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E X P L AN AT O R Y D IG E S T

OF

PR O FE SSO R

FA W C E TT S

O F P O L ITI C AL

M AN U AL

E C O N O MY

BY
C Y RI L A

WA T E R S

B A
.

310 11110 11 :
MA C MIL L A N
AN D

N EW

AN D

Y O RK

00

1 8 87

[T he

R ig ht

T ra ns la t ion is

res er v ed .

L'Eamhrib gc :

I T

PR N E

BY

AT

CL AY ,

U N VE R S

M A
.

I TY

SONS ,

AN D

P R E SS

P R E FA C E

HIS di g est

T known

of the l ate

F awcett s wel l

M an ual of P oli tic al E con om y ( 6 t h edition

1 88 3 M acmil lan 82 Co
,

can dida t es pre parin g

is
desi
g
ne
mainly
d
)

t hat

for

t h e use of

work for exam i nation who it

is hoped wi ll nd it useful as
,

an

ex p lanatory guide to

the mo re im portant princip l es establ ished by the l earned

PA R T I
1

PR O D U C TI O N

De n iti o n

l
E
n om y
P
o
li
t
a
co
i
c
of

PO L I TI CAL E conomy is the Science which investi gat es the

princi p les which regulate the production di stribution and


exchange o f wea l th
,

W ea l th may be dened to be any commodi ty w h ich


has

an exchan ge val ue e g water and air under ordi nary


condi tions have no exchan ge val ue for they can be o h
t ain ed wi thout l abour and their su p p l y is un limited
Bu t
where wate r is supp li ed by articia l means as in a town
by reservoirs and pipes it acquires an exchan g e val ue and
be c omes wea l t h
Simi l ar l y the natura l resources o f a nation as coal
iron
have no exchang e v al ue un l ess there is a demand
for them
The social condition of any country and the
state of its ci v il ization determine to what extent thes e
re so urces may be c l as sed as wealth
M oney is not weal th but only the sym b ol thereo f It
performs t wo functi ons :
I It is a measure of va l ue
II It is a medi um of exchan ge
The fal lacy of the me rcantil e system ( as it was call ed)
l ay in identifying money with wea l th and in b e li eving t h at
,

P E
.

P o litica l E con om y

of

a nat ion s wealth cons isted in an accumulation


precious metals

the

of P r o duc tion

The R eq uis ites

A ll wealth is the product of man s labour employed


on the products of natur e B ut W hile labouring the
.

labourer must be fed and maintained and therefore some


of the produce of past labour must be saved from con
sumption for this purpose
C apital is this saving
There are therefore three requisites for Production :
I L abour
The materials supplied by nature on w hic h labour
II
is employed
III C apital which is the fund derived from past
labour and reserved from consumption in order to maintain
those engag ed in present or fut ur e production
,

Func ti ons

of

L a bour

The function of the labourer is to create utilities xed


a n d embodied in material obj ects
There are two classes o f Labour :
I Productive
II U nproductive
Productive L abour is that which creates utilities xed
and embodi ed in material obj ects
L abour may be directly or indirectly prod uctive
Co ns um p t ion is also divided into t wo kinds : I Produc
tive II U nproductive Productive C onsumption is that
which assists in the production of fr esh wealth as e g the
food consumed by the labourer
And Unproductive C onsumption is that which does not
so as sist as e g the consumption of all luxuries
.

P r oduc tio n
4

C a p ita l

0 u Cap ita l

has been said is t h e resu l t of saving and


consis ts of that part o f wea l th which is not consumed n u
productively b ut saved in order to as sist future prod uction
A ll commodities or their equiva l ent money which are con
sumed un p roductive ly are in no sense ca pital either in the
case of a nation or an individ ual e g if a farmer se l ls his
crop a nd s p ends one ha l f o f the proceeds in the p ayment
of his l abo urers and the purchase of m ac hinery and the
other ha l f in the p urchase of l ux uries only the rst hal f is
capita l
A demand for commodities is not a demand for
l abour fo r the consum p tion of l uxuries does nothin g to
assist future production or to increase the capital of the
country and as the labourer is paid out o f capita l he
eventual ly s uffe rs althou gh at the rst blush the wastefu l
an d extravagant expenditure o f the rich may be considered
good for trade and benecia l to the l abourer To the
indi vidual labo urer the immediate recipient of the money
it dou b t l ess is so but not to the labouri n g clas s as a whole
A thousand pounds for instance ex p ended in the purch as e
o f velvet does noth in g to increase the capita l of the coun
try The velvet is consumed and there is an end )f it but
if the money were spent in dr aining land or in the purch as e
of machinery or in as sistin g the construction of a railway
the capital of the country and thereby the fund for the
payment of the labourer wou l d be d irectly and indenitely
increased
Al though capital is the resu l t of saving yet it must b e
consumed in order to full its functions e g food is not
capital un l ess it is eaten nor machinery unless it is em
p l oyed C apital therefore only fulls its functions when it
is co n sumed in the creation of fresh wealth
M oney raised by a G overnment on loan if s p ent p ro
1 2
,

as

P oli tic a l E c on om y

duc t iv ely

in
startin
g
railways
canals
irrigation
works
g
85 c increases the capital of a nation ; if spent un pr odu c
t iv ely e g in purchasing munitions of war it decreases
such capita l
U nproductive e xpenditure by G overnment
of money raised on loan impoverishes a nation more than
the unproductive expenditure of individuals because no
one has to pay these individuals anything when t hey spend
their money unproductively but when they lend it to t he
G overnment to be spent unproductively the whole nation
has annually to pay a certain penalty in consequence o f
the un productive expenditure The penalty paid is the
interest received by the lenders of the loan
Taxes paid out of income do n ot affect the labourer
taxes paid out o f capital do
C apital is of two kinds : I F ixed II C irculatin g
C irculatin g capital is su ch as only fu lls the function s
of capital i e assists in the creation of wealth once e g th e
food consumed by the l abourer
F ix ed capital is such as performs or is capable of p er
formin g these functions many times e g M achinery railwa y
plant & c
e

Var iatio ns in the Pr o ductive P ower

u
r
d
P
o
ction
f

r equisi tes o

of

the thr ee

The three requisites of Production ar e L and L abour


and C apital The productive power of these three all vary
at different times and in di fferent places under the in u
ence of the followi ng causes :
( a) The productiveness of land depends not only on
its natural fertility bu t also on the quan tity of labour and
cap ita l required to make its produce available for c ons um p
tion i e on its vicinity to a market Very fertile land is
often nonproductive of wealth because being at a great
distance from any market the cost of transport would in
,

Pr odac tio n

vo l ve the consum p tion o f more wea l th than such l and


wou l d produce by the ap p lica tion o f l abour and capita l 0 n
the other h and even inferior l and in the neighbour h ood
say of a great town is immensely productive o f wea l th be
cause its p roduce possesses the uti l ity o f b ein g in or near
the p l ace whe re it is to be cons umed and the cost of trans
ort
is
com
p
arat
vely
litt
l
e
i
p
( 6) The productiveness of l abour is re gulated by three
considerati ons :
1
( ) The energy of t h e l ab ourer
( 2) His inte l ligence
( 3 ) His integ rity
Energy b ecause he does more work than the s l oth fu l
workman
Inte ll igence because he does that work more skilfu ll y
Inte grity because he does not require to be watched an d
t h e cost of su pervision is thereby save d
( 0 ) The p roductiveness of capita l is increased by the
employ ment of ski ll ed l ab our by its ap p l ication to fertile
l and and by the use of machinery whi ch may increase
the p rod uctiveness o f ca p ita l from one to a h undred
fold
The productiveness o f capita l m ust b e estimate d
NB
by the amount of wealth created by it not by t h e return t o
the ca p ita list this bein g a di fferent question al to gether an d
be l onging to that part of Po litical E conomy which treats o f
the distribution of wealth
The productiveness o f l abour is enormous ly increas ed
( a ) By the division of lab our owin g to three causes
( Adam Smith s three causes )
( 1 ) The increas e of dexterity in every part icu l ar
workman
( 2 ) Th e savin g o f time whic h is common l y l os t in
passi n g from one species of work to anot h er
( 3 ) The invention of a great number of mach ines
.

P olitic al E c o n om y

which facilitate and abrid ge labour and enable one man


to do the work o f many
A further advantage ( adduced by M r B abbage ) of the
division of labour is the classication of labourers into
skilled and unskilled
B y the division of labour the
skilled workman is enabled to devote his whole time and
attention to that p articular kind of work in which he has a
special skill If no such division existed he would have to
devote some part of his time and labour to work which an n u
skilled workman could perform j ust as well thereby greatly
diminishi ng the wealth producing power of his labour
( 6) The productiveness of labour is also increased by
the combination or cooperation of labour which is divided
into
( 1 ) S imple cooperation when labourers combin e
their labour in the same way to do t h e same thing e g in
buildin g a bridge or constructing a railway
2
omplex
cooperation
when
labourers
enga
g
ed
C
( )
in di fferent employments lend their assistance to on e
another to effect a common obj ect
N B
D ivis ion of labour is an instance of the complex
cooperation of labour
,

P r oduc ti on

on

l arg e

an d a s m a ll s c al e

The respective advantages of production on a larg e


and on a small scale depend upon circumstances but
speaking generally the extension of machinery makes the
former more protable than the latter large mills for
example creating more wealth and making a larger pro
o r t io n at e return on capital than small
oint
S
tock
om
J
C
p
p an ies ( where a number of persons combine their capital
to work some concern ) labour un der the disadvantage that
the supervision and e ffective control must be delegated to
manag ers who have not the same motive ( i e of sel f
,

Pr od uc tion

in teres t ) to exe rc ise energy an d economy as private


ca p ital is ts
By givin g t h e manager a pecuniary interest in the
success of t h e concern in the s h a pe o f a share in the
prots t h is o bj ec tion is removed J oint Stock C ompanies
great l y p romote t h e production o f weal t h by combinin g
and a p p l yin g to a sin g le obj ect a vari ety o f sma ll capitals
whi ch if separate ly used wou l d be com p arative ly in eec
tive in p romoting that end
L arge farmin g is more productive of wea l t h than
smal l ( in the cas e at leas t o f corn and cattle ) because the
large farmer has usua l ly more capital to invest in the
purch as e o f machinery ( where by the productiveness of
capita l is indenite l y incre as ed ) because sma l l farm in g
involves smal l e l ds which necessitate the waste of a g ood
deal of land in h edges &c and because in farmin g on a
large sca l e a good deal of the cost of superintendence is
saved almost as many she p herds for instan ce bein g re
q u ired to look a fter a ock o f 40 0 sheep as a fter a ock of
,

800

B ut sma l l farmin g is more produ ctive t h an l arge

w h ere the personal care and attention of the farmer is


incessant l y required as in the culture o f the Vine and in
D air y and Poultry farmin g
.

0 u the In cr ease

f Pr oduc ti on

When l an d l abour and ca p ita l are at their highest


s ta te o f e f ciency the p roduction of weal t h can on l y b e
increas e d by increasin g one or other of these the three
,

e l ements o f production
I O n the increas e of l and
F resh l and is brou ght into cu l tivation owing to t wo
ca uses
( a ) The introduction of a gricu l tural im p rovements
.

P o litic a l E c ono m y

where by what was former l y waste land is m ade productive


El
the
F
ens
of
which
by
bein
g
drained
have
been
e
y
g
converted from a swamp into fertile lan d
A
n
increase
of
po
p
ulation
requi
ri n g an increase
b
)
(
o f food supplies
In the second case such land bein g usually inferior to
the best land already in cultivation and more expensive
to work as requirin g a greater quantity of capital and
labour the price of agricult ural produce in order to
remunerate the cultivator must rise ; therefore as po pula
tion advances food has a tendency to b ecome more exp en
sive
This tendency however may be counteracted by the
importation of food supplies from abroad e g although
population has immensely increased in E n gland during the
last fty years the price of corn has rem ained stationary
owin g to the vast importation of that commodity from
A merica R ussia and other countries
II The increase of labour
The increase of labour varies directly with the demand
for labour and inversely with the cost of food supplies
marriag e amon g the labour in g classes bein g great l y s t im u
l ated by a ourishin g condition o f trade and cheapness of
food hig her wages bein g paid when trade is brisk owin g
to the greater demand for labour and wages whether high
or low possessing greater purchasin g power when the
necessaries o f life are cheap
III The increase of C apital
C apital which as has b een already stated is the third
requisite of production is the result of savin g and there
fore can only be increased by increased saving M en
save for two motives :
I As a prudent provi sion for the future
II In order to make wealth by an advantageous
in vestment
,

P r oduc ti on

T h e ratio o f t h e t h ree e l ements of p rod uction to one


anot h er varies grea t l y in di ere n t countries e g In d ia h as
abundance o f fertile l an d and chea p l abo ur b ut is decient
in cap ital
E ng l an d on the con tra ry h as a l most un l imited ca p ita l
and pl enty o f c h eap la bour but h ar d l y an y fert ile l and not
al ready in cu l ti vation The W est Indies and America
have ab undant ferti l e l and an d capita l but in t h e rst
named labour owin g to the eman cipation o f the slaves
c annot be got and in the second it is extremely dear

P AR T
1

II

D I ST R I B U TI O N

Pri v a te Pr op er ty

Soc i a lis m

an d

TH E

distribution of wealth implies the idea of property


the ri ghts possessed by holders of property be ing re g u
lated by law and custom and varying at different times
and in different countries The two main inuences which
re gulate the distribution of wealth are
I C ompetition as in E ngland
II C ustom
The institution of private property being followed by
great inequalities of wealth various socialistic schemes
have been propounded to remedy them of all of which t he
root idea is that private property shall not exist but all
the wealth of the country shall be enj oyed in common
O f these schemes the most famous are those of F ourier
and S t S imon
A strong distinction must be dra w n between voluntary
socialism when a number of individuals voluntarily com
bine to form a socialistic community and involuntary o r
compulsory socialism i e socialism enforced by law
C ooperation in which the same individuals supply
both the labour and capital necessary to work any business
and divide the prots in proportion to the shares con
tributed is in a modied form an example of the former
,

