THE LIBRARY 
 
 OF 
 
 THE UNIVERSITY 
 
 OF CALIFORNIA 
 
 RIVERSIDE 
 
 GIFT OF 
 
 '. Cordon V;
 
 
 I
 
 THE HOMOLOGY 
 
 ECONOMIC JUSTICE
 
 c ( 
 
 THE HOMOLOGY 
 
 OF 
 
 ECONOMIC JUSTICE. 
 
 .LY XSSAY' HY 
 AX EAST INDIA MERCHANT, 
 
 POLITICAL ECONOMY IS SOPHISTRY 
 
 A\l> 
 
 LANDLORDISM USURPATION 
 AND ILLEGALITY. 
 
 I . ( ) N DON: 
 ,I:GAN I-AUL, TRKNCH \ co., i, I'.\TI-:RXOSTKK SQTAK 
 
 ISS 4 .
 
 THE ARGUMENT. 
 
 CllAlTKK I. is devoted to the discussion of 
 what is termed " the Nationalization of the 
 Land." It is shown that the proposals put 
 forward are impracticable, and would involve 
 injustice, although the idea which underlies 
 these schemes is founded in a just conception 
 of law. It is shown that landlordism is not 
 private property in land, but that its abolition 
 would institute private property, and transfer 
 the n\L;ht of taxing land to the state. 
 
 In Chapter II. the fallacies and sophisms 
 of the economists are discussed. The causes
 
 THE HOMOLOGY 
 
 OF 
 
 ECONOMIC JUSTICE. 
 
 CHAPTER I. 
 
 CURRENT THEORIES OF " NATIONALIZATION." 
 
 AGRARIAN troubles are evidence of a viola- 
 tion of fundamental law, if \ve conceive the 
 economy of nature to be harmonious in its 
 design. The scheme of nature is carried on 
 by general laws ; and land and its products, 
 in every country, being subject to the same 
 exigencies and vicissitudes, it must at oner 
 seem strange to the most unreflecting minds 
 
 o o 
 
 that there should be so man}' land laws in
 
 2 Homology of Economic Justice. 
 
 the world. Almost all the evils with which 
 nations are afflicted may be referred to a 
 transgression of the principle of freedom, or 
 of ethical and moral laws. The transgression 
 of any fundamental law of human nature is 
 certain to produce endless disorder and 
 wrong, which no human legislation and 
 ingenuity can wholly correct by the substi- 
 tution of artificial laws, short of a full acknow- 
 ledgment of the principle which is violated. 
 The perfection of law consists in being har- 
 monious with other laws, and so founded in 
 principles of freedom and justice as to be 
 capable of universal application. It is, there- 
 fore, a fundamental law that has to be dis- 
 covered and promulgated, in reference to the 
 holding of land ; for it is evident that society 
 is acting under the delusion of some pro- 
 found misconceptions regarding causes and 
 effects, and the intention and design of the 
 scheme of nature.
 
 Current Theories of "Nationalization" 3 
 
 Man, whose constitution subjects him to 
 the condition of labour, being placed in the 
 midst of all these varied gratuities, so well 
 adapted to meet his physical wants and to 
 give scope to his intellectual faculties and 
 love of contrivance, is evidently not to be 
 regarded as a mere animal, governed entirely 
 by self-interest (the instinct of the lion and 
 the tiger), regardless of all principles of justice 
 and morality. No theory of evolution can 
 explain the existence of evil which requires 
 the institution of civil government. At the 
 outset of this exposition I contest the stand- 
 point taken by the economists. They may 
 inquire into the physiology and habits of 
 monkeys, or into the republican government 
 of ants, on physical grounds, if that pleases 
 their fancy, and make useful comparisons, by 
 way of illustration ; but it is obviously in- 
 congruous to regard human society in this 
 purely physical light.
 
 4 Homology of Economic Justice. 
 
 The object of this essay is twofold. The 
 practical part of it is directed to the solution 
 of the problem respecting the abolition of 
 landlordism. It is proposed to effect this by 
 edict and by the institution of National Land 
 Funds. The second chapter is devoted to 
 the discussion of the fallacies of political 
 economy ; and the third to a correct state- 
 ment of the science. It will be shown that 
 the economists are in error in attributing value 
 to the powers of nature and in supposing that 
 rent is an attribute of land. The error of 
 Adam Smith, in stating that price depends 
 on wages and profits, will be shown to have 
 vitiated the reasoning of the economists. 
 The economical phenomena will be shown by- 
 demonstration to be founded in ethics, and 
 not dependent on physical laws, as contended 
 by the economists. 
 
 In this introductory chapter I desire to 
 examine briefly the proposals of Mr. Henry
 
 Current Theories of " Nationalization!' 5 
 
 George, and more particularly those of Dr. 
 Alfred Russell Wallace. 
 
 Although the idea is formed from a sound 
 conception of freedom and public justice, the 
 expression, "the nationalization of the land," 
 is somewhat vague, and is, therefore, apt to 
 produce confusion of thought. The land is a 
 fixed quantity, upon which the nation lives 
 and moves and has its being materially. To 
 nationalize it or denationalize it appears to 
 me an absurdity. Landlordism of every kind 
 is inconsistent with perfect freedom. The 
 landlordism of individuals is bad enough ; 
 that of the Church is worse, because she takes 
 all and returns nothing ; that of the state 
 would be the worst of all, as it would be 
 dangerous to public liberty, and likely to 
 deprive the people of vigilance and control 
 over the public finance and expenditure. 
 
 The function of Government, in respect of 
 revenue, is one of taxation and finance, and
 
 6 Homology of Economic Justice. 
 
 not of management and profit. Its manage- 
 ment of the Post-Office, as a special depart- 
 ment, and of the Mint, for guaranteeing the 
 weight and fineness of the currency, is of such 
 a nature as could not be carried on by indi- 
 viduals or entrusted to private enterprise. It 
 is true that Dr. Wallace does not propose to 
 substitute the state in this way for present 
 landlords, and what he really means, as we 
 shall see, is to nationalize rent. For that 
 purpose, all the principles of practical 
 nationalization arc inherent in the Knglish 
 constitution, and they only require to be 
 revived and put in force. The sovereign, as 
 lord paramount, had formerly the right of 
 resumption. The Commons had, and have 
 still, the exclusive right of taxation. It is 
 competent for the Commons to advise the 
 sovereign to issue an edict to the effect that, 
 after seven years, it shall be unlawful for all 
 owners of lands to lease them out to others, as
 
 Current Theories of " Nationalisation." 7 
 
 the practice is injurious to industry and 
 oppressive on the people. The edict would 
 also set forth that the incidence of taxation 
 falls too severely on the industrial classes, and 
 that the holding of land in occupying freehold 
 would enable the Commons to relieve labour 
 of the burden, and shift it on to realized 
 property. 
 
 Fresh definitions do not supply us with 
 new ideas, but tend rather to obscure our 
 memory concerning old facts. Occupying 
 owners, under Dr. Wallace's scheme of 
 nationalization, would be identical with the 
 freehold yeomanry who paid land-tax to the 
 state. The commutation of land-tax into 
 private property accounts for the disappear- 
 ance of the yeomanry more than any other 
 economic change. 
 
 Dr. Wallace says, " The state, as oicncr of 
 tlie land, can prohibit subletting, and the im- 
 portance of doing so is admitted by all who
 
 8 Homology of Economic Justice. 
 
 have studied the subject." Now, it is clear 
 that landlordism consists in leasing or sub- 
 letting land. It is the instrument of the 
 landlord's power and oppression. By this 
 privilege alone is he able to engross land and 
 to exercise a taxing power over others. In 
 parting with this taxing right the state abne- 
 gates its most sacred function. When a land- 
 lord purchases an estate, he thinks he buys 
 land, but what he invests his money in is rent 
 at so many years' purchase. He seldom or 
 ever thinks of examining the " inherent capa- 
 bilities " of the soil. What he examines is 
 the rent-roll and the capabilities of the 
 tenants. TJicrcfore, this is not private property 
 in land, but private property in rent. In deal- 
 ing with the arguments of the economists, 
 it is of the greatest importance that this 
 distinction should be kept in view. I re- 
 peat it, landlordism is not private property 
 in land.
 
 Current Theories of "Nationalization." 9 
 
 For all practical purposes, we may regard 
 the state as already the owner of the land. 
 In this respect, as well as in many others, we 
 have to deal with logical delusions, and until 
 these are dispelled we cannot make any head- 
 way with our subject. Dr. Wallace designates 
 the state tenant as occupying owner in per- 
 petuity, and free to do what he likes with his 
 own except to sublet it. But if the occupier 
 is to be regarded as owner in this absolute 
 sense, how can the state be regarded a.s 
 owner also ? Is it not clear that the state 
 simply resumes its taxing power, and becomes 
 in principle sole landlord ? Before the state 
 can become owner, Dr. Wallace proposes to 
 value every field, site, and mine in England 
 and Scotland, in order to prohibit the leasing, 
 or subletting, of land, in which, as we see, land- 
 lordism consists. In justice to Dr. Wallace, 
 however, it must be noticed here that the 
 main object of the valuation is to settle with
 
 io Homology of Economic Justice. 
 
 the landlords, in respect of the acquired value 
 of the " bare land " as distinct from the im- 
 provements, by means of terminable annuities. 
 I shall discuss that proposal subsequently. 
 The two objects that of creating occupying 
 owners, and that of direct taxation must be 
 kept quite distinct. 
 
 Is it not competent for the sovereign, in 
 virtue of the ancient prerogative of the Crown, 
 and by and with the advice of Parliament, in 
 the interests of freedom and industry, to issue 
 an edict prohibiting the leasing of lands ? 
 But_then, it should seem, by Dr. Wallace's 
 method, that the state can only exercise this 
 supreme authority over the subject after per- 
 forming a valuation of England and Scotland, 
 in comparison with which the valuation of 
 Ireland was simplicity itself, and which might 
 take as long to complete as the great tri- 
 gonometrical survey. If the state cannot 
 exercise this desirable authority without going
 
 Current Theories of " Nationalization^ 1 1 
 
 through a violent and vexatious interference 
 with vested interests of the most intricate and 
 extensive nature, it must be a contemptible 
 state indeed. 
 
 In order to strike at the root of the evil, and 
 level with the ground the huge superstructure 
 of landlordism which has been so ingeniously 
 reared by successive legal devices and en- 
 croachments on public rights, it is only 
 necessary to issue an edict declaring that, 
 after seven years, or at the expiry of all 
 existing leases, it shall be unlawful for all 
 owners of lands, mines, lakes, and rivers to 
 lend them out on rent ; but that they shall be 
 free to work them as industries, and to appro- 
 priate them to the utmost of their power for 
 their own good and for the good of society, 
 or to sell and bequeath at pleasure in such 
 occupying ownership. If this were the uni- 
 versal law of all nations, much oppression and 
 injustice would disappear from the world. Xo
 
 12 Homology of Economic Justice. 
 
 other limitation need be placed upon private 
 property in land, and it will be found that 
 there is sufficient land in every country for 
 those who desire to occupy it as an industry 
 according to their means. Under this limita- 
 tion the two capitals that represented by the 
 land and that represented by stock would 
 be united in one person, and this would 
 ensure perfect freedom, without which no 
 society is properly constituted. 
 
 Although the incidence of taxation falls 
 very unjustly on labour, which ought to be 
 entirely exempt from it, as will be shown in 
 a subsequent part of this essay, too much 
 importance is being attached to the amount 
 in money which would accrue to the state 
 from the appropriation of ground rent and 
 the ordinary rent of land, and too little to 
 the freedom of industry which the abolition 
 of landlordism would bestow upon society. 
 Economic rent would not, perhaps, be suffi-
 
 Current Theories of " Nationalization" 13 
 
 cicnt to meet all our present public charges. 
 Being a distinct proportional, designed for 
 the expenses of the state, it would be suffi- 
 cient to cover the ordinary charges of 
 government, but the expenses are greatly 
 in excess of what they ought to be, owing to 
 the existence of a national debt and other 
 charges which fall on the public in conse- 
 quence of a bad system of taxation. 
 
 After the valuation which Dr. Wallace con- 
 templates in his scheme of nationalization, he 
 proposes to convert the value of the property 
 represented by economic rent into terminable 
 annuities for three lives. It would, therefore, 
 require two generations, or about eighty years, 
 before indirect could be completely commuted 
 into direct taxation, whilst, by the operation 
 of terminable annuities, the relatives of 
 annuitants who might die off prematurely 
 would be left in a worse position than the 
 lependents of those who might live to a good
 
 14 H ontology of Economic Justice. 
 
 old age. Besides being unequal, it appears a 
 very slow process for arriving at a just system 
 of taxation. Building leaseholds- for lives arc 
 justly regarded as a species of robbery. By 
 the method of terminable annuities, the state 
 would be paying back such landlords in their 
 own coin ; but hardly any one would recom- 
 mend that the state should copy, as a 
 national measure, a local custom which no 
 one justifies. Since the produce of labour has 
 become largely invested in economic rent, 
 under the sanction of national law, it must be 
 regarded as unjust to treat capital in this form 
 by the method of terminable annuities. It 
 would immolate the innocent with the guilty. 
 The object in view is to obtain for society the 
 revenue which is represented by the value of 
 ground rent and the ordinary rent of the 
 " bare land " spread over a period of eight}' 
 years. But this object may be attained on 
 just principles of direct taxation in less time,
 
 Current TJieorics of " Nationalization" 1 5 
 
 without involving any great individual hard- 
 ship. If all present owners were the direct 
 descendants or legatees of the original grantees, 
 and had not borrowed capital on the security 
 of their rents, it might appear a just enough 
 measure to commute their rents into termin- 
 able annuities for a fixed period, but not on 
 lives, as equal justice could not be dealt out 
 to all annuitants by that method. 
 
 Dr. Wallace, apprehending that there is 
 something in this method which requires 
 justification, propounds an abstract pro- 
 position to the effect that the unborn can 
 have no rights. As we cannot consult them, 
 it is difficult for us to know how far they may 
 reflect upon us for any failure of duty. 
 Fortunately, we do not act on this truism, 
 and the reason is that our instinct of a con- 
 tinuous life dictates to us certain duties 
 towards the unborn. It would, indeed, be a 
 sad perversion of human nature to feel no
 
 1 6 Homology of Economic Justice. 
 
 interest in posterity as a nation and as in- 
 dividuals. There are very few of such brutal 
 natures as to act on this truism by saying, 
 "After me the flood." The interest we feel 
 in the future of the nation is derived from 
 the concern we take in the welfare of our 
 own descendants, and to this feeling is 
 due our desire for a fundamental change 
 in the holding of land, so that we may 
 hand down to posterity a better condition 
 of things than that which has been trans- 
 mitted to ourselves. We desire not only our 
 own benefit, but also the gratitude of the 
 unborn. Should this instinct of human 
 nature be violated or destroyed, society 
 would be deprived of the benefit of the saving 
 principle, which is the most powerful spring 
 of human action in the creation and dis- 
 tribution of wealth. Those who convert their 
 capital into terminable annuities are persons 
 who, as a rule, have no dependents to pro-
 
 Current Tiicorics cf "Nationalisation.'" 17 
 
 vide for. Those others who desire to spend 
 it all upon themselves, for the purpose of 
 making the most out of it for their own 
 gratification and selfish ends, present to our 
 view the very quintessence of selfishness. 
 
 Adam Smith says that a prodigal man is 
 a public enemy, and a frugal man a public 
 benefactor. Fortunately for society there are 
 few men of wealth who convert their capital 
 into terminable annuities. On the contrary, 
 they wish to hand it down intact to posterity, 
 and even men who have no posterity or near 
 relatives of their own obey this instinct. 
 However much moralists may decry this 
 hoarding disposition, its effects are most 
 beneficent. For example, a friend of mine, 
 who made a large fortune in the Fast, died 
 last year, lie was a German by birth, but 
 by choice he became a naturalized British 
 subject. He left his native country when 
 very young, and, if he had any relatives, he
 
 1 8 Homology of Economic Justice. 
 
 lost all trace of them. By converting his for- 
 tune into a terminable annuity it would have 
 afforded him a larger income than the interest 
 he received on his capital, and enabled him 
 to indulge in habits of ostentation and ex- 
 travagance. But he could not act contrary 
 to the instincts of his nature. He willed a 
 fortune of over a hundred thousand pounds 
 to the London hospitals. No monument has 
 been erected to this benevolent miser ; and I 
 can only record a moral against terminable 
 annuities, except for those purposes for which 
 they are specially suited. 
 
 By means of interest and a depreciation 
 fund, as I shall subsequently show, capital 
 has the attribute of perpetuity, at the will of 
 the possessor ; and Dr. Wallace's reasoning 
 from abstract propositions, that the difference 
 between the terminable and the perpetual is 
 more imaginary than real, is contradicted 
 even by the market price of the funds, for ter-
 
 Current Theories of " Nationalization" 19 
 
 minable loans are lower than those which are 
 considered not liable to be paid off, and this, 
 let it be carefully observed, is in respect of 
 capital in perpetuity. Therefore, to convert 
 the capitalized value of the " bare land " (even 
 if that could be accurately ascertained) into 
 terminable annuities is confiscation in a worse 
 form than the constitutional one of taxation, 
 for taxation has the effect of curtailing pro- 
 digality, whilst annuities tend to encourage it. 
 No person can be taxed in more than his 
 actual property, and much less can he receive 
 a terminable annuity for that of which he is 
 not the real owner. If the difference between 
 the terminable and the perpetual be more 
 imaginary than real, the fortunes of a great 
 many landlords is much more so, for not a 
 few very large estates are mortgaged to 
 nearly their full value. If that value comes 
 to be tested by what estates will sell for in 
 freehold farms, it will be found that nominal
 
 2O Homology of Economic Justice. 
 
 owners possess power over the fortunes and 
 happiness of others which is out of all pro- 
 portion with their actual wealth. Trust 
 moneys are largely advanced on estates which 
 consist chiefly of " bare land," and it would 
 be clearly unjust to convert such investments 
 into terminable annuities, and equally so the 
 capital of those who have purchased land and 
 ground rents under the sanction of national 
 law. 
 
 Although Dr. Wallace's " remedy " must 
 be regarded as impracticable, there cannot 
 now be two opinions as to the necessity of 
 adopting his system of occupying freeholds 
 as the policy of the state. The great merit 
 of having placed the subject in a clear and 
 forcible light belongs to the distinguished 
 naturalist, and it is one of the man}' singular 
 things about the economists that they h;i\v 
 never drawn a broad and clear distinction 
 between landlordism and private property in
 
 Current Theories of "Nationalization," 21 
 
 land. Their remedy is the creation of a 
 peasant proprietary, as if, forsooth, capitalist 
 farmers, coal and iron masters, and wealthy 
 house-owners must become peasant pro- 
 prietors in order to obtain freedom and 
 proprietary rights. In his chapter on 
 " Nationalization," Mr. Fawcctt confounds 
 the views of Mr. George with those of Dr. 
 Wallace, and treats the subject very cursorily. 
 
 By enunciating a general principle of 
 law, Dr. Wallace strikes at the root of the 
 evil, and practically upsets all economical 
 reasoning founded on the legitimacy of land- 
 lordism. 
 
 " Let us now," he says, " turn from this 
 radically vicious and unjust system to its 
 opposite and correlative occupying owner- 
 ship. It is often alleged that if you abolish 
 landlords you must revert to one dead level 
 of peasant proprietorship ; but this is not the 
 case. The essential evils of landlordism do
 
 22 Homology of Economic Justice. 
 
 not in any way arise from large farms as 
 opposed to small ones from cultivators 
 possessed of large capital as opposed to those 
 who have little or none ; but they arise solely 
 from the relation of landlord and tenant 
 from one man letting land in order to get the 
 largest income he can from it, and another 
 hiring it temporarily to extract what he can 
 from it before the time comes when he may 
 be called to give it up. The evil is of the 
 same nature, and often of the same degree, 
 whether the landlord owns ten thousand acres 
 or only a hundred, whether he lets it out in 
 farms of five hundred acres each or in allot- 
 ments of an acre or less. The true opposite 
 of landlord and tenant two persons with 
 conflicting interests is owner and occupier 
 combined in the same person, or ' occupying 
 ownership.' This ownership ma)- be of the 
 nature of freehold or copyhold, but in order 
 that all the evils of landlordism be avoided,
 
 Current Theories of " Nationalization." 23 
 
 it must be secure and permanent ; it must be 
 transmissible to a man's children or heirs ; 
 and it must be freely saleable or otherwise 
 transferable. The one thing to be aimed at 
 is that the occupier and cultivator of land be 
 also the virtual owner ; that all the fruits of 
 his labour shall be secure to him ; that the 
 increased value of the land by permanent 
 improvements shall be all his own. To 
 ensure this, subletting under any form or 
 disguise must be prevented, or it is evident 
 that many of the evils of landlordism will 
 again spring up. Mortgages or encumbrances 
 on the land (except to a limited proportion of 
 its value, and repayable by instalments in a 
 moderate term of years) must also be for- 
 bidden, because a farmer whose land is heavily 
 mortgaged, and who, on failure to pa}- interest 
 in a bad year, may have his land taken from 
 him, has little more power or inducement to 
 make permanent improvements or cultivate
 
 24 Homology of Economic Justice. 
 
 in the best manner than the mere tenant-at- 
 will under a landlord. These conditions are 
 as yet not fulfilled in their entirety anywhere ; 
 but there is a large body of evidence to show 
 what good effects are produced by that 
 portion of them involved in ordinary occupy- 
 ing ownership, and these effects are so 
 striking and instructive, and form so remark- 
 able a contrast to the evil results of the 
 opposite system, that they need to be care- 
 fully considered. Having done so, we shall 
 be in a position to explain the mode by 
 which our existing system of landlordism 
 may be best abolished, and a sound and well- 
 guarded system of occupying ownership be 
 established in its place." 
 
 Now, if Mr. Fawcett had bestowed careful 
 consideration upon Dr. \Yal lace's leading 
 idea, namely, the abolition of landlordism by 
 making it prohibitory to lease land for rent, 
 he could not have confounded it with Mr.
 
 Current Theories of " Nationalization" 25 
 
 George's "remedy." The latter, like Mr. 
 Fawcctt, accepts Ricardo's flimsy theory of 
 rent as an undoubted truth, and consequently 
 makes no allowance for the direct labour 
 which has given most of its value to agricul- 
 tural land. Mr. George would, therefore, 
 confiscate by taxation the full amount of 
 the gross rental. Dr. Wallace fully recognizes 
 as capital the labour bestowed upon the re- 
 clamation and improvements, and believes 
 that these could be valued. All he contends 
 for as the property of the state is the acquired 
 value of the " bare land." Mr. George does 
 not recognize that the evil consists chiefly in 
 lending and hiring land. When the mind 
 perceives that the robbery and theft with 
 which land is charged consist mainly in this 
 immoral dealing, the clouds under which the 
 economists have been making their observa- 
 tions will disappear, and truth, like the noon- 
 day sun, may be observed in a cloudless sky.
 
 26 H ontology of Economic Justice. 
 
 Those two eminent authors not only differ 
 in their inductions, but they also differ widely 
 in the remedies they propose. They both 
 make out that economic rent ought of right 
 to accrue to the state, although, like all 
 economists, they do not refer the cause of it 
 to its real source. I hope to be able to do this 
 in the following pages. 
 
 Mr. George attaches the chief importance of 
 "nationalization" to the clear gain in money, 
 and, regardless of individual hardships and 
 social disturbance of existing relationships 
 and positions of individuals, in a highly 
 organized society, he would by a coup d'etat 
 confiscate the gross rentals of all lands. Dr. 
 Wallace, on the other hand, attaches more 
 importance to the abolition of the institution 
 of landlordism, and would appropriate rent 
 by the milder method of terminable annuities. 
 It has been already pointed out that land- 
 lordism ma}- be abolished by edict without
 
 Current Theories of " Nationalization'' 27 
 
 depriving any owner of the market value of 
 his land. The true solution lies between 
 them. The method of taxation advocated 
 by Mr. George is the constitutional and just 
 method ; but it is clear that this can only be 
 done gradually, and on principles of perfect 
 justice, having regard to all circumstances 
 under which the present system has come 
 down to us. 
 
 These discussions have made it obvious 
 that a correct political economy has yet to be 
 written ; and as I cannot advance a single 
 step further with my practical proposals 
 without adverting to the elements of the 
 science, in order to show that they are 
 erroneously stated, I must ask the reader for 
 a little patience and attention while wading 
 through a drear}- wilderness of inversions and 
 sophistries.
 
 CHAPTER II. 
 
 CURRENT FALLACIES AND SOPHISMS. 
 
