89 oven tipoii iho iowc'st mid most a\mn- - donod cl/isses of soci«iy, when wo consider the cbar»ct*eleiis and unre qidtod toil which baa been for so many genera'.ions traDSinilted from father to son, may be excluinj^ed for those luiiple, equiinble and sure re wart'. • Jtiaa aud into every boroo. ^h. n '*' "^jJimr" ■ ' ot I ,;,: -i,.m--"' - .■.•-» WORKS ON THF LABOR AND MONEY QUESriONS.—BY William Brown. 1. ThiJiights on Paitef ('urrency and Lending on I iterest, aa affect- ing the prosperity of Lftt)or, Commerce aud Matiufttctnnjs : 24^ pages 15 ct»- 'i. A N««r Catechism ou Pulitlcal Bc><^uniy : 68 pages 20 etit. '»3. No fund in Oommerce or Lalwr for Lending on lutercst; U pages • lOcte. ♦. The Chnroh, our. Modern System of Commerce, and ttiefniSl- ment of I'ropliecy : 24 jiagag lOctS. fi, Tho Clah'is of OapiUil coaeiidorod : ;«J pages... lects, Nos. 2, 3, 4, and 6 w *, pogt oaid, for 30 ceutg. Pnblialiet'. l>y Joas mbi^ Montreal, and Ronso's PoinI, M.V. Tho " Thoughts." boi,,..i in c'olh, can also be liivd from T". m. BampeoQ Low & Co., Loudoa. . NOVB.— All letters, newsimiwrs, revU'WH, Ae., Infandivl tor <>a!ita to lliooam of Mr. I/"vell, ac ;it»ove. >ri -' ' 'ri'iMlers can render lin(iorlant asalHtaiioo by coiitrlbutioas, !;owovo» Se. • -Waid ot the pilj'ting and oirouhiUoi' of tbeuo traotu. lUlUct »nd ly tliiima of true-heAnort »e juijgnieut mtmi ftlran- - ioUsr of the >|)y victims ? Micholy and ow cresUiros oyotis— ovof ruin ? 1 Km the y, Hud to ad oud into ■■^'' 1^ MONEY rest, na affcct- ifmiufacMires : 75 ctu. 8 20 et*. lutercBt: 11 .... lOctB. and Uh^ falfil. .... lOcts. .... lOcts, 's Point tVoM ^ m ■a MiHU