Po litic al E con om y

12

is to say with its natural fertility and conveni ence of


situation
R ica rdo s Theory o f R ent is that the rent of any given
piece of land equals the value of such land over that of
the worst land in cultivation which can only pay a
nominal rent as the return from it is only j ust sufcient
to cover the expenses of cultivation and remunerate the
c ultivator for his outlay of capital and labour
Therefore the rent of any farm is equal to the differ
ence between the net produce of such farm and the net
produce of a farm which can only pay a nominal rent
N B
B y net produce is meant the produce after
deducting the cost of cultivation in which is included a
fair remuneration to the cultivator for his capital and
lab our
L and which can be cultivated at a prot only on the
condition that it is l et at a nominal rent is said to be on
the margi n of cultivation O f course if its productiveness is
incre as ed or dimini shed by any circumstance it wi ll in the
rst c as e b e ab l e to pay a ren t when the m ar gin of
cultivation is said to fall or in the second case it wi l l fal l
out of cultivation when the mar gin of cultivation is said
to ri se
The mar gin of cultivation rises and fa l ls with the
c urrent rate of interest on money and is therefore high
where as in A ustralia the rate of interest is high for no
man will invest his money in cultivatin g inferior l and
when he could do more with the money by investing it in
business
The rent of land is increas ed by any circumstance
( such as the introduction of machinery ) which decre as es
the expens es of cultivation and conversely if the expenses
of cultivation are augmented as for i n stance by an
increase in the wages of agricultural labourers the rent of
land must be diminished
,

'

13

W it h an increase in po p ulation there is an increased


an d

owin g to the rise in prices it


becomes p rotab l e to take into cu l tivation l and w h ich
former l y wou l d not re pay cu l tivation ; t h e marg in o f
cu l tivation accordin gly fal l s for land whic h cou l d formerly
pay no rent is n o w ab l e to pay a re nt owi n g to the rise in
p rices and wi th th e fal l in the margin of cu l tivation rents
d em an d for food

A portion of rent may usua ll y be considered to re


p resent a return to ca p ita l w hich has b een spent in im
p rovin g the l and as in the cas e o f the fens of Li nco lnshire
,

and C am b rid geshire which have b een converted by drain


age from wort h l ess swam p s into valuabl e arab l e l and
R ent is not an e l ement in the cost of obtaini n g agri
cu l tura l p roduce for su pp osin g a l l l and mad e rent fr ee
whi l e the deman d for agricultura l p roduce remained
sta tionary the same amoun t of land would have to be
cu l tivated as be fore ; but food could not be so l d chea p er
for if so the person who cultivated a farm on the margin
of cu l tivation and before paid only a nominal rent wou l d
have to cultivate at a l oss and such l and accordin gl y
wou l d fa ll out of cu l tivation B ut this could not happen
owin g to the demand for food C ons equently this l and
would still b e cu l tivated and prices would be ar ran ged so
t h at the cu l tivator o b tai ned the due reward for his capital
and industry
,

That p art o f t h e C ap ital o f a country which is devoted


to the payment of wag es is ca l led the W ag es Fund The
rate of wages de p ends upon the ratio between capita l and
popu l ation at an y time and is re gu l ated by it ; thus if the
popu l ation incr eas es whi l e the am ount of capital avai l ab le
for the payment of wag es remains stationary wag es decline
and vic e v ersd
.

P olitic al E c o n om y

14

The law is Wages cannot generally ri se or fall unless


the capital or population of a country be increased or
di minished
A rise in W ages even if capital increases
may be checked by three causes :
1
A
n
increase
of
population
( )
( 2) The introduction of labour saving machines
( 3 ) The export of capital for it is obvious that
capital invested in foreign securities cannot be used in
the payment of labour at home
W ages vary greatly in di fferent trades and the follow
ing are A dam S mith s ve causes which produce di fferent
rates of wages in different employments :
( 1 ) The agreeableness or disagreeableness o f the em
p loy m en t s themselves
( 2 ) The easiness or cheapness or the difculty and
expense of learn ing them
( 3 ) The constancy or inconstancy of employm ent in
them
( 4) The small or great trust which must be reposed
in those who exercise them
( 5) The probability or improbability of success in
them
,

( M n em on ic

R hy m e )
.

b us i n ess w age s v ary , do n t y o u s ee ?


As t at t r ade o r b us i n es s p l eas an t or un p le as an t s ti ll m ay b e ,
An d as w i t ease an d c eap n es s or w i t t r o ubl e an d exp e n s e

In

e v ery

t rade

or

Suc

b u s i n e s s m ay b e l e arn t , an d t i s is
t r ade
wo r k is c er ta i n o r un c er t ai n i n e ac

t r ade

or

c om

m o n s en s e ,

Al s o

as

An d

ac c o r d n g

t o th e t r us t w

an d

An d n ally ,

As t h e p ro s p ec t s

his

ft

h ic h

c au s e

o f s uc c ee din g

i n th e wo rkm

w i ll

in t

ap t l y

ar e

en d

br i g t

en

th e

or

m us t

b e l ai d,

v er s e

th e

r ev er s e .

Illustrations
C ause 1
C olliers for inst ance receive higher wages
than carpe n ters because their work is dirty dangerous
and laborious
W ages are usually hi g h in all those trades
C ause 2
.

Dis tr ibution

15

w h ich require a l ong ap prenticeshi p and the ex pendi ture


o f a considera b le amount of ca p ita l before t h e l earner is
qua l ied to exerci s e them This is the case in most kin ds
of ski ll ed l abour
W ag es are usually hi gher in t h ose trad es
C ause 3
where employment is uncertai n than in those where it is
certai n : e g the B uilder s trade
W ages are al ways high where great con
C ause 4
den c e must be re p osed in t h e em p loy as in the case
of j ewe ll ers assista nts an d cashiers
This cause on ly affects the p rofessions most
C ause 5
trad es being su f cient ly easy to l earn
.

Prots

P r ots

the share of wealth which are received by


the capitalist as a reward for his abstinence in us ing his
wealth as capital instea d of spendin g it unproductively
Prots are composed o f the three fol l owin g elements
( 1 ) A reward for saving or more p roperly a reward
for abstinence
W
ages
for
the
l
abour
of
superintendence
2
)
(
3 ) A compensation for the risk of l oss
The rst element of pro ts may be al ways estim ated
in amount by the current rat e of interest that is to say
the inte rest on such investments as for in stance in
G overnment Stock which are abso l ute l y free from risk
and which involve no la bour o f superin t e n den c e on the
part o f the investor F or the second e l ement remunera
tion for the labour of superintende n ce is inuenced by
many of the same causes which affect the wages o f or
din ary labour i e agreeab l eness or disagreeableness o f the
occ u pation St e Thirdly prots are usua l ly greatest in
those trades in which the risk of l oss is greatest
The reward for saving or abstinence being expre ssed
are

P o litical E con o m y

16

by the current rate of interest and this latter bein g


always the same in the same country and at the same
time the prots of capital vary with the wages of super
intendence and the risk of loss

W hen the prots rea lis ed in any bus iness are j ust
s u i c ien t to give an adequate compensation for interest on
capital for ri sk against loss and for labour of superintend
ence then it is said that the natural rate of prot is

obtained
This natural rate of prot is determined by the c ir
c um st an c e s of the trade itself the elements of risk an d
labour of superintendence varying in different trad es but
in every trade prots have a tendency to gravitate to the
rate of prot natural to such trade
That this principle is true may be thus shown
W hen the prots in any trade rise above the rate
of prot natural to such trade they have a tendency to
become reduced owi ng to the followin g causes :
I The competition of fresh capital introduced into
the trad e which occasions a rise in the price of the raw
material
II A constant increase in the supply of goods which
rst equals and then exceeds the demand
III A rise in wages owi ng to the competition for
labour
S imilarly when the prots of any trade are unnaturally
depressed they have a tendency to recover owi ng to the
withdrawal of capit al from such trade and the diminution
of the output which at lengt h becomes insu f cient to
meet the demand
The rate of prot depends u p on the cost of labour and

th is is determined by comparin g the wages the labourer


receives with the amount of wealth produced by his

labour
Prots there fore vary inversely with the cost of labour
,

Di s t r i butio n

17

and if there fore the rate of prot is hig her in one country
A than in another B it must b e because the cost of l ab our
is l ess in t he rst t han in the se cond

The cost of agricultura l labour is measured by its


cost when ap plied to the l east ferti l e soil in cultivation
that is to say that so il which on l y p ays a nominal rent for
rent may be re g arded as the sum which the farmer pays
for p ermission to employ l abour u p on productive land
T h e more productive the land the hi gher of course is the
rent ; or in other words the more favourab l e the circum
stances under which agricu l tural labour is ap p lied the
hi gher the sum which has to be p aid as rent A l thou g h
ag ricu l tural labour em p loyed on a fertile soi l is more
efcient yet the former obtains no advantage from the
cost of this labour being diminished for what he would

thus gain is paid away in rent


Mr Mil l analyses the cost of labour into the fol l owing
e l ements

C ost of labour and therefore the rate of p rot is


a function of three vari ables
( 1 ) The e f ciency of labour
The
wa
g
es
of
the
labourer
meanin
g
thereby
the
2
)
(
(
real reward of the labo urer )
( 3 ) The greater or less cost at which the artic l es

com posin g that reward can be produced or p urchas ed


This anal ysis is thus ex p lai ned by Prof F awcett :

If labour becomes more e fcient whi l e the wages


of the l abourer and the price of food remain unaltered
the cost of labour will be diminished If the wages of the
labourer are reduced while there is no change in the
e f ciency of the labourer and the price of food the cost of
labour will again be diminishe d The cost of labour wil l
also be diminished if the price of food is reduced and the
a mount o f the labourer s wages estimated by the commo
If
di t ies they wi ll p u rchase for him remains unchan g ed
,

Pol itic al E c onom y

18

therefore the cost of labour or in other words the rate of


prot varies in different countries from time to time the
variations must be due to the inuence of one or more

o f the three causes above enumerated


This may be put more shortly thus
If ( A ) element ( 1 ) is increased while elements ( 2) and
( 3 ) remain constant prots rise : and ( B ) p rots also rise
if elements ( 2 ) and ( 3 ) are diminished while element ( 1 )
remains constant
W ith re gard to these three elements
f
The
e
ciency of labour depends upon the supply
1
( )
of fertile land l abour being more or less productive of
wealth as it is applied to land of greater or less fertility
The
remuneration
of
the
labourer
is
determined
2
)
(
by the ratio between capital and popu l ation
( 3 ) The cost of producing this re muneration or real
reward of the labourer is indicated by the cost of producin g
food supplies
,

Peas an t Pr op r ietor s

A peasant pro p rietor is one wh o cultivates his

land
usually
of
l
imited
extent
with
his
labour
and
o wn
)
(
supplies his own capital and is thus at one and the same
time landlord tenant and labourer
This is a very common tenure of land on the C ontinent
and also in ancient times in E ngland this c l ass of pro
du c ers b eing known as yeomen
The disadvantag es of small farming ( i e want of capital
to purchase machinery stock See and the narrow margin
between gross and net prots owing to the necessary
workin g expenses many of which are as great on a small
as on a large farm ) are only counterbalanced in the case
of peasant proprietorship owing to that magic of p roperty
which converts blowing sand dunes and barren mountain
t o p s into fertile far ms
o wn

20

P o li tic al E co n om y
7

M etay er s Co ttier s

an d

Ten a n t R ig ht

The m tayer system of land tenure ( a very commo n


tenure on the C ontinent especially in Italy)is that by which
the tenant pays to the landlord as rent a xed proport ion
of the produce of the soil this pro p ortion varying in
di fferent countries bein g sometimes one half and some
times two thirds the landlord usually providin g in addi
tion to the land some part of the capital required to work
it as implements stock machinery & c furni shin g one or
more of these according to the custom of the country
The m tayer tenure is a customary one and the tenants
practically possess x ity of tenure
The Irish cottier tenure which resembles the m tayer
system in that the tenants are peasant cultivators tilling
the ground without the aid of hired labour di ffers from it
in that rents are regulated not by custom but by com
petition while it differs from the E n glish system in that
this competition is one not of capitalists but of labourers
a competition that is to say not of more or less well to do
farmers who will not pay a hig her rent than is consistent

with a reasonable return on their capital but of miserably

poor peasants who having no other occupation open to


them ( owin g to the absence of mines manu factories &c
throu g h the greater part of Ireland) than that of tilling
the ground are therefore wi lli n g to pay any rent for the
privile g e of being able to do so These rents of course are
merely nominal ; the cottier is nearly always in arrears
and beneted nothing by good seasons or g ood cultiva
tion for the increased prots merely go to liquidate these
arrears the tenant thus gaining nothing either by the
exercise of his own industry or the bounty of N ature
U lster tenant ri ght ( which received legal sanction by
the L and A ct of 1 8 7 0 ) represents the sum ( sometimes
amountin g to as much as the fee simple of the land ) paid
,

D is tri b ution
fo r t h e

21

good wi ll o f the far m by the incoming to the out


going tena nt t his sum representing part l y a p remium
for good wi l l a nd partly com pensation for unexhausted
improve ments
By t h e I ri sh Land Act o f 1 88 1 a tenant can ap peal to a
land court to x his rent and the rent so xed cannot be

c hanged for 1 5 years


The chief justication for interfe ri n by l e g al enact
ment between l andlord and tenant is that it is to the
pub lic interes t that the soi l shou l d b e made as productive
as possible ; and that the ap p lication of ca p ita l to the
l and on the tenant s part which subserves this p urpose is
discouraged when he does not enj oy tenant ri g ht t h at is to
say when he does not p ossess security of tenure and is
liable to have his improvements conscated by the land l ord
in the sha pe of increas ed rent
-

8 N a tiona l E duc a tio n


.

an d

other r em edies for

L ow

Wages

Interference by l e ga l enactment with the rate of wages


or the hours of l abour must necessarily be either futil e or
mischievous fo r if wages are raise d or the hours of labour
d im inished whi l e pri ces remain stationary the p rots of
the capitalist are curtail ed ; hence b e will probab l y with
draw his capital from home industries and invest it abroad
where it is not shackled by such restrictions The con
sequence of this p roceeding will be that home industries
wi l l lan g uish and the labourer will suffer O n the other
hand if p rices are raised in order to compensate the ca p i
ta lis t for the rise in wag es the benet received by the
l abourer in the shape of incre ased wages is merely i l lusory
for the purchas ing power of such wages is diminished in
precise proportion to the genera l rise in p ri ces and he is on
the same condition as before
,

h Lan d

By t he Iri s
a re n o w em

p o we red to

re

Ac t

th e p resen t y e ar
t ese ren ts
of

v ise h

( 1 887) the

l an d

eour ts

Po litic al E con o m y

22

T his would be the e ffect of a genera l rise of wages in


every employment
In the next case suppose that t h e wages of the labourers
engag ed in some particular emp l oymen t o f agri cultural
l abourers for ex ample were c om pulsorily raise d O win g to
t he fact that an increase in w ages has a dir ectly st im u
l atin g e ffect on population the result wou l d simply be that
in a short sp ace of time there would be a g l ut of labour in

that em pl oym ent an excess that is to say in the supply

of labour when compared with the demand for it which so


far from improvin g the condition of the lab ourer would
great l y inj ure it
That the G overnment should b e o bli ged to nd work
for the unemployed ( except as a tem p orary expedient) is
open to the obj ection that it would enormously stimulate
popu l ation if the labourer were always sure of obtaining
em p loyment while as his wages would be paid by money
raised by taxation the drain on the resources of the tax
payer would with the increase o f population at len gth
reach such a point as practically to exhaust them
The real remedy for low wages ( according to Prof
F awcett ) is national edu cation which
1
( ) Increases the efficiency ( or wealth producin g
power) of lab our by increasin g the intelligence of t h e
labourer
2
D
iminishes
crime
and
pauper
i
sm
)
(
( 3 ) E xercises a pr udential c he c k on po p ulation by
raisin g the standard of comfort o f the labourer
O ther means of improving the condition of the poor
ar e emi g ration
which drains o ff the surplus supply o f
lab our cooperation allotment gardens &c
.