 The Labour Fund. Mr. George has done 
 good service by exposing the error of the 
 economists in regarding capital as antecedent 
 and labour as consequent, and in speaking 
 of capital as the labour fund. This, like 
 all their theories, is but an inversion of 
 cause and effect. In the opening sentence 
 of the "Wealth of Nations," Adam Smith 
 terms labour itself as the fund. lie says, 
 " The annual labour of every nation is the 
 fund which originally supplies it with all the 
 necessaries and conveniences of life which it 
 annually consumes, and which consists always
 
 Current Fallacies and Sophisms. 29 
 
 cither in the immediate produce of that 
 labour, or in what is purchased with that pro- 
 duce from other nations." In another part of 
 his work he mentions that the natural wages 
 of the labourer is what he can make when 
 he has free access to natural opportunities. 
 This is the case, as we know, with regard 
 to the peasant who owns the land which he 
 cultivates, and with regard to the fisherman 
 who owns his boat and nets. An ambiguity 
 has, however, been introduced by the use of 
 the word " fund." It is clear that the land 
 is the fund of the peasant, wherein he deposits 
 his labour, and the sea is the fund of the 
 fisherman, which yields him in return for his 
 labour the wages of that labour. Capital is 
 the fund, not of the labourer, but of the 
 capitalist, to whom it yields nothing except 
 by his own labour or by the labour of some 
 other person. What I would remark, how- 
 ever, is that it is incorrect to apply the word
 
 30 H ontology of Economic Justice. 
 
 " fund " to either labour or capital, as they 
 are, both of them, not funds, but instruments. 
 We know, for instance, that money is an 
 instrument of exchange, although we speak 
 of a large quantity of it, in a loose and care- 
 less manner, as a fund. Nature is, therefore, 
 the original fund, and labour and capital are 
 the instruments. These develop force, and 
 it is the force of labour and capital that has 
 value in exchange. The powers of nature 
 are gratuitous, and remain gratuitous through- 
 out, unless they arc taxed by some unjust 
 tyranny which may be permitted by ignor- 
 ance or delusion. If it were otherwise, how 
 could we say that labour is the foundation 
 and real measure of value ? As the doctrine 
 that capital is the labour fund is already 
 exploded, it would be like flogging a dead 
 horse to say anything more about it. 
 
 The Cause of Rent. The fatal mistake 
 which Adam Smith made was to have
 
 Current Fallacies and Sophisms. 31 
 
 regarded the leasing or lending of land an 
 economic transaction, for land being natural 
 power, a right over it by way of taxing others 
 for the use of it is clearly a sovereign right, 
 which in the hands of private subjects is in- 
 compatible with freedom, justice, and equality. 
 If the same power were granted over the sea, 
 it would yield a rent to the sea lords accord- 
 ing to distance and the fertility of some 
 fishing-ground over some other fishing-ground. 
 The Romans taxed the tunny fishery of 
 Sicily, and if the Earls of Argyle had been 
 granted a taxing right over Lochfync, the 
 revenue derived from it would be called rent 
 and regarded as private property. The pre- 
 sent duke would admit the fisherman to tfie 
 most perfect freedom of contract and regard 
 it as a commercial transaction. Much of the 
 confusion which has been imported into the 
 discussion concerning the phenomenon of rent 
 is due to the circumstance that the economists
 
 32 Homology of Economic Justice : 
 
 looked upon the position and taxing power 
 of the landlord as of the same nature with 
 the lending and borrowing of the products 
 of human labour, which are capable of in- 
 definite increase. One confusion leads to 
 another in a chain of causes and effects, and 
 Adam Smith's statement has been contro- 
 verted where he was right, and accepted as 
 correct where he was clearly in error. The 
 paragraph which has puzzled the economists 
 is the following: "Rent, it is to be observed, 
 therefore, enters into the composition of the 
 price of commodities in a different way from 
 wages and profit. High or low wages and 
 profit arc the cause of high or low price ; 
 high or low rent is the effect of it. It is 
 because high or low wages and profit must 
 be paid, in order to bring a particular com- 
 modity to market, that its price is high or 
 low, a great deal more, or a very little more, 
 or no more, than what is sufficient to pa}-
 
 Current Fallacies and Sopliis-tns. 33 
 
 those wages and profit, that it affords a high 
 rent, a low rent, or no rent at all." 
 
 The error here is not in respect of rent, 
 which the economists have made the subject 
 of such keen controversy, but in respect of 
 the dependence of price on wages and profit, 
 which has hitherto been accepted as a car- 
 dinal doctrine of the science. I shall discuss 
 this error subsequently. Our present atten- 
 tion must be given to the cause and law of 
 rent. 
 
 Seeing that rent is the effect of price, it 
 clearly follows that it is the effect of trade 
 and commerce, whereof price is the instru- 
 ment and expression. If this be so, as we 
 know it is, the placing of its cause in any 
 attribute of land is a delusion, and the delu- 
 sion is pernicious. Point out to me any land, 
 be it the fairest in the world, if there be no 
 trade and commerce that land can afford no 
 rent. In the earlier period of American 
 
 n
 
 34 Homology of Economic Justice. 
 
 colonization, although there were craftsmen 
 
 among the early pilgrims, and some little 
 
 division of labour, land could not afford a rent, 
 
 and although the colonists lived in rude plenty 
 
 they made little or no progress in wealth 
 
 until population began to increase and to 
 
 settle in towns. Then a greater division of 
 
 labour took place, and as towns began to get 
 
 populous a competition arose for situation. 
 
 This gives rise to rent. It is surely not 
 
 necessary to attribute any inherent value to 
 
 the properties of land in order to account 
 
 for a phenomenon which is so very clearly 
 
 explained by the increase of population and 
 
 trade on any given area. 
 
 Now, the value reverting on tJic superficies 
 of agricultural land follows the same law. 
 Let us take the London Stock Exchange, for 
 instance, as the focus of a circle or parabola 
 which shall embrace the United Kingdom. 
 At this point the pressure of population, the
 
 Current Fallacies and Sophisms. 35 
 
 extent of trade, and competition for situation 
 arc greatest, and consequently land, or, as it 
 were, standing room for business, is most 
 valuable, and this value diminishes outward 
 as the squares of the distances increase. Then, 
 if we form similar circles round other large 
 towns, the same law obtains in a smaller 
 degree, but always in proportion of trade and 
 population to area. Agricultural land in the 
 vicinity of such populous places is more 
 valuable than at greater distances, but not 
 on account of any supposed inherent value. 
 Time and distance, measured from the centre, 
 are the factors of calculation. The more 
 these are overcome a greater equalization 
 takes place ; but there is no absolute reduc- 
 tion in the total, as any lowering which takes 
 place near the centre is made up for by a 
 corresponding advance at the greater distance. 
 Rapid and cheaper carriage will bring supplies 
 Irom greater distances and increase the supply.
 
 36 Homology of Economic ynstice. 
 
 This lowers price at the place of consumption, 
 but as rent falls at and near this centre it 
 begins to rise at the greater distance. Trade 
 and commerce, in this way, create the situa- 
 tion, and rent follows numbers to area. That 
 area is ever widening, and at the same time 
 distance is being more and more overcome. 
 Rent is, therefore, high or low, as Adam 
 Smith states, as price is high or low. He did 
 not, however, combine with the highness or 
 lowness of price the important element of 
 distance, and this omission appears to have 
 afforded some plausibility to the opposite 
 notion that rent is an attribute of land, in- 
 stead of being an attribute of price. The 
 error has arisen not so much from his state- 
 ment regarding the dependence of rent on 
 price, as from accepting the contrary proposi- 
 tion as correct, namely, that price depends 
 on wages and profits. 
 
 For example, let us take the ground occu-
 
 Current Fallacies and Sophisms. 37 
 
 pied by the Bank of England. By a rough 
 calculation, I make out that it covers an area 
 f ! 33.73 feet, and as land in the centre of 
 the City has been sold as high as 20 per 
 foot, the ground occupied by the bank would 
 represent an acquired value of ,2,674,600. 
 Taking the interest of money at three per 
 cent., the rent which would fall to be payable 
 by the bank amounts to ,80,238. Now, it is 
 obvious that this rent arises from trade and 
 commerce, and is in some proportion to the 
 profits of the bank. If the law is one and 
 the same, the rent of an agricultural farm 
 depends on situation, or nearness to market, 
 and therefore on price the expression for 
 trade and commerce and must be in some 
 proportion to the profits of the farmer, just the 
 same as the ground rent of the Bank of Eng- 
 land bears some proportion to their profits. 
 
 When I come to state the terms of political 
 economy as proportionals, I shall be able to
 
 38 Homology of Economic Justice. 
 
 show that rent is a distinct proportional, 
 designed for the revenue of the state, which 
 is in ratio with wages and profits and also 
 with price, although the effect of price. 
 
 Ho iv Trade and Commerce produce Rent. 
 
 The twenty per cent, which is supposed to 
 be produced by the land in the shape of rent 
 is easily explained by the economy which is 
 effected by the action of exchange. It cannot 
 be supposed that ground rents arc clue to any 
 virtue in the superficies. The ground upon 
 which the Bank of England is built yields not 
 a blade of grass. Neither does the farm yield 
 anything in excess of a return for the labour 
 bestowed upon it, except what is as truly clue 
 to price as the ground rent of the Bank of 
 England. 
 
 The saving of time, and consequent greater 
 efficiency of labour, takes place in towns, and
 
 Current Fallacies and Sophisms. 39 
 
 the workers there are able to exchange a 
 greater quantity of labour for the labour of 
 the agriculturist, and as this is equalized 
 by price, the balance over and above the 
 average wages of labour and profits of capital 
 reverts on the land. 
 
 This is, perhaps, more clearly exemplified 
 by the exchange of commodities between 
 nations. If iron manufactures, for instance, 
 which require one hundred days' labour in 
 England took one hundred and fifty clays' 
 labour in America to produce them ; and if 
 corn which requires one hundred days' labour 
 in America takes one hundred and fifty days' 
 labour in England, it will pay England to ex- 
 change iron manufactures for American corn, 
 and it will pay America to exchange corn for 
 English hardware. Xow, besides the wages 
 of the workmen, the wages of capital, and the 
 expense of transport, a residuum reverts on the 
 land of both countries. They have no an-
 
 4O Homology of Economic Justice. 
 
 tagonistic interests, but, on the contrary, their 
 interests are equal and harmonious. Govern- 
 ments who do not understand this, and do 
 not raise the revenue from the land, resort to 
 protective tariffs, the only effect of which is 
 to raise the price of commodities upon con- 
 sumers, and the rent of landlords. In every 
 instance it is the interest of the consumer 
 that ought to be protected, as the consumer 
 represents the whole of society, and the 
 interest of all ought not to be sacrificed for 
 the benefit of the few. Rent being appro- 
 priated by the subject, expedients have to be 
 resorted to for raising the revenue of the 
 state, which involve great expense, delay, 
 and irritation, and very often lead to inter- 
 national disputes and quarrels. The appro- 
 priation of rent by the state would establish 
 the same comity among nations as exists 
 between the different towns and counties of 
 one kingdom.
 
 Current Fallacies and Sophisms. 41 
 
 Mr. Mill regarded rent as the pans asinorum 
 of political economy, but the singular thing 
 about the materialists is that they turned the 
 science itself into a pons asinorum. The 
 uninitiated reader, whose " common apprehen- 
 sion " I honour, and desire to cultivate as the 
 I'M' Dei, will wonder why so much importance 
 is attached to Ricardo's theory. \Vcll, it 
 accounts, in a sort of way, for the hiatus in 
 Adam Smith's logic. Having made labour 
 the foundation and real measure of value, 
 it should follow that land has no value in 
 exchange, or, in other words, that all natural 
 powers are gratuitous. But when he comes 
 to treat of rent he truly says that it is the 
 effect of price, yet he attributes some virtue 
 to the soil in the production of it. This is 
 clearly not logical, for the one cause is con- 
 trary to the other. The proposition that 
 price depends on wages and profits compli- 
 cated the problem still further. To get out
 
 42 Hotnology of Economic Justice. 
 
 of this difficulty, the economists adopted the 
 theory of gradations of soil, by which they 
 made rent to appear to be an attribute not 
 of price, but of land. This chimes in with 
 the proposition that price depends on wages 
 and profits, which they termed "cost of 
 production." Land is made, in this way, to 
 appear as the foundation of value, and labour 
 is considered as " cost." 
 
 Now, it is clear from this inversion, logically 
 followed out, that the result must be poverty 
 to the labourer. As population goes on in- 
 creasing, and cannot live without food, resort 
 must be had to lower soils, at a greater " cost 
 of labour." Price must advance, as it depends 
 on " cost of production," and the labourer, by 
 this process of reasoning, is placed between 
 the upper and nether millstone. This accounts 
 completely for the persistence of poverty. 
 What more do you want? lias God not 
 failed to adapt means to ends ? On the one
 
 Current Fallacies and Sophisms. 43 
 
 hand, do we not sec the "niggardliness of 
 Nature," and on the other, the brute instinct 
 of the soulless masses ? How can the land- 
 lords help it ? It is no fault of theirs if popula- 
 tion goes on increasing. They cannot help 
 being the recipients of the result of private 
 property. How could society be constituted 
 on any other principle than that of private 
 property in land ? In this difficulty, Mr. Mill 
 had a very kindly word for communism, so 
 that his political economy appears to be 
 regarded as of equal authority with landlords 
 and socialists. What a wonderful feat of 
 logic ! These two disturbing elements in 
 society appeal to the authority of an avowed 
 infidel ! Mr. Bradlaugh has recently stated 
 at a public meeting that he agrees "on all 
 fours" with Mr. Mill; but as the f>ons asiu- 
 ornin is argued on the theory of three variables, 
 I trust Mr. Bradlaugh will think over my "all 
 fours "and ponder over the text: "The ox
 
 44 Homo logy of Economic Justice, 
 
 knoweth his owner, and the ass his master's 
 crib : but Israel doth not know, my people 
 doth not consider." 
 
 Is Price dependent on Wages and Profits ? 
 
 It must be observed that the economists have 
 adopted a terminology specially adapted to 
 enforce the views they entertain regarding 
 causes and effects. The substitution of the 
 expression " cost of production " for wages 
 and profits favours the notion that price 
 depends on them. Wages and profits being 
 rewards, it is clear that the application of the 
 word " cost " to them is an impropriety of 
 language. Cost must, therefore, be applied 
 to the commodity and not to wages and 
 profits ; but it must be observed that the 
 commodity costs in its production an expen- 
 diture of force in labour and capital, but the 
 wages and profits depend on the price paid
 
 Current Fallacies and Sophisms. 45 
 
 by the consumer. Therefore cost to the con- 
 sumer is also a cost of a portion of his own 
 labour in exchange for the labour which 
 produced the commodity.* The expression, 
 " cost of production," therefore, assumes a 
 fixed standard for wages and profits, and 
 from this assumption we are apt to suppose 
 that this imaginary standard does not fluctuate 
 in obedience to price, which is contrary to 
 experience. 
 
 It is also of consequence to analyze this 
 ambiguous expression, as it is liable to be 
 mistaken for price. For example, Mr. Buckle 
 refers to the discussion concerning rent as 
 forming or not forming a component part of 
 price, and Mr. Fawcctt evades the point, and 
 thinks he has completely solved the problem 
 by arguing that rent does not affect the "cost 
 of production," and thereby leading his 
 
 k The cost of a man's labour is to himself, not to 
 
 another.
 
 46 Homology of Economic Justice. 
 
 readers to suppose that price and cost of pro- 
 duction arc synonymous terms. It must be 
 clear to every one that price pays the rent as 
 well as wages and profits, but Air. Fawcett 
 argues that rent is no part of the " cost of 
 production," which simply means that it does 
 not form a part of wages and profits. Neither 
 Mr. Buckle nor any one else would consider 
 an argument which ended in a truism to be 
 of any scientific value.* 
 
 Now, price depends upon the abundance 
 nor scarcity f of any commodity in proportion 
 
 * " From Ricardo's theory of rent there can he 
 adduced the important proposition, that rent is not 
 an element of the cost of obtaining agricultural pro- 
 duce. A no less eminent writer than the late Mr. 
 Buckle has assured his readers that the proposition 
 just stated can only be grasped by a comprehensive 
 thinker. \Vc, however, believe that it may be made 
 very intelligible by a simple exposition. If rent is not 
 an element of cost of production , food would lie no 
 cheaper if all lands were arbitrarily made rent f:ec, 
 etr." Fawcett's " Manual." 
 
 t I dismiss the solecism, "demand and supply."
 
 Current Fallacies and Sophisms. 47 
 
 to the consumption or demand for it, and not 
 on "cost of production." High or low wages 
 and profit are not the cause of high or low 
 price, for if it were so, price would always 
 respond to a rise in wages and profit, and 
 producers might raise wages and profit at 
 pleasure, which we know they cannot do. To 
 prove that wages and profit depend on price, 
 let me give examples from some of our 
 principal industries. 
 
 i. The industry in which this question has 
 been more discussed than in any other is the 
 coal trade. In this industry the workmen 
 watch the rise and fall of price with the 
 greatest interest, and in some districts a 
 sliding scale, for the adjustment of wages, 
 has been adopted. A rise in price first brings 
 larger profits to masters, and then the colliers 
 
 There can be no ratio between a desire and a com- 
 modity, as they are not of the siiic kind, and the 
 science is one of ratios. The correlative of supply is 
 consumption.
 
 48 Homology of Economic Justice. 
 
 make a demand for a rise in wages. A fall in 
 price reduces profits, and consequently masters 
 must reduce wages. The colliers resent this, 
 and seek to keep up the rate of wages by 
 reducing the supply or output, as they know 
 that price depends on abundance or scarcity, 
 and their wages on price. If the price of 
 coal depended on wages and profit the coal 
 masters and colliers have a very simple 
 remedy in their own hands. The price of 
 coal is, therefore, not high or low because 
 high or low wages and profit arc made, but, 
 on the contrary, wages and profit (and par- 
 ticularly the former) are high or low in pro- 
 portion as price is high or low, and the price 
 of this commodity, like every other, depends 
 on its abundance or scarcity in proportion to 
 the consumption. The case is the same in 
 the iron trade. 
 
 2. Another important industry will illus- 
 trate the law, perhaps, more clearly, as the
 
 Current Fallacies and Sophisms. 49 
 
 question of rent does not enter into it. I 
 refer to the herring fishery. The fisherman's 
 fund is the deep sea. To him, and to all 
 others, the operations of Nature therein are 
 constant and fertile, but gratuitous. The 
 fishermen, as a rule, own their boats and nets, 
 which form their capital. They sell their fish 
 every morning to curers, who prepare it for 
 the market, and the daily price depends on 
 telegrams from the continental and home 
 markets. If the supply is very large the 
 price falls, and if small the price rises. When 
 man operates in this way on Nature's fund, 
 there is a beneficent equilibrium established 
 by price between the supply and consump- 
 tion, for when the supply is small the 
 deficiency is made up for, to a great extent, 
 to the fishermen by the enhancement of price. 
 The daily catch is eagerly estimated and 
 telegraphed by the agents of German and 
 Russian merchants, and the curers are equally
 
 50 H ontology of Economic Justice. 
 
 eager for telegrams from their agents at the 
 various markets. But the economist goes to 
 the curer and says, " My friend, why are you 
 so anxious about your telegrams ? Are not 
 you aware that your profits do not depend on 
 price, ' nor on purchase and sale ' ? To popular 
 apprehension it seems so. This, however, is 
 looking only at the outside surface of the 
 machinery of society. Profits depend not on 
 price, but on ' cost of production.' " The 
 honest curer takes a good look at the econo- 
 mist, and asks, " What do you mean by ' cost 
 of production ' ? " The economist replies, 
 " In the language of mathematics, it is a 
 function of three variables : (i) the efficiency 
 of labour ; (2) the money wages ; and (3) the 
 real wages, which consist in the amount of 
 comforts which the money procures for the 
 fishermen." The honest curer, .suspecting 
 some design upon his " common apprehen- 
 sion," says, " That may be a very interesting
 
 Current Fallacies and Sophisms. 5 r 
 
 doctrine for the fishermen, but what I want 
 you to prove to me is that my profit does not 
 depend on the Russians." The economist 
 then falls back upon the proposition in its 
 simpler form, and says, " Do not you per- 
 ceive that if you pay a lower price, or wages, 
 to the fishermen, your own profit will be 
 higher ? " The curer answers, " I estimate 
 the wages I can afford to pay them by the 
 price ; I have no other standard. Their 
 wages are their profits, and we are co-workers 
 together, and depend on the Russians. Your 
 doctrine would set us against one another, 
 and get you gone, sir. Comcst thou to me, 
 an emissary of evil, in the guise of an angel 
 of light?" 
 
 3. Is the case not the same in respect of 
 agriculture ? The farmer, like the fisherman, 
 is compensated by the greater abundance of 
 the harvest for the lowness of price, if he 
 should be an occupying freeholder ; but as
 
 52 Homology of Economic Justice. 
 
 rent is chiefly cut out of his profits he clearly 
 does not get the full benefit of his industry, 
 and is not in a position to extend his im- 
 provements, nor to employ more labourers. 
 If in the same state of freedom as fish-curers 
 he could afford to employ more labourers 
 and to pay them better wages, as, of course, 
 he would be obliged to do in consequence of 
 a greater demand for them. It must be clear 
 to every one that the price of grain in Mark 
 Lane, and the price of fruit and vegetables in 
 Covent Garden, does not depend in the least 
 on wages and profits, but on the abundance 
 or scarcity of the commodities in proportion 
 to the consumption. Rent, profit, and wages, 
 all alike, depend on price. 
 
 4. In respect of manufactured goods pre- 
 pared for sale in the open market the law is 
 equally clear. The exporters of goods to 
 India, for instance, have no control over the 
 price, except by regulating the supply to the
 
 Current Fallacies and Sophisms. 53 
 
 consumption. If price depended on wages 
 and profit merchants would never sell at a 
 loss. The cause of their profit or loss is, 
 therefore, that price is either high or low. 
 
 5. The trades which, at first sight, appear 
 to form exceptions to the law are those of 
 house-building and ship-building when carried 
 on by contract at a fixed price. The con- 
 tractor, in these cases, makes an estimate by 
 drawing out a bill of quantities, and calcu- 
 lates wages at current rates, leaving a margin, 
 perhaps, for an advance, if trade should be 
 active, as in that case wages must rise, in 
 consequence of a greater demand for 
 labourers. But what causes a greater demand 
 for labourers is the advanced price for houses 
 and ships. It would appear, in these cases, 
 that high or low price must be paid because 
 wages and profit are high or low. But even 
 in cases like these where an attempt is made 
 to evade the law the attempt is often futile.
 
 54 Homology of Economic Justice. 
 
 If the supply of houses and ships exceeds 
 the requirements of trade and population 
 freights and house rents fall, and so must 
 eventually profits and wages, although the 
 contracts on hand should yield the full esti- 
 mated rates. When ships and houses are 
 built for sale profit depends on price like con- 
 sumable commodities. During the Abyssinian 
 war, and after the opening of the Suez Canal, 
 a great demand for steamers put up the price. 
 Builders made large profits and men obtained 
 high wages. The price did not depend on 
 high profits and wages, but these on price. 
 
 6. The most singular case of a fixed price 
 is that of gold. It proves absolutely that 
 price does not depend on wages and profits, 
 or the so-called " cost of production." I met, 
 in my travels a few years ago, an intelligent 
 Australian, who assured me that it cost the 
 colonies two sovereigns to produce one. If 
 the miners had been employed in other pur-
 
 Current Fallacies and Sophisms. 55 
 
 suits at the average wages ruling in the 
 colonies, they should have earned double 
 the wages they made at gold digging. If the 
 price of gold had depended on " cost of pro- 
 duction," measured by the ordinary wages of 
 labour, the price of gold must have advanced, 
 but, in place of doing so, it declined, rela- 
 tively to other commodities, although as a 
 standard of value its price is fixed. 
 
 This inversion of cause and effect has 
 vitiated all reasoning on subjects of political 
 economy. I shall subsequently show that 
 price is the primary moving cause of all 
 industrial phenomena. The placing of value 
 in the powers of nature, and arguing that 
 man, like the brute creation, is the subject 
 of physical laws, has led to a complete con- 
 fusion of thought I am reluctant to prolong 
 tedious discussions, even with a view of up- 
 setting a whole chain of false reasoning, but 
 the importance of the subject is a sufficient
 
 56 Homology of Economic Justice. 
 
 warrant for exposing myself to the charge 
 of being tedious and unsparing. Nor am I 
 caring for the embellishments of composi- 
 tion, for, like the surgeon who sees the human 
 body in imminent danger, I regard the fineries 
 as utterly worthless. I must, therefore, tax 
 the patience and attention of the reader by 
 asking him to wade through the depths and 
 shallows of the most consummate sophistry 
 of modern times. 
 
 I shall now reproduce in full the elaborate 
 reasoning of Mr. John Stuart Mill, where he 
 attempts to prove that the rate of profits 
 depends on the " cost of labour," and con- 
 sequently that it does not depend on price, 
 nor on purchase and sale. 
 
 " To popular apprehension," he says, " it 
 seems as if the profits of business depended 
 upon prices. A producer or dealer seems to 
 obtain his profits by selling his commodity 
 for more than it cost him. Profit altogether,
 
 Current Fallacies and Sophisms. 57 
 
 people are apt to think, is a consequence of 
 purchase and sale. It is only (they suppose) 
 because there are purchasers for a commodity, 
 that the producer is able to make any profit. 
 Demand customers a market for the com- 
 modity, are the cause of the gains of capitalists. 
 It is by the sale of their goods that they re- 
 place their capital and add to its amount. 
 
 " This, however, is looking only at the out- 
 side surface of the economical machinery of 
 society. In no case, we find, is the mere 
 money which passes from one person to 
 another, the fundamental matter in any 
 economical phenomenon. If we look more 
 narrowly into the operations of the producer, 
 we shall perceive that the money he obtains 
 for his commodity is not the cause of his 
 having a profit, but only the mode in which 
 his profit is paid him. 
 
 "The cause of profit is, that labour pro- 
 duces more than is required for its support.
 
 5 8 Homology of Economic Justice. 
 
 The reason why agricultural capital yields a 
 profit, is because human beings can grow 
 more food than is necessary to feed them 
 while it is being grown, including the time 
 occupied in constructing the tools and making 
 all other needful preparations, from which it 
 is a consequence that if a capitalist under- 
 takes to feed the labourers on condition of 
 receiving the produce, he has some of it 
 remaining for himself after replacing his 
 advances. To vary the form of the theorem : 
 the reason why capital yields a profit is be- 
 cause food, clothing, materials, and tools last 
 longer than the time which was required to 
 produce them ; so that if a capitalist supplies 
 a party of labourers with these things, on 
 condition of receiving all they produce, they 
 will, in addition to reproducing their own 
 necessaries and instruments, have a portion 
 of their time remaining to work for the 
 capitalist We thus see that profit arises, not
 
 Current Fallacies and Sophisms. 59 
 
 from the incident of exchange, but from the 
 productive power of labour ; and the general 
 profit of the country is always what the pro- 
 ductive power of labour makes it, whether 
 any exchange takes place or not. If there 
 were no division of employments, there would 
 be no buying or selling ; but there would still 
 be profit. If the labourers of the country 
 collectively produce twenty per cent, more 
 than their wages, profits will be twenty per 
 cent., whatever prices may or may not be." 
 
 It must be confessed, I think, that since 
 Solomon said, "In all labour there is profit," 
 no other philosopher charged himself with 
 the task of assigning to it any other cause. 
 Mr. Mill practically denies this when he 
 limits profits to agricultural capital. Docs 
 capital employed in the fisheries, in shipping, 
 in manufactures, in coal and iron mining, 
 in building ships and houses, in railways and 
 telegraph lines, not yield a profit ? From the
 
 60 Homology of Economic Justice. 
 
 above reasoning, I wonder not that Socialists 
 should make such dangerous deductions. I 
 shall subsequently show that Mr. Mill had 
 not the slightest conception of what capital 
 is, nor of the functions it performs. The drift 
 of the argument is to prove that profits are 
 due to unaided labour alone, and that capital 
 performs no other function than to feed the 
 labourers. Now what feeds the labourers is 
 not capital at all, but the produce of labour 
 and capital. The argument supposes that 
 man can live by bread alone, which we know 
 he cannot do. It would be trifling with the 
 reader's common sense to dwell seriously upon 
 this negative reasoning. The first theorem is 
 sufficiently silly, as it only asserts a self- 
 evident fact; but the second assumes the form 
 of the ludicrous. If things did not last longer 
 than it took to produce them, that would be 
 making very short work of the human race. 
 To say that without exchange, without the
 
 Current Fallacies and Sophisms. 61 
 
 division of labour, and without buying and 
 selling, there would still be profits, is flatly 
 contradicting Adam Smith's masterly expo- 
 sition on the subject. He assigned to this 
 the cause of wealth, but the materialists assign 
 it to agricultural labour. Without the divi- 
 sion of labour, and without buying and sell- 
 ing, there would be no profits, no wealth, no 
 increase of population, no human comfort or 
 refinement. Man might live by the chase 
 and by his flocks and herds, clothe himself in 
 the skins of animals, and, like the beasts of the 
 field, live in rude plenty, but there would be 
 no profits and certain to be much waste, as well 
 as exposure to suffering and violence which it 
 would be impossible to alleviate or prevent. 
 
 I now proceed to examine a still more per- 
 nicious theory by which Mr. Mill attempts to 
 prove that the rate of profits depends on 
 what he terms the " cost of labour." The 
 objections I raised to the expression, " cost
 
 62 Homology of Economic Justice. 
 
 of production," apply still more forcibly to 
 this inverted form of designating wages. 
 The whole subject is actually polluted by 
 false definitions and improprieties of ex- 
 pressions. It is not labour that costs the 
 article produced, but the commodity that 
 costs the labour. Mr. Mill continues 
 
 " We thus arrive at the conclusion of Ricardo 
 and others, that the rate of profits depends 
 on wages ; rising as wages fall, and falling 
 as wages rise. In adopting, however, this 
 doctrine, I must insist upon making a most 
 necessary alteration in its wording. Instead 
 of saying that profits depend on wages, let us 
 say (what Ricardo really meant) that they 
 depend on the cost of labour* Wages, and 
 the cost of labour what labour brings in to 
 the labourer, and what it costs to the capi- 
 talist are ideas quite distinct, and which it 
 
 * Let the reader beware of this juggling in words. 
 The cost is to the labourer, and not to the capitalist.
 
 Current Fallacies and Sophisms. 63 
 
 is of the utmost importance to keep so. For 
 this purpose it is essential not to designate 
 them, as is almost always done, by the same 
 name. Wages, in public discussions, both 
 oral and printed, being looked upon from the 
 point of view of the payers much oftener 
 than from that of the receivers, nothing is 
 more common than to say that wages are 
 high or low, meaning only that the cost of 
 labour is high or low. The reverse of this 
 would be oftener the truth : the cost of labour 
 is frequently at its highest where wages arc 
 lowest. This may arise from two causes. In 
 the first place, the labour, though cheap, may 
 be inefficient. In no European country are 
 wages so low as they are (or at least were) in 
 Ireland ; the remuneration of an agricultural 
 labourer in the West of Ireland not being 
 more than half the wages of even the lowest- 
 paid Englishman, the Dorsetshire labourer. 
 But if, from inferior skill and industry, two
 
 64 Homology of Economic Justice. 
 
 days' labour of an Irishman accomplishes no 
 more work than an English labourer per- 
 formed in one, the Irishman's labour costs as 
 much as the Englishman's, though it brought 
 in so much less to himself. The capitalist's 
 profit is determined by the former of these 
 two things, not by the latter. That a differ- 
 ence to this extent really existed in the 
 efficiency of the labour, is proved not only 
 by abundant testimony, but by the fact that, 
 notwithstanding the lowness of wages, profits 
 of capital are not understood to have been 
 higher in Ireland than in England. 
 
 " The other cause which renders wages, and 
 the cost of labour, no real criterion of one 
 another, is the varying costliness of the 
 articles which the labourer consumes. If 
 these are cheap, wages, in the sense which is 
 of importance to the labourer, may be high, 
 and yet the cost of labour may be low ; if 
 dear, the labourer may be wretchedly off,
 
 Current Fallacies and Sophisms. 65 
 
 though his labour may cost much to the 
 capitalist. This last is the condition of a 
 country over-peopled in relation to its land ; 
 in which, food being dear, the poorness of the 
 labourer's real reward does not prevent labour 
 from costing much to the purchaser, and low 
 wages and low profits coexist. The oppo- 
 site case is exemplified in America. The 
 labourer there enjoys a greater abundance of 
 comforts than in any country of the world, 
 except some of the ne\vest colonies ; but, 
 owing to the cheap price at which these 
 comforts can be obtained (combined with the 
 great efficiency of the labour), the cost of 
 labour is at least not higher, nor the rate 
 of profit lower, than in Europe. 
 
 " The cost of labour, then, is, in the lan- 
 guage of mathematics, a function of three 
 
 o o 
 
 variables : the efficiency of labour, the wages 
 of labour (meaning thereby the real reward 
 of the labourer), and the greater or less cost 
 
 F
 
 66 Homo logy of Economic Justice. 
 
 at which the articles composing that real 
 reward can be produced or procured. It is 
 plain that the cost of labour to the capitalist 
 must be influenced by each of these three 
 circumstances, and by no others. These, 
 therefore, are also the circumstances which 
 determine the rate of profits ; and it cannot 
 be in any way affected except through one or 
 other of them. If labour generally became 
 more efficient, without being more highly 
 rewarded ; if without its becoming less 
 efficient, its remuneration fell, no increase 
 taking place in the cost of the articles com- 
 posing that remuneration ; or if those articles 
 became less costly without the labourers 
 obtaining more of them ; in any one of these 
 three cases profits would rise. If, on the 
 contrary, labour became less efficient (as it 
 might do from diminished bodily vigour in 
 the people, destruction of fixed capital, or 
 deteriorated education) ; or if the labourer
 
 Current Fallacies and Sophisms. 67 
 
 obtained a higher remuneration, without any 
 increased cheapness in the things composing 
 it ; or if, without his obtaining more, that 
 which he did obtain became more costly ; 
 profits, in all these cases, would suffer a 
 diminution. And there is no other combina- 
 tion of circumstances, in which the general 
 rate of profit of a country, in all employments 
 indifferently, can cither fall or rise. 
 
 " The evidence of these propositions can 
 only be stated generally, though, it is hoped, 
 conclusively, in this stage of our subject. It 
 \vill come out in greater fulness and force 
 when, having taken into consideration the 
 theory of Value and Price, we shall be 
 enabled to exhibit the law of profits in con- 
 crete in the complex entanglement of cir- 
 cumstances in which it actually works." 
 
 On reference to the theory of Value and 
 Price, it will be found that the " complex 
 entanglement" becomes still more entangled,
 
 68 Homology of Economic Justice. 
 
 and that instead of presenting the law of 
 profits in concrete, Mr. Mill goes farther into 
 the clouds of abstractions. After the fore- 
 going elaborate argument, ending in a mathe- 
 matical demonstration, it certainly appears 
 strange that there should remain anything 
 further to be explained. 
 
 The wages of labour and profits of capital 
 being two terms in a proportion, the question 
 is one of ratio. Therefore, at any given time 
 and place, it is clear that if more goes to 
 wages less will go to profits, and vice versa ; 
 but it does not follow, hence, that the general 
 rate of profits depends on the rate of wages. 
 The rate of profits depends on the abundance 
 or scarcity of capital, and therefore on price, 
 as price indicates the abundance or scarcity. 
 The foregoing argument discusses what the 
 rate of wages depends upon, which is an 
 entirely different question. The evil effects 
 of the reasoning consists in making it appear
 
 Current Fallacies and Sophisms. 69 
 
 that labour and capital are antagonistic, 
 whereas they are in a kind of partnership, 
 interdependent, and mutually helpful. They 
 are indispensable to each other. 
 
 Let us, however, examine the sophistry 
 more minutely. As it affects the condition 
 of the labourer, the distinction between the 
 nominal, or money, wages, and the real 
 wages, as measured by the comforts which 
 the nominal wages procure, is a valid and 
 important distinction. The only standard, 
 however, by which the capitalist can judge 
 of the cost of the commodity is the money 
 wages, and it is only by that standard that 
 he can estimate what he can afford to pay. 
 In estimating this, it is clear that he must 
 have regard to the selling price of his 
 product. 
 
 If the labourers were slaves, supported by 
 the capitalist, it would be of as much im- 
 portance to him to feed them well, and train
 
 70 Homology of Economic Justice. 
 
 them to their work, as to feed and train his 
 horses well. By the comparison made be- 
 tween the Irish labourer and the English 
 labourer, we see that the product costs the 
 capitalist precisely the same sum in both 
 countries, because in England the labourer 
 executes as much work in one day as in 
 Ireland he does in two, and he gets double 
 the wages. The fallacy consists in mixing 
 up the distinction between the money wages, 
 and the real wages as measured in comforts, 
 as they affect the condition of the labourer, 
 with the rate of wages as it affects the profits 
 of the capitalist. Mr. Mill, after attaching 
 great importance to this distinction, makes 
 use of it to establish another proposition, 
 namely, that profits depend on the emciency 
 of labour, which we know to be contrary to 
 fact. In England the efficiency of labour is 
 greater than in any other country, yet the 
 rate of profit is the lowest in the world. In
 
 Current Fallacies and Sophisms. 71 
 
 India the efficiency of labour is very low, 
 yet the rate of profit on capital is about 
 double what it is in England. 
 
 Mr. Fawcett affects great admiration for 
 the theory of three variables, but, notwith- 
 standing this eminent support, I should be 
 satisfied to pass it by as a puerile conceit, if 
 I did not intend, subsequently, to notice it 
 as the fundamental theory upon which Mr. 
 Mill has constructed his system of reasoning. 
 
 If we admit that the wages of labour, or 
 the so-called " cost of labour," as paid by the 
 capitalist, and upon which his rate of profit 
 is said to depend, are resolvable into a func- 
 tion of three variables, the argument is con- 
 clusive, but only in so far as it proves that 
 the wages of the labourer depend on three 
 variable elements. For example, let us take 
 time, speed, and distance as three variables. 
 No change can take place in the time with- 
 out a change taking place in the speed or
 
 72 Homology of Economic Justice. 
 
 distance ; no change can take place in the 
 speed without a change taking place in the 
 time or distance ; and no change can take 
 place in the distance without a change taking 
 place in the time or speed. 
 
 For the sake of argument, let us accept 
 the distinction between the real reward and 
 the cost of the articles which constitute the 
 real reward, to be intelligible. The argument 
 would run thus : No change can take place 
 in the efficiency without a change taking 
 place in either the money wages or in the 
 real wages. No change can take place in 
 the money wages without a change taking- 
 place in the efficiency or in the real wages ; 
 and no change can take place in the real 
 wages without a change taking place in the 
 money wages or in the efficiency. In actual 
 experience we know that a change does take- 
 place in the efficiency (by improved tools) 
 without any change taking place in the
 
 Current Fallacies and Sophisms. 73 
 
 money wages or real wages. We also know 
 that changes take place continually in the 
 cost of articles which constitute the real 
 wages without any change taking place in 
 the efficiency or in the money wages. We 
 sec, therefore, that the so-called " cost of 
 labour " is not a function of three variables. 
 
 J3ut even admitting the wages of labour 
 to be a function of three variables, to say 
 that the general rate of profits in any country 
 depends on these three variables is merely 
 bringing the question back to its simpler 
 form, namely, that profits depend on wages. 
 
 Tfrc Cause of Interest. 
 
 The interest of capital being the principal 
 component of profits, it is clear that whatever 
 is the cause of profits the same must be the 
 cause of interest. Although Mr. Mill, as we 
 have seen, attempted to define the cause of
 
 74 Homology of Economic Justice. 
 
 profits, which has not, so far as I know, been 
 made a subject of philosophic inquiry in 
 former times, he ignores entirely the question 
 concerning the cause of interest. It would 
 be a very insignificant, and even ridiculous, 
 cause to assign to interest (as Mr. Mill 
 assigned as the cause of profits), that it was 
 because things lasted longer than the time 
 
 o o 
 
 it took to produce them. 
 
 The opinion which has prevailed in all 
 ages, and which still prevails to some extent, 
 is that land and the fecundity of plants and 
 animals arc the sources of wealth. This 
 opinion was not fully and clearly called in 
 question until the appearance of Adam 
 Smith's celebrated work, and even he did 
 not completely get rid of the illusion. Under 
 this delusion it is thought quite legitimate 
 for private individuals, in their own right, to 
 make a charge for the powers and gratuities 
 of Nature under the name of rent. It is
 
 Current Fallacies and Sophisms. 75 
 
 quite different in respect of interest. Moral- 
 ists in every age decried usury as an im- 
 moral imposition, and often treated the 
 charging of it as a crime. The power of 
 the Church and state was frequently used 
 to put it down, but all such attempts failed, 
 and only aggravated the evil it was intended 
 to cure. The leathers of the Church, like her 
 sons, were dependent on the rent of land 
 for their living, and it was, perhaps, not 
 unnatural for them to attribute the distress 
 and poverty of the cultivators to usury rather 
 than to rent. Believing that value consisted 
 in the powers of Nature and in the fecundity 
 of plants and animals, and not understanding 
 the functions of money, they stigmatized 
 interest as a " breed of barren metal," and 
 thought it a most unnatural source of in- 
 crease. It is all the more surprising that 
 the Fathers of the Church should have 
 adopted the opinions of heathen moralists,
 
 76 Homology of Economic Justice. 
 
 when they had before them in the Gospels 
 a complete justification of bank usury: " And 
 he saith unto him, Out of thine own mouth 
 will I judge thee, thou wicked servant. 
 Thou kne\vest that I was an austere man, 
 taking up that I laid not down, and reaping 
 that I did not sow : wherefore then gavest 
 not thou my money into the bank, that at 
 my coming I might have required mine own 
 with usury ? " 
 
 There is no division of his subject which 
 Adam Smith discussed more exhaustively 
 than the rate of interest in reference to the 
 supply of the precious metals, and in this 
 investigation he was much indebted to David 
 Hume, whose opinions on some questions of 
 political economy were even in advance of 
 those of his distinguished contemporary. By 
 more recent economists some advance has 
 been made towards the elucidation of the 
 phenomenon, but the real cause is still a
 
 Current Fallacies and Sophisms. 77 
 
 subject of controversy, and some Socialistic 
 writers propose its confiscation by the state. 
 They find their best allies among the econo- 
 mists, whose definitions and theories are even 
 more dangerous than the opinions of the 
 Fathers of the Church and the morality of 
 the Koran. 
 
 The remarks of David Hume are still so 
 apposite that I quote his closing sentences, 
 as the best introduction to my own observa- 
 tions. " An extensive commerce, by pro- 
 ducing large stocks, diminishes both interest 
 and profits, and is always assisted in its 
 diminution of the one by the proportional 
 sinking of the other. I may add that, as lo\v 
 profits arise from the increase of commerce 
 and industry, they serve in their turn to its 
 further increase by rendering the commodities 
 cheaper, encouraging the consumption, and 
 heightening the industry. And thus, if we 
 consider the whole connection of causes and
 
 78 Homology of Economic Justice. 
 
 effects, interest is the barometer of the state, 
 and its lowness is almost an infallible sign of 
 the flourishing condition of a people. . . . 
 Those who have asserted that the plenty 
 of money was the cause of low interest seem 
 to have taken a collateral effect for a cause, 
 since the same industry which sinks the 
 interest commonly acquires great abundance 
 of the precious metals. . . . But it is evident 
 that the greater or less stock of labour and 
 commodities must have a great influence, 
 since we really and in effect borrow these 
 when we take money upon interest. It is 
 true when commerce is extended all over the 
 globe the most industrious nations always 
 abound most with the precious metals, so 
 that low interest and plenty of money are, 
 in fact, almost inseparable. But still it is of 
 consequence to know the principle whence 
 any phenomenon arises, and to distinguish 
 between a cause and a concomitant effect.
 
 Current Fallacies and Sophisms. 79 
 
 Besides that the speculation is curious, it may 
 frequently be of use in the conduct of public 
 affairs. At least, it must be owned that 
 nothing can be of more use than to improve 
 by practice the method of reasoning on these 
 subjects, which of all others are the most 
 important, though they arc commonly treated 
 in the loosest and most careless manner." 
 
 In the foregoing observations it is to be 
 observed that Hume connects interest, in the 
 most intimate manner, with commerce. Those 
 who look for its cause in the attributes of 
 Nature are under the same delusion as they 
 are with regard to rent being in any way the 
 consequence of some virtue in the soil. Mr. 
 Henry George, like the physiocrats, places 
 value in natural powers, and attributes the 
 cause of interest to the growth of animals. 
 "You lend money," he says, "and invest it in 
 lambs, and by the time the money becomes 
 due those lambs have grown into sheep." It
 
 8o Homology of Economic Justice. 
 
 is clear, therefore, according to this reasoning, 
 
 O O J 
 
 that those natural products in which money 
 is invested yield interest. To be consistent, 
 Mr. George ought to advocate the confisca- 
 tion of interest as well as of the gross rental 
 of land, seeing that he attributes both to 
 natural powers. Indeed, he only justifies 
 interest, not on any ground of morality, but 
 because it is requisite to defend it on account 
 of its being a necessary law. 
 
 What Mr. George fails to sec is that the 
 increase of horses, cattle, and sheep, is as 
 much due to human labour as the increase 
 of ploughs, houses, ships, and fishing-boats. 
 Without man's labour and protection, the 
 domestic animals that have been created for 
 his use would diminish and possibly dis- 
 appear. In Sutherlandshire and other parts 
 of the Highlands, sheep-farming has almost 
 ceased to be remunerative. For want of 
 shelter in winter <rreat numbers arc carried
 
 Current Fallacies and Sophisms. 81 
 
 off by fluke ; and heather, moss, and pesti- 
 lential weeds invade the fields which were 
 formerly reclaimed, and used for growing oats 
 and barley. The land appears to produce 
 grain, vegetables, and fruit trees, but these are 
 the produce of labour. Natural powers are 
 constants, and do not increase. The fertility 
 and increase are, therefore, in human labour. 
 
 In the language of inversion used by the 
 economists, interest is said to be " the reward 
 of a sacrifice." Such a definition is absurd, 
 and it could only arise from a complete mis- 
 apprehension respecting capital. In his re- 
 cent work, M. dc Laveleyc states the case in 
 the following terms : " Analysis proves that 
 interest is at once just and necessary. It is 
 just, because whoever creates a piece of 
 capital, a plough, for example, has a right 
 to be rewarded for a sacrifice which he makes 
 in not consuming at his ease the provisions 
 which have nourished him while he was
 
 82 Homology of Economic Justice. 
 
 making the instrument of labour. If he 
 lends his plough, the borrower will obtain a 
 greater profit than if he used a spade. Would 
 it be fair that the borrower should retain the 
 whole of his increased profit due to the em- 
 ployment of the more perfect instrument ? " 
 
 It is clearly not on the ground of a sacri- 
 fice made by the maker of the plough that 
 he demands interest, but entirely on the latter 
 ground, for the plough develops more force 
 than the spade, and earns, as it were, its own 
 wages. The abstinence of the maker of the 
 plough is no affair of the borrower. It is 
 for work performed that the one receives the 
 reward, and for service rendered that the other 
 pays the interest which the instrument earns. 
 
 In order to get completely rid of the illu- 
 sion of land, and spades, and ploughs, I shall 
 give an example from the herring fishing. 
 The owner of a boat and nets dies, or, as 
 is often the case, falls overboard and gets
 
 Current Fallacies and Sophisms. 83 
 
 drowned. The hired men in the boat, or 
 four young men of the village, apply to the 
 widow for the loan of the boat and nets for 
 the season. When the season is over, they 
 pay her the wages of the boat and nets, and 
 retain the wages of their own labour, which 
 the capital had enabled them to earn. The 
 transaction was a mutual benefit to the 
 parties and of great advantage to society. 
 If the young men refused to pay interest 
 they should be less than Christian, and if the 
 widow declined receiving it she should be 
 more. Justice is a mean between these two 
 extremes, and, therefore, interest is just. The 
 principle is precisely the same as if the young 
 men had borrowed money from a banker and 
 bought the boat and nets. They should pay 
 him interest until they could earn as much 
 as would pay the debt. The widow would 
 deposit the money on interest with the 
 banker, who might, perhaps, the same clay,
 
 84 Homology of Economic Justice. 
 
 lend it to a farmer to invest in horses and 
 ploughs. In this way labourers may hire 
 capital, as capitalists hire labourers. 
 
 It will appear, however, that the economists 
 are right after all in saying that capital is 
 the result of saving, for it is by saving their 
 wages that the young men are enabled to 
 purchase the boat and nets. It must be 
 observed, in answer to this, that the thing 
 saved must first be made, and consequently 
 is the result of effort. It is, therefore, the 
 reward of effort. Virtue is its own reward, 
 and the virtues of abstinence and saving arc- 
 essentially so. We must beware of the logic 
 of negation and inversion ! 
 
 The cause of interest is, therefore, derived 
 from the cause of wages. Not only is it 
 derived from the cause of wages, but being 
 a component part of profits, interest is the 
 wages of capital, for if it were not so, there 
 could be no ratio between the wages of labour
 
 Current Fallacies and SopJiisms. 85 
 
 and profits of capital ; for, according to the 
 law of ratio, those things between which a 
 ratio subsists must be of the same kind. 
 Interest having been considered as entirely 
 a function of money, its cause and morality 
 engaged the attention of philosophers and 
 divines. It was only recently discovered that 
 it formed an attribute of all capitalized labour, 
 which consists in instruments of production 
 and exchange. 
 
 Of Capital. 
 
 I am not aware that a correct definition 
 of capital has ever been given. Mr. George 
 makes use of a very happy expression, when 
 he says that capital is labour incorporated 
 with materiality. This is true, but those 
 things must assume the character of instru- 
 ments. As a mechanical instrument alone, 
 we may well admire the formation of the 
 human body for the performance of all
 
 86 Homology of Economic Justice. 
 
 kinds of work. An elegant and philosophic 
 writer, Mr. Dcnnys, remarks as follows on 
 the human hand, which, examined mathe- 
 matically, will serve to illustrate the homology 
 demonstrated in the third chapter of this 
 essay. Mr. Dennys says, " What a help to his 
 progress in knowledge is that physical instru- 
 ment to man, his hand ! In considering its 
 construction and capabilities we are tempted 
 to exclaim ' the most beautiful piece of 
 mechanism in the world ! ' But perfect as it 
 is, it is only perfect as a means to an end. . . . 
 But why has this instrument, with all its as- 
 tonishing capabilities, been bestowed upon 
 man ? As an animal he might perform nearly 
 all his animal requirements without it." * 
 
 With his genius for contrivance, and by 
 means of this instrument, he creates all other 
 instruments by which wealth is produced and 
 
 * "Alpha : a Philosophical Inquiry into the Nature 
 of Truth."
 