Tr a des Un ions

an d

Str ikes

A trad es union is an organi zation or combination of


-

the workmen en gaged in any trade designed partly to


,

Dis tr ibutio n

23

fu l l

the o rdinary functions o f a friend ly society b ut


c h ie fl y to re gu l ate the rate o f wages in t h at trade to pro
tee t the interes ts of the workmen and to enabl e them
to meet t h e mas ters on equa l terms
To kee p u p wages trades unions endeavo ur to arti
c ially limit t h e su pp ly o f l abour e g by forbiddin g t h e
mas te r workmen to take more t h an a certain number of
app renti ces
T h is pl an has the fo ll owin g mischievous
co nseq uences :
1
It makes manu fac tured artic l es owin g to t h e
scarcity o f l abo ur d earer than they wou l d otherwise b e
thus inj urin g the con sumer
2
It throws the l abour it exc l udes on to other em
l
o
n ts
m
e
in which perhap s there is already a gl ut of
p y
l a bo ur
3
It inter feres with persona l li b erty by interferin g
with the workman s natural right of choosin g what trade
he wi l l ado p t
M oreover t h e intermedd lin g of trade unions o ften has
the e ffec t o f driving away cap ital from those neighbour
hoods in which their inuence is most p owerfu l
The main obj ect o f trades unions indeed their rea l
r ais o n d etr e is to re g u l ate the rate of wages
and this
obj ect they e ffec t by directing t he combined workmen to
go out on strike if the wa es offered by the mas t ers are
not in the o pi n ion of the directors of the u n ion sui c ien t ly
high
Pro f Fawcett discusses at some len g th the question
whether workmen by com b ining are ab l e when any trade
is exce ptiona ll y p rosperous to obtain higher wages ; which
question he decides in the a f rmative for althou gh wages
like p rots have a tendency to nd their l eve l in a natural
ave rage by the mi gration of l a b our from p oorly p aid to
more highly paid occupations yet this law o win g to various
causes requires some time to produce its e ffects and in
,

24

P o litic al E co n om y

the interv al the workmen in any trade enjoy a mono p oly


a s it were o f labour and by combining and threatening to
strike ar e able to force the masters to give higher wages
S tri k es and lock outs are an inevitable resu l t of the
present system by whi ch the masters endeavour to buy
labour as cheap and the workmen to sell it as dear as
possible
The only way to ob v iate these evi l s is to give the work
men in any business a beneciary interest in the success
o f that business by assignin g them a share of the prots
This plan would in all probabi lity be especially success
ful in a griculture
,

10

Coop er a tion

B y cooperation is understood the case in which the


,

ersons
en
g
aged
in
any
business
whether
one
productive
p
or distributive of wealth supply the capital as well as the
l abour necessary to work it and divide the prots among
t hemselves as in the case of a mill or retail shop carried
o n by the employ s therein
W hat is usually understood by the term cooperation is
n o t truly such bu t rather a j oint stock speculation a num
ber of persons supplying the requisite capita l an d di viding
the pro ts but not admittin g the labourers to any share
in them e g the Lo ndon C ooperative S tores
The most strikin g examples of this latter form of
cooperation so called are the R ochdale Pioneers S ociety
established
and the W holesale S ociety which grew
out of it established about 1 8 6 0 also the L ondon Ci vil
S ervice Ar my and N avy S tores & c
The customers both of the R ochdale S ociety and of
the L ondon S tores benet as well as the shareholders in
these concerns The customers of the rs t named receive
at the end of every quarter a certain share of the prots in
,

Dis tr ibution

25

pro portion to t h e amount of their p u rch as es w h i l e the


custome rs of the London S tores are a bl e to b uy their
goods twenty per cent cheaper than at the retai l sho ps
The secret of the success of these stores is that t h ey
trade fo r ready money only an d a ll ow no credit by whi ch
system the follo win g advan tages are secured
( l ) N 0 l oss is incurred by b ad deb ts and no ca p ita l is
locked u p in b ook credits
maximum
of
business
can
be
carried
on
with
Th
2
e
)
(
the minimum o f ca pita l
f
o r ready
The
managers
of
the
stores
by
se
ll
in
g
3
)
(
money are able to give ready money for what they buy
and can thus buy in the best and cheapest market
The chief defect of these societies is as h as been stated
above that no share in the prots is as signed to the em
ploys
The above are examp l es of cooperative dist rib ution
The princi p les of cooperation have a l so been ap plied to
production e s pecially i n the cotton trade for examp l e the
S un Mil l at O ldham but with nothing l ike the same
amount of success and it may be decided that c ooperation
is more adapted to distribution than production
C ooperation in the true sense is well ada p ted to agri
culture as it s upp l ies a l l the advantag es while avoiding the
disad vantages of p easant p ro p rietorship the l ab ourers
havin g the strongest interest in makin g the l and as pro
duc t iv e as possible while by clubbin g their cap ital they
are enab l ed to farm on a l arge sca l e
,

11

Sta te Soci a lis m

a nd

the N ationa lizatio n

an d

h
t
of e

Pro f Fawc e t t contends that if the land is nationa lised


.

ie

made nationa l prope rty it must b e either with or with


out com pensa tion If without com p ensation such nations
.

26

P olitic a l E con o m y

lis at ion

would be mere conscation and agrantly unjust ;


but if with compensation that is to say payment to the
landowners of the full market value of the land the position
of the tenant would not be improved for in order to mak e
the scheme a nancial success and avoid j obbery and cor
ruption a competition or rack rent would have to be
charged for the use of the land and therefore the tenant
would be as badly off as before It may be u rged in reply
to this argument that the obj ect of those who wish to
make the land nationa l property is not merely to bene t
the cultivator but to benet the whole community b y
brin ging the rent of land which now goes into the pockets
of the landowners into the Treasury and devoting it
to Imperial purposes and the remission of taxation
The professor himsel f observes that in India by L ord
C ornwallis s permanent settlement in 1 7 9 3 whereby the
S tate rel inquished its proprietary rights over a large part
of B engal to the Zemindars or tax collectors for a x ed
annual payment a considerable amount has been lost which
might have been devoted ( for instance ) to the remission of
that burdensome duty the salt tax ; and similarly in
A ustralia if the S tate retained the land in its o w n hand i t
would escape the future necessity of imposing many more
or less burdensome taxes
Pro f F awc et t admits that if the land were national ised

the cultivator would be protected against capricious


eviction and would be secured adequate compensation for
any improvements that might be e ffected i n the land

through his capital and skill but he contends that these


ad vantages can be secur ed by legal enactment without
having recou rse to so extensive a scheme as L and N at ion a
l isat ion and he is inclined to seek the solution of the
present agrari an problem in E ngland in the repeal of the
laws of primogeniture settlement and entail which tie up
land and prevent it passing freely from owner to o wner
,

P olitical E co nom y

28

professor approves as a safeg uard agains t the evils of in


discriminate charity but obj ects to the latter that it saps
the feeli ng of in dependence by encouraging the parent to
regard the education of his child as a burden which he
may shift on to the shoulders of the taxpayer
,

12

On the E c on om ic A sp ec ts

S lav er y

of

The slave owner w ho farms his o wn land claims the


entire produce like the peasant proprietor no p ar t of his
prots going in the payment of wages as his slaves are
mere chattels an d as much a par t of his capital as his
cattle or horses
S lave labour according to Prof C airnes is characterised
b y the t hree follo wing capital defects :
I It is given reluctantly
II It is unskilful
III It is wanting in versatility
It is given reluctantly because the slave has no motive
W hether he
of self interest to spur him to exertion
works ill or well he is sure to receive food clothing and
lodgement and he is sure to receive no more however well
he works
II It is u n skilful and III it is wanting in versatility
for the same reason as the slave has no motive of self
interest to make him exert his mental faculties
As slave labour is given reluctantly and re q u ires
const ant supervision slaves can only be worked in gangs
and as such labour is unskil ful and lacking in versatility
it is useless in arts and manufactures
Therefore the only commodities to the production of
which slave labour is ad apted are the four following
cotton tob acco rice and su gar
-

P ART III

E XC HA N G E

0 7% Value

an d

P r ice

of any commodity is that q uan tity of any


other comm odity for which it will exchange e g if a sack
of whea t will exchange for a ton of c oal a ton of coal
is the va lue of a sack of wheat
H ence ther e cannot b e a general ris e in values for
val ue implies the comparison of one commodity with
another and one commodity can only b ecome more
v aluable than others by others becomi ng less so
P r ic e is a particular cas e of value being the value of
an y comm odity when compared with the precious metals
which have been adopted as money
H ence there c a n be a general rise in prices prices
rising as money b ecomes more plentiful and fallin g as
it becomes more scarce Prices wi ll al so rule low if the
co m modities which c an be purchased with money are
exceptionally plentiful
THE

v alue

0 n the Ca us es whi ch

h
u
l
a
t
e
t
e
g

P r ic es of

re

Co m m oditi es

The c ommodi ties which compose a nation s wealth may


be divided in to thre e c las ses :
'

P o litic a l E cono m y

30

Those of which the supply is absolutely limited


and cannot be increased by increased labour as e g rare
coins pictures by deceased ar tists &c
II Those of which the supply can be increased but
of which the ad ditional production by re q uiring a greater
proportionate expendi ture of labour and capital has a
tendency to become more expensive This is particularly
the case with agricultural produce
III Those of which the supply can be indenitely
increased without increased co st as manufactured articles
I

C L ASS I

P rice of C ommodities of which the S upply is

absolutely

L imited

The value of all commodities in this class is regulated


not by the law of supply and demand which in this con
n e c t ion is a misleadi ng phras e but by an e q ualisation of
the supply with the e ec t ual demand the W ish that is to
say combined with the power to purchase The law is :
The demand depends upon the price The price
must be such that the demand will exactly e qual the

supply
E xample
A B C are each willing to give 1 00 0 for
a picture by Turner : the de m and is obviously greater
than the supply B and C are willing to give 1 50 0
for it : the demand is stil l greater than the supply C
however is willing to give 20 00 for the picture rather
than not have it while B will not go say beyond 1 9 00
The picture therefore will be knocked down to C at some
price between 1 9 00 and 20 0 0 determin ed ac cording to

A dam S mith s expression by the higgling of the market


and thus the demand which has all along been inuenced
by the price is made e q ual with the supply ( Fawcett s
illustration )
Two elements compose the exchange value of all com

m odi ti es

E xc ha nge

31

I
II

Value

or utility
D it c ulty of at tainment
N o c o mmodity however use ful it may be has any ex
change value if no diic ulty is involved in its at t ainment
example water ; an d on the other hand no commodity
has an y exchange value if it has no value in use i e if it
does not satis fy some want or desire The price of com
culty of attainment
m odi t ies is usually det e rmined by di f
rather than value in use bu t in the c ase o f commodities
falling under C l as s I value in use is the determini ng
but this element is not capable of satis factory
e lement
anal y sis as it depends upon a complex variety of motives
.

in

us e

Caus es whic h

the

r eg ul a te

c ontin ued

P r ice of Co m m odi ties

C L ASS 11

P rice of A gricultural and M ineral P roduce

The chief di stinction to be remembered between com


m od it ie s fallin g under C l as s II and those falling under
C lass III is that an increas ed demand for the former
usually ca uses an ad vance in price but this is not n ec es
ly the case with the latter
The cost of agricultural produce must be such as to
leave the farmer a fair return on his capital after deduct
ing the expenses of cultivation in which are included rent
w ages of labour & c for other wise the farmer will with
draw his ca pita l from farming and invest it in some other
trade or pursuit
The rent o f a farm is determined by the pecuniary
value of its produce over that of the worst land in cultiva
tion such land only payin g a nominal rent
R ent however as explained above ( page
forms no
part of the cost of agricultural produce for the price of
su ch produce must always necessarily be such as to return
.

P o litica l E con om y

32

a fair prot on his labour and capital to t he farmer of the


worst land in cultivation which only pays a nominal rent
If this were not the case such land would be thrown
out of cultivation but this cannot take place owing to the
demand for agricultural produce
B ut although the price of agri cultural produce is not
affected by the payment of rent the reverse is true for
with an increased demand for food the margin of cultiva
tion descends prices rise and as was explained in Part
II 3 there is also a general rise in rents
Therefore H igh prices mean high rents but prices
themselves are regulated simply by the demand for food
A lthough an advancing population is the chief cause
of a rise in prices owing to the increased demand for food
which necessitates recourse to inferior land re q uiri ng
a greater expenditure of labour and capital for its cultiva
tion yet even with an increasing population there are
two causes which may prevent prices rising :
I A n increased importation of food supplies from
abroad
II The introduction of machinery and other agric ul
tural improvements which economize the cost of cultiva
tion and increase the productiveness of the soil
The price of mineral produce is regulated by laws
similar to those which regulate the price of agricultural
produce F or example if the prices q uoted for coal are
too lo w the less productive m ines will be abandoned the
lo w prices not affording a su fcient return for the expense
incurred in working them while on the other hand to
meet an increased demand recourse will be had to such
mines thereby necessitating a rise in prices to recompense
the extra amount of labour and capital expe n ded in work
ing them the pri ce of coal like the price of food be ing
xed by the price of what is produced by the least pro
duc t iv e sources of supply
.