 Ctirrent Fallacies and Sophisms. 87 
 
 distributed. With tools he cuts down forests, 
 reclaims morasses, and constructs fields, gar- 
 dens, and orchards. In this way he con- 
 structs out of the inert materials of the earth 
 food factories. These factories become instru- 
 ments of production, and in this respect the 
 labour that has been incorporated with land 
 and turned into soil becomes fixed capital. 
 
 All manufactories and mills are, similarly, 
 instruments for the production of commodities, 
 and are fixed capital. Water-works are in- 
 struments for the conveyance of water ; gas- 
 works for the production of light ; electric 
 telegraphs for the transmission of messages, 
 and so on. 
 
 Houses produce the commodity* shelter, 
 which enables tradesmen to carry on their 
 business under cover. They are instruments 
 of production. 
 
 f The word commodity implies enjoyments which 
 do not take the form of material objects.
 
 88 Homology of Economic Justice. 
 
 Conveyances, railways, and ships arc instru- 
 ments of locomotion, and may be called the 
 machinery of distribution and exchange. 
 Locomotion has become a very fertile source 
 of wealth and economy. The materialists say 
 that wealth is made by saving commodities. It 
 would be much nearer the truth if they had 
 said that it was made by saving time, but 
 it would be too high a flight of fancy for 
 them, perhaps, to contemplate anything so 
 fleeting and intangible. "Time is money," 
 says the proverb. The economists would pro- 
 bably say it is because seed-time grows into 
 harvest, and because of the lamb growing 
 into a sheep. Time presses, and every man 
 feels, or ought to feel, that he has a certain 
 amount of work to perform within a limited 
 space of time, and if he loses that time, that 
 he cannot recall it. " Oh ! this wretched 
 train," says the merchant; "how slow it is! 
 I shall bj late at office." It is the same with
 
 Current Fallacies and Sophisms. 89 
 
 the workman. He has missed his train : 
 when he reaches the works, the gates are 
 closed against him, and he loses half a day's 
 work and pay. 
 
 ''Where is that thrift, that avarice of time, 
 (O glorious avarice !) thought of death inspires, 
 As rumour'd robberies endear our gold ! 
 O time ! than gold more sacred ; more a load 
 Than lead to fools ; and fools reputed wise. 
 ***** 
 
 Time, the supreme 1 Time is eternity ; 
 Pregnant with all eternity can give ; 
 Pregnant with all, and makes archangels smile. 
 Who murders time, he crushes in the birth 
 A power ethereal, only not ador'd." 
 
 In connection with the saving of time, we 
 now come to the most productive of all instru- 
 ments money, the instrument of exchange. 
 We have already considered its fertility 
 when invested in labour and in the other 
 instruments of production. In the business 
 of exchange it is not a representation, but 
 capital par excellence. It is by means of it
 
 90 H ontology of Economic Justice. 
 
 that the whole fabric of commerce and credit 
 is supported and conducted. In this way 
 it is the most fertile of all forms of capital, 
 inasmuch as it economizes time, and facili- 
 tates the production and distribution of com- 
 modities. It is not my intention to enlarge 
 upon its various functions, but merely to point 
 out, for the reader's o\vn reflections, the fact 
 that this instrument is the capital, and not 
 the consumable commodities, in the shops 
 and warehouses, which are estimated in it, 
 and exchanged by means of it. 
 
 I have already made the remark that 
 Mr. Mill had not the slightest idea of what 
 capital is. I now come to establish that 
 charge ; and in doing so, I submit that a 
 misapprehension regarding capital is fatal to 
 all reasoning on the subject. Mr. Mill says, 
 " A third fundamental theorem respecting 
 capital, closely connected with the one last 
 discussed, is, that although saved, and the
 
 Current Fallacies and Sophisms. 91 
 
 result of saving, it is nevertheless consumed. 
 The word ' saving ' does not imply that what 
 is saved is not consumed, nor even necessarily 
 that its consumption is deferred ; but only 
 that, if consumed immediately, it is not con- 
 sumed by the person who saved it. If merely 
 laid by for future use, it is said to be hoarded ; 
 and while hoarded, is not consumed at all. 
 But if employed as a capital, it is all con- 
 sumed ; though not by the capitalist." 
 
 Xow, it is clear that consumption is the 
 object of production, and it is equally clear 
 that we do not consume the instruments, but 
 what the instruments produce. We do not 
 consume the kitchen garden, but the vege- 
 tables ; the fruit trees in the orchard, but the 
 fruit ; the fishing-boats and nets, but the fish ; 
 the machinery, but the commodities pro- 
 duced. We do not consume the water-works 
 and pipes, but the water conveyed. We con- 
 sume the gas, but not the gas-works. In like
 
 92 Homology of Economic Justice. 
 
 manner, we consume the goods conveyed by 
 carts, by railway trucks, and by steamers, 
 but not the instruments of conveyance. It 
 is the same with regard to the instrument 
 of credit and exchange ; we consume the 
 commodities bought and sold, but not the 
 coins. Hence, it follows, that we consume 
 the produce of labour and capital, and not 
 labourers and capitals. Consumable com- 
 modities are, therefore, not capital, but stocks ; 
 and these stocks are obtained by means, and 
 on the credit, of the instrument of exchange, 
 for it is in the belief that the purchaser of 
 stock is possessed of this capital, or will be 
 able to procure it from his customers, that 
 the manufacturer supplies him with the com- 
 modities that he produces. 
 
 TJie " Law " of Diminishing Rctnrn, 
 
 This theory, like Ricardo's theory of rent, 
 is termed by Mr. Mill a law. This, of course,
 
 Current Fallacies and Sophisms. 93 
 
 is consistent \vith his entire system, which 
 would explain all phenomena by a sequence, 
 or chain, of physical laws. He attaches great 
 importance to this theory, for he remarks : 
 " The question is more important and funda- 
 mental than any other. It involves the whole 
 subject of the cause of poverty, in a rich and 
 industrious community ; and unless this one 
 matter be thoroughly understood, it is to no 
 purpose proceeding any further in our in- 
 quiry." The theory is the complement, or 
 necessary corollary, of Ricardo's theory of 
 rent. It maintains that the best lands, or 
 those first brought into cultivation, do not 
 yield a corresponding return for any additional 
 expenditure of capital. In experience it is 
 found that some of the worst lands, or those 
 last brought under cultivation, arc raised to 
 the same quality as those first brought under 
 cultivation, and yield as good a rent. The 
 dry sands of Flanders, for instance, have
 
 94 Homology of Economic Justice. 
 
 been rendered the most fertile lands in 
 Europe. To meet this obvious difficulty, it is 
 contended that it is not land No. 4 that has 
 been raised in value, but that land No. I has 
 a constant tendency to deteriorate. It is 
 argued that if every additional expenditure 
 of labour and capital upon the lands first 
 taken into cultivation, carried on indefinitely, 
 brought a corresponding return, there would 
 be no occasion for resorting to lower soils. 
 This, of course, is quite true. Under such 
 circumstances the human race might have 
 remained in its original habitat, but the scheme 
 of Nature, or rather, the design of the Creator, 
 is different. It is intended that population 
 should increase and inhabit and subdue the 
 whole earth, so that the prophecy may be 
 fulfilled: "The wilderness and the solitary 
 place shall be glad for them ; and the desert 
 shall rejoice, and blossom as the rose. It- 
 shall blossom abundantly, and rejoice even
 
 Current Fallacies and Sophisms. 95 
 
 with joy and singing. . . . And the parched 
 ground shall become a pool, and the thirsty 
 land springs of water : in the habitation of 
 dragons, where each lay, shall be grass with 
 reeds and rushes. And an highway shall be 
 there, and a way, and it shall be called The 
 way of holiness ; the unclean shall not pass 
 over it ; but it shall be for those : the way- 
 faring men, though fools, shall not err 
 therein." 
 
 Is this inspired prophecy not being in 
 course of fulfilment ? Arc the wildernesses 
 and solitary places of the earth not being 
 transformed in the manner spoken of? Is 
 the railway not a way of holiness ? Does it 
 not convey the merchant and the missionary 
 to the dark places of the earth the one 
 preaching labour, and the other holiness? 
 The unclean dare not pass over it ; the 
 dragons, and the lions, and the tigers, where 
 each lay, go wide afield of it.
 
 C)6 Hcmology of Economic Justice. 
 
 Nothing can be more obvious than the 
 contrary of what the economists regard as 
 fundamental truths. In every country, where 
 no checks are imposed, cultivation, like other 
 industries, is extended to meet consumption, 
 in response and obedience to price. I leave 
 it to the reader to go over Mr. Mill's reason- 
 ing on this "law." and he will find, even from 
 
 o 
 
 the exceptions, qualifications, and admissions, 
 that the proposition is an entire delusion, like 
 the theory of gradations of soil, of which it 
 is the complement and correlative. I shall 
 merely make one quotation to illustrate how 
 the fundamental error of supposing that price 
 depends on " cost of production " meets the 
 economist at every point. "Mr. Carey," says 
 Mr. Mill, "himself unconsciously bears the 
 strongest testimony to the reality of the law 
 he contends against ; for one of the propo- 
 sitions most strenuously maintained by him 
 is, that the raw products of the soil, in an
 
 Current Fallacies and Sophisms. 97 
 
 advancing community, steadily tend to rise 
 in price. Now, the most elementary truths of 
 political economy show that tins could not 
 happen, unless the cost of production, measured 
 in labour of those products, tended to rise." 
 
 We have already seen, by Mr. Mill's own 
 admission, that his demonstration of this 
 " elementary truth," although resolved into 
 a mathematical function of three variables, 
 resulted in a " complex entanglement," and 
 it is, perhaps, better to say nothing more 
 about it. However, to bring down the ab- 
 stract reasoning of the economist from the 
 clouds of speculation to the practical expe- 
 rience of daily life, let us hear these " laws " 
 discussed between a landlord and a tenant 
 farmer. The price of produce having ad- 
 vanced, the landlord, hearing that the farmer 
 had bought a silk dross for his wife, and 
 a piano for his daughter, thought he was 
 making too much profit, and demanded a rise 
 
 li
 
 98 Homology of Economic Justice. 
 
 in rent. The farmer asked the landlord if he 
 knew the principles of political economy. 
 The landlord replied that he knew its elemen- 
 tary truths, although he must confess that 
 the whole subject was too profound for 
 ordinary minds. " I know," he continued, 
 " that rent depends on price, according to 
 some, and on gradations of soil, according 
 to others ; but unless you agree to pay an 
 advance of rent I must look for another 
 tenant." The fanner replied, " It is very 
 hard to remove, and incur the loss and incon- 
 venience involved in looking out for another 
 farm ; but leaving alone the practical hard- 
 ship, what I was thinking about is the appa- 
 rent injustice of your claiming the advantage 
 of a rise in price, when that rise has been the 
 result of a greater 'cost of production,' for 
 you must know that a rise in price ' could 
 not happen, unless the cost of production, 
 measured in labour, of those products tended
 
 Current Fallacies and Sophisms. 99 
 
 to rise.' " The landlord, not to confess himself 
 beaten by his tenant, replied, "Well, you 
 have applied machinery, and saved on labour, 
 so that you can still make good profits." 
 The farmer, not satisfied that he should lose 
 the benefit of the rise in price, which was due 
 to cost of production, answered him, " By 
 the law of diminishing return, the inherent 
 capabilities of the soil, for which you charge 
 me rent, have deteriorated, and, under these 
 circumstances, I fail to see why you should 
 take advantage of a rise in price, and leave 
 me the victim of this law." The landlord 
 replied, " Then, of course, you must use 
 more manures." The farmer answered, 
 " But I find that price docs not respond to 
 this additional cost. On the contrary, an 
 increase of production makes the price fall, 
 so that what I gain on the one hand 1 appear 
 to lose on the other." The landlord, finding 
 himself beaten on all points, concluded the
 
 IOO Homology of Economic Justice. 
 
 argument by saying, " It seems to me, then, 
 that those ' laws ' balance one another, and 
 that your profits and my rent depend on 
 price. We must, therefore, fall back on 
 ' freedom of contract.' " With a sigh, the 
 farmer indignantly answered, " Ah ! yes, my 
 lord, I find that your freedom is my bondage. 
 You are in possession of natural powers, and 
 rent is the instrument of your tyranny, and 
 the alchemy by which you make money, to 
 indulge in idleness, pomp, pleasure, and 
 prodigality." 
 
 From the foregoing expositions, the reader 
 will perceive that the cause of the confusion 
 arises from attributing to the constants of 
 Nature the flexibility which belongs to price 
 and to human labour. 
 
 Food and Fecundity. 
 
 The inquiry of the Scotch philosopher was 
 directed towards the elucidation of the cause
 
 Current Fallacies and Sophisms. 101 
 
 of wealth, but the English economists have 
 given the opposite direction to their science 
 by inquiring into the cause of poverty. Re- 
 garding man as subject to, and governed by, 
 physical laws, they argue, with considerable 
 plausibility, that, like the brute creation, he 
 presses against the limits of subsistence, and 
 increases in proportion as he increases his 
 food, and constantly tends to overstep those 
 limits. It would follow from this view that 
 those who are abundantly supplied with food 
 and other comforts, are more prolific than 
 the poor. This is contradicted by statistics. 
 Slaves and serfs increase more rapidly than 
 freemen, and the poor more rapidly than the 
 affluent. 
 
 It also accords more with fact that increase 
 of population is the cause of wealth, for we 
 find that the most densely peopled countries 
 in Europe and America are the wealthiest. 
 Adam Smith attributed the comparative
 
 IO2 Hotnology of Economic Justice. 
 
 poverty of Scotland, in his time, to the 
 sparseness of population. On the subject 
 of fecundity he remarks as follows : " Poverty, 
 though it no doubt discourages, does not 
 always prevent marriage. It seems even to 
 be favourable to generation. A half-starved 
 Highland woman frequently bears more than 
 twenty children, while a pampered fine lady 
 is often incapable of bearing any, and is 
 generally exhausted by two or three. Barren- 
 ness, so frequent among women of fashion, 
 is very rare among those of inferior station. 
 Luxury in the fair sex, while it inflames 
 perhaps the passion for enjoyment, seems 
 almost to weaken, and frequently to destroy, 
 the powers of generation." It should seem, 
 therefore, that the ratio between food and 
 fecundity, in civilized society, is not in a 
 direct but in an inverse proportion. Mr. 
 Sadlier pointed this out, and Lord Macaulay, 
 with the oracular confidence which character-
 
 Current Fallacies and Sophisms. 103 
 
 ized his earlier writings, quibbled at rather 
 than met the argument Looking at these 
 two extremes of poverty and affluence, as 
 they affect the increase or decline of popula- 
 tion, virtue appears to consist in a mean, 
 which would answer to the words of the 
 prayer : " Give us neither poverty nor riches, 
 but feed us with food convenient for us." 
 
 It appears, therefore, that as the general 
 level of comfort is raised, not only do moral 
 restraints come more into play, but the powers 
 of increase become less active. If poverty 
 can be traced to such political and moral 
 causes as tyranny and injustice, to ignorance 
 and vice, it seems a gratuitous assumption to 
 attribute it to a defect in the scheme of 
 Nature. If the poorer classes have a ten- 
 dency to press against the limits of subsist- 
 ence, and are more prolific than the classes 
 who are more abundantly supplied with food, 
 the most natural remedy is to raise the
 
 104 Homology of Economic Justice. 
 
 standard of comfort, by the removal of in- 
 justice, and to promote education and ab- 
 stinence. In countries where these conditions 
 obtain, the virtue of prudence and a sense of 
 responsibility are awakened and stimulated, 
 and population does not increase in excess 
 of the means of life, or lower the general level 
 of comfort. 
 
 The application of the law of geometrical 
 progression to population, and of arithmetical 
 progression to food, was well designated by 
 Dr. Chalmers when he referred to it as " a 
 cold-blooded speculation." The theory as- 
 sumes that every country ought to grow its 
 own food, and that man lives by bread alone. 
 For a manufacturing country, like Great 
 Britain, it is better that she should not grow 
 her own wheat, if she can import it cheaper 
 from America, India, and her colonies, than it 
 can be grown at home. The land may be de- 
 vc ted to more profitable uses, such as market
 
 Current Fallacies and Sophisms. 105 
 
 gardening, orchards, conservatories, and an 
 endless number of purposes. With the world 
 thrown open to commerce, wealth and food 
 are increasing more rapidly than population, 
 and geometrical progression applies as truly 
 to food as it does to population. 
 
 With universal freedom and universal peace, 
 the progress of society is onward and upward 
 towards a happier consummation. In the 
 Turkish empire population is almost sta- 
 tionary. At the present rate it would only 
 double itself in five hundred and fifty years. 
 If the increase of population be the cause of 
 poverty, Turkey ought to be the wealthiest 
 country in the world, except Ireland, where 
 it has greatly decreased. Where do we find 
 such abject poverty as in these unhappy 
 countries, with no want of fertile soil ? If 
 it were not for the calamities of war and 
 pestilence, it is said, the human race, acting 
 on its blind instinct, would be doomed to
 
 106 PI ontology of Economic Justice. 
 
 perpetual poverty and want. Then, it should 
 seem, that the world of man is not governed 
 by moral laws, and in order to inculcate the 
 virtues of industry and prudence, and to 
 evoke a sense of responsibility, he must govern 
 his actions by the prospect of an overpeopled 
 earth, which, by the la\v of geometrical pro- 
 gression, must ultimately place impassable 
 barriers to any further increase ! By this 
 law, not only would the earth get over- 
 crowded, but we are told by Mr. Malthas 
 that the planets and all the visible stars 
 would in time become also overpeopled. This 
 is one of the cardinal doctrines of political 
 economy ! It is a very consoling doctrine 
 for landlords, to account for the persistence 
 of poverty ; but my surprise is that humani- 
 tarians like Mr. Mill and Mr. Fawcett should 
 rigidly adhere to a foible which Mr. Malthus 
 himself said ought to be received subject to 
 considerable modifications. In the opening
 
 Current Fallacies and Sophisms. 107 
 
 sentence of his " Principles of Political Econ- 
 omy," he virtually knocks his own theory on 
 the head by saying that we ought never to 
 apply the rigid rules that refer to number 
 and form to two such flexible things as soil 
 and population. 
 
 Concerning the benefits of war and pesti- 
 lence, in keeping population from pressing 
 too greatly against the limits of subsistence, 
 let us look at Egypt, and see if the remaining 
 population is more amply provided with food, 
 in consequence of a decrease of numbers to 
 area. The pashas and usurers brought war 
 about. War produced the pestilence. The 
 population of the towns was decimated by 
 cholera. This reduction in the population re- 
 duced the consumption of produce, and the 
 cultivators cannot sell it. Consequently they 
 cannot pay the revenue, and Egypt is bankrupt. 
 Therefore, the cause of poverty is primarily 
 the pashas, who bring war and pestilence
 
 loS Homology of Economic Justice. 
 
 upon a poor, industrious, and unoffending 
 people. The wealth created by the working 
 men of Great Britain, who press against the 
 limits of subsistence, is much needed to bring 
 relief to the oppressed of Egypt;, and that is 
 a great mission. (Read Isaiah xix., xx., and 
 xxi.) What is Mr. Mill's remedy? Not the 
 removal of pashas, zemindars, and landlords. 
 Oh no ! that would interfere with the rights 
 of private property in land, which is so bene- 
 ficial to society, and is one of the undoubted 
 truths of political economy ! In order to 
 raise wages, a positive check, he says, must 
 be placed on the increase of population, as 
 society cannot hold itself responsible for 
 creatures who come into existence without 
 its consent, nor provide means for them, if 
 those who are responsible for their birth are 
 not in a position to do so. This is Mill on 
 Libert}' ! Why should we not at once adopt 
 Plato's Republic, under which all the women
 
 Current Fallacies and Sophisms. 109 
 
 and children were to be held as common 
 property ? 
 
 But if the legislature were to put a stop 
 to the increase of population, America might 
 object to this restriction being placed upon 
 her supply of labourers and future citizens ; 
 and our colonies would, no doubt, revolt into 
 open war for the same good reason. We 
 must surely look for a less dangerous remedy. 
 
 If this incongruous and disgusting theory 
 had not been swallowed with avidity by a 
 powerful and interested oligarchy in Britain, 
 who prey on commerce and the produce of 
 industry, like pirates and robbers, it would 
 have been received with the same derision 
 and contempt as it met with on the Con- 
 tinent. Like Ricarclo's law of rent, the law 
 of diminishing return, the theory of three 
 variables, and the consumption of capital, it 
 lias produced confusion of thought, which is 
 the capital with which the devil produces his 
 commodities.
 
 iio Homology of Economic Justice. 
 
 Factors of Production. 
 
 There are not three factors of production, 
 as stated by the economists. Wealth, in the 
 only sense with which political economy has 
 any concern, is created wealth. Natural 
 wealth is gratuitous. It has value in use, but 
 none in exchange. Wealth, or riches, is not 
 produced : it is made. We do not say that 
 a man produced his wealth in India, or in 
 Australia. We say that he made it by com- 
 merce or by sheep-farming. It is very neces- 
 sary to guard against the way in which words 
 may be applied in a logical science, where 
 illusions are produced by the analogy there 
 is between the gratuitous utilities of Nature 
 and those utilities which are of man's own 
 creation. In speaking of production, there- 
 fore, it is most essential that it should be 
 restricted to the produce of labour and 
 capital. We are very apt to suppose that
 
 Current Fallacies and Sophisms. 1 1 1 
 
 wheat and potatoes, for instance, are the 
 productions of land. Now, it is clear that 
 these are the products of labour, for the 
 land will not produce them spontaneously, 
 and the latter are not even indigenous pro- 
 ducts of our soil. 
 
 Mr. Mill's system of reasoning is based on 
 definitions, and if these definitions are founded 
 in misconception regarding the order of 
 causes and effects, it is not possible that he 
 could have arrived at correct conclusions. In 
 his elaborate and highly systematized work 
 he is completely in error in the statement of 
 his premises. He imagines economic science 
 to be in three terms. Aristotle, in the most 
 emphatic manner, argues that it is in four 
 terms at least. In the next chapter we shall 
 sec which is right, the reasoning of the ancient 
 philosopher or that of the modern infidels and 
 evolutionists. The question assumes momen- 
 tous issues, as it appertains not only to the
 
 1 1 2 H ontology of Economic Justice. 
 
 foundations of economic society, but also to 
 the question respecting the relations of mind 
 and matter in their subjection or supremacy, 
 the one to the other. 
 
 Mr. Mill divides his subject into three books, 
 namely, I. Production; II. Distribution; and 
 III. Exchange. To these are added two 
 other books IV. On the Influence of Society; 
 and V. On the Influence of Government. As 
 the economists exclude ethics from their 
 pJiysical science, it is difficult to understand 
 what these influences are meant for, unless as 
 a kind of sop to Cerberus. We may regard 
 these, therefore, as outside the question. 
 
 Then, we arc told that there are three 
 agents of production land, labour, and capital. 
 Profits are said to be composed of three com- 
 ponents interest, insurance, and wages of 
 superintendence. We have already seen the 
 attempt at resolving wages into a function 
 of three variables.
 
 Current Fallacies and Sophisms. 113 
 
 Now, a proportion of three terms is only 
 the similitude of ratios, and is called analogy. 
 A misuse of the word ratio frequently recurs 
 in the writings of the economists. For in- 
 stance, Mr. Fawcett speaks of the ratio 
 between population and capital, and as he, 
 like Mr. Mill, supposes capital to be saved 
 and then consumed, the one error may have 
 led to the other. In any case, as population 
 and capital are not of the same kind, it is 
 difficult to understand how a ratio could be 
 established between them. Mr. Buckle, in 
 mentioning the discovery of the great law 
 of the ratio between wages and profits, made 
 use of the word in its strict scientific sense. 
 In the next chapter I shall demonstrate the 
 law of ratio in connection with Aristotle's 
 formulae. I direct attention to it now to 
 show that Mr. Mill's system is founded on 
 the analogy of ratios, whereas the terms of 
 economic science arc homology, or, as the 
 
 I
 
 1 14 Homology of Economic Justice. 
 
 common expression defines it, " the square of 
 justice." 
 
 Having attributed the phenomenon of rent 
 to some virtue in the soil, or, in other words, 
 to the germinating property of matter, the 
 economists speak of land as an "agent," or 
 factor, in the creation of wealth. Now, the 
 only sense in which we can regard natural 
 powers as agents is the sense in which even 
 the rude savage regards them, namely, that 
 they are the agents of God. It is clear that 
 the sea, with all its wonders and blessings ; 
 sunshine and rain, with their fertilizing pro- 
 perties; rivers and lakes, as internal highways; 
 and land, with all its varied contents, powers, 
 and attributes, are not, relatively to man 
 agents, but subjects. They are subjects, gra- 
 tuitously placed at his disposal under the sole 
 condition of labour. Of their own action they 
 undergo changes, but do not increase. The 
 useful animals only increase in virtue of
 
 Current Fallacies and Sophisms. 1 1 5 
 
 man's labour and protection. Their enemies 
 and his own, the dragons, the lions, and the 
 tigers, are being gradually diminished, and 
 must finally disappear to make room for 
 more labour. The ground will not produce 
 grain and vegetables until it has been prepared 
 for the purpose by means of instruments, and 
 then it becomes itself an instrument of pro- 
 duction. 
 
 If labour should be for any time withdrawn, 
 it will relapse into sterility, and, like the 
 Roman Campagna, may get charged with 
 pestilential vapours, destructive of human life, 
 as a punishment for the rapacity and crimes 
 which laid it waste. 
 
 In like manner, the word agent is equally 
 inapplicable to labour and capital, these being, 
 as has been already explained, instruments. 
 It is, therefore, the force of labour and capital 
 alone that creates wealth, and has value in 
 the production of commodities. Therefore,
 
 1 1 6 H ontology of Economic Justice. 
 
 whatever enters into the price of commodities 
 which cannot be traced to labour and capital, 
 and resolved into wages and profits, unless it 
 accrues to the sovereign, must fall as a tax 
 on industry, for there is no other source from 
 which it can be derived. 
 
 It is manifest, therefore, that the misuse 
 of words indicates misconceptions regarding 
 causes and effects ; and this shows how in- 
 cumbent it is upon us to be especially care- 
 ful about definitions upon which a chain of 
 reasoning is founded which appertains to 
 fundamental truth of the deepest import.
 
 CHAPTER III. 
 
 WHAT IS POLITICAL ECONOMY ? 
 
 Ix the introduction to his " Manual," Mr. 
 Fawcett remarks, " Political economy, if kept 
 within its proper limits, does not provide a 
 code of social ethics which will enable us to 
 decide what is right or wrong, and what is 
 just or unjust." 
 
 If it supplied us with a good system of 
 logic, no great complaint could, perhaps, be 
 urged against it for excluding the principles 
 of morality. It does not, however, appear 
 necessary or reasonable to construct a science 
 which professes to treat of laws affecting 
 .society in its economic and political develop- 
 ment, without taking account of our con-
 
 1 1 8 Homology of Economic Justice. 
 
 ceptions of justice and morality. As it 
 pleases Mr. Fawcett and other economists 
 to take that view of their science, it ought to 
 have been all the more easy for them to have 
 given some intelligible definition of what they 
 profess to teach. 
 
 Although Mr. Mill regarded economic 
 phenomena to be governed by physical laws, 
 he felt a difficulty in defining what political 
 economy is, and certainly did not make so 
 sweeping an assertion as to say that it was 
 a science for the exclusion of justice and 
 morality from political and social life. At 
 one time Mr. Mill contemplated writing a 
 work under the title of Ethology, in which 
 he, doubtless, intended to explain economic 
 phenomena on the basis of ethics. Neither 
 his habit of thought nor his method of in- 
 vestigation qualified him for a constructive 
 work, in which, to do the subject justice, he 
 would have to treat of a First Cause ; and,
 
 What is Political Economy ? 119 
 
 from his point of view, to combat the argu- 
 ment from design, in dealing with the laws 
 and phenomena of the human mind. It is 
 a remarkable circumstance, in the life of a 
 great thinker, that he had to abandon the 
 idea. 
 
 This felt difficulty, in respect of a defini- 
 tion at once descriptive of and coextensive 
 with the science, has not been overcome, just 
 because its expositors have no clear appre- 
 hension of what they profess to teach, or 
 rather that the}' teach something which is 
 not science. Mr. Mill says, " The definition 
 of a science must, indeed, be placed among 
 that class of truths which Dugald Stewart 
 had in view, when he said that the first 
 principles of all sciences belong to the 
 philosophy of the human mind. . . . Like 
 other sciences, political economy has re- 
 mained destitute of a definition framed on 
 strictly logical principles, or even of, what
 
 I2O H ontology of Economic Justice. 
 
 is more easily had, a definition exactly co- 
 extensive with the thing defined. This has 
 not, perhaps, caused the real bounds of the 
 science to be, in this country at least, prac- 
 tically mistaken or overpassed ; but it has 
 occasioned perhaps we should rather say 
 it is connected with indefinite, and often 
 erroneous, conceptions of the mode in which 
 the science should be studied." 
 
 If there did not exist a most profound 
 misapprehension regarding the true basis 
 and elements of the science, the foregoing 
 remarks would not have been called for. 
 We have already seen how all the conclusions 
 drawn from false premises result in a con- 
 tradiction of all experience, both of modern 
 times, and of the facts of history. It will 
 be found that Dugald Stewart was perfectly 
 correct in asserting that science, and economic 
 science in particular, must be founded on the 
 mental and moral attributes of man's nature.
 
 What is Political Economy? 121 
 
 Adam Smith's " Inquiry into the Nature and 
 Causes of the Wealth of Nations " supplies 
 a definition sufficiently descriptive and specific 
 of his demonstrations ; but the physiocrats 
 attempt to demonstrate the very opposite of 
 his doctrines. 
 
 Now, Aristotle, who, by analysis of the 
 mental and moral attributes, may be said to 
 have found out God, although not unto per- 
 fection, made ethics the basis of his political 
 and economical system, and in doing so he 
 excluded the idler from having any share in 
 the produce of industry. He insists that 
 commutative justice is in four terms at least. 
 lie asks the question What is justice ? and 
 then goes on to show that it is proportionate. 
 " It follows, therefore," he says, "that the just 
 must imply four terms at least ; for the 
 persons to whom the just relates arc two, and 
 the things that are the subjects of the actions 
 are t\vo. And there will be the same equality
 
 122 Homology of Economic Justice. 
 
 between the persons and between the things ; 
 for as the things are to one another, so are 
 the persons, for if the persons are unequal 
 they will not have equal things. 
 
 " But hence all disputes arise when equal 
 persons have unequal things, or unequal 
 persons have, or have assigned to them, equal 
 things. Again, this is clear from the ex- 
 pression ' according to worth,' for, in the 
 distribution, all agree that justice ought to 
 be according to some standard of worth. . . . 
 Justice is, therefore, something proportionate ; 
 for proportion is the property not of arith- 
 metical numbers only, but of numbers uni- 
 versally ; for proportion is an equality of 
 ratio, and implies four terms at least. Now, 
 it is clear that disjunctive proportion implies 
 four terms ; but continuous proportion is in 
 four terms also, for it will use one term in 
 place of two and mention it twice. For 
 instance, as A to B so is B to C ; B has there-
 
 What is Political Economy? 123 
 
 fore been mentioned twice. So that if B be 
 put down twice, the terms of the proportion 
 arc four. Moreover, the just also implies four 
 terms at least ; the ratio is the same, for the 
 persons and the things are similarly divided. 
 Therefore, as the term A to the term B, so 
 will be the term C to the term D ; and there- 
 fore, alternately, as A to C so is B to D. So 
 that the whole also bears the same propor- 
 tion to the whole which the distribution puts 
 together in pairs ; and if it puts them to- 
 gether in this way it puts them together 
 justly. The conjunction, therefore, of A and 
 C and of B and D is the just in the distri- 
 bution ; and this just is a mean, that is, a 
 mean between those things which are con- 
 trary to proportion ; for the proportionate is 
 a mean, and the just is proportionate." 
 
 The latest discovery in economic science 
 proves the correctness of Aristotle's reason- 
 ing, and shows clearly that the fundamentals
 
 124 Homology of Economic Justice. 
 
 of the science are founded in ethics. Accept- 
 ing, therefore, Adam Smith's proposition that 
 labour is the real measure of value, or stan- 
 dard of worth, it forms the basis, and first 
 term, in a geometrical proportion. Mr. 
 Buckle, who read and studied almost every- 
 thing that has been written on the subject, 
 remarks as follows : " The great law of the 
 ratio between the cost of labour and profit 
 of stock is the highest generalization we 
 have reached respecting the distribution of 
 wealth, but it cannot be consistently admitted 
 by any one who holds that rent enters into 
 price." 
 
 The same distinguished author makes 
 another valuable critical remark relative to the 
 .same subject. lie says, " But what is more 
 remarkable still, is that their author (Hume's 
 'Essays') subsequently detected the funda- 
 mental error which Adam Smith committed, 
 and which vitiates many of his conclusions.
 
 What is Political Economy? 125 
 
 The error consists in his having resolved 
 price into three components, namely, wages, 
 profit, and rent, whereas it is known that price 
 is a compound of wages and profit, and that 
 rent is not an element of it. This discovery 
 is the corner-stone of political economy ; but 
 it is established by an argument so long and 
 so refined, that most minds are unable to 
 pursue it without stumbling, and the majority 
 of those who acquiesce in it are influenced by 
 the great writers to whom they pay deference, 
 and whose judgment they follow." 
 
 The reader has already seen that the fun- 
 damental error of Adam Smith consisted in 
 making price to depend on wages and profit. 
 All the economists appear to have accepted 
 this proposition as correct, and their doing 
 so inverts the order of causes and effects. 
 The value of the whole produce of the land, 
 labour, and capital of a country must be 
 estimated by price, and it is absurd to con-
 
 126 Homology of Economic Justice. 
 
 tend that the parts are greater than the whole, 
 which would be the case if rent is not a 
 component, for price pays the rent as well as 
 it does wages and profits. 
 
 In respect of rent, the logical difficulty 
 consists in the use of the words " enters into!' 
 Being the effect of price, it is not logical to 
 say that it enters into it. We must conceive 
 of it as a gratuity, or residuum, and, as such, 
 to resolve it into a distinct proportional. As 
 price depends on abundance or scarcity, it 
 is not directly influenced by the mode in 
 which its components are divided. If \ve 
 regard land as the property of the sovereign, 
 representing society as a whole, and acting 
 as the vicegerent of God, the correct state- 
 ment of the phenomenon would run thus : the 
 consumer of the produce pays, in the price of 
 the commodity, for the protection of the 
 sovereign. 
 
 But, to return to the argument of the in-
 
 What is Political Economy ? 127 
 
 comparable Aristotle, let us see if political 
 economy is in four terms at least. We have 
 already seen that it docs not consist in " three 
 variables." Mr. George makes it to consist in 
 two terms, for he says, " In truth, the primary 
 division of wealth is dual, not tripartite." 
 Xow, what I am prepared to show is, that 
 Aristotle is right, and that Mr. George and all 
 the economists arc wrong. The terms are 
 not dual, nor triad, but quaternion. 
 
 Now, with regard to the ratio between 
 wages and profits, it is clear that they must 
 be of tJic same kind before a ratio can be 
 established between them. It has been 
 already stated that labour and capital arc of 
 the same generic nature, for they are instru- 
 ments which develop force, and as such they 
 may be multiplied and divided. Nothing 
 more need be predicated of them. But profits 
 arc said to be made up of three components, 
 namely, (i) interest, (2) insurance, and (3)
 
 128 Homology of Economic Justice. 
 
 wages of superintendence. If the wages of 
 labour are not composed of the same three 
 components there can be no ratio between 
 them, as they must be of the same kind in 
 every particular. 
 
 There is, however, another component of 
 profits which has been made no account of by 
 the economists. It refers to the universal 
 phenomenon of depreciation, which, as ap- 
 plied to machines, we call " wear and tear." 
 It must be observed, however, that deprecia- 
 tion applies to all the works of man, whether 
 in use or standing idle. This subjects him to 
 the necessity of continuous labour. Those 
 things which constitute capital arc, like the 
 labourer, not only liable to accidents, but 
 also to decay and death, and require to be 
 replaced. The individuals die, but the race 
 leads a continuous life, and increases. It is 
 the same with capital. Force is the evolution 
 of intellect, and the intellect alone is not liable
 
 What is Political Economy ? 1 29 
 
 to depreciation. In the mass, it improves by 
 use. The more you subject it to useful " wear 
 and tear " the more it will improve ; but for 
 want of use it grows into rank weeds. In 
 every industry, therefore, a depreciation fund 
 has to be set aside to replace capital and to 
 keep it in repair. If this is not done, capital 
 becomes a terminable annuity to the owner. 
 It must be observed, however, that money 
 invested in debts on the security of taxation 
 is not a working capital. 
 
 Although it is not my intention to treat of 
 the currency, it will illustrate the principle to 
 refer to the depreciation of the coinage by 
 attrition. With regard to the coinage, as 
 with regard to every other instrument con- 
 stituting capital, its management ought to 
 provide a depreciation fund. The scignorage 
 on silver and bronze coins supplies the Mint 
 with a profit which ought to be sufficient for 
 replacing the full amount of depreciation. 
 
 K
 
 130 Homology of Economic Justice. 
 
 That is obviously the legitimate object of a 
 seignorage. The Treasury, in proposing to 
 convert a portion of the international instru- 
 ment of exchange (which is by no means in too 
 large supply for the volume of commerce) into 
 a local token, would be striking that amount 
 of gold out of existence, for international pur- 
 poses. The full change of a sovereign in 
 silver is not too great a burden for any one 
 to carry, and the half-sovereign might be 
 gradually called in. Its use exposes too 
 large a surface to attrition, and the replace- 
 ment of it with silver florins (which are 
 beautiful coins) would afford a profit to the 
 Mint. Silver might be more largely used, 
 not only in active circulation, but, by raising 
 the legal tender to four or five pounds, the 
 banks might be allowed to take it into their 
 reserves against part of the paper currency. 
 The larger purchase of silver by the Mint 
 would raise its price, and consequently act
 
 What is Political Economy? 131 
 
 favourably on the Indian exchange. The 
 merchants who are interested in the East 
 India trade, and derive their incomes from 
 capital invested there, would be greatly bene- 
 fited. It would be a no less benefit to the 
 Government of India, and to all its officers, 
 who have to make home remittances. 
 
 I have referred to this subject in order to 
 show that all working capital requires a de- 
 preciation fund, and that it forms a fourth 
 component of profits. Profits arc, therefore, 
 not in three terms, but in four. Now, it is 
 evident that the wages of labour must be 
 composed of the same four components before 
 a ratio can subsist between wages and profits. 
 Interest is the bare wages of capital, and the 
 bare wages of the labourer for the force he 
 develops represents interest. As his intelli- 
 gence and sense of duty render it unnecessary 
 to superintend him in the same way as slaves, 
 horses, and engines require superintendence,
 
 132 Homology of Economic Justice. 
 
 he deserves, in addition to the bare wages for 
 the force and skill he develops, a component 
 to represent wages for superintending him- 
 self. In respect of insurance against risks 
 his wages oujjht to be hi^h enough to enable 
 
 o o o o 
 
 him to pay an insurance against risks, accord- 
 ing to the nature of his occupation. Govern- 
 ment has thrown this risk upon employers. 
 Then, it is clear that his wages must be high 
 enough to replace, as it were, the human 
 capital, by affording him the means of rearing 
 his children the young labourers, or instru- 
 ments and to make provision for old age. 
 Labourers do this by paying this component 
 into the funds of friendly societies, or into 
 the Post Office Savings Bank. 
 
 We now see that these four components 
 arc of the same kind, and are homologous. 
 There is, therefore, a ratio between them, and 
 it is a direct, and not an inverse, ratio. Con- 
 formably with Aristotle's formula we can now
 
 What is Political Economy? 133 
 
 say, As labour is to capital so are wages to 
 profits ; and, there being two persons and two 
 things, we can say, As wages to profits so is 
 the labourer to the capitalist. Following the 
 reasoning of the English economists, and 
 under the impression that profits depend on 
 wages, rising as wages fall and falling as 
 wages rise, M. de Laveleye states that they 
 are in inverse ratio. In this he is clearly in 
 error, and the error is a pernicious one, as it 
 leads capitalists to believe that forcing down 
 wages is the remedy for low profits, instead 
 of limiting production to the requirements of 
 trade. Fortunately, it is found in practice 
 that trades which pay very low wages do not 
 yield higher profits than those in which <jood 
 
 ^ z> i o 
 
 wages are paid. 
 
 We now come to treat of rent, as a term 
 in proportionals. Aristotle places economic 
 justice, as well as virtue, in a mean between 
 two extremes. lie insists, in the quotation
 
 1 34 Homology of Economic Justice. 
 
 I have made, that rent is a continuous pro- 
 portion, which is also in four terms, for it will 
 use one term in place of two and mention it 
 twice. Regarding it in this light, rent is a 
 mean of justice between wages and price. 
 It appears, then, that rent is a mean propor- 
 tional, and being so, it is not a question of 
 "entering" into price or into "cost of pro- 
 duction," but what is the design of it, and 
 who is entitled to it? 
 
 Having seen that wages and profits arc 
 both rewards, and of the same kind, for the 
 sake of brevity and more precision, I shall 
 designate them compound wages, or simply 
 wages, in treating of the " continuous propor- 
 tion," of which rent forms a mean term, and 
 is in inverse ratio with price. The formula 
 would then run thus : As wages are to rent 
 so is rent to price, inversely. For more clear- 
 ness, let me illustrate it by the use of figures. 
 If we consider price to be represented by 100,
 
 What is Political Economy ? 135 
 
 rent by 20, and compound wages by 80, then 
 we should state it as follows : So : 20 :: 20 : 
 100, inversely. But this is not in correct 
 proportion, as So is to 20 as 25 to ico in- 
 versely, for if we state the proportion in a 
 direct form, the equation would stand as 
 follows: So : 20 : : 100 : 25. But Aristotle 
 does not contend that the proportion is a 
 fixed proportion, for he says that a just mean 
 is to be arrived at by alternating and com- 
 pounding. In respect of the difference be- 
 tween 20 and 25, it must be observed that 
 roads * are public property, and must be 
 regarded as capital. This portion of rent, 
 represented by the difference between 20 and 
 25, would be devoted to roads, as the wages 
 of public capital in that form. But, then, 
 rent being in ratio with wages, it also must 
 be wages, for, if it were otherwise, there could 
 
 * Being part of the machinery of locomotion, they 
 arc instruments.
 
 136 Homology of Economic Justice. 
 
 be no ratio between them. At present, rent 
 is the wages of idleness. I low is this? In 
 subjugating all mankind to the condition 
 of labour, God would be chargeable with 
 injustice and partiality if lie had awarded 
 anything to the idler. But lie did not. It 
 is impossible to charge God with injustice. 
 It is only the physiocrats who do this, by- 
 attributing poverty to the " niggardliness of 
 Nature." 
 
 But it is clear that rent is wages. \Ve 
 do not yet rightly apprehend the final 
 purpose of the scheme whereof man is tin- 
 object and great operator. Of that scheme 
 the institution of government is a necessary 
 part, and rent is evidently the proportion 
 which has been designed for the wages of 
 the sovereign and of all public officers. Tin's, 
 then, is the mean wherein consists a part of 
 the eternal and immutable justice of (loci, 
 which is being diverted from its proper use
 
 W 'hat is Political Economy? 137 
 
 and application, and devoted to the trans- 
 gression of the fundamental law of labour. 
 
 Stated in terms of proportionals, the 
 problem will read as follows : 
 
 1. Labour : Capital : : Wages : Profits (directly) 
 
 2. Compound Wages : Rent : : Rent : Price (inversely) 
 
 M. dc Laveleye states the problem as 
 follows : 
 
 " Product = Rent -f Interest + Wages + Profit." 
 
 The demonstrations of the economists arc 
 very conclusive in their very simplicity. It 
 does not require much science to demonstrate 
 that two and two make four ! The above 
 problem conveys no other meaning than that 
 a whole is made up of its parts. If the 
 economists have discovered a ratio between 
 wa^es and profits, how is it the}' do not state 
 the problem in terms of ratios? Proportion 
 is surely not in addition and subtraction, 
 but in multiplication and division. But
 
 138 H ontology of Economic Justice. 
 
 further, interest being, avowedly, a component 
 of profits, why should it be made a distinct 
 term ? It should also seem that price is 
 altogether a troublesome term to deal with, 
 and " cost of production " has now become 
 " product." 
 
 Having thus quoted from an eminent 
 economist, to show the hopeless confusion 
 of a science which awards something to the 
 idler, I shall now proceed to illustrate Aris- 
 totle's reasoning by the following geometrical 
 diagrams.
 
 What is Political Economy? 139 
 
 uoijoa;cuj 
 
 o 
 c 
 
 H-i 
 
 o 
 & 
 o 
 
 ffi 
 
 w 
 
 tn 
 
 H
 
 140 I I ontology cf Economic Justice. 
 
 NOTE. See Book V. Proposition 25, Euclid. Price, 
 plus roads, is greater than wages and profits, plus 
 rent. Roads are of equal benefit to producer and 
 consumer. The intersection of roads, or dividing the 
 expenses, is a mean of justice between them. 
 
 By this homology, there is not the fraction of a 
 farthing left to the idler, out of the total produce of 
 the labour of the society. 
 
 I may remark it as a singular coincidence that the 
 commentators upon Aristotle's "Ethics" have not been 
 able to comprehend his reasoning ; and that geome- 
 tricians regard Euclid's definitions 3 and 8, and Pro- 
 position 25 of Book V., as spurious. These, as I have 
 argued, refer to land, labour, and rent ; and I may 
 offer the conjecture that all notions of their practical 
 application have been lost, for upwards of t\vo thousand 
 years, in consequence of the conquest of the East by the 
 Romans, whose military and feudal laws replaced the 
 commercial polity of the Greek republics. The distinc- 
 tion between analogy and homology is a very real and 
 fundamental distinction. Newton's ''Principia" demon- 
 strates that the law of ratios pervades the universe. 
 
 In reference to Proposition 25, we may see it 
 exemplified by the four fingers of the human hand. 
 Regarding the four fingers as four magnitudes, the 
 little finger and the middle finger together arc greater 
 than the other two together. Then, again, when the 
 hand is clenched into a fist and the thumb placed 
 diagonally, the face of the fist presents an irregular 
 polygon, if a line be drawn across the wrist. Let the 
 thumb represent government, and the fist presents the 
 compactness and solidity of the state as composed of 
 homologous parts.
 
 What is Political Economy? 141 
 
 From the foregoing argument, rent is in 
 inverse ratio with price. Therefore, as rent 
 rises it would follow that wages and profits 
 must fall, and so they would unless the rise 
 in rent was in consequence of a rise in price. 
 Let us now suppose that in the article of food 
 a great scarcity took place in a country. The 
 price would become very high, and the culti- 
 vator would make enormous profits. Now, 
 if the levying of the rent were in the hands 
 of the sovereign, it is evident that he would 
 have the means of doing justice to the con- 
 sumers, who include the whole of society ; 
 and of administering mercy towards the poor 
 who might fall short of price, or the means 
 of providing food. 
 
 However, in ordinary times, and in a pro- 
 gressive society, the inverse ratio between 
 rent and that component of profits which 
 resolves itself into interest is constant. That 
 is to say, interest has a tendency to diminish
 
 142 Homology of Economic Justice. 
 
 and rent a tendency to increase. But although 
 interest diminishes in a progressive society, 
 the incomes of individuals do not diminish 
 in proportion, but, on the contrary, rather 
 increase, because those components of profits 
 which resolve themselves into wages of super- 
 intendence, insurance, and depreciation tend 
 to increase. They participate in the rise of 
 the wages of labour, for it cannot be denied 
 that the real wages of the labourer, measured 
 in comforts, if not also the money wages, have 
 risen, and would have risen much more, if it 
 were not for the existence of gross injustice. 
 
 In a society increasing in numbers and in 
 industry, not only ground rent but also the 
 ordinary rent of land has a constant tendency 
 to increase. On the assumption that it has 
 been designed for the revenue of the sovereign, 
 it would meet the increasing expenditure 
 consequent on the increase of population. 
 As it increases in a prosperous society even
 
 What is Political Economy ? \ 43 
 
 more rapidly than the necessary expenditure, 
 it would enable the state to devote it more 
 largely to the purposes of further economic 
 and social improvement. These laws of a 
 diminishing interest and an increasing rent 
 point to a general rise in the level of comfort, 
 if the economical system were placed on a 
 sound basis. Under a landlord system, these 
 laws are prevented from having their full 
 effect on the condition of society. In countries 
 where land is held in freehold, like Switzer- 
 land and the Channel Islands, the laws of 
 diminishing interest and increasing rent and 
 wages are fully exemplified. This tendency 
 to equality is demonstrated in Lemma I. (On 
 the Method of Prime and Ultimate Ratio) of 
 Newton's " Principia." 
 
 Of Taxation. 
 