"

E xc ha nge

33

law

is the demand va ries inverse ly with the price


fo r the greater the price the less the demand ; while the
p rice varies directly with the demand for the greate r the
demand the greater the price the price be ing eventually
such as to e q ualize the supply to the demand
he

0 n t he Ca us es whic h r egulate t he P r ic e
m odities c on ti n ued

Com

P rice of Manufact ured C ommodities

C L ASS III

The thi rd class of commodities consists of those whose


prod uction can be indeni tely incre as ed without incre as ed
cost S uch are manufac tured articles for as in such
articles the cost of the raw material forms only a m inor
element in their cost an increased demand for them
unlike an increased demand for agricultural or mineral
produce is not necessarily followed by a rise in prices for
by the use of machinery they can be turned ou t on a
large scale not only without increased but even with
diminished cost of production
S etting as ide therefore the cost of the raw material
which is a compar atively inoperative element of the cost of
manu factured produce we nd that the elements of such
cost are
I W ages of L abour
II Prots of C apital
If either of these elements rise ab ove the natural rate
in any trade the p rice of commodities manufactured in
that t rade also rises and similarly their fall is accompani ed
by a fall in prices
I If an incre as ed demand necessitates a rise in wages
prices must also rise to recoup the man ufacturer for his
increas ed outlay
II For the second element unnaturally large prots
cannot permanently b e se cured in any trade the competi
.

W P E
.

P oliti c al E c on om y

34

tion of capital stimulating an increased output which will


sooner or later outs trip the demand whereupon prices will
return to their natural level Therefore
The price of manufactured articles is regulated by two
principles :
I It must on the average approximate to the cost of
production this latter term including cost of material
wages of labour and natural prots of capital
II The demand ( meaning e ffective
for
a commodity varies inversely with its price and the
price at any particular time must be such as to e q ualize
the demand to the supply
The competition of capital secures the acting of the
rst law an d with regard to the second it is important to
bear in mind that the price of any commodity m ust a lway s
,

be s uc h

as

to

eq ua liz e

the

l
pp y

su

a nd

On M on ey

M oney

dem a n d

performs two functions


I It is a measure of value
II It is a medium of exchange
A ny substance selected by a community ( as pressed
cubes of tea by the C hinese and cowrie shells by certai n
A frican tribes) to serve as a m e dium of exchange and
obviate the necessity for barter may be regarded as the
money of that community but by most civilized nations
the precious metals have been selected to serve the p ur
poses of money for the following reason s :
I A s a measure of value they are subj ect to as fe w
variations as possible
II A s a medium of exchan ge they possess an intrinsic
value as well as great value in small bulk
I It is undesirable that the substance selected for the
standard of value should be liable to great or sudden
.

P oli tic a l E c on om y

36

W hat is usually meant by the term value of money is


the current rate of interest indicated by the B ank rate of
d iscount and thus money is said to b e more or less
valuable as the interest given for its use is greater or less
B ut what political economists understand by the term
value of money is its purchasing power i e its po wer of
obtaining other commodities in exchange for itself and
thus the value of money is said to vary with its purchasing
power being low when prices are high and high whe n
prices are lo w
This statement is unaffected by the fact tha t the price
of gold is xed by law that the xed M int price of an
ounce of gold for example is always 3 1 7s l 0 %d for as such
gold is purchased to be m inted into coin and the aut hori
ties o f the M int know that there is sufcient amount of
gold in an ou nce of bullion to be coined into 3 and the
fraction of a sovereign represented by 1 73 1 0 %d this
merely means that the values of gold in bullion and of
coined gold are identical The M int price of gold is in fact
merely the value of uncoined money in coined money and
has no connection with the value of money i e i ts purchas
ing power in relation to other commodities
The value of the precious metals is regulated by the
same laws as those which reg ulate the price of agricultural
and mineral produce that is to say they become more
valuable as the demand for them increases owing to the
necessity of working less productive sources
The precious metals subserve t w o purposes
I They are used as an ordinary article of commerce
for the manufacture of j ewelle ry plate &c
II They are used as a standard of value and as a
circulating me dium that is to say as M oney
The demand for gold as an article of commerce is very
sligh t ( comparatively ) and subj ect to few variations an d
may therefore be disregarded

E xc ha nge

37

A s a ci rculating medium the demand for gold de pends

upon t wo considerations
I I t increases c wte r is p a r ibus with the wealth and
opulation
of
the
country
and
also
p
II W ith t he number of times a commodi ty is b ought
and sold be fore it is nally consumed
I The amount of money in any country must b ear
s ome proportion to its wealth and population for although
the trans actions of wholesale commerce are usually carried
on by che q ues bills of exchange & c without the assis tance
of money yet coined money is always re q uired for the
discharge of petty debts and small payments s uc h as wages
of servants ca b hire & c and therefore as a country grows
in material wealth and populousness it is obvious that
a greater amount of money will be re q uired for these
purposes
II In the second c as e it is ob vious that a greater
amount of money will be re q uired the oftener commodities
change hands be fore they are n ally consumed the dif
fere a t middlemen ha v ing to pay one another for the
co m modities on each transfer
The above therefore are the causes which regulate the
demand for gold As the demand increases gold becomes
more scarce and prices fall the value of gold that is to say
its purchas in g power varying d irectly wi th its scarcity
and inversely with the price of commodities It follows
there fore that the amount of gold in a country varies
directly with prices : if prices are low gold is scarce and if
rices
are high gold it may b e inferred is plentiful
p
B ut as gold by becoming more scarce becomes more
valuab le that is to say as its purchasin g power is increas ed
by its scarcity it becomes more protable to supply it ; the
indust ry of m ining for gold is stimulated and an agency
is called into ac t ion which has a tendency to diminish the
scarcity of gold and to e q ualize the supply of gold to the
.

P o litic a l E c on om y

38

demand S imilarly if the supply of gold is plentiful its


power of purchasing commodities is diminished and high
prices rule H ence the industry of mining for gold b e
comes less protable and the less productive mines w ill be
abandoned the tendency in both cases being to e q ualize
the supply to the demand
It is desirable that the
amount of gold in circulation should increase with the in
crease o f w ealth and population and th at it should neither
outstrip nor fall short of the demand to prevent prices
uctuating
If the supply of gold were greatly in excess of the
demand or v i c e ver sa it would give rise to grave in c on v en i
en c e s for in the rst case the recipient of a xed income
would nd the purchasing power of his income seriously
diminished owing to the general rise in prices while in th e
second case anyone who had a xed money payment to make
would virtually pay much more than t h e nominal amount
the purchasing power of this amount be ing increased in
dir ect proportion to the fall in pric es
.

For eign Co m m er c e

an d

In ter n ation a l Tr a de

The chief advantage of F oreig n C ommerce or the


interchange of c omm odities bet ween di fferent countries is
that it enables every country to devote itself to the pro
duction of those commodities in regard to which it has
been especially favoured by nature most lands possessing
some natural advantages either not shared at all or not
shared in an e q ual degree by other countries E ngland for
ins tance being especially rich in coal and iron while F rance
and A me ri ca have a vast acreage adapted to the growth
of corn and other cereal s Therefore when E ngl an d takes
the corn of F rance in exchange for her o wn iron both
countries are o b viously beneted while at the same time
labour and capital are economized and the p rod uctiveness
of both labour and capital enormously in creased
.

E xc hange

30

B e fore the time of A dam S mith and the appearance of


,

his Wea l th of N a tions thes ad vantages were n o t per


e e iv e d it b eing held in accordance with the f
allacious prin
that a nation s wealth or
c i les of the M ercantile S ystem
p
prosperity consisted in an accumulation of the preciou s
metals and there fore with a view to furthe ring this end
with a view that is to say to bringing money into the
country an d keeping it there the expor tation of c o m m odi
ties w as encouraged by bounties and the ir importation
dis couraged by the imposition of duties
To secure the advan tages of inte rnational trade it
is only necess ary that t he commodities interchanged
be tween any t wo count ries should b ear a different relative
value in the t wo countries i e that of any two c o m m odi
ties one should b e rela tively dearer than the other in the
one country than it is in the other F or example say
that
the cost price of 1 ton of iron in F rance is 3 0
E ngland is 1 0 ;
1 sack of wheat in F rance is
or 1
E ngland is 1
H ence although iron and wheat are b oth dearer in
F rance than in E ngland yet F rench iron is three times as
expensive per ton as E nglish iron while French wheat
is only one and a half times more expensive per sack than
E nglish wheat ; and while one ton of iron in F rance costs
20 sacks of wheat 1 ton of E nglish iron costs only ten
H ence it is to the mutual advantage of F rance and E ngland
to exchange their iron and wheat
Pro f F awcett explains in the course of an elab o rate
analysis what would be the terms of exchan ge of any t wo
commoditiessay wheat and ironb etween any two
countries say E ngland and F rance H e arrives at the
followin g results
I The prices of commodi ties excha n ged between any
e

'

P olitic al E c onom y

40

two countries are regulated b y the same laws as those


which regulate prices in home trade the self acting law
which ten ds to e qualize the supply to the demand being
constantly in operation in both cases Therefore the
prots of the exporting country on the commodity it
exports vary in a direct ratio with the demand of t h e
importing country Thus if the demand in F rance for
E nglish iron at a certain price is owing to any causes
diminished this price must be lowered until the demand
is m ade e q ual to the supply that is to say E nglan d will
have to give more iron in exchange for the wheat it
re q uires
II If the cost of producing one of the two c o m m odi
ties is lowered in one country but not in the other the
country in which it is diminished will not necessarily reap
the advantage
O wi ng to the diminution of the cost
of production the supply of that commodity will be pro
o
r t io n at el
p
y increased but if the demand for it in the
importing country was previously exactly e qual to the
supply the supply will now be in excess of the demand
and the price must be reduced until the demand is made
e q ual to the supply ( the demand for any commodity
it must be remembered bei n g st imulated by a reduction
in price ) This reduction will be effected by the competi
tion of capitalists vying with one another to secure a
mark et
The effect of international trade is to cheapen commo
di t ies in every cou n try which are of the same kind as
those which are imported into it Thus by the in t ro du c
tion of F rench wheat the price of E nglish wheat declines
and simil arly the price of iron in F rance is lowered by
the importation of E nglish iron Th us the consumer is
beneted and at the same time the producer is not
inj ured except perhaps temporarily for the price of the
commodity sim ilar to the imported commodity being
-

E xc hange

41

driven down capital will gradually be withdrawn from its


p roduction to the production of other commodities and
thus things will in the long run right themselves for
by the competition of ca pital the prots in any trade are
prevented from permanently rising above or falling b e
neath the rate of prot natural to that trade The o bj ec
tions to free trade sp ring from the fact that its opponents
direct their atte ntion to the temporary inj ury su ffered
by special classes of producers by the importation of
certain commodities and overlook the general benet
secu r d by the whole body of producers and consumers
alike
By the doctrine of reciprocity is signied conditional
free trade the admittance that is to say duty free of t he
p roducts of other countries if they will receive ours in
a s imilar manner in return
This reasoning says Pro f Fawc e t t is fall ac ious for even
if other countries will not take o ur products it is still
to our interest to purchase theirs if we can buy them

cheaper than we could produce them ourselves

the di fference of p rice


U nder a free trade system
of any commodity in any t wo countries is exactly eq uiv a
lent to the cost of sending this commodity from the one

country to the other i e to the cost of carriage I f the


,

Profess o r perh aps h ar dl y

The
m en t for

rec

d oes

s uf c en t

j us ti c e

to t h e

argu

It m ay b e p ut h us 1 m po rt s , i t i s a r ee , ar e
e g we p urc h as e th e c o r n we i m po r t fr o m
y
ran c e
B ut if forei n c oun ri es ref use to t ake o ur
to h er

ipr oc i ty

pai d fo r by exp e rt s
F
b
g
t
th e ir on we e xpo rt
e xpe rt s or w h i c h is th e s am e t h in g i m po se a p ro h i b i t io n d ut y o n t h em
in ord er t o p ro tec t th e n at i v e pr od uc ers h o w ar e we t o g o on b uyi n g
c o m m odi ti es fro m th em ? It is p l ain th at we c an o n l y c o n t in ue to d o s
b y dr awing on c api tal an d t h i s in th e l o n g run m ean s n anc ial c ol l aps e
To b uy an d se ll is v ery well
To se ll an d b uy we all sh ould try
B ut if we b uy an d d o n o t se ll
R U I N th at c our se doth s pe ll
B ut see p 6 9
.

P o litical E c ono m y

42

price exceeds the cost of carriage capitalists will vie with


one another in exporting the commodity from the country
where it is cheaper to the country where it is dearer
until the market is overstocked and prices fall to the
same level in both countries
A lthough th e aggregate im ports of every country are
paid for by the aggregate exports these need not be exactly
e q ual for if any country say for example E ngland is the
creditor of other countries for lar ge amounts as interest on
loans if in short it has a large amount of capital invested
abroad the countries in its debt will nd it to their ad
vantage to li q uidate the interest on their debt in com
m o di t ies rather than in specie and hence the imports of
this particular country will permanently exceed its
exports
,

On the Tr an s m iss ion

the

of

P r ec ious M etals

The precious metals are transmitted fr om one country


to another in the two following ways
They
are
exported
as
an
ordinary
article
of
com
1
( )
merce from the countries which produce them such for
instance as A ustralia and C aliforni a in exchange for the
imported commodi ties of other countries
Specie fr om
They
are
transmitted
as
bullion
or
2
( )
one country to another in the shape of loans interest
on investments &c that is to say as money
R egarded as articles of commerce the export an d
import of the precious metals are regulated by the same
laws as those w hich regulate t he international trade in
other commodities that is to say their exchange value
varies directly with the demand of the countries to which
they are exported
that
It is desirable as h as been explained above ( p
the amount of gold and silver in circulation should keep
,

P olitic a l E c ono m y

4 4:

M r A ndrew M arvell

coal merchant of L ondon sells to


M P ierre R onsard a merchant of P aris a cargo of coal for
1 00 0 R onsard giving M arvell a bill of exchange for the
amount this bill of exchange being a written promise
to pay the 1 00 0 on a certain specied date A t the
same time M r E dmund W aller another E nglish merchant
buys of M Th eophi le G autier a silk merchant of L yons a
cargo of silk for 1 0 0 0 giving in his turn a bill of exchange
for the amount
N o w h ow shall R onsard and W aller
discharge their debts ?
S ome expense will be incurred by the transmission of
specie from the one country to the other for this purpose
and there is also the risk of the coin being lost by ship
wreck or otherwise
O bviously the most convenient
course will be for Ronsard to pay the money he owes
to M arvell to G autier and for W aller to pay in his turn
the money he owes to G autier to M arvell As long as
M arvell an d G autier are paid each his thousand pounds it
is a matter of indifference to them who pays them and by
the adoption of this plan no money leaves either F rance
or E ngland and the r isk and expense of transmitting
specie are not incurred
.