 In the discussions of the economists con- 
 cerning the causes of poverty, what appears
 
 144 Homology of Economic Justice. 
 
 most extraordinary is how little account they 
 take of taxation as it affects wages, and con- 
 sequently the condition of the great body of 
 the people. A large proportion of the produce 
 of labour and capital goes for the support of 
 the state. How is it obtained, and who pays 
 it ? Since the rent of land has been assigned 
 to landlords as private revenues, no in- 
 telligible principle of taxation has been pro- 
 pounded. It is true that Adam Smith pro- 
 pounded certain canons of taxation which, 
 it must be admitted, arc of a rather contra- 
 dictory nature. The only one of them which 
 Mr. Fawcctt considers worthy of reference is 
 to the effect that it is every man's duty to 
 contribute to the support of the state accord- 
 ing to his means. As the revenue cf Great 
 Britain is chiefly derived from customs and 
 excise, it falls almost entirely upon those who 
 have no means but their labour, and in this 
 way they are made to pay for the protection
 
 What is Political Economy? 145 
 
 of those who have means. Under this canon 
 the labourer ought to be entirely exempt 
 from taxation. There is, however, another 
 canon which Mr. Fawcett does not quote, 
 and the only reference he makes to its subject- 
 matter is for the purpose of applying that 
 code of ethics with which he informed us his 
 science had no concern. Land-tax having 
 been commuted, he holds that it would be 
 manifestly unjust to resume it. This, how- 
 ever, was not Adam Smith's opinion, for he 
 says, " Both ground rents and ordinary rent 
 of land are a species of revenue, which the 
 owner, in many cases, enjoys without any 
 care or attention of his own. Though a part 
 of this should be taken fnnn Jiitn in order to 
 defray the expenses of the state, no dis- 
 couragement will thereby be given to any 
 sort of industry. The annual produce of the 
 land and labour of society, the real wealth 
 and revenue of the great body of the people, 
 
 I,
 
 146 Homo logy of Economic Justice. 
 
 might be the same after such a tax as before. 
 Ground rents and the ordinary rent of land 
 are therefore, perhaps, the species of revenue 
 which can best bear to have a peculiar tax 
 imposed upon them." Mr. George goes very 
 little further in principle, although he 
 estimates economic rent at more than it 
 amounts to. He proposes nothing more 
 violent than to "take it from them" for the 
 support of the state. 
 
 Nothing can be more obvious than the fact 
 that the conversion of rent into private 
 revenues involves the necessity of obtaining 
 the expenses of the state from trade and 
 commerce, and that these taxes fall a burden 
 upon labour. To show this, let me illustrate 
 it by substituting taxes as a fourth term in 
 proportionals. It would run thus: As com- 
 pound wages are to rent so are taxes to price, 
 additively. Therefore, taxes, as we kno\v, 
 ntcr into the price of commodities. Now, if
 
 What is Political Economy? 147 
 
 rent were appropriated to the purposes of 
 state, it is evident that the taxation of com- 
 modities would be no longer necessary, and 
 that the real wages of labour, measured in 
 commodities, would be enhanced to that 
 extent. If we take the former figures and 
 state the problem in a direct form, it will be 
 80 : 20 : : 100 : 25. Taxes, therefore, amount 
 to 25 per cent, cut out of the produce of 
 industry, and these arc the taxes which 
 enable the landlords to live in luxury and 
 idleness. We cannot assign any rational 
 ground for the cause of rent, other than its 
 being designed for the revenue of the 
 sovereign, as representing society at large. 
 In support of this view I have much pleasure 
 in quoting the authority of Mr. Malthus, 
 who, although misled by erroneous views 
 regarding the cause of poverty, was a devout 
 believer, lie says, "It seems rather extra- 
 ordinary that the very great benefit which
 
 148 Homology of Economic Justice. 
 
 society derives from that surplus produce of 
 the land which, in the progress of society, 
 falls mainly to the landlord in the shape of 
 rent should not yet be fully understood and 
 acknowledged. I have called this a bounti- 
 ful gift of Providence, and am decidedly of 
 opinion that it fully deserves the appellation." 
 How great, therefore, must be the crime 
 which diverts God's gift from its destined use 
 to support an idle and prodigal class, who in 
 lieu of it impose international tariffs, the great 
 source of international disputes and quarrels ; 
 who license public places of resort for drunken- 
 ness and vice, and then soothe their guilty 
 consciences by severely taxing as a luxury the 
 parent of many a crime, on the hypocritical 
 plea of its being a preventive duty ! 
 
 It is sad to think that honourable men 
 should be unconsciously the cause of so much 
 wronor.
 
 What is Political Economy ? 1 49 
 
 Of a First Cause, 
 
 " The fool hath said in his heart, There is no 
 
 God." 
 
 Seeing that the cause of interest and profits 
 is derived from the cause of wages, the inquiry 
 carries us somewhat beyond physical pheno- 
 mena. Mr. Mill, so far as we can comprehend 
 his logic, placed it in the surplus yield of 
 land over and above the " cost of labour," 
 but in order, in some way, to reconcile this 
 theory with the proposition that labour is the 
 foundation of value, he varies it by saying 
 that it is because labour yields more than 
 what is necessary for its support. From this 
 last theory we must ascend a step further, by 
 inquiring, What is the cause of labour ? Why 
 does man appear, in this evolution, a naked 
 animal ? Why is the use of fuel necessary to 
 his existence, and the use of metals indis- 
 pensable to furnish him with the implements
 
 150 Homology of Economic Justice. 
 
 of labour ? " In form and moving so express 
 and admirable," with an inventive genius, a 
 capacity for mathematical problems, with 
 mental and moral attributes, and a sense of 
 justice, is he the mere product of matter, or 
 the creation of an Intelligible First Cause ? Is 
 mind the evolution of matter, or is the organi- 
 zation of matter the creation of Mind? The 
 economists would argue that their science 
 has nothing to do with such questions, and 
 this may be their reason for excluding ethics. 
 Mr. Mill devoted his whole life to the labour 
 of demonstrating that the system of nature, 
 including man, is the result of the laws of 
 matter, without a Lawgiver. \Ye cannot 
 conceive of laws without a lawgiver. ]?ishop 
 Berkeley argued that we could not, 1)}' the 
 laws of logic, prove the existence of matter 
 any more than we can prove the existence 
 of God. All we can say of matter is, " I see 
 it and feel it, and therefore I know that it
 
 What is Political Economy ? 151 
 
 exists." But can we not say the same 
 regarding God? Do I not sec Him in His 
 works, and feel Him in the working of my 
 soul? 
 
 Having followed up the inductive reasoning 
 of the physiocrats to this point, and shown 
 how they have inverted causes and effects, it 
 will be so much easier to demonstrate the 
 phenomena of industry, by accepting as truth 
 the ordinary apprehensions of mankind con- 
 cerning the existence of an Intelligent First 
 Cause, and of the soul as created in His own 
 image. The adaptation of nature, animate 
 and inanimate, to the wants and necessities of 
 man, under the condition of labour, makes it 
 a clear demonstration that it was prepared for 
 his appearance. Bishop Butler's view of this 
 important subject is not only forcible, but 
 very pertinent to the state of the world, and 
 the condition of thought at the present time, 
 lie says, "The analogy of the constitution
 
 152 Homology of Economic Justice. 
 
 and course of nature suggests and makes it 
 credible that the moral government of God is 
 a system, as distinguished from unconnected 
 and desultory acts of distributive justice ; and 
 likewise that it is, and must be, a system so 
 imperfectly comprehended by us as to afford 
 a general direct answer to all objections 
 against the goodness and justice of it. ... 
 Indeed, the natural and moral constitution 
 and government of the world are so connected 
 as to make up together but one scheme ; and 
 it is highly probable that the first is formed 
 and carried on in subserviency to the latter, 
 as the vegetable world is for animals, and 
 organized bodies for minds." 
 
 The Lau> Universal. 
 
 The late lamented Professor Jcvons enter- 
 tained a strong presentiment that economics 
 would be eventually demonstrated by mathe- 
 matics. His own theories of utility, ex-
 
 Wkat is Political Economy? 153 
 
 change, labour, and capital arc, of course, 
 necessarily erroneous, as he did not appre- 
 hend wherein consisted the essential elements 
 of these terms. Some of his remarks are 
 penetrating and ingenious ; but the most 
 valuable parts of his work* are the Preface to 
 the second edition, and "Concluding Remarks." 
 I make the following quotations from these 
 portions of the work : 
 
 " In any case," he says, " I hold that there 
 must arise a science of the development of 
 economic forms and relations. . . . The con- 
 clusion to which I am ever more clearly 
 coming is that the only hope of attaining a 
 true system of economics is to fling aside, 
 once and for ever, the mazy and preposterous 
 assumptions of the Ricardian school. Our 
 English economists have lived in a fool's 
 paradise. . . . Secondly, I feel sure that 
 when, casting ourselves free from the wage- 
 * " Theory of Political Economv."
 
 154 Homology of Economic Justice. 
 
 fund theory, the cost of production doctrine 
 of value, the natural rate of wages, and other 
 misleading or false Ricardian doctrines, we 
 begin to trace out clearly and simply the 
 results of a correct theory, it will not be 
 difficult to arrive at a true doctrine of wages. 
 . . . TJnis wages are clearly the effect, not 
 the cause of the vahtc of the produce. . . . 
 When at length a true system of economics 
 comes to be established, it will be seen that 
 that able but wrong-headed man, David 
 Ricardo, shunted the car of economic science 
 on to the wrong line, a line, however, on 
 which it was further urged towards confusion 
 by his equally able and wrong-headed ad- 
 mirer, John Stuart Mill." 
 
 I quote the following from his " Concluding 
 Remarks" to confirm in}- own reasoning, 
 which, indeed, was drawn up before I bought 
 and read the work. He says 
 
 " I do not remember to have seen it re-
 
 What is Political Economy ? 155 
 
 marked that it is an inversion of the problem 
 to treat labour as a varying quantity, when 
 we originally start with labour as the first 
 element of production, and aim at the most 
 economical employment of that labour. The 
 problem of economics may, as it seems to 
 me, be stated thus : Given a certain popu- 
 lation, with various needs and powers of pro- 
 duction, in possession of certain lands and 
 other sources of material ; required, the mode 
 of employing their labour which will maxi- 
 mize the utility of the produce. It is what 
 mathematicians would call a change of the 
 variable, afterwards to treat that labour as 
 variable which was originally a fixed quan- 
 tity. It really amounts to altering the con- 
 ditions of the problem so as to create at each 
 change a new problem. The same results, 
 however, would generally be obtained by 
 supposing the other conditions to vary. Given 
 a certain population, we may imagine the
 
 156 Homo logy of Economic Justice. 
 
 land and capital at their disposal to be greater 
 or less, and may then trace out the results 
 which will, in many respects, be applicable 
 respectively to a less or greater population 
 with the original land and capital." 
 
 I have made the foregoing quotations not 
 only to show the excellent discrimination of 
 Professor Jevons, but also to point out to the 
 reader the necessity of throwing aside all his 
 former prepossessions in favour of names to 
 which some authority attached in connection 
 with economics. 
 
 Having stated the homology of rewards, 
 or wages, in terms of proportionals, we now 
 come to a more difficult part of the subject 
 that of pure mathematics in which I 
 cannot profess to make more than mere 
 suggestions. In this field of thought we shall 
 have to treat of masses, forces, time, distance, 
 velocity, acceleration, and retardation. 
 
 Having resolved labour and capital into
 
 What is Political Economy? 157 
 
 forces, we have now to inquire if these are 
 governed by the law which governs the move- 
 ments of the heavenly bodies in their courses. 
 The forces of human labour are quantitative, 
 measurable, and proportional. They ought, 
 therefore, to conform to the law of ratios 
 which pervades the universe of forces. If 
 they do so we shall receive a beautiful proof 
 of the unity of design in the scheme of Nature. 
 In applying the definitions of Newton's 
 " Principia " to economic forces we ascend to 
 the poetry of mathematics the music of the 
 spheres ! and verify the apprehension of the 
 learned ancients, who rightly conjectured that 
 in man were engrossed all the laws of the 
 universe. 
 
 For the convenience of the reader, I quote 
 from the " Principia " such of the definitions 
 and explanations as appear to me to apply 
 to human masses and forces, leaving it to 
 practical mathematicians to expand upon the
 
 158 Homology of Economic Justice. 
 
 subject. My time, and limited knowledge of 
 the science, do not admit of my going into 
 minute details ; and, indeed, my object is to 
 direct the attention of others to fundamental 
 principles only : 
 
 " Dcf. i. Quantity of matter is the measure 
 of it arising from its density and bulk con- 
 jointly. 
 
 " Def. 2. The quantity of motion of a body 
 is the measure of it, arising from its velocity 
 and the quantity of matter conjointly. 
 
 " The motion of the whole body is the sum 
 of the motions of its several parts ; and 
 therefore in double the body with an equal 
 velocity there is double, and with double the 
 velocity quadruple the quantity of motion." 
 
 Example. In a town, or mass, of twenty 
 thousand inhabitants there is double the 
 force, or motion, that there is in a town of ten 
 thousand ; but if the velocity be doubled in 
 the former it will be quadruple of the latter.
 
 What is Political Economy? 159 
 
 " Dcf. 5. A centripetal force is one by which 
 bodies are drawn, impelled, or in any other way 
 tend from all parts towards some point as a 
 
 centre. 
 
 " The quantity of this centripetal force is 
 of three kinds absolute, accelerative, and 
 motive. 
 
 " Def. 6. The absolute quantity of a centri- 
 petal force is a measure of it which is greater 
 or less according to the efficacy of the cause 
 which propagates it from the centre through the 
 regions of space all round it. 
 
 "Just as magnetic force is greater in one 
 magnet and less in another, according to the 
 mass of the magnet or the intensity of the 
 magnetism." 
 
 Example. London is a great mass, with 
 the Bank of England as a magnet in the 
 centre. The wealth and energy of tin's great 
 mass propagate a centripetal force " through 
 the regions of space all round it."
 
 160 Homology of Economic Justice. 
 
 " Dcf. 7. The accelcrative quantity of a 
 centripetal force is a measure of it proportional 
 to the velocity which it generates in a given 
 time. 
 
 " Dcf. 8. T/ie motive quantity of a centri- 
 petal force is a measure of it proportional to t/ie 
 motion which it generates in a given time. 
 
 " These quantities of forces may for brevity 
 be called motive, accelcrative, and absolute 
 forces ; and, for the sake of distinctness, may 
 be ascribed severally to the bodies which tend 
 to the centre, to the positions of the bodies, 
 and to the centre of forces ; so that, in fact, 
 the motive force is ascribed to the body, as 
 if it were the effort of the whole composed 
 of the efforts of all its parts ; the accelerative 
 force to the position of the body, as if there 
 were diffused from the centre to all places 
 around it some poiver efficacious towards 
 moving bodies which are in those places ; and 
 the absolute force to the centre, as if at this
 
 What is Political Economy? 161 
 
 point there were situated something which was 
 the cause of motive forces being propagated 
 through space in all directions : whether that 
 cause be some central body (just as a magnet 
 is at the centre of magnetic force, or the 
 earth at the centre of gravitating force), or 
 any other cause which is not ascertained. 
 This is simply a mathematical conception ; 
 the physical causes and seats of the forces 
 arc not here considered. 
 
 " The accclcrative force is, then, to the 
 motive force as the velocity generated is to 
 the motion. For the quantity of motion 
 arises from the velocity and the quantity of 
 matter conjointly, and the motive force from 
 the accelerativc force and the quantity of the 
 same matter ; for the sum of the actions of 
 the accelerative force on the several particles 
 of a body is the motive force of the whole. 
 
 " Hence, at the surface of the earth, where 
 the accelerative gravity, or force of gravita- 
 
 M
 
 1 62 Homology of Economic Justice. 
 
 tion, is the same on all bodies, the motive 
 gravity, or weight, varies as the body ; but 
 if we ascend into regions where the accclcra- 
 tivc gravity is less, the weight will diminish 
 equally, and will be always as the body and 
 the accclcrative gravity conjointly. Thus in 
 regions where the accelcrative gravity is half 
 as great, the weight of a body half or a third 
 as great will be a fourth or a sixth as great.* 
 " Moreover, we may in the same sense speak 
 of attractions and impulses as accelerative 
 and motive. But the words, attraction, im- 
 pulse, tendency, of any body towards a centre, 
 may be used indifferently and promiscuously 
 one for another ; these forces being here 
 considered not in a physical, but only in a 
 mathematical sense. The reader should be- 
 
 * Tliis paragraph confirms what has been said 
 to be the law oi rent. Bodies must be understood as 
 masses of population. The accelerative f>rce con- 
 sists in means of conveyance and the instrument of 
 exchange.
 
 What is Political Economy ? 163 
 
 ware, in using words of this sort, of considering 
 them as defining the kind or manner of the 
 action, or their physical cause or reason ; or 
 of attributing to the centres (which are 
 mathematical points) forces in a real physical 
 sense, when it is said that the centres attract, 
 or that there arc forces at the centres." 
 
 In the onward progress of mankind popu- 
 lation gathers together in masses towards 
 centres of commerce. It is in such masses 
 that the forces of labour are most active. 
 The repeated remarks respecting the unknown 
 cause of efficacious power are very significant. 
 In respect of commerce and civilization we 
 know this power to be intellect, which receives 
 its greatest development in such centres. 
 
 In a mass the absolute force may be re- 
 garded as the inertia of all its particles ; the 
 motive force is the total efforts in creating 
 utilities ; and the accelerativc force applies to 
 all methods of conveyance and exchange.
 
 164 Homology of Economic Justice. 
 
 Now, it is clear that the absolute force de- 
 pends on the quantity in the mass ; the 
 amount of utility on the motive and accelera- 
 tive forces ; and if a portion of the mass be 
 idle, inert, or destructive, it acts as a retarding 
 force. Again, the accelerative force is to the 
 motive force as the velocity generated is to 
 the motion. We infer from this that the 
 greatest amount of utility is derived from 
 velocity. But velocity appertains to the 
 motive as well as it does to the accelerative 
 force, so that we may speak of these forces 
 simply as force. 
 
 The reader must be guarded against con- 
 fining the meaning of utility to material 
 objects, for the forces of labour arc bestowed 
 upon purposes of the greatest utility which do 
 not take a material form, such as governing, 
 teaching, cleansing, singing, and the like. 
 Now, utility is the object of all legitimate 
 labour, and we have already seen, by the
 
 What is Political Economy ? 165 
 
 homology of proportionals, as we might have 
 expected, that no provision has been made 
 for the idler. We must now see if the law of 
 gravitation has made any provision for him. 
 Utility is a function of three variables, of 
 which force, velocity, and time are the factors. 
 Let M stand for mass, or mankind, U for 
 utility, the object of the actions,/ for forces, 
 v for velocity, and / for time. We may then 
 state the equation as follows : 
 
 Mr =U 
 
 t 
 
 By parity of reasoning the conclusion is 
 unavoidable that the Author of nature has 
 made human labour the counterpart of His 
 own creative force, and the human intellect 
 the impress of His power : 
 
 "Helpless immortal ! insect infinite ! 
 X worm ! a god ! I tremble at myself. 
 And in myself am lost : at liome a stranger, 
 Thought wanders up and down, surprised, aghast, 
 And wond'ring at her own : how reason reels ! 
 O what a miracle to man is man,
 
 1 66 Homo logy of Economic Justice. 
 
 Triumphantly distress'd ! what joy, what dread ! 
 Alternately transported and alarm'd ! 
 What can preserve my life ? or what destroy ? 
 An angel's arm can't snatch me from the grave ; 
 Legions of angels can't confine me there. 
 
 'Tis past conjecture ; all things rise in proof ; 
 
 All, all on earth is shadow, all beyond 
 
 Is substance ; the reverse is folly's creed : 
 
 How solid all, where change shall be no more ! " 
 
 Of Commerce. 
 
 What is price ? The imaginative ancients 
 supplied Mercury, the messenger of the gods 
 and deity of commerce, with wings, so that 
 he might fly with the swiftness of light. The 
 electric telegraph has superseded the function 
 assigned to the son of Jupiter and Maia. 
 Time is money, and this "golden girdle" has 
 practically destroyed distance. In all com- 
 mercial employments the movements of prices 
 are watched with more intense interest than 
 the Queen's speech, or the votes of their 
 lordships. Every hour of the day and night
 
 What is Political Economy ? 1 67 
 
 messages are flashed by the hundred and 
 thousand to and from all parts of the world, 
 and yet we are told that all these mighty 
 and all-absorbing operations depend on "cost 
 of production." 
 
 The true poet has a keener insight into the 
 nature and causes of things than the crabbed 
 logicians of all the schools. Exactly one 
 hundred years ago, William Cowper published 
 the poem from which the following lines, on 
 the influence of commerce, are taken : 
 
 "Again the band of commerce was designed 
 To associate all the branches of mankind, 
 And if a boundless plenty be the robe, 
 Trade is the golden girdle of the globe. 
 Wise to promote whatever end he means, 
 God opens fruitful nature's various scenes. 
 Kach climate needs what other climes produce. 
 And offers something to the general use ; 
 Xo land but listens to the common call, 
 And in return receives supply from all. 
 This genial intercourse and mutual aid 
 Cheers what were else an universal shade. 
 Calls nature from her ivy-mantled den, 
 And softens human rockwork into men.
 
 1 68 Homology of Economic Justice. 
 
 Ingenious art, with her expressive face, 
 Steps forth to fashion and refine the race, 
 Not only fills necessity's demand, 
 But overcharges her capacious hand. 
 Capricious taste itself can crave no more 
 Than she supplies from her abounding store : 
 She strikes out all that luxury can ask, 
 And gains new vigour at her endless task. 
 Hers is the spacious arch, the shapely spire, 
 The painter's pencil and the poet's lyre ; 
 From her the canvas borrows light and shade, 
 And verse, more lasting, hues that never fade. 
 She guides the fingers o'er the dancing keys, 
 Gives difficulty all the grace of ease, 
 And pours a torrent of sweet notes around, 
 Fast as the thirsting car ran drink the sound. 
 These are the gifts of art, and art thrives most 
 Where commerce has enriched the busy roast ; 
 He catches all improvements in his flight, 
 Spreads foreign wonders in his country's sight, 
 Imports what others have invented well, 
 And stirs his own to match them or excel. 
 'Tis thus reciprocating each with each 
 Alternately the nations learn and teach ; 
 While Providence enjoins to every soul 
 An union with the vast terraqueous whole.' 1 
 
 Since these beautiful lines were written what 
 progress has been made in commerce and
 
 J Vliat is Political Economy ? \ 69 
 
 the arts ! It exceeds the liveliest imagination 
 of the poet and the dream of the romancer. 
 We cannot realize the magnitude of the 
 wealth that has been created and accumulated 
 in that short space of human history, and as 
 little arc we able to compare our own enjoy- 
 ments of life with the privations, inconveni- 
 ences, and want of security which existed in 
 Europe at the close of last century. Having 
 shown that profits and wages, as well as rent, 
 depend on price, we come to the important 
 conclusion that commerce is the source of 
 wealth. Consequently the value which is 
 attributed to the " inherent capabilities of the 
 soil " is a pernicious delusion. 
 
 The history of commerce is the history of 
 civili/ation. This view is fully established by 
 the facts of history. Before the introduction 
 of money as an instrument of exchange, there 
 is no record of any nation having made any 
 progress in the useful arts or in civilization.
 
 170 Homology of Economic Justice. 
 
 The cities of Greece and of Asia Minor owed 
 their celebrity and power to commerce, and 
 Alexandria was as noted for its wealth as 
 for its library. Even Euclid was drawn 
 thither by price ! 
 
 The laws of Sparta forbade the use of 
 money, but the citizens (who were landlords) 
 were compelled to live in great simplicity, 
 even although they possessed ample fields 
 cultivated by helots. Sparta produced neither 
 wealth nor culture, and there could not have 
 been any rent, or what we understand by 
 wages and profits. The Spartans were com- 
 munists, but there was no real liberty, for their 
 laws were stern and despotic. Athens, indeed, 
 like all ancient states, was disgraced by the 
 institution of slavery, although of a milder 
 kind than that of Sparta, but she allowed the 
 use of money, and had a large shipping and 
 an extensive commerce, and consequently an 
 advanced civilization.
 
 What is Political Economy ? 171 
 
 The palmiest days of ancient Rome were 
 those of peace and commerce. Her decline 
 and fall were due to the incursion of pre- 
 datory hordes, more than to the existence 
 of large estates, although doubtless these 
 contributed to her downfall by the oppression 
 and poverty, and consequent decline, of the 
 population, who had lost all sense of freedom. 
 With the loss of her commerce, the want of 
 security to wealth, the power of Rome dis- 
 appeared, and the world relapsed again into 
 a chaos of confusion. 
 
 The next revival of commerce and civiliza- 
 tion was in the Italian republics of the 
 Middle Ages. Divided against each other 
 by mutual jealousies and foolish rivalries, 
 the\" had a hard struggle for existence, and 
 finally succumbed to the tyranny ot the 
 Church, aided and abetted by the predator}- 
 avarice of the feudal lords. These savage 
 idlers had often to be expelled the city, as
 
 172 H ontology of Economic Justice. 
 
 they and their followers were prone to inter- 
 rupt the traffic and alarm the peaceable 
 citizens, by setting up barricades in the streets 
 in order to conduct war on their own account, 
 like the Highland chieftains, when they could 
 rob no one else. Sismondi tells us that the 
 Tuscan and Lombard merchants were hardly 
 less fortunate in their foreign traffic, than 
 they were in their domestic affairs. He says, 
 " The arts of necessity and of luxury had 
 been cultivated with no less success than the 
 fine arts ; in every street, warehouses and shops 
 displayed the wealth that Italy and Flanders 
 only knew how to produce. It excited the 
 astonishment and cupidity of the French and 
 German adventurer, who came to find em- 
 ployment in Italy, and who had no other 
 exchange to make than his blood against the 
 rich stuffs and brilliant arms which he coveted. 
 The Tuscan and Lombard merchants, how- 
 ever, trafficked in the barbarous regions of
 
 WJiat is Political Economy? 173 
 
 the West, to carry there the produce of their 
 industry. Attracted by the franchises of the 
 fairs of Champagne and Lyons, they went 
 thither, as well to barter their goods as to lend 
 their capital at interest to the nobles, habitu- 
 ally loaded with debt ; though at the risk 
 of finding themselves arrested, their wealth 
 confiscated, by order of the King of France, 
 and their lives, too, sometimes endangered 
 by sanctioned robbers, under pretext of 
 repressing usury." 
 
 Expelled from Italy, commerce and freedom 
 made the next start in Holland and the 
 Hanseatic towns, and finally took refuge in 
 these " fortunate islands," from there to re- 
 invigorate the world ; so that England, 
 
 " .Mother of dawn, rosy-fingered morning," 
 
 might set forth " to fashion and refine the 
 race," over the wide amplitude of her do- 
 minions.
 
 1 74 Homology of Economic Justice. 
 
 Money, then, is the instrument of com- 
 merce, by which the value of all things is 
 measured, compared, and exchanged. Price 
 is its expression, by which we receive in- 
 telligence of our pro fir or loss, and by which 
 we judge whether a profit can be made by 
 a purchase in one place and sale in another, 
 or by purchase at one time and sale at 
 another. We thus naturally conclude that 
 profit depends on purchase and sale, which 
 we effect by means of price. 
 
 A word on value. Almost enough has 
 already been said to show the reader that a 
 false conception regarding causes and effects 
 has led to the use of words in an erroneous 
 sense. It has been thought by M. Bastiat 
 and others that a misunderstanding, or mis- 
 application, of the word "value" has led to all 
 the confusion of ideas on economics, but it 
 is only one in a whole series. Now, the idea 
 of value is an abstract idea, and price is the
 
 What is Political Economy? 175 
 
 concrete expression for it. Price is the only 
 means we have of measuring it. We measure 
 the ratio of all things by means of price. 
 Value is, therefore, an idea of ratio concern- 
 ing the comparative utility of things ex- 
 changed, and price is the common measure 
 
 by which we estimate these ratios.* 
 
 The attribution of value to land, in order 
 
 to account for rent, has inverted the whole 
 
 logic of the subject. 
 
 There arises from this the notion that 
 
 towns depend more upon agriculture than 
 
 agriculture does upon towns. Here the econo- 
 
 * As the word exchange refers to movables, it is 
 some\vhut contradictory to apply the expression ' ex- 
 change value "' to that which is fixed. We exchange 
 t/u'ii^'s of our o\vn make : we have no right to ex- 
 change the things of (lod. "And Jesus went into the 
 temple of God, and cast out all them that sold and 
 bought in the temple, and overthrew the tables of the 
 money-changers, and the seats of them that sold 
 doves, and said unto them, It is written, My house 
 shall be called the house of prayer ; but ye have made 
 it a den of thieves.' 1
 
 176 Homology of Economic Justice. 
 
 mists would establish the same antagonism 
 between town and country as they have done 
 between labour and capital. It is clear that 
 these two great interests arc interdependent 
 and harmonious ; but if we make a distinction 
 at all, the reverse of this case is nearer the 
 truth, and the reason for it is clear. 
 
 In ancient times, it was supposed that 
 population gathered together in towns for 
 the purposes of defence and mutual protec- 
 tion. If this were the cause, modern cities 
 are singularly destitute of those bulwarks 
 which induced the ancients to construct cities. 
 The citi/cns of great cities will act more 
 wisely by demolishing all such useless and 
 dangerous defences. 
 
 The truth is that in towns a great saving 
 of time is effected, and labour is rendered 
 more efficient by the subdivision of functions. 
 Labour is not so continuous and persistent 
 in the country. In towns exchanges are
 
 What is Political Economy ? 1 77 
 
 effected with ease and rapidity, and it is from 
 these centres that the instruments of labour, 
 and most of the commodities necessary to the 
 agriculturist, are supplied. On the other hand, 
 it is the inhabitants of towns who pay the price 
 of the produce which yields the rent and 
 profits. Therefore the country depends on the 
 towns more than the towns on the country. 
 
 Professor Walker, of Boston ("Land and 
 its Rent." Macmillan), who claims to be, 
 like Mr. George, whose doctrines are very 
 distasteful to him, "a Ricardian of the 
 Ricardians," writes as follows : " The objec- 
 tion to common ownership of land, which 
 arises from the liability to abuse and waste 
 (sic], disappears, of course, when building land 
 and town sites are brought under considera- 
 tion ; and so greatly is the problem simplified 
 that Dr. Adolph \Yagncr, the illustrious * I'ro- 
 
 Hy a process of cla~cin^ one another political 
 economists have all become illustrious !
 
 1 78 Homology of Economic Justice. 
 
 fcssor of Political Economy in the University 
 of Berlin, has proposed that the municipali- 
 ties should purchase all town property, in 
 order to realize therefrom the progressive 
 increase of values. It is perhaps worth 
 noting that Professor Wagner's scheme, if 
 practicable, would fail to satisfy all the 
 equities of the case, since the growth of towns 
 and cities is largely due to the ' exertions 
 and sacrifices' of the rural communities by 
 which they are surrounded, and which would 
 have a strong claim to be admitted to a par- 
 ticipation in the 'unearned increment' of 
 land situated in the towns and cities to which 
 they thus contribute." 
 
 When doctors differ what hope can there 
 be for the life of the patient? Our ex- 
 perience on this side is that cities grow, whilst 
 the country decays. Between the Ricar- 
 dianism of Mr. George and of Professor Walker 
 there is not much to choose.
 
 What is Political Economy ? 1 79 
 
 Of the Beautiful. 
 
 In this short essay, it is not my intention 
 to enlarge upon the many interesting branches 
 into which economic science divides itself, 
 \vhcn apprehended in a correct light. Being 
 based, as Aristotle conceived it, upon man's 
 intellectual and moral faculties, I shall merely 
 cite two elements of our nature to show their 
 great influence upon human industry in the 
 creation and distribution of wealth. 
 
 Taste has been said to depend on the 
 association of ideas. With regard to the as- 
 sociation of ideas, however, it takes various 
 forms. Our ideas concerning the useful will 
 resolve themselves into what we conceive 
 to be most effective, and least costly, for 
 performing the purpose we have in view. 
 For this purpose simple forms are the best, 
 and are, therefore considered the most beau- 
 tiful, or, at least, less incongruous than when 
 loaded with ornamentation.
 
 i8o Homology of Economic Justice. 
 
 Architecture combines the useful and or- 
 namental. For purposes of utility buildings 
 arc designed of a solid and sombre descrip- 
 tion. When the owner is wealthy, he desires 
 to display taste, so as to combine enjoyment 
 with utility. He desires to attract attention 
 and admiration. 
 
 With regard to the imitative arts, nature 
 is the pattern, and the closer the artist arrives 
 at a perfect representation the more we ad- 
 mire his works. It is because nature inspires 
 us with love and admiration of her beauties, 
 that we delight to surround ourselves with re- 
 presentations of her. The poet puts in words 
 what the painter represents on his canvas. 
 
 In respect of our furniture, we seek after 
 graceful forms, and pay for skill and taste 
 in the workman. Nature supplies us with 
 the combinations and shades of colour which 
 guide us in our choice of carpets and 
 hangings.
 
 What is Political Economy ? 1 8 1 
 
 The mutual admiration and affinity of the 
 sexes promote a love of dress and finery. 
 
 The humble peasant or artisan, who owns 
 his house and little plot of land, bestows 
 labour and displays taste on the cultivation 
 of trees and flowers. He desires to have 
 tasteful, even if inexpensive, furniture. If 
 his walls are not hung with paintings by the 
 masters, his wife invests her little economics 
 in prints and lithographs. Some favourite 
 poets and classic authors, in their neat bind- 
 ings, arc also to be found in such homes. 
 
 Without enumerating at greater length the 
 various trades and professions which arc de- 
 voted to the beautiful, for contributing to 
 human pleasure and happiness, I shall merely 
 ask the reader to recall to mind the " iron 
 laws" of the science of food and fecundity. 
 
 T>y his ingenuity man may yet be able to 
 extract food from the materials of the earth 
 without waiting for the return of the seasons.
 
 1 82 Homology of Economic Justice. 
 
 Of Sympathy and Benevolence. 
 
 The economists have made selfishness the 
 sole motive for human effort in the acquisi- 
 tion of wealth. If they mean this to apply 
 to landlords as a class, perhaps no great 
 objection can be urged against it No doubt 
 the desire for ostentation and selfish enjoy- 
 ment is the most powerful element ; but it 
 would be taking a very narrow view of life 
 to exclude from that desire of enjoyment the 
 luxury of doing good. The love and appro- 
 bation of society and of posterity act very 
 powerfully on virtuous natures. How many 
 men of fortune there arc, especially in com- 
 merce, who care very little for money-making 
 for its own sake, and except so far as it 
 enables them to be of use to others ? At 
 the present time, when a Royal Commission 
 is inquiring into the question of housing the 
 working classes of London, what a satire upon
 
 What is Political Economy? 183 
 
 ducal leaseholds, and upon ducal selfishness, 
 is furnished by the munificent gift of George 
 Pcabody ! I never pass that statue without 
 looking into the benevolent countenance of 
 the American merchant, and remarking to 
 myself respecting the nobility of soul that 
 animated his actions in the pursuit of riches. 
 In the creation and distribution of wealth 
 great account must be taken of the human 
 virtues, and no stronger argument can be 
 
 o o 
 
 used against a system of communism, which 
 would reduce mankind to a dead level, and 
 deprive individuals of this powerful spring 
 of human action, which the Author of nature 
 placed in us for beneficent purposes. 
 
 At the time of the last famine in India the 
 Lord Mayor of London obtained half a mil- 
 lion of money for the relief of the starve- 
 lings. That was a very gratifying expression 
 of sympathy toward our Indian fellow-sub- 
 jects. Two years later, there was a famine
 
 184 Homology of Economic Justice. 
 
 in Ireland, and India returned a widow's mite. 
 These reciprocating kindnesses are the effects 
 of commerce. In every large commercial 
 community sympathy performs a most im- 
 portant function in the distribution of wealth, 
 and if our economical system were based 
 upon pre-established law, I believe that there 
 would be no case of unavoidable indigence 
 
 o 
 
 which could not be met by voluntary pri- 
 vate benevolence. 
 
 As no remark of mine can approach, in 
 precision or elegance, the exposition of Mon- 
 tesquieu, I quote the following passages in 
 support of my argument regarding the in- 
 fluence of commerce. He says, "True is it 
 that when a democracy is founded on com- 
 merce, private people may acquire vast riches 
 without a corruption of morals. This is be- 
 cause the spirit of commerce is naturally 
 attended with that of frugality, economy, 
 moderation, labour, prudence, tranquillity,
 
 What is Political Economy ? 185 
 
 order, and rule. So long as this spirit sub- 
 sists, the riches it produces have no bad 
 effects. The mischief is, when excessive 
 wealth destroys the spirit of commerce, then 
 it is that the inconveniences of inequality 
 begin to be felt. 
 
 " In order to support this spirit, commerce 
 should be carried on by the principal citizens ; 
 this should be their sole aim and study ; this 
 the chief object of the laws : and these very 
 laws, by dividing the estates of individuals 
 in proportion to the increase of commerce, 
 should set every poor citizen so far at his 
 case as to be able to work like the rest, and 
 every wealthy citizen in such a mediocrity 
 as to be obliged to take some pains either 
 iii preserving or acquiring a fortune. 
 
 " It is an excellent law in a trading republic 
 to make an equal division of the paternal 
 estate among the children. The consequence 
 of this is, that how great soever a fortune the
 
 1 86 Homology of Economic Justice. 
 
 father has made, his children, being not so 
 rich as he, arc induced to avoid luxury, and 
 to work as he has done. I speak here only 
 of trading republics ; as to those that have 
 no commerce, the legislator must pursue 
 quite different measures. 
 
 " In Greece there were two sorts of re- 
 publics : the one military, like Sparta ; the 
 other commercial, as Athens. In the former 
 the citizens were obliged to be idle ; in the 
 hitler, endeavours were used to inspire them 
 with the love of industry and labour. Solon 
 made idleness a crime, and insisted that each 
 citi/en should give an account of his manner 
 of getting a livelihood. And, indeed, in a 
 well-regulated democracy, where people's 
 expenses should extend only to what is 
 necessary, every one ought to h.ivc it, for 
 how should their wants be otherwise sup- 
 plied ? "
 
 What is Political Economy ? 187 
 
 Of Civilization. 
 
 Those who have made the philosophy of 
 history a study, have placed the intellectual 
 and moral faculties in the same position of 
 antagonism as the economists have placed 
 labour and capital. Mr. Buckle has made the 
 moral laws to depend on the intellectual, and 
 Comte, in his " Positive Philosophy," * gives 
 the preference to the influences of the heart. 
 Now, it seems to me that both these theories 
 are imperfect. The moral attributes are fixed 
 la\vs, and may be found as perfect among 
 peoples whom we regard as uncivilized, as 
 they are among the must advanced. The 
 
 * It \vouM he pity to m;ikc the physiologists and 
 p-y< h 'lo_;i.-,ts lo-ic conceit ol tlii-ir philosophies, hut 
 li;im:in jjr r ;iv>s no moiv depends upon them than it 
 dil on the lahours of the schoolmen. Comte, Mill, 
 and Spemvr nu_;ht have heen ot Mime use to man- 
 hi i! 1 !>/ the invention o! a tool, or the discovery of 
 011 single (act in science or in nature. '1'heir in- 
 lluence on thought m;iy retard, hut it cannot advance 
 civil:/. ition.
 
 1 88 Homology of Economic Justice. 
 
 Buddhists, for example, have only five com- 
 mandments, and they are as moral as Chris- 
 tians, with double the number. The truth is, 
 that intellect is the motive power, and the 
 moral attributes are the lubricants which 
 keep the joints and cranks of the intricate 
 machinery of society in smooth working order. 
 
 We can make no fresh discoveries in 
 morals, or in the laws of mind. God has 
 established harmony : it is we who make the 
 discord. Labour and the genius for con- 
 trivance are the instruments by which the 
 onward progress of society is carried on, and 
 commerce distributes the benefits which arise 
 from this creative force. War, theft, robbery, 
 and idleness, with their other attendant vices, 
 retarded or destroyed human progress in 
 every age, and still retard and threaten our 
 advancing civilization. 
 
 The highest conception which man can 
 form of the dignity of his nature is, that he
 
 What is Political Economy ? 1 89 
 
 is the temple of the living God, and in im- 
 mediate communion with his Maker, respon- 
 sible to Him for all his thoughts, words, and 
 actions. In the intellectual and moral spheres, 
 as in the sphere of labour, tyranny must give 
 way to perfect freedom, in order to establish, 
 to the fullest extent, a sense of individual 
 responsibility under just laws.
 
 CHAPTER IV. 
 
 OF "UNPRODUCTIVE LABOURERS." 
 
 TlIK definitions of the science of food and 
 fecundity convey their own contradiction. 
 "In all labour there is profit.'' IIo\v, then, 
 can there be unproductive labourers ? The 
 materialists would have it that human life 
 and happiness depend on the produce of 
 labour which consists of tangible commo- 
 dities. There is no lawful and legitimate 
 labour which is not productive of profit. The 
 working man's wife or domestic servant 
 cooks his food and performs the other u-cful 
 offices of the household. This saves him 
 time to devote to the production of more 
 than he could accomplish if lie had to cook
 
 Of "Unproductive Labourers' 1 191 
 
 his o\vn food, and attend to his other house- 
 hold affairs. It is evident also that the 
 physician's labour is productive of health, and 
 the clergyman's of good morals. These con- 
 tribute to the production of other commo- 
 dities. The one helps to conserve energy, 
 and the other inculcates the virtues of pru- 
 dence, temperance, and thrift. The artist's 
 labour is productive of taste and refinement ; 
 the schoolmaster's and professor's, of intel- 
 lectual development. The literary man's 
 labour is productive of instruction, which 
 cultivates the intellect and tends to develop 
 skill. The musician's labour is productive of 
 refined pleasure, and the actor's of amuse- 
 ment and instruction. The merchant's labour 
 is, perhaps, the most productive of all, as 
 much time is saved in the exchange of com- 
 modities, and so with all others who are 
 engaged in the business of exchange. 
 
 The only unproductive labourers are those
 
 192 Homology of Economic Justice. 
 
 who are engaged in the service of idleness, 
 gambling, vice, and destruction. In the first 
 class are the servants of landlords, such as 
 factors and gamekeepers. To these may be 
 added racehorses and dogs, with their grooms 
 and keepers. In the second class I may men- 
 tion gamblers on the Stock Exchange who do 
 not take over the stocks they pretend to buy 
 and sell. They arc as bad as gamblers on 
 the racecourse. Those who arc engaged in 
 the service of vice need not be enumerated. 
 Soldiers, in excess of the number required for 
 protective purposes, are a great tax on labour, 
 and the mercantile and industrious classes 
 ought to raise their voice against the huge 
 armies of the Continent, which threaten the 
 general peace of the world. It is against 
 these unproductive labourers that the work- 
 ing classes, in the plenitude of their power, 
 must give their votes. 
 
 Having thus referred to another misleading 1
 
 Of " Unproductive Labourers" 193 
 
 expression of the economists, I may also 
 mention the definition of rent given by Mr. 
 Mill. " Unearned increment " is a solecism, 
 which assumes that labour produces a surplus. 
 Having resolved it into a geometrical pro- 
 portional, designed for the wages of the 
 sovereign and of all public servants, we 
 must assume that they do not earn their 
 wages, which is contrary to fact. There is, 
 therefore, no surplus, and nothing unearned, 
 in a society constituted on principles of 
 justice. 
 
 In like manner, the definition " natural 
 monopoly," as applied to land, proceeds from 
 the same confusion of ideas regarding causes 
 and effects. Land is natural power, and 
 all monopolies are human institutions. The 
 exercise of power and tyranny by landlords 
 is analogous to monopoly, but land itself is 
 not a monopoly. The abolition ol landlord 
 power would establish perfect Ireedom, and 
 
 O
 
 194 H ontology of Economic Justice. 
 
 under such an economy it would be absurd 
 to say that land was a monopoly. 
 
 Human Nature. 
 
 Human nature being made up of two 
 elements, the intellectual and animal, the 
 expression, when loosely used, is a sort of 
 solecism. In the conduct of human affairs, 
 it is evident that the animal passions and 
 propensities must be brought into subjection 
 to the intellectual and moral. Human pro- 
 cress consists in these victories. Now. it is 
 
 o 
 
 obvious that landlordism is antagonistic to 
 the development of intellectual and moral 
 progress. This is very clearly proved by a 
 remarkable conversation which took place 
 between Lord Napier, the Chairman of the 
 Crofters' Commission, and a General Burroughs, 
 a landlord in the Orkney Islands. 
 
 At a meeting in Kirkwall, the Rev. Archi- 
 bald MacCallum gave very damaging evidence
 
 Of "Unproductive Labourers'.' 195 
 
 regarding the tyranny and oppression practised 
 on the estate of General Burroughs. On Mr. 
 James Leonard being called to give evidence, 
 observing General Burroughs in the court, he 
 said, " Being a delegate from the crofters 
 in Rousay, I have been asked to make a 
 special request for them, and that is, that 
 our proprietor will injure no person for 
 giving evidence before the Royal Commission." 
 
 The Chairman : Is the proprietor or factor 
 present ? 
 
 Witness : I think they arc both present. 
 
 The General : 1 am the proprietor, and my 
 factor is also present. 
 
 The Chairman : Is General Burroughs pre- 
 pared to give an assurance to the tenants 
 on his property that no prejudice will happen 
 to them in consequence; of what they state ? 
 
 The General : I am not prepared to do so. 
 It is contrary to human nature that I could 
 treat a man who snoke of me so inimical'.v
 
 196 Homology of Economic Justice. 
 
 as one or two have done here, in the same 
 way as other men who are friendly disposed. 
 Whatever I might say, my feelings could not 
 be so, after the people have vilified me as 
 they have done to-day. 
 
 The Chairman : You are not prepared to 
 give that assurance ? 
 
 The General : I am not prepared to do so. 
 
 The Chairman : You are aw r arc that you 
 will have an opportunity, either in person or 
 through your factor, of making any statement 
 you please afterwards ? 
 
 The General : Yes. 
 
 The Chairman : But notwithstanding that, 
 you arc not prepared to give any assurance ? 
 
 The General : I cannot have the same 
 feeling towards them. I have tried to do 
 my duty as honourably and justly as I could 
 all my life, with these tenants as with every- 
 body else, and I cannot have the same feel- 
 ings towards men who have come forward
 
 Of " Unproductive Labourers" 197 
 
 and stated the things that have been stated 
 here. It is contrary to human nature to be 
 so friendly disposed to them as to others 
 \vho do not make these complaints. 
 
 The Chairman : But, General Burroughs, 
 if I may take the liberty of saying so, I 
 have not asked about the state of your feel- 
 ings to\vards them ; I have asked you in 
 respect of your intentions towards them. 
 
 The General : My intentions would be for 
 them to go away simply. They are not 
 slaves, they are free men, and need not re- 
 main here if they don't like. If they are 
 not satisfied here they can go away. That 
 is my feeling. Is the property mine, or is 
 it not mine ? If it is mine, surely I can do 
 what I consider best for it? If these people 
 are not contented and happy they can go 
 away." 
 
 Now, it must be admitted that General 
 Burroughs is perfectly correct, and that he
 
 19$ Homology of Economic Justice. 
 
 has depicted landlordism in its true colours. 
 It is contrary to human nature that the 
 tyrant should be anything else than a tyrant 
 toward those over whom he holds power. 
 It is contrary to human nature that the 
 slave-owner should be just and merciful 
 toward slaves who may complain of his 
 harshness, but only to that side of human 
 nature which is selfish and brutish. He is 
 in error, however, in supposing that the land 
 is his, for, as has been already explained, 
 what is really his is the right of taxing 
 others for the use of it. He is also in error 
 in supposing the inhabitants to be free men, 
 for John Locke, in the chapter on Power 
 and Freedom, very correctly observes that a 
 person is not free unless he is at liberty to 
 remain as well as to go away "simply" 
 
 The power which General Burroughs claims 
 as a right is contrary to freedom and justice, 
 and therefore to the virtuous side of human
 
 Of "Unproductive Labourers." 199 
 
 nature. It is not the least calamitous effect 
 of this fundamentally vicious institution that 
 a gallant general should exhibit himself in 
 the character of a moral coward, not pre- 
 pared to rebut the evidence of his tenants, 
 but rather to hold over them the fear of 
 Highland liberty! * 
 
 TJie Abolition of Landlordism. 
 
 In the first chapter of this essay, attention 
 was directed to the important distinction 
 between private property in land and land- 
 lordism. In the subsequent chapters it has 
 been demonstrated that, by an evident law 
 of trade and commerce, a residuum, like 
 manna from heaven, reverts on the super- 
 ficies, which, on clear principles of justice 
 and equality, is designed for the revenue of 
 
 * As geometrical progression has been so Ion;.; 
 applied ///rv;'.v<-/r to that brave land, let us hope that 
 Lord Xapier may be commissioned to apply some 
 table of logarithms direct lv.
 
 2oo H ontology of Economic Justice. 
 
 the state. It is the usurpation of this gift, 
 and its conversion into private revenues, that 
 constitutes landlordism. Seeing that all the 
 gifts of nature are gratuitous, it is impossible 
 to believe that these can be taxed by a 
 privileged oligarchy without the tax falling 
 a burden upon society in some form or other. 
 The fact that it does so is clearly proved 
 by the substitution of indirect taxes in lieu 
 of rent, or land-tax. This provision having 
 been beneficently made for the civil and 
 moral government of society, it appears that 
 poivcr in the moral world is also gratuitous. 
 It is, therefore, labour alone that is onerous, 
 and it receives, by the la\v of geometrical 
 proportion, its full reward, without any deduc- 
 tion, according to ratio. 
 
 The Government of every country may 
 freely allot land to any extent to the 
 subject, if the right to tax the use of it, 
 by leasing it out to others, is placed under
 
 Of " Unproductive Labourers." 201 
 
 prohibition. Without bestowing labour upon 
 it, it will yield nothing to the owner, and 
 being liable for the state tax he will be 
 under the necessity, sooner or later, to use 
 it industrially, or to sell it. Under this 
 reservation, the more land that is appro- 
 priated in private property the better it will 
 be for society, as his own interest will com- 
 pel the owner to be industrious. \Ye see, 
 then, that landlordism, in every country, 
 consists in lending it out to others, and, in 
 this way, he makes it a means of usury. 
 This enables him to engross more and more 
 of it, and, in exercising this power over it, 
 he makes it a means of tyranny and oppres- 
 sion over the inhabitants. Besides this, land 
 is a great thief, for everything that falls 
 upon it clings to it, and the landlord claims 
 it. Landlordism is a cunning device for 
 practising robber}'. 
 