Ron s ard

p ay s G aut ier

M arvell is p ai d

b y Wal l er

B ill discounters in F rance and E ngland collect these

bills drawn by one country on the other and exchange


them
.

Exchange

45

W h en t h e ex p orts and imports of a count ry are


ex act l y e q ual to one another t h e exc h an g e is said to
be at p ar the bi l ls dr a wn on i t to p ay fo r its imports
b ein g j ust equal to th e bi l l s dra wn on forei g n count ries to
,

p ay for its ex ports


B ut wh e n the im p orts of a country e xc ee d its e x p orts
t he exchange is said to b e aga i n s t it because s p ecie must
be exported t o the country to wh ic h it i s in debt to
liquidate th a t part of its debt wh ic h i s n o t m e t by b i l l s of
e xchan g e drawn on th a t country
In this c as e th e b i l l s of exchange drawn on t h i s
f rei gn country wi l l be at a premium t he merchants
of th e home country competin g wi t h one another to
obtain them being wi l l i ng if the cost of transmitting
specie is say t wo p er cent to give even as much as one
and a ha l f per cent premium i n order to esca p e the n ec es
of
transmittin
g
specie
s it
y
Similar l y the b i l l s in the forei gn country drawn on the
home country w i l l fall to a corres p on ding discount for if
say E ng l and has purchased of another
o n e country
count ry say France commodities to the amount of
131 2 0 0 0 0 00 and given bills of exchange for that amount
whi l e it has ex p orted to it and received bil l s for commo
there are o h
di t ies to the amount of only
v io us l
worth
of
bil
l
s
draw
n on E ng l and in
y
F rance wh i c h cannot be exchan ged for bil l s drawn on
F rance in E ngland b u t must b e transmitted to E ngland
and s pecie sent o ut in exchan g e to France The cost
of such transmission of s p ecie being assumed to be t w o
p er cent th e French bill discounters will therefore only
give 9 8 for a 1 0 0 bi l l drawn on E ngland
The above re as o nin g is b as ed on t h e assum ption that
t h e curre n cies of the t wo countries are identical but i t is
equal ly true when the t wo countries have different curren
ci es the on l y exce p tion bein g t h at in t h e l atter case when
.

P o litic al E cono m y

46

the exchan g e is against any country the money o f that


country is depreciated in value r elatively to the money of
the country w hich h as the exchange in its favour
To sum up the premium and discount on bills of
exchange cannot in any cas e be greater than the cost of
transmittin g specie their g reater or less approximation to
this cost being determined by the greater or less competi
tion of merchants to obtain such bills
,

10

The Func tio ns

of

Cr edi t

C redit

signies the relation which exists b etween bor


rower and lender and therefore necessarily implies trust
or condence ; for no one will lend to one in whose wil l
in gn es s and abilit y to repay he has no conde n ce
The true denition of credit is the p ower to bo r r ow
wealth the extent of this power in any c as e being indi
c at e d by the rate of interest char g ed for the loan this
inversely with the g oodness of the securit y
v aryin g
i e wi th the willingness and ability of the borrower to
repay
C redit is largely concerned in the creation of wea l th
for when the ow n er of wealth is unwillin g or unable to
employ it productively himsel f he may by lending it to
persons in whom he has c on den c e that is to say t o
individuals banks G overnments or public companies
receiving in terest for the loan (such interest var ying wi th
the quality of the security ) c ause it to be employed in
the production of fr esh wealth
,

11

The I n uen ce

Cr edit

on

Pr i ces

The most common form s assumed by C redit are B il l s


of E xchan ge B ank notes C heques
1 ) A bill of exchan g e as explained above ( p 43 note )
is a written promise to p ay a certain sum on a specied
-

Exc hange

47

d ate w h ich i s mentioned in t h e b i ll

Suc h

bi ll s are trans fe r
abl e an d c a n be disc ounted i e so l d for ready money by
anyone who ho l ds them provi ding o f cou rse that t he
security i s g ood
I t i s usua l for a b i l l o f exchang e to be endo rs ed (as i t
is ca ll ed ) by some res po nsible third p arty p utting his name
on the back of it thereby bindin g himse l f to pay the sum
mentioned in t h e b il l to the p arty in whose favour it is
d rawn if the drawer o f t h e b i l l shou l d b e unab l e w h en
t h e time for sett lin g it comes round t o meet his en gage
ments W hen a bi ll discounter cashes a bil l b e may a l so
require a second endorsement by the person from w h o m
h e purchases the hill
A
bank
note
is
a
written
promise
g
iven
b
y
a
b
ank
2
( )
to pay a certain sum mentioned on the note at any time
on demand
By issuin g notes drawn on his b ank a b anker is ena
bl ed t o use his credit to a l arge extent for it is a well
known fact that only one third of the amount so issued
need be kept in the shape of l e gal tender to meet ordinary
emergencies and the banker is thus enabled to use the
other t wo thirds for his own bene t
I B ank of E ng l and notes are lega l tender : t he
N B
notes o f other banks are not II The B ank of E ng l and
is bound to give g o l d in exchang e for its o wn notes i f
required to do so and hence o ur p a p er currency is said to
be convertib l e
O n l y banks founded b e fore 1 8 44: are allowe d to issue
their o wn notes
3 ) A cheque i s a w ri tten authority given by a person
h avin g money in a b ank to another to dr aw the whole or
any part of that money ou t
A B gives CD a cheque on t h e L ondon and
Ex
W estmi ns ter for 1 000 CD sends the cheque to C outts
where h e banks and inst r ucts them to p ut it to h is account
,

P o litic al E c o n om y :

48

gives GH a cheque on C outts for 1 00 0 G H sends


the cheque to his bankers t h e L ondon and W estminster
telli ng them to place it to his account
C outts now holds a cheque on the L ondon and
W estminster for 1 0 0 0 and the L ondon and W estminster
holds a cheque on C outts for the same amount If they
exchange cheques their mutual obligation will be cancelled
and this is done through the L ondon C learing House
where bills of exchange and cheques change hands some
times to the extent of
in a sing le week
C redit is to a great extent a substitute for money and
bills of exchange cheques and bank notes discharge the
functions of the precious metals bills of exchange doing so
in the operations of wholesale commerce and bank notes
and cheques in the ordinary relations of life ; hence the
law that if the wealth and population of a country be
increased a greater quantity of the precious metals will be
required as a circulating medium or otherwise prices
would decline may be counteracted to some extent by the
employment of credi t in its various forms i e bills of
exchan ge &c these forms of credit discharging the func
tions of money and dispensing with the necessity for an
increased supply of the precious metals If credit did not
exist and all buying and selling were carried on with ready
money it is plain that the demand for gold and silver
would be enormously increased and if an adequate supply

a greater
o f the precious metals were not forthcoming
amount of buying and selling would have to be performed
by the money already in circulation This is equivalent to

sayin g that gene r al prices would rise


In the second place credit exerts a still more import
ant inuence ou prices by encouraging speculation and
increasin g the purchasin g power of the country
If merchants were compelled to p ay ready money for
all commodi ties in which they dealt speculation would be
EF

'

Exc hange

40

non existent an d commerce gre atly h am pere d b ut if t he y


their purc h asin g po wer i s
are ab l e to use their c redit
inde finitely increased By buyi ng commodities when p rices
are lo w and givin g bil l s fo r the amount and rese l ling t he
same commodities when p rices rise and be fore t h e bil l s
fal l due they ar e ena bl e d to realise a handsome pro fi t
T wo exam pl e s are given by Pro f Fawc e tt o f traders using
their credit to make large s p eculative purchases o f com
m odit ies namely t he spe cu l ation in ta ll ow j ust before t he
R ussian W ar 1 8 54 and in t ea b e fore the war with C hina
-

1 83 0

Thi s s pecu l ative use of credit has a tendency to force


u p prices of those commodities which are the subj ect o f
such speculation sometimes doin g so to a point far ex
the
cost
of
production
c e edin
g
O f course if merchants abuse their credit to speculate
reck l essly they will b e unable when the time for sett ling
arrives to meet their en gagements and a commercial pani c
wi ll ensue
As these p an ics are caused by an abuse of
credi t and as b ank notes were thou ght to b e the chie f
inst ruments o f credit the B ank C harter Ac t was passed in
1 854 to limit the issue o f bank notes
By the provisions of this A ct the B ank o f E ngland is
required to keep an equival ent amount of b ullion for all
the notes i t issues above
private banks
estab lished after the passin g of the A ct are forbidden to
issue their o wn notes and those established before only
al l owed to do so under certain conditions
W hether this bank A ct real ly fu l l s the obj ect for
which it is passed i e the prevention of commercia l panics
is a matter of considerab l e controversy Pro f Fawc e t t
o p ines that it does not The A ct he says in ordinary
times is ino perative for p rudentia l considerations will
restrain bankers from undu l y forcing the note circu l ation
o f t h e count ry
; an d besides in the l arger o p erations o f
,

50

P o litic a l E co n om y

commerce bills of exchan g e and not bank notes are real ly


the main instruments of cre dit In the later stages of
speculation when the bubble bursts and a sudden shrin k
age o f credit ensues the A ct so far from doin g good is
distinctly m ischievous for it has in v arib ly been found that

whenever such a pani c occurs credit cannot be restored

without a suspension of the A ct and the anxiety as to


w hether and when the A ct will be suspended adds greatly
to the dan gers and di fculties o f the situation
The only remaining form of credit to be noticed is that
of inconverti b le ban k notes These may either be made
legal tender or not and di fferent results ensue in either
case but as the only paper currency in E ngland is a
convertible one it is not necessary to consider this form of
credit in detail
-

12

On the R ate

I n ter es t

of

The rate of in terest is determined in this countr y by


the interest given for money invested in the public funds
or consols which on an average of years closely ap proxi
mates to three per cent
This interest may b e considered as a remuneration for
saving as an investmen t in consols is cons idered to involve
no labour of superintendence and no element of risk
The current rate of inte rest then is determined by the
interest on investments which entail no labour of super
intendence and no risk of loss in our country by the
interest on G overnment S tock
The rate of in terest in any country varies with the
desire of the inhabitant of that country to accumulate
capital and with the amount of capital accumulated
and also with the demand which exists for that capital
Thus if there is a great demand for capital the rate of
interest or price given for its u s e will be high S av ing
,

P o litic al E c o nom y

52

The rate of prot really depends on th e ratio in which


whatever wea l th is produced is divided between employer
and employed
If the share received by the labourer is increased while
other things remain equal it is plain that that received by
the capitali st must be decreased and therefore the rate o f
prot will decline and vic e ver sa
Prices have a tendency to decline as a nation advances
in wealth and population owing to two causes
I The competition of accumulated capital which
tends to lower the rate of p rot until at length there

comes what may be cal l ed a glut of capital that is t o


say a time arrives when more capital has been accumulated
than can be protably invested
II A n increase in the cost of production caused by
an increase in the cost of food owin g to the necessity of
havin g recourse to l ess productive land to feed an increased
pop u lation labour as is wel l known bei n g cheap when food
is cheap and v ic e v er s a
These causes which tend to l ower the rate of prot
may be counteracted severally
I B y the export ation o f cap ital and the investment
thereof in foreign securities
II B y the importation of food supplies fr om abroad
and by agricultural improvements as for example ma
chinery dr ain age articial manures which cheapen food
by economisin g labour and increasin g the productiveness
of the soil
The rate of prot may also b e prevented from declinin g
by the conversion of oating into xed capital ( thereby
diminishing the wages fund ) and by commercia l panics a
large amount of surplus capital bein g absorbed in either
,

In youn g countries like A ustralia a high rate of prot


prevails owin g to the larg e amount of fertile l and pos
,

E xcha ng e

53

ess ed by such countries for ca p ita l is a l ways mo re or


l ess productive o f weal th as i t is a ppl ied to l and of
greater or le s s fertility In such countries t he genera l
rate of p ro t is re g ula te d by t h e p ro ts on agriculture
for wh e n a man can make l arge p rots by en ga ging in
agriculture he wi l l not b e induced to engag e in other
p u rsuits un l ess h e is certain o f securin g p rots p ro p ortion
a te l y hi g h

Over p r oduc tion

14

or

Exc ess of

S upp ly

A l thou g h there may be tem p oraril y over p roduction


-

in any p articu l ar trade that is to say more commodities


may be p ro duced in that trade than can b e sold at remu
no t ative p rices yet there can b e no such thin g as a
g enera l over p roduction in the sense in which that ex pres
sion was understood by Malthus S ismondi and C halmers
the sense na mely o f more commodities bein g p roduced
than can be co n sumed for the demand for commodi ties is
regu l ated by their price ; l ower the p rice and the demand
will be indenite l y increase d E xcessive p roduction wou l d
i t is t rue be disadvantageous to the p roducers for it would
imply a low rate o f pro t ; but the commodities so pro
d uc e d wou l d not b e wasted ; they would only b e more
widely distributed
,

15

The Go ld Disc over ies

A bout the years 1 8 48 50 the amount o f go l d in cir

cu l ation was greatly increas ed by the gold discoveries in


C a l iforn ia and A ustralia ; indeed the yie l d o f g o l d was
thereby immediately treb l ed the p re v ious yie l d of
p er annu m bein g raised to
The present section will be devoted to considerin g the
inuence on prices caused by this vas t incre as e in the
ann ual su ppl y o f go l d
,