 Nothing which is not the produce of labour
 
 2O2 Homology of Economic Justice. 
 
 constitutes property, the taking of which can 
 be regarded as theft. Yet the ground land- 
 lord, in the most unblushing manner, steals 
 houses which were built by others, and the 
 owner of waste lands steals in the same way 
 the labour of the farmer who constructed a 
 food factory out of the inert materials of the 
 earth. He says to the one, " You may have 
 a terminable annuity of ninety-nine years out 
 of your house ; " and to the other, " You may 
 have a terminable annuity of nineteen years 
 of your food factory. I alone am perpetual." 
 This is the reason why socialists say that 
 private property in land is theft, and it must 
 be allowed that the}- have very good ground 
 for saying so, when economists make no dis- 
 tinction between private property in rent and 
 private property in land. If the command, 
 " Thou shalt not steal," be held to be of 
 binding obligation, it is imperative to abolish 
 landlordism.
 
 Of "Unproductive Labourers." 203 
 
 But the landlord will ask me, " May I not 
 lease my land as well as you may lease your 
 house ? In my case, at least, I reclaimed it 
 at my own expense, and built all the offices 
 and enclosures." My answer to this is, that 
 it is contrary to sound public policy, and in- 
 compatible with a fundamental law, which 
 may be made capable of universal application, 
 to permit the privilege. There is no necessary 
 limit to the building of houses. Being built on 
 the perpendicular, something may be added to 
 the height if they cannot be enlarged in length 
 or depth. Land being built on the horizon- 
 tal, you cannot add one inch to Middlesex 
 uithout taking it from one of the adjoining 
 counties. It is, there-lore, obvious that thcic 
 is a great difference between the perpendicular 
 and the hori/untul, although it is difficult to 
 convince some landlords oi the (act. Owing 
 to the increase ol population, the pressure of 
 demand falls on the superficies, and the only
 
 2O4 Homology of Economic Justice. 
 
 way to meet it is by subdivision in ownership, 
 which will take place by the natural law of 
 society, as has been pointed out by Montes- 
 quieu to be the rule with regard to com- 
 mercial property. In the progress of society 
 five acres of land may afford as good an 
 income now as fifty, or even a hundred, did a 
 few generations back. When the privilege 
 of leasing is allowed, the owner is in a posi- 
 tion to speculate on the necessity of others, 
 and to take advantage of their necessity, 
 which is immoral and oppressive. Therefore 
 the land and its improvements ought never to 
 be held except in occupying freehold. In 
 respect of agricultural land it is capable of 
 improvement by the application of manures 
 and other constituents, or of deterioration by 
 neglect or exhaustion, and it is impossible to 
 value the degrees of labour or neglect. Be- 
 sides this, the changes in the demand for 
 different commodities are so frequent that th;-
 
 Of "Unproductive Labourers" 205 
 
 farmer would require to be perfectly free to 
 adapt his industry to suit the market. It is 
 impossible to foresee the purposes to which it 
 might be most to his advantage to devote the 
 land. The transaction is, therefore, unnatural 
 as well as unjust. 
 
 A Laic for all Nations. 
 
 Seeing that landlordism is contrary to 
 sound public policy, highly immoral in its 
 origin and practices, and dangerous to the 
 peace of the world, it is the duty of every 
 virtuous society to hold no parley with it, but 
 to abulish it by edict. It ought to be a law of 
 all nations, "Thou shalt not lend land, nor 
 charge usury on the gratuitous :;ifts of God, 
 for the oppression of thy brother." It may 
 be appropriated lor the bestowal o! labour 
 upon it ; it may be bought and sold, engrossed 
 and subdivided, \\iiled and bequeathed, but 
 n.'t lea>ed. The Morions rei'ii ol < Hicen
 
 2o5 Homology of Economic Justice. 
 
 Victoria would very appropriately culminate 
 in the promulgation of this universal law of 
 freedom, justice, and equality ; so that 
 Britannia, which has been an example to 
 other nations in constitutional government, 
 in toleration, in the emancipation of slaves, 
 in the initiation of free trade principles, might 
 in a very real sense continue to be " a nursing 
 mother to all nations." 
 
 If seven years be allowed to landlords to 
 alienate and sell their estates piecemeal, it 
 will afford them ample time, and deprive 
 them of all ground of complaint. They will 
 only do by force of law what they already 
 cla ; m the right to do by choice. All attempts 
 to protect occupiers by giving them fixitv of 
 tenure, valuation rents, and compensation for 
 improvements must fail to correct what is 
 fundamentally wrong, whilst such legislation 
 would tend to deprive landlords of the benefit 
 (f a competition price in case of '-ale. For
 
 Of " Unproductive Labourers" 207 
 
 seven years more they ought to be allowed 
 the power of removal and eviction, which 
 they have so long and so rigorously exercised. 
 
 The Substitution of Funds for Debts. 
 
 National Debts arc of very modern origin. 
 They are very incorrectly spoken of as Funds. 
 They arc very great burdens, and have be- 
 come of very dangerous dimensions. The 
 nations of Europe arc groaning under such 
 Funds to the extent of four thousand three 
 hundred millions, and we may add one hun- 
 dred millions more for Kgypt. On what 
 security has all this money been advanced? 
 The: colonies borrow money for reproductive 
 purposes, and their obligations represent pro- 
 pert}'. They arc', therefore, Funds and not 
 debts. The nations of F.urope, however, have 
 spent the money almost entirely in the works 
 of destruction, for keeping up prestige, which 
 means vanity and ferocity. It has been spent
 
 2o8 Homology of Economic Justice. 
 
 in blood and slaughter. The capital has been 
 lent to the devil, for the devil's work, and he 
 repudiates the debt, and leaves hard-working 
 men to pay the interest. 
 
 In Egypt the bondholders have the fella- 
 heen by the throat, and in Great Britain 
 they hold the labourer through the throat, 
 for they arc taxed through that organ to 
 greatly more than the interest on the National 
 Debt. 
 
 The Duke of Argyll, in commenting on the 
 doctrines of the "Prophet of San Francisco," 
 professes to be greatly shocked at his views, 
 which he terms "a reduction to inequity.'' 
 Mr. George holds that every generation ought 
 to pay for its own wars, and that it is unjust 
 to conduct them on credit, and to hand down 
 the debt to posterity. That appears to me to 
 be a very reasonable theory; but the Duke 
 of Argyll argues that it would be most dis- 
 graceful to repudiate debts contracted by our
 
 Of "Unproductive Labourers." 209 
 
 ancestors, \vho handed us clown such a noble 
 inheritance. If I may speak for the indus- 
 trial classes, I vouch for it that the}' are as 
 jealous of the national honour and credit as 
 the noble duke can be, and they will regard 
 it as outside the question to entertain any 
 thought of repudiating the claim of the public 
 creditor. That claim is incontestable and 
 indefeasible. But the position of the landlord 
 does not, in respect of the Debt, rest upon 
 equally clear grounds of equity. The indus- 
 trial classes, who pa}" the interest of the Debt, 
 and are expected to pay the principal, may 
 \\vll inquire, \Vhcre is our inheritance? Th : 
 landlord-, contracted the Debt, and obtained 
 \var rent.-, but they took ;_n>od rare to hold 
 the securities, and to hand them down, strictly 
 entailed, to their own descendants. On com- 
 mercial principles, \\hich the noble duke, 
 with his vcr>atile and ext -n-ive knowledge, 
 professes to understand, the in.!u>tria! cla.s-.es
 
 2io Homology of Economic Justice. 
 
 ought to ask the landlords cither to pay the 
 Debt or to hand over the securities. 
 
 In course of effecting a fundamental change 
 in the holding of land, and shifting the bur- 
 den of taxation on to shoulders which ought 
 to bear it, and arc better able to bear it, a 
 special tax might be levied on ground rents, 
 mining royalties, and on all lands which are 
 held back from industrial uses for the pur- 
 poses of sport and private pleasure. The 
 free import of consumable commodities, and 
 the cheapening of the expense of transit by 
 steamers and railways, has conferred great 
 benefits on industry, but, at the same time, 
 this progress has placed a sudden check upon 
 the advance of home prices, and agricultural 
 lands cannot, in the altered condition of 
 things, for the present, afford to have addi- 
 tional burdens thrown upon them. By the 
 imposition of a special tax on great wealth 
 arising from those other sources, the complete
 
 Of " Unproductive Labourers" 21 i 
 
 liquidation of the Debt might be effected in 
 forty years, without unduly burdening the 
 large incomes of landlords \vho can afford to 
 indulge in the luxury of sport and idleness, 
 on revenues which accrue to them without 
 any effort on their own part, or on the part 
 of their predecessors. This would be giving 
 effect to the two canons of taxation pro- 
 pounded by Adam Smith, already alluded to, 
 and which have been hitherto grossly sup- 
 pressed, or kept in the background, to make 
 room for the abstract speculations of sophists. 
 T have lately read in a Socialistic paper a 
 proposition put forward by a Fellow of Oxford 
 that past conserved labour had no value, and 
 that it \va< only present labour that had value. 
 The university that expelled b>hn Locke mav 
 be made very welcome to this modern 
 graduate! What practically concerns us at 
 present is to inquip' how we an- alfected by 
 past labour havin/ been dev ted to the work
 
 2 1 2 Homology of Economic Justice. 
 
 of destruction, instead of being conserved for 
 reproduction. The interest on the four 
 thousand four hundred millions of Debts may 
 be estimated at greatly more than two 
 hundred millions annually, if we include the 
 cost of collection, and the enhancement of 
 the price of the commodities taxed to obtain 
 the amount. Let us suppose that these four 
 thousand four hundred millions had been 
 invested in the improvement of lands, in 
 building houses and factories, in making rail- 
 ways, building ships and fishing-boats ; in 
 constructing piers, harbours, and lighthouses; 
 in improving the sanitary condition of towns, 
 by widening streets, and introducing water 
 and gas. Would this fund of conserved labour 
 not have been of inestimable value- to the 
 present and to ali future generation.-, 3 .\,>t 
 only would tiie existing tax of over two 
 hundred millions have been avoided., but the 
 fund of conserved labour would now be vield-
 
 Of " Unproductive Labourers" 213 
 
 ing probably double that amount. This, 
 then, is the difference between a Debt and a 
 Fund. 
 
 Tlic Institution of National Land 
 Funds. 
 
 Kven writers of some eminence have main- 
 tained that National Debts do not impoverish 
 the nation as a whole, because, according to 
 them, the capital of the Debt, as they 
 term it, is held in the country. Tn this 
 contention they lose sight of the fact that 
 the capital was wasted ; that society as a 
 whole, is indebted to the amount; and that 
 interest must be paid by taxation, which falls, 
 as has been already stated, upi'ii the wages 
 i >l lab' >ur. 
 
 Hut \\hilst it is imperative, in the interests 
 of labour and the condition' <if the poor, to 
 accelerate the liquidation ofthe.se I )ebts. it is 
 hardly less urgent upon all (iovernmcnts to
 
 214 H ontology of Economic justice. 
 
 institute reproductive national funds. The 
 Debts press heavily upon the taxpayers, but 
 for purposes of affording a means of safe 
 investment to the laborious poor, for their 
 savings, and to the indigent rich, for their 
 bequests and annuities, a fund ought to be 
 provided, to secure them against risks. These 
 t\vo objects the relief of the taxpayers and 
 the interests of the thrift}- and indigent may 
 be secured by means of a National Land 
 Fund, backed by the land and labour of the 
 country. 
 
 The Irish landlords are appealing t<> 
 Government to afford them relief, by taking 
 them out of the hands of money-lenders, into 
 \vhich they imprudently placed themselves, 
 under the impression that whilst they were 
 spending the money on pomp and pleasure 
 their broad acres remained intact. That 
 delusion is being rudely dispelled. '1 here is 
 IK.W a deadlock of capital. Land is being
 
 Of " Unproductive Labourers" 215 
 
 starved for want of it, and in the City of 
 London it is goinsr a-bcirtnn^. No one will 
 
 O O GO O 
 
 lend to the landlord ; he is out of credit. The 
 Government dare not, for they do not know 
 how he may spend it. Yet we are told that 
 capital is the labour found, and that price 
 depends on cost of production! Where have 
 the economists landed us, with their theories 
 ol private property in land, Ricardo's law of 
 rent, the law of diminishing return, ratios 
 of population with capital, consumption of 
 railways and steamers, of agricultural im- 
 provements, of iruit trees, horses, ploughs, 
 and spades! Logic of utter negation and 
 nihilism ! 
 
 The greatest benefit that would arise from 
 a National Land I'imd \\ould consist in the 
 abilitv of the Government to advance capital 
 to agriculturists at a lower rate than they 
 could procure it trom money-lenders. 1 he 
 State would be the sole mort 'a ;ee and rent-
 
 216 Homoiogy of Economic Justice. 
 
 charger, holding absolute security over the 
 land and improvements. The agriculturist 
 would benefit also by his freedom in dealing 
 with his property in the manner that paid 
 him best, and by doing justice to his industry 
 society would participate in his prosperity. 
 The timid will tell me that such a gigantic 
 scheme is only the proposal of a visionary. It 
 will be asked : Mow can Government find 
 two thousand millions of money without dis- 
 turbing the money market ? 
 
 In the first place, two thousand millions 
 would not be required to nationalize rent, and 
 I doubt if the fund would ever amount to the 
 original sum of the National Debt. More- 
 over, it is not a question of borrowing money 
 and sending it out of the country for carrying- 
 on foreign wars, which would be a destruction 
 of capital, and which would raise interest. 
 The operation would be one of transfer. For 
 example, let us take the largest estate in
 
 Of "Unproductive Labourers" 217 
 
 Great Britain, namely, that of the Duke of 
 Sutherland. As he would sell farms for 
 money, he would require a safe investment for 
 it, and would naturally put it into the National 
 Land Fund, perhaps in perpetuity for himself 
 and his heirs, but free to deal with it at his 
 pleasure as a fund-holder. In such cases of 
 sale, the Government \vould not have to find 
 monev, but would rcccirc it from the duke at 
 interest. But as the majority of fanners are 
 not able to buy farms, except holdings of a 
 very much smaller si/.e than those the}' 
 occupy, the Government would find ready 
 employment for the capital by advancing it, 
 as in Ireland, on the security of the land, in 
 whole to a substantial tenant possessed of 
 stork, i>r a certain proportion to those \\ ho 
 could not offer collateral security. The duke 
 would, of course, retain in his own possession 
 a considerable portion ot land round his 
 tamily residence, as an occupying owner, and
 
 218 Homology of Economic Justice. 
 
 no transfer would take place in respect of 
 such lands. 
 
 Of the lands of England a considerable 
 portion is still owned in occupying freeholds, 
 and mail}- landlords who take an active in- 
 terest in stock and agriculture would probably 
 enlarge their home farms for the pleasure 
 and profit the industry would afford them. 
 Xo transfer would take place in such cases. 
 
 I have already referred to the glut of com- 
 mercial capital. There is no scarcity of 
 money in society, although agriculture i> 
 starving for want of it. \\hen land comes 
 Ireely into the market, in freehold, capital and 
 men will flo\v freely Irum the towns to buy it 
 at its commercial market value, lor tile- 
 pleasures of a country lite and a healthy 
 occupation. The effect (A this nioveinent.it 
 will be said, will be to make land dearer for 
 farmers, and to oust practical men from their 
 occupation, which would be a loss to the
 
 Of "Unproductive Labourers." 219 
 
 country, in losing the benefit of their ex- 
 perience. This, however, is assuming that 
 the land is already fully occupied, and im- 
 proved to its utmost capacity under the 
 present system, which is not the case. Farm- 
 ing has been conducted on too large a scale bv 
 
 o J 
 
 speculative capitalists a process which has 
 been disadvantageous to the country, in dis- 
 placing the rural population, and over-stock- 
 ing the towns with labour and capital. Farms 
 have been swollen out into large territories, 
 and it is not uncommon to find one farmer 
 occupying several of such large holdings. 
 \Yhuii it becomes the law of the land that 
 every occupier must be the owner, such large 
 tanners will be obliged to consolidate their 
 capital into land and slock, and perhaps 
 (lovernmcnt ought to restrict advances t.> 
 farmers holding over five hundred acres to 
 one-halt the value of the land. In a 
 densely peopled country, importing most of
 
 22O limnology of Economic Justice. 
 
 its grain, smaller holdings, for dairy produce 
 and market gardening, will pay best and 
 afford employment to a greater number of 
 labourers.* 
 
 It may be safely estimated that land in 
 Great Britain is mortgaged to one-fourth its 
 value. Some estates are managed entirely on 
 behalf of mortgagees, and the nominal owner 
 is a mere pensioner, endeavouring to keep up 
 >ome show upon very small means. If com- 
 missions to agents on such loans be included, 
 we ma}- safely estimate that <uch estates pay 
 six per cent, on the borrowed money. To 
 the extent of such loans, a saving of 2\ per 
 cent, would be effected, as Government could 
 advance the money at 3.', per cent. The 
 landlords would be greatly benefited by 
 getting rid of such burdens and investing the 
 balance of their fortunes in the National Land
 
 Of " Unproductive Labourers" 
 
 Fund. Their political power is already j 
 and even if it were not, how much more 
 honourable a position it would be for them 
 to be the creditors of a free people than to 
 be rent-charters, who are now a discredited 
 class?* \Yhcn the mort^a^ees ^et paid off 
 they will be obliged to invest in the National 
 Land Fund, as well as the landlords, as money 
 so lent is usually trust money, ami ordinary 
 securities would not be accepted by trustees. 
 In this way it would be hardly necessary for 
 the Treasury to borrow any money from the 
 general public. The fund ou^ht, however, 1 > 
 be on the foundation of an open fund to all, 
 
 I.. i\l-.. 1 t!;in!c i; on-lit to hrconu- .in ;iritorr;u-y ol" 
 ''r/i'i >::,! .-'.'//.'. i !cr'. i\ r. iroin tin- pcci .!,(., liy ili-.- 
 tr! l -i for r.ii Ii r.irli.inicnl. l\r^;n.-'t l-r h;rl!i ,iinl 
 \irtni- ]> inlui'i'iu in Innn.in n.ir.n'c. ami >;!<':;,;!; n^ 
 il:r auth >rit of thr 1 '\\-. 'I'o f , -i ; ;t ,[,. -,],], , h.m.r,.
 
 222 Homology of Economic Justice. 
 
 as it would be wrong in principle to make any 
 special arrangement with landlords. It is an 
 insolent pretension on the part of landlords 
 to suppose that they, as a class, have some 
 special right in respect of property in land. 
 
 Yet the fund ought to be in perpetuity. 
 I estimate that it would not amount to a 
 thousand millions, after the total abolition 
 of landlordism and the state had become 
 sole rent-charger. Special commissioners 
 would have to be appointed, but for rent 
 collection the Inland Revenue Service might 
 be enlarged. It ought to be left optional 
 to the occupying freeholder to redeem his 
 holding by paying a quit-rent, or to remain 
 the debtor of the state to half the value of 
 his freehold. I have already shown that fixed 
 capital, in virtue of the four components of 
 profits, has the attribute of perpetuity at the 
 will of the possessor. The fund ought, there- 
 fore, to be in perpetuity.
 
 Of " Unproductive Labourers." 
 
 At first sight this appears to present a 
 difficult}-. If the option is allowed to the 
 freeholder of redeeming his entire holding by 
 a quit-rent, or by one payment, how is the 
 state to employ the repaid capital, in order 
 to continue to pay the fundholdcrs the in- 
 terest ? My answer to this is, that we can 
 hardly anticipate the time when borrowing 
 and lending, on absolute security, will become 
 unnecessary. Experience shows that, in the 
 progress of society, borrowing and lending 
 is not diminishing, but rather increasing. As 
 population increases the capabilities of land, 
 for various purposes, are almost indefinite. 
 ( )n the theory of a geometrical progression 
 Mr. Malthus was contemplating that the 
 human race 1 would people all the planets and 
 all the stars. Indeed, who knows but these 
 may be the habitations of departed souls, 
 Hitting on the wings of light from system 
 to system, and in wonder and surprise --ing-
 
 224 H ontology of Economic Justice. 
 
 ing hallelujahs to Him who organized the 
 wondrous successions ? But if there be an 
 infinitude of space, there is also, for all 
 mundane purposes, an infinite divisibility of 
 matter. It is obvious, therefore, that we can 
 hardly contemplate the time when capital 
 will not be required for giving development 
 to human progress and ingenuity. Lending 
 to cultivators for land improvement, to cor- 
 porations for town improvements, to rail- 
 way companies for extending the system, for 
 building piers and harbours, and various other 
 purposes of public utility, will be ahvays 
 available. There need not, therefore, be any 
 fear of the commissioners of the Land Fund 
 not being able to find safe and useful invest- 
 ments for this national capital. 
 
 The next question is, What rate of interest 
 ought to be fixed ? The Chancellor of the 
 Exchequer is of opinion that 2! per cent, 
 will be the rate of the future. The fund
 
 Of " Unproductive Labourers" 
 
 being in perpetuity, that rate ought to secure 
 a good price of issue, and the market will 
 always give the price for effecting transfers 
 of land. If lent to occupying freeholders 
 at 3! per cent, there will remain a sufficient 
 margin for cost of management, and pro- 
 bably something to form a depreciation re- 
 serve to cover any loss that might arise at 
 any time, when the commissioners would have 
 unemployed capital to buy up bonds at an 
 advanced price, consequent on a fall in the 
 general rate of interest. 
 
 With regard to its formation and manage- 
 ment there is no insuperable difficult}-, while 
 its benefits to agriculture and to the country 
 genera!!}' are beyond question t;r cavil. It 
 may, however, be urged against it that it is 
 a step towards Socialism, and that (lovern- 
 ment would be acting' as a. banker or broker, 
 and in this way be interfering with private 
 enterprise, which, it is thought, is better con-
 
 226 Homology of Economic Justice. 
 
 ducted by the ordinary machinery of society. 
 In answer to the first objection, it is evident 
 that individual freedom and responsibility 
 would remain intact. In the second, it is 
 only necessary to point out that the genius 
 of British banking is confined to the business 
 of exchange. Whenever an exchange bank 
 makes advances on permanent securities it 
 goes out of its legitimate sphere. Its funds 
 become locked up, and any sudden demand 
 upon its resources brings on stoppage and 
 ruin. This was the case with the City of 
 Glasgow Bank-, and latch' with the Oriental 
 Bank. British banking would not be affected, 
 as it is exclusively connected with and forms 
 a part of the machinery of commerce. In 
 that sphere it is better that Government 
 should have no concern, except as respects 
 the currency, which ought, perhaps, to be 
 more under state control and regulation than 
 ut present. By receiving private deposits.
 
 Of " Unproductive Labourers" 227 
 
 the state no doubt limits the amount that 
 would otherwise be offered to the banks, but 
 the fact that the latter can now hardly afford 
 to give any interest shows that commercial 
 capital is in excess of the requirements. 
 On the other hand, agriculture is starved 
 fur the want of it, and this proves that the 
 economical machine is out of gear. The only 
 way to adjust it is by the institution of a 
 National Land Fund and the abolition of 
 landlordism. 
 
 Conclusion. 
 
 Agriculture ought to be especial!}' the 
 concern of Government. As I have already 
 
 demonstrated, the land, bv iih'iins < : f trade 
 inn/ commerce, yields the revenue of the 
 >tate, in excess of wages and profits. It is, 
 therefore, the duly of Government to take it 
 under its control, and to give inception to 
 an evident fundament;;! law ot freedom and
 
 228 Homology of Economic Justice. 
 
 justice. When that shall have been done 
 time will effect the cure. 
 
 There was a wise ruler in the East whose 
 country was almost entirely scaled up from 
 commerce, and consequently his revenue was 
 small and his people very poor. He sum- 
 moned to his presence his ministers and 
 governors, and thus addressed them : " Our 
 royal mind is ill at ease in finding that our 
 people are making so little progress, and 
 that our revenue is so small and so difficult 
 to collect. The resources of our country are 
 boundless. \Ve have mines of rubies and 
 sapphires, of silver, of iron, and of coal. Yet 
 our revenue is small and our people are poor. 
 \\'e hear that other countries which are less 
 favoured by Xaturc are great in wealth and 
 in power. Our dominions are vast, and 
 comprise several hundred days' journcv to 
 traverse. Xow, by our royal wisdom, we 
 suspect that you ministers and governors are
 
 Of " Unproductive Labourers" 229 
 
 too much filled with the pride of the power 
 which you derive from our royal favour, and 
 show too much jealousy towards the foreign 
 merchants. \Ye desire that you encourage 
 them to come to our court, and to assure 
 them of our royal favour and protection. 
 Kncouragc them to bring' a multitude of 
 goods, for the more the}" bring the more will 
 they take away. Inquire of them what kind 
 of goods they would like best, and especially 
 those things for which they are willing to 
 pay the best price. Encourage our people 
 to make and grow those things, for it is the 
 price that brings our revenue. And you, 
 governors of provinces, punish severelv all 
 kinds ot gambling, and keep the roads free 
 troin dacoits. Dorrow money and advance 
 it to the cultivators, as well as any surplu- 
 revenue you may have in your treasuries, tn 
 enable them to grow more and to bring it t<> 
 market. In this way shall cur people prosper
 
 230 H ontology of Economic Justice. 
 
 and our revenue be increased." The ministers 
 and governors applauded the royal wisdom, 
 acted on his mandate, and that kind's reign 
 was prosperous to the end, and he will be 
 long and affectionately remembered as the 
 great and good merchant-king. 
 
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