Po litic al E c on om y

54

Al thou g h such an investigation is rendered difcult

by the fact that a rise or fall in prices does not furnish an


accurate measure of the amount of gold in circulation
owi ng to the want of uniformity in such rise or fall some
commodi ties advancing and others fallin g in p ri ce ( for
man y other causes as is well known b e s ides the value
of g old affect the p rice of commodities ) and although the
inquiry is further complicated by the fact that owing to
the speculative and as it were gam b lin g charac ter of gold
minin g what would otherwi s e furnish a cert ai n indication
of a fall in the value of g old namely t h e abandonm ent of
the l ess p roductive mines does not invari ably occ u r
( miners holding on to such mines in the hope that they
may stri ke a n e w and immensely p roductive lode at any
time ) yet it may on the whole be concluded that for abou t
twenty ye ars aft er the C al ifornian and A ustralian gold
discoveries there was a de p reciation in the value of gold
variously estimated at fr om 1 0 to 1 5 per cent
F ur ther depreciation was checked by the in creased
demand for gold as a circulatin g m edium caused by the
vas t expansion of international t rade which coin cided in
point of time with the g old discove ri es of A ustra lia and
A merica an ex p ansion due partly to the re p eal of the
navigation laws and the system of free trade instituted
by S ir R ob ert Peel partly to the exte nsion of railways
and the ap p lication o f steam as a motive power to ships
and machinery Thi s expans ion in trad e easily consumed
by far the largest p art o f the incre as ed yield of gold and
prevented what wou l d otherwi se have inevitably occurred
and what would have occas ioned grave inconveni ence a
great and sudden decline in the exchan ge value of gold
The demand for gold was further stimu l ated by its
b eing required to rep l ace the very lar ge amounts of silver
sent shortly after the Indi an M utiny 1 8 57 to India and
the Eas t to p ay the l ab ourers en g aged on the construction
,

E xchange

55

great public works such as rai l ways &c organi ze d


by the Indian G overnmen t abou t that time ; the si l ver
thus withdrawn from the currencies of France Germany
and other C ontinenta l countries bein g re p laced part l y by
an increased issue o f go l d p art l y by the issue of a sma ll
paper currency
O f l ate years there has been in the opinion of some
po l itica l ec onomists a dec ided ri se in the va l ue of go l d
caused partly by a decline in the go l d supply partly
by the resumption o f cash payments by Italy and the
U nited S tates and partly by the demonetisation of silver
and t h e adoption of a go l d standard o f va l ue by G ermany
and other C ontinental countries these causes tendin g to
increase the demand for g o l d concurrently with the fal lin g
of
f in the su p ply
O wing to the uncertainty attending minin g for the
p rec ious meta l s it wou l d b e idle to hazard a pro p hecy as
to the value of go l d in the near or dis tant future but con
s iderin g ho w p ossib l e is a great or sudden chan g e in its
value and the grave inconvenience occasioned by suc h
chan ge it wou l d b e well both for G overnments and in div i
dua ls not to make arrangements on the su p position that
the value o f g old will a l ways rem ain the same as at
p resent
Havin g exp lained the e ffects produced by the dis
it
c o v eries o f the prec ious metals in foreign countries
is su fficient to state b ri ey that the e ffect p roduced by
such di scoveries in the countries in which they occur
is to raise prices and stimulate production
A ust ralia which p ossesses extensive tracts of ferti l e
land l acked the other two instruments of production
These were supp l ied by the go l d discoveries which at one
and the same time sup p lied capita l and attracted l abour
emigrants ocki n g to the gold e l ds in l ar ge num bers
in the ho pe of making a fortune
o

P olitic al E c on om y

56

N ot

al l were successfu l and a large amount of this


labour was ultimately diverted to agriculture and other
productive em p loyment
,

16

The D ep r ec iation in the Va lue

Si lver

While gold has in all prob ability somewhat risen in

va l ue during the last fe w years there has been on the


other hand a decided fall in the value of silver
The probable causes of t hi s appreciation of go l d have
been explained in the preceding section
The depreciation of silver is easily accounted for by
( 1 ) an increased supply coinciding with ( 2) a diminished
demand
The
increase
in
the
supply
of
silver
may
be
dated
1
( )
from the year 1 8 7 0 the production of that metal ri sin g
e v ery year u ntil in 1 8 7 5 it reached
nearly
double the average prod uction bet w een the years 1 8 52
The United S tates of A merica are the chief source
1 86 2
of this increased supply
The
diminution
in
the
demand
is
acco
nted
for
2
u
( )
par tly by the demonetisation of silver and the adoption of
a gold currency by G ermany an d the S candinav ian ki n g
!
doms but chiey by the remarkable falling off in the
demand for silver in India the annu al import of silver in
excess of the export being
for the ei ght year s
previous to 1 8 67 while during the last ten years not more
than
per annum in excess of the export has
on an averag e been imported
Various causes have contributed to brin g about this
decline in India s demand for silver the most e ffective
,

O n th e

h er h an d

ot

th e

U n i te d St ate s , w i ll, i t i s s up p o sed,


s i l v er t hr own o n th e m ar ket b y th e dem

G erm an y

p t i on o f c as
ab s o rb , o r n e ar l y

r es um

on e t s at o n

p ay m en ts b y th e
s o , t h e am o un t o f
of

t at m

etal

in

Exchange

57

b eing the great incr ease o f l ate years o f t h e Indian home


charges and t he consequen t increase in India s inde b ted
ne ss He nce a l though India s ex ports exceed her in r
ports by an amount varyin g between l 7 0 00 0 0 0 and
yet as she is indebted to E ng land to the
extent of
only
or
on
an average need annual l y be transmitted in s p ecie from
Eng land to India to restore t he ba l ance of trade
This indebtedness it may b e remarked is for se vera l
re as ons like ly to increase rather than to diminis h
The depreciation in the value of si l ver has hithe rto
been in India entirely in com p arison with g o l d no decline
ha v ing hitherto been o b served in its purchasing power
A dec l ine in its purchasin g power must however ia
e v itab ly occur if its value compared with gold continues
to decline fo r every fa l l in the va l ue of si l ver compared
with go l d makes it more protable for forei gners to
p urchase commodi ties in India where the currency is
a si l ver one rather than elsewhere
F or example say that a soverei gn which was formerly
worth 1 0 ru p ees is n o w worth 1 2 rupees It is obviously
to the advantage of foreigners t o l ay out their money in
the purchase of commodities in India where the si l ver
ru pee is the standard o f va l ue rather than in countries
which have a g old standard
Simil ar l y it becomes less p rotabl e for India to pur
chase commodities abroad where si l ver is de preciated
b eca use she has to give p erhap s 6 0 rupees where formerly
she only gave 50
Hence India s ex p orts wil l increase whi l e her imports
wi ll decrease The di fference w ill be liquidated by an
incre as ed transmis sion of silver b ut this increased impor
t atio n of silver wi l l if it continues eventual l y cause a rise
in prices Q E D
Th is de p reciation in t h e va l ue o f si l ver is l ike l y to

P o litical E cono m y

58

cause cons iderable inconvenience to the G overnment o f


India for the most considerable part of its revenue
is contributed by the
( amountin g to about
permanent L and Tax (see page 7 0 ) which is paid in the
silver rupee and the amount so contributed though
nominally the same as that contributed before the depre
c iat ion of silver wil l really be less in value in exact pro
portion to such depreciation
This is a serious matter for the Indian G overnment
for while its revenue is received in the depreciated metal
the interest on its debt amounting ( i e the interest ) to a
xed charge of
annually has to be paid in
gold India h as to purchase t hi s gold with her silver
and of course silver be ing depreciate d in comparison with
gold she is a considerable loser by the bargain
V arious schemes have been formulated with a view to
o b viatin g the inconveniences caused by the depreciation
of silver in India for example the adoption of a g old
standard and a gold currency of a gold standard and a
silver currency or of a double standard but all these
schemes may be shewn to be impracticable and even
if practicable they are obnoxious to the censure that they
are calcu l ated rather to aggravate than other wise the evil s
they are desi gned to cure
F or example a gold currency is entirely unsuited to
the wants of a country lik e India where the maj ority
many of them
o f the inhabitants are extremely poor
never havin g seen even a silver coin in the course of their
lives
The obj ections to a double standard have b een de
tailed on p 3 5
O ther obj ections may be ur ged to the third sc h eme of
a gold standard and a silver currency
The mora l Pro f Fawc e t t draws from the depreciation
in the value o f sil ver as also from the uctuations which
,

PAR T IV

T A XA TI O N

0 n the G ener al Pr inc ip les

Taxa tion

of

obj ect of taxation is to raise money for the purp ose


of defraying the necessary expenses of G overnment
This is the sole obj ect of taxation
The followin g ( in a necessarily abbreviated form ) are
A dam Smith s four C anons of Taxation to which all taxes
should conform if they are to be defended on grounds of
j ustice and expediency
I Taxation should possess equality that is to say
everyone sho uld contribu te in proportion to his ability
t hat is in proportion to the revenue he enjoys under t h e
protection of the state
II The tax which each person is bound to pay ough t
to be certain and not arbitrary
The time of payment th e manner of p ayment the
quantity to be paid ough t all to be clear and plain to the
cont ri butor and to every other person
B y this means alone can extortion and insolence on
the part of the tax collectors be prevente d
III E very tax ought to be levied at th e time or in
the manner in which it is most likely to b e convenient
T HE

Taxa tion

61

the contributor to pay it as e g a tax on t he rent


o f land or houses shou l d be made p aya bl e abou t quarter
day w h en such rent becomes due
Taxes s h ould b e so design e d as to take as l itt l e
IV
as possi bl e from th e tax ed ab ove what is b rou ght into the
Tre asury of the S tate
These ru l es are t h us summarised by Pro f F awcett ;
I Taxation shou l d possess equa l ity
II There should be no uncertainty with reg ard to
the amount to be l evied
III The tax should b e l evied at the most convenient
time and in the most convenient manner
T h e state ou g ht t o obtain as much as p ossib l e o f
IV
t h e who l e amount l evied from the taxpayer
fo r

( M nem onic R hym e )


C tain ty th ese are th e v ir tues th
.

E q uali ty ,

Conv en i en c e

E very tax s h o ul d
Treas ures
If

a c o un ry s

if

p o s s es s

t axati on

r ee

er

'

p lan
S oul d ra ke in th e b ulk

go od

arr an ged

of

h at s

on e ,

on

A dam Smith s rst C anon

m or eov er

well m atured

le i ed

an d

on

tate

th e S

tt

s a e sm an e

taxp ay in g m an

e ery

That everyone shou l d


contri b ute in taxes accordin g to his abi l ity has given rise
to cons iderab l e discussion for it is not e as y to perceive
how this end can be secured
T wo men may p ossess equal incomes but if one is a
bache l or and the other a marri ed man with a fami l y the
l atter must necessaril y contribute more t o the revenue of
the count ry in p ro p ortion to his means than the former
seein g that he consumes a greater amount o f taxed com
m odi t ies such as tea spi ri tuous liquors &c ; and yet it
has never b een urg ed that the income tax should b e so
adj usted t h at t h e unm arried shou l d contribute more than
the marrie d
Thus no system of taxation can b e d evise d w h ic h

P o l itic a l E c onom y

62

would p ress equa ll y on bachelors and on married men


w ith large families whose expe n ses ar e naturally so much
greater
The only way in which an approxi m ation to equality
c an practically be secured is to exempt the poorer cl as ses
in the state from cert ain special duties as in E n gland the
possessors of incomes under 1 50 per annum are exempted
from the income t ax
Prof F awc e tt therefore thus restates S mith s C anon
The aggregate amount which each individual pays in
taxes ought to be in proportion to his ability to con

tribute to the revenue of the state


,

0 n the I n c o m e Tax

In connection with the income tax a point much c on


t rov e rt ed is whether those in receipt of temporary in
comes ( e g professional men or annuitants whose source
of income ceases with their death ) and persons whose
income is derived from permanent sources ( e g from land
or money invested in G overnment securities ) should b e
taxed at the same rate or not
It is argued that person s whose income is of a tem
r ar
o
or
precarious
nature
are
less
able
to
pay
the
same
p
y
amount of income tax th an those whose income is perma
nent owing to the former being compelled to put by a
large portion of their income in order to make a provisio n
for their family a necessity which does not exist ( at
le as t in the same de gree ) for those whose income is derived
from permanent sources
If the income tax were a permanent and uniform
charge it may be proved by an arithmetical demonstra
tion that n o inj ustice would be inicted by both classes of
income being taxed at the same rate for the tax on in
comes falling under either clas s could be redeemed at
,

Taxa tio n

63

an equa l rate ; w h i l e on t h e other han d it may a l so be


shewn by the same method of d emonstra tion that if t he
ta x is im p osed fo r a l imited and denite period the
tem porary income ou ght to b e taxed at a l ower rate than
th e income which is permanent
A s however t h e inco me tax in this country is neit h er
uni form nor l evi ed for a l imited and denite pe riod it
woul d be a mis take ( if we rely on t he arithmetical argu
ment) to tax incomes derived from tem porary and p erma
nent sources at different rates
M oreover apart from t h e ari thmetical argument it can
be shewn that to adj ust the income tax on such a principle
wou l d in p ractice entai l an end l ess amount of trou bl e and
ex pense ( owin g to the di fcu l ty involved in ca p ita lis ing
tem porary incomes for t h e p urposes of the tax ) if indeed
such a scheme is not from its inherent difcu l ties al
together im p racticabl e
It is true that a man whose income is derived from a
trad e or profession is l ess ab l e to p ay in come tax than
a man whose income is derived from a p ermanen t source
l ike land or stocks an d theoretica l ly the tax ou gh t to b e
adj usted so as to press equally on bot h p arties and thus
conform to A dam S mith s r st C anon of Taxation b ut
p ractically as has been stated this would be found im prac
t ic a b le and the best way of remedyin g inequality of taxa
tion is not by altering and tamperin g with any particu l ar
tax in the chimerica l h o p e o f making it press equa l ly on

all t h e contributors t o it but to place


the p articu l ar c l as s
which it prej udicia l ly affects in a re l atively advantageous

p osition with re g ard to some other tax


( Fawc e t t )
W ith regard to a graduated or pro gressive income
tax the chi ef obj ection t o it is that i t is a tax on saving
and t h us ca l cu la ted to dis courag e prudence The more a
m an is enab l e d to save and invest the l arger his income
wi l l become b ut if the l arger income is to b e taxed at a
,

64

P o litical E con o m y

higher rate than the smaller the e ffect on habits o f thri ft


an d providence is l ikely to b e of a very d iscoura ing
g
natur e
A graduated income tax is also O pen to the obj ection
that if of a very heavy character part of it at least would
probably be p ai d out of capital and this part would really
be contributed not by the rich who would nominally pay
it bu t by the working classes who are maintained by the
circulating capital of the country

A grad uated income tax is in e ffect a penalty u p on

the accumulation of w ealth but as such wealth usually


assumes the form of capital and is mainly employed in th e
payment of labour a progressive income tax that di s
cour ages the accumulation of wealth and trenches on
capital really diminishes the wages fund devoted to the
support of labour
There are t wo o bj ections to the income tax of some
importance
The rst is that the tax presses with undue severity
on small incomes
Incomes under 1 50 are exempt from the tax alto
gether and a deduction of 1 20 is made before assessin g
the tax from all incomes between 1 50 and 40 0 but
a person whose income is over 40 0 is taxed on the whole
amount
Thus a person whose income is ( say ) 1 80 per annum
has to pay income tax on 3 0 while a person whose
income is ( say ) 1 49 is exempt from the tax altogether
A person whose income is ( say ) 40 1 has to pay income
tax on the whole amount whi le another person whose
income is (say) 3 9 5 has to p ay income tax only on
,

27 5

To rectify these anomali es Pro f Fawc et t concurs with


M r M ill in suggestin g that some xed amount which may
be regarded as sufcient to p rovide the b are necessaries of
,

Taxat ion

05

exi stence say 1 0 0 s h ould b e exem p te d from taxation


in all incomes an d t he remainder in a ll incomes taxe d a t
the sa m e ra te
A not h er objection t o the income tax is t h at a ll do not
cont ribute their fair sh are to it for w h il e certain c l ass s
are unabl e to esc a pe t h e tax h o l ders of G overnment and
E nglish R ai l way S tock fo r instance G overnment o f cia l s
and of c e rs in th e army and navy t he tax in the one
case being dedu c ted from the dividend warrants before
they are forw ar ded and in the other from the sa l ary or

o
f

c
e
rs
pay of such o f cials or
other c l asses such as
traders manu facturers and pro fessional m en who make
thems e l ves t he return o f income on which the tax is
frequentl y p ut their income a t a much lower
as sessed
gure than it rea l ly is and thus the revenue is defrauded
D es pite these disadvantages however it is not de
sirable t o abolish the income tax for it p resses chiey on
the ri ch and is pre ferable to increas ed taxes on c om m odi
ties which wou l d fa ll on the poor
,

Taxes

on

Com m odi ti es

an d

other

In dir ec t Tax es

The income tax like the as sessed taxes i e the taxes


on dogs carriages &c is an examp l e of dir ect taxation
that is to say the tax is rea l ly as wel l as nominal l y p aid
by the person on whom it is levied W hen a tax is
nominal l y paid by one person but reall y by another the
tax is said to b e indir ect A l l taxes on commodities are
examp l es of i ndir ect taxation for althou g h nominally p aid
by the p rod ucers or im p orters o f commodities they are
really p aid by the consumer the p rice of suc h c o m m odi
ties bein g enh anced by an amount at least equal to the
amount o f the tax
Tested by A dam Smith s four Canons o f Taxation
w
m
n
p
e

d
t
h
at
taxes
on
co
mod ities contravene
e
se
(
,

P E
.

P olitic a l E c on om y

66

the rst an d fourth canons b ut full the conditions of the


second an d th ird
I Taxes on commodities necessarily fail to satisfy
S mith s rs t canon t hat there shou ld be e q uality of
taxation that is to say that everyone should contribute to
the revenue in proportion to his ability to pay The price
of every commodity is enhanced in proportion to the tax
upon it and thus rendered dearer as m uch to the poor as
to the rich consumers of it nor owing to great practical
difculties is it usually possible to obvi ate this dis adv an
t age by taxing commodi ties on an a d v a lor em scale by
adm itting that is to say the inferior qualities of commo
dit ie s ( as of tea or tobacco ) usually consumed by the poor
either duty fr ee or at a greatly reduced rate a n d in
creasing in proportion the tax upon the choicer q ualities
consumed by the rich
II Taxation of commodities ful ls A dam S mith s
second canon by being certain and n o t arbitrary for the
importer or producer of such commodities usually knows
exactly W hat he Will have to pay and when he W ill have
to pay it A lmost the only exception is in the case of a d
v a l or em duties it being found by experience almost im
possible to foretell beforehand W hat amount will have to
be paid in duty
III A tax on commodi ties also conforms to S mith s
third canon for the real payer of such a t ax i e the con
sumer of the commodities in q uestion pays the tax at t he
time and in the manner most convenient to him sin ce he
pays at the time he purchases the commodities The tax
is sometimes levied on the importer or producer of a com
m odit y at an inconvenient time as in the case of the duty
on hops which had to be paid at a certain time W hether
the hop grower had sold his hops or not but in such cases
the tax is either a b ad one in itself or is badly arranged
IV
A t ax on commodities usually violates S mith s
,

P oli tic al E con om y

68

F or to tax an exported commodity would be to raise

its price ( for those who export the commodity must have
the tax returned to them in the shape of an enhanced
price) but the demand for any commodity varies inversely
with its price therefore the commodity would be exported
in diminished q uantities ; but we pay for our imports with
our exp ert s ; therefore our e xp er ts also would be diminished
B ut diminished imports and diminished exports are sy m p
toms of declining trade and conse quently a mode of
taxation that produ ces such symptoms must be nancially
unsound Q E D
O n e case must be excepted namely when a country
has a monopoly of the commodity on which it imposes an
export duty as in the case of A merica which before the
C ivil War had a monopoly of cotton If A merica at that
time had imposed a small export duty on cotton it would
not have greatly diminished the demand seeing that the
commodity in q uestion was a necessary of life and could
not be procured elsewhere B ut when any two countries
are competing with one an other in the production of some
article of use or necessity ( e g E ngland and F rance in the
production of silk ) it is plain that c aeter is p ar i bus the
country which can sell that commodi ty at the cheapest rate
will easily Secure t h e foreign market B ut even a small
export duty might entail the loss of this advantage and
conse q uently the loss of the market S uch a tax in such
a case would obviously be a bad one
The on ly legitimate obj ect of taxation is to obtain a
revenue to defray the expenses of G overnment but taxes
may also be imposed and indeed in most foreign
countries are imposed ou imported commodities for the
sake of protection in order that is to say to foster native
industries and prevent t h e competition of th e foreigner
S uch a system of protection can have none but mischievous
conse q uences for as was shown in the section on F oreign
,

Taxation

69

C omme rce and Intern ational Trade a free interchange of


,

commodities between any t wo count ries is for the benc


t of b oth either country being t he re b y en abled to
devote its el f to the productio n of those commoditie s for
the production of which it is especially favoured by nature
a nd thus capi tal and labo ur attain the maximu m of their
e f ciency in the production of wealth
F ree trad e in comm odities is for the b ene t of the
whole body of consumers and although it may inj uriously
a ffect particular industries even the se inj uries are as a
rule temporary only and partial
Ho w free trad e in provisions for instance a ffects the
farming interest has been shown in the section on F oreign
C ommerce and International Trade
That it is no loss to a country to import commodities
is plain if we reect that imports are b ought wit h e xp erts
and that therefore a country cannot long continue to im
port commodities to a large extent without largely export
ing them also
D irect taxation in the shape of an income tax and
indirect taxation in the shape of taxes on commodities
have both their peculiar merits and defects the dis adv an
tages of an income t ax for instance b e ing that it is more
or less a t ax on savings and that so m e classes e g traders
an d manufac t urers are able to escape it in great par t ( to
sa
y nothin g of its in q uisitorial character); while of taxes on
co m modities on the other hand the chief inconvenience
is that it is always difficult and sometimes practically i m
possible to arrange them on an ad v alor em scale
B oth methods of taxation contravene one or more of
A da m S m ith s canons and it would not b e desi rable for a
country to adopt either as the sole mode of taxatio n A
j udicious combina tion of direct with indi rect ta xation will
us ually be found to work the best
,

'

P o litical E c o no m y

70

The L a nd Ta x

The L and Tax may be as in E ngland an impost of


relatively small amount levied on the proprietors of L and
or it may be as in India su fciently large to be e q uivalent
to rent the land tax in that country being e q u al to a rac k
or competition rent and paid by the ryots or cultivators to
the state for the use of the soil The state being thus the
general landlord there is no landlord class as in E n g
land
W hen the land o f any country is owned by the state in
its corporate capacity in trust for the people of that coun
try a land tax e q ual in amount to a competition or rack
rent for the use of land cann ot inj ure the cultivator for it
is no more than h e would have to pay in the shape of rent
if the l and was in private hands nor unless it exceeds a
rack rent is it inj urious to t h e consumer of agricultural
produce such produce not being rendered dearer by rent
being paid to the state in the shape of a land tax instead
of to private landlords ( see the section on the N at ion alisa
tion of the L and )
The Tithe may be regarded as a species of land t ax
O riginally it amounted in val ue to one tenth the produce
of the soil was paid in kind and devoted exclusively to
the maintenance of the clergy but since the R eformation
many private individuals have become tithe proprietors
and since the Tith e C ommutation A ct passed in 1 8 3 7 al l
tithe in kind has been commuted for a x ed money pay
ment arranged on the basis of the average price of corn for
the preceding sev en years Tithe is a mere rent charge on
land It is paid by the farmer but it is considered in the
rent and if it were ab olished the rent would b e pro
portionately increased
,

Taxa tion

71

The P oor L aw

a nd

its In uenc e

'

on

P a up en em

The rst Poo r L a w which gave every necessitous


person a legal right to relief dates from the 43 rd year of
E liza be th and continued in existence ( with many serious
and those generally mischievous alteration s ) up to the year
1 83 2 when the n e w Poor L aw came into operation

U nder the old or Elizabet han P oor L aw local au t hori


ties were empowered to impose a rate upon al l such real
pro pe rty as land and houses ; the able bodied were by its
provisions compelled to work as a condition of obtaining
relief ; the cost of maintaining able b odied paupers w as
thro wn upon any of their natural relations who could
a fford to b ear the charge The A ct also pro v ided for the
annual appointment in each parish of overseers who were
responsible for the collection of rates and the administra

tion of relief
In t he year 1 7 23 an A ct was passed to enab le local
authorities to b uild work houses and make admission into
the m a condition of receiving relief
B y means of the E lizabethan law and this amending
A ct pauperism was so greatly diminis hed that in t h e
middle of the last century it was hoped that it would die
out altogether
U nfortunately this belief led to a laxer administration
of the old P oor L aw ; what were deemed its harsher
features were g radually removed and out door relief was
encouraged the conse q uence being that by 1 83 2 pauperism
had risen to so great a heigh t as to threaten national
b ankruptcy
By G ilbert s A ct in 1 7 80 t he work house test h ad bee n
practically annulled the able bodied not b eing compell ed
to accept it as a condition precedent to relief and by
Eas t s A ct in 1 8 1 5 it was formally abolished al together
,

P olitic a l E c on o m y

72

out door relief being substituted in all cases an d the


guardians being empowered to use the rates to make up
deciency in wages
This plan of using the poors rate as a rate in aid of
wages proved very demoralizing both t o the working
classes and to the employers of labour ; thrift and prudence
on the part of the former were discouraged and the latter
were encouraged to underpay their labourers the di fference
being m ade up out of the rates ; while the evils that
n aturally followed were complicated by the laws of settle
ment w hich by forbidding the labourer to leave the place
of his birth hindered the natural o w of labour from one
place to another fro m places where it was not wanted to
places where it was
These evils at last rose to such a height that in 1 8 3 2 a
R oyal C ommission w as appointed to investigate the work
ing of the P oor L aw B y the labours of this commission a
terri bly bad state of things was revealed and in accord
ance with its recommendations what is known as the N e w
P oor L aw was passed in which a return is made roughly
speaking to the lines of the E lizabethan P oor L aw which
had been so mischievously tampered with by what are

known as G ilbert s and E ast s A cts


B y the new A ct the
work house test was again revived the plan of granting
allowances in aid of wages was abolished the appointment
of paid overseers was provided for and an ofcial audit of

accounts was secured


The only important amendment to this A ct that has
since been passed is t h e U nion C hargeability A ct by which
the area of rating is shifted to the union from the parish
O fthe various provisions of the N e w P oor L aw there c a n
be no doubt that the work house test is the most e ffective
in discouragin g pauperism and the decline in pauperism
within recent years is chiey to be ascribed to the stringency
with which this test has been applied
-

Taxa tion

43

L oc a l Tax ation

Ta xation it must b e remem b ered is of t wo kinds loc al


t he imperial taxes b eing levied over the
and imperial
whole kingdom and devoted to the common b ene t of all
while the bo rough and county rates which come under the
head of local taxation are levied for purely local purpos es
O ne great distinction between the t wo is to be notice d
namely that while the revenue and expenditure of th e
imperial G overnment not only balance on the average of
years bu t even leave a surplus to the good t he e xpe n di
ture of local authorities is considerably in excess of their
income and the decit has to b e met by the raising of
l oans

The annual local expenditure is


and t he
amount raised by local taxation is about
There is thus a de ficit annually of
This expenditure is defended on two grounds
( 1 ) That the money raised on loan is spent in pro
duc t iv e works which will ultimately repay wit h interest
the money spent in constructing them and
( 2) That the country is growing so fast in wealth and
populatio n tha t this local indebtedness need not be r e
ga rded too se riously
N either of these grounds of defence is of much value
for in the rst place these loans are too fre q uently used
as income instead of regarded as capital to be employed
productively and o wing to the want of a proper audi t
it is often impossi ble to tell how the money is spent and
secondly it is a pe rfect delusion to b elieve that wealth
and population are growing faster than local indebtedness
The exact contrary is really the case
E conomy will not be secured unt il a di fferent system
of rating to that at present existing is adopted
A t present there are too many b odies empowered to
,

P olitic al E c on o m y

74

levy rates as the B oard of H ealth P oor L aw G uardians


G asworks W aterworks &c and the result is inextricable
confusion
A t the present time rates have a constant tendency to
increas e owing to the various schemes for the public
b en e t such as F ree E ducation P ublic L ibraries P ublic
B aths &c which at present are so much in favour and
all of which must ultimately b e provided for ou t of the
rates
This increased b urden of rates presses very severely
upon the poor many of whom have no money to spare for
anything but the barest necessaries and for whom it is
often a hard struggle to keep out of the poor house
It is a well known fact that as rates increase pauper
ism increases p ar i p a ss a Therefore in the interest of the
poorer ratepayers it is desirable that th e present ext rav a
gant expenditure of local authorities should be checked
and also that a determined opposition should be offered to
the cre ation of fresh rates
,

The In c i den ce

oc a l

Taxation

A ll local taxation with some trii n g exceptions (e g


.

market tolls harbour dues &c ) is levied not on personal


but real property i e land and houses
It must be carefully borne in mind that no revenue
can be obtained by local bodies by means of taxes on
commodities or by any form of taxation except rates on
land and buildings F rom th is fact m ay be inferred the
peculiar defect and disadvantage of local taxation namely
that the urban rates press with undue and une q ual se
verity on the inhabitants of houses
It is a common error that the bulk of local taxation at
the present time is raised from land
,

76

P olitic al E c on om y

F awcett demonstrates that when the area of land avail

able for building purposes is practically unlimited the


burden of the rates falls neither on the ground
landlord
nor on the landlord of the house but on the tenant or
occupier who is unable in this case to shift the bur den on
t o the shoulders of either of the rst named
In t he c ase
however of building sites that have the monopoly of some
special advant age say the possession of a lovely view or
in the case of business premises position in a centra l
thorou ghfare the rates fall on the ground landlord ( al
though nominally paid by the tenant ) and he alone would
benet by their rem issio n
The e ffect of rat e s on t h e prices of commodities may
be briey stated thu
If foreign competition were non existent and if the rates
in all districts were uniform any excess in rates would be
shifted by the trading classes on to the con sumers of com
m o dit ies for in al l occupations t h e average rate o f prot
must be obtained or men will cease to carry them on an d
if an excess in rat es lowers this rate of prot below its
natural level the trader must be remunerated by obtain
ing an increased price for his goods
B ut if rates are lower in some localities than others or
i f commodities are imported under a free trade system
from abroad the force of competition prevents his obtain
ing this enhanced price and he is thus compelled to bear
t h e burden of the rates

In conse q uence the trade of a district may be seri

imperilled
in
t
h
e rst case
and
in
the
second
o us l
y
a constant increase in the rates might ul timately j e op ar
d ise the very existence of man y branches of industry in
which there is a close competition between the hom e and

foreign producer
L ocal taxation sometimes presses with unj ust severity
on leaseholders
,

Taxatio n

77

of
has been contracted b y a
munici pality for the purpose of car ry ing out a n e w syste m
of d rainage or some other town improvement
The repayment with inte rest is spread s ay over a
e
rio
of
1
years
d
2
p
D urin g the in te rval the local rates are raised in pro
portion in order t o provide for this repayment
I f a man j ust before the loan is contracted has taken
the lease of a house for twenty one years he is compelled
as a householder to pay his share of these enhanced rates
an d then at the end of the period h is landlord ( who has
n o t paid a penny ) probably informs him that the property
being n e w increased in value owing to the recent local
improvements he must pay a hi gher rent
O f what
avail wil l it b e for t he tenant to plead that i t is he and
not the l andlor d who has paid for the drainage works and
the water 7
A s Professor F awcett somewhat cynically but no
doubt truly o b serves S ooner or later of course j ust such

a rent will be charged as the house is worth


The ratepayers have the remedy in their o wn hands
They may either refuse to allow these loans to b e raised
at all or they should regu late strictly the manner in which
they are cont ra cted
A loan

say

T HE E N D

C M B IDG E : P111 8 11 0 B Y C L C M Y . N A

AN D 0 8 8. AT 1 8 3

R S

UN IVKRBH Y P E

MA CMIL L AN AN D CO S PU BL ICATION S

W orks by t he R t Ho n H e xav Fawc m


l ate P ro fess or of Politic al E c ono m y at C a m b ridge
.

MA N U A L O F P O L ITIC A L E C O N O MY S ixth Edition


0 11 Sta t e S oc i al i s m a n d th e N at io n al is a t io n
re v i se d wi th a ohap ter

of th e L an d an d an I n dex C rown 8 v c 1 2s
.

S P EE CH E S O N S O M E C U R R EN T P O L ITI C AL Q U E S
T I O N S 8 v o 1 0a 6d
Th e B i rm i n gham L eague N i n e Ho urs
C o n ten ts zIn d i an F in an c e
B i ll E l ec tio n E xpen ses W o m en s S anre go
Ho us eho ld S u rage in
C o un t i esIr is h Un i v ersi ty E d uc a ti on & c
o

F R E E TR A D E A N D

P R O T ECTI O N

E n q uiry into
th e C auses w h i c h h av e re tar d ed the ge n era l ad op t io n of F ree T rad e
s i n c e i t s I n tr o d uc ti o n in t o E n gl an d
S i xth an d C hea per E di t io n
An

C r 8v o
.

3c

6d

I N D I A N F IN A N C E
Br a
an d Appen d i x
.

Thre e Essays

6d

W ith I n troduc tion

E C O N O MY FO R B EG I NN E R S W ITH
Q UE ST I O N S S i xth E di t i on By MIL L ICE N T G xn a nr r Fawc nr r

PO L ITI C A L

6d

E SS A Y S A N D L E CT U R E S O N PO L ITI C A L AN D
S O C IAL S U BJE CTS By R i gh t Ho n He xax Fawc nr r an d M IL L I
.

on xr
'

G annnr r Fawc s r r
'

'

'

8v o

1 08 6d

W orks by H ENR Y a o wrc x M A L L D K n ightb r idge


P ro fessor o f M o ral P h il o sop hy in the U nive rsity o f C a m b ri dge
,

TH E
E

P RI N CI PL

di ti o n

re v sed .

E S O F PO L ITI C A L E C O N O M Y
8v o

S ec on d

T H E M ET H O D S O F E THI C S Third E ditio n 8 v o l 4a


A S upp lem en t to th e Sec o n d E di t ion c o n tai n in g all th e i m port an t
Addi t io ns an d Al teratio n s in th e Thir d E d i t io n D em y 8 vc
.

O U TL IN E S O F T H E
Reade rs
C rown 8 v o
.

H I S T O R Y O F E TH I C S for E n glish
,

33

6d

MAC MIL L AN AND

L O DO

M ACM IL L AN AN D CO S PU BL ICA TION S

b y FR AN C I S A
P o l i t i c al E c o n o m y

W or ks

of Y al e C oll ege
&c

&c

W A L K E R M A Ph D P r o fes sor o f
an d H is to r y Sh e i el d S c i en ti c S c ho o l
l ate C hie f o f U S B ur eau o f S tatis tic s
.

TH E WA G E S Q U E S TI O N
W age s C l ass

8v o

1 4s

A T r eat ise

Wages

on

an d

t he

M O N E Y 8v o
M O N E Y I N I T S R E L A T IO N
.

D U S TRY

C r own

8v o

73

P O L ITI C A L E C O N O MY

6d

AN D

IN

8v o

TR A D E

TO
1 03

6d

A B RI E F T E X T B O O K O F P O L ITIC A L E C O N O MY
C r ow n 8v o 63 6 d
L AN D A N D IT S R EN T Fc ap 8 VO 3 3 6 d
TH E E C O N O M I C S O F I N D U S TR Y B y A M AR S H ALL
M A P r ofes s o r of P o l i t i c a l E c o n o m y in t h e U n i v e r s i t y of C am b r i dg e
a n d M AR Y P M A R S H A L L
l at e L ec t ur er at N ewn h am H all C am b r i dge
E xt r a f c ap SW
28 6 d
E C O N O M I C S By A L FR E D M AR S H ALL M A P rofes sor o f
Po l i t i c al E c on om y in t h e U n i v er s i t y of C am b ri dge 2 v o l s 8 v o
-

t he P ress

[In

W o rks b y J E C A IR N E s M A so m e tim e P r o fes s o r o f


P oliti c al E c o n o m y in U n i v er s it y C oll ege L on don
P O L ITI C A L E SS A Y S
8v o
1 0 3 6d
S O M E L EAD I N G P R I N CI P L E S O F P O L ITI C A L E C O
.

N OM Y N E W L Y E XP O U N DE D

SW

1 48

By W S TAN L E Y J E VO N S L L D M A F R S
TH E TH E O R Y O F P O L ITI C A L E C O N O MY
Secon d
1 03 6 d
E d i t ion r ev i sed wi t h n ew Pr e fac e an d App e n di c e s
8v o
G U I D E T O TH E S T U D Y O F P O L ITIC A L E C O N O M Y
B y D r L U IG I C O SS A Pr ofe s s o r of P o l i t i c al E c n o m y in t h e U n i
v e rs i ty of P av i a
Tr an s l at e d fr o m t h e Sec on d I t al i an E di tion
W i t h a Prefac e b y W S T A N L E Y JE VON s F R S C r ow n 8 v o 4s 6 d
S P E C U L AT IO N S F R O M PO L ITI C A L E C O N O M Y B y
C B C L A R K E F R S C r ow n 8v o 3 s 6 d
TH E S I LV E R P O U N D AN D EN G L AN D S M O NE T A R Y
P OL I C Y s i n c e t h e R es t o r at io n t o g et h er wi th a H i s to ry of t h e
G ui n ea i ll us t ra t e d b y c o n t e m por ar y d o c um e n t s
By t he H o n
S DA N A H O R T O N a D el egat e of t h e U n i t e d St at es t o t h e In t er
1 4s
n at io n al M o n et ary C o n feren c es o f 1 87 8 an d 1 88 1
8v o
M AC MIL L AN AN D
L ON D ON
.

Boo ro no S

um

Br u n o Le nnon

Oc tober .

M ACM IL L A N 6

i br
ary

3 088.

f Work:

C at s C A TA L OG U E

'

WC

i n the D ep a rt
ds, C n firal a nd

B tbg mp lly , H an
L il er a ty E rray s, Pol itics , P olitic al a n d Social E c onom
y,
L a w, ( It
a n d Work: con net /ed w i l l: L a n ua
g ge
m en t:

'

HI S T O R Y , B I O G RAP HY ,

T R AV E L S

&c

N E SSAY S O F JO SE P H ADD I SO N Cho


d d it d by
M A LL D
R mu G
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a io
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AL B E M AR L E
Fl m
Y EA R S O F M Y L I FE B y C o
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Thi d d Ch p E di ti
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64
A L F R E D T H E G R E AT By T H O A S H H S Q C C ow B
A M IE L
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AP P L E T O N A N I L E JO U RN AL B y T G Ar r u r o u I ll us t ated by
E v a n : B u se n Crow a
AR N O L D ( M A T T H E W )
Wo ks b M A T H E W AR NO LD D C L
E SSAY S I N C R IT I C I S M N w E diti i ed C ow 8
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AR N O L D ( T )I H E S E CO N D P U N I C W A R B i n C ha i : of T H E
H I STO R Y O F R O M E By th l t TH O M AS AR NO L D g D
m
ly H a d
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of M od
H is to y i th
M u m of R ugby Sc hoo l
1 O xford
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M I N I ST RAT I O N T O T H E ACC E SS I O N O F CO N STA N T I N E T H E
B i g th Arnold P i E ay f 87 B y W T AR N O L D M A
G R E AT
fo m ly Sc h l r of U i ity Coll g O xfo d %"ow
AR N A U L I) (AN G E L I Q U E ) By F RA N C I S M AR T I N G own Br a
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l t i g t th e
T H E Y EA R S AR T : A c o i Epitom of ll M tt
whi h h o u d d u i g th
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A t s f Pai ti g S ulp t u
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th I fo m tio
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A RC U S B H aus C ow am
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By J B M W G T O AT K I N SO N 8m
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M AC M I LLA N

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CATAL O G U E

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OF W OR

IN

B AC C H A N T E 1 879 1 882 T H E C R U I S E O F H M S
Co m p il ed f o m h J o l L tt
Alb t V i to
f P i
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W i th A dd i tio b y th R J H N E A LE
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B A K E R ( S IR S A M U E L W ) Wo k b y Si SA M UE L B A K E P h
FR G S
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8
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I S MA I L IA A N ti v f t h Exp d itio to C t l Af i f th S pp io
f t h Sl v T d
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XV I C HAU C E R B y P o f o A W W A D
XV I I C O W P E R B y G L D WI SM I TH
XV I I I P O P E B y L E L I E ST E P H E
XI X B Y R O N B y P f o N I C H L
XX L O C K E B P o f o F W LE
XX I W O R D SW RT H B y F W H M YE RS
XX I I D R YDE N B y G SA I T U Y
XX I I I LA N D O R B y SI D E Y C LV I
X X I V D E Q U I N C EY B y P of o M A O
XXV C HA R LE S LAM B B y R A L D AI G E
XXV I B E N TLEY B y P of o R C J
XXV I I D I C K E N S B y P f A W W A D
XXV I II G R AY B y E M U D G E
XX I X SW I FT B L E LI E ST E P H E
XXX STE R N E II H D T AI LL
XXX I M AC AU L A B y J C TT E M I O
XXX I I F I ELD I N G B y A U T I D
XXX I I I S HE R I DA N B y M O H
XXX I V ADD I SO N B y W J C
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Anci en t G ac and M du l It l y t
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T H E E N G LISH ILL U ST R ATE D

32

Ric m

R EE N M A LL D

PO E TR Y

M A G AZ I N E

E dit d by j u
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Cho

s en an d

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SE L E C T I O N S FR O M T H E W R I T I N G S O F W AL TE R
S A V A G E LA N D O R A g d d E d it d by S
CO L I N
S IR T H O M A S B R O W N E S R E L I G I O M E D I C I ;
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S E L E C T I O N S F R O M C O W P E R S P O E M S Wi th an I t o
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L E TT E R S O F W I L L IA M C O W P E R
E dit d wi th l tr oduc ti
B y th R W B EN H A M B D
T H E P O E T I C A L W O R K S O F JO H N K E AT S R p i t d
f o m t h O i g i l E d itio
B y FRA N I S T U R N E R P A LG A V E
wi th N ot
L Y R I CA L PO E M S
B y L O R D T E NN Y S ON
S l t d
d Ann ot t ed b y
FR A N I S T R N E R P A LG A E
IN M E M O R I A M
B y L O RD TE NN S ON P o t Lau eat
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3 L g P p E d itio
T H E T R I A L A N D D E A T H O F S O C R A T E S B i g th
E uthyph o A po l ogy C it a d Ph d o f P l to T l t d i to E g li h b y
F J CH RC H
P H IE D R U S
PL ATO
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5 O tlt er Volu m e: to fb l l ow
M A G A Z I N E FO R E V E R Y H O U
.

S
E HO L D

A M g in whi h h
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T h Ti m

Th St J m
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This v ol um o tai a v t v ri ty of goo d
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( P RO FU S E L Y I L L U S T RAT E D )
Szngle N u/m ber s, p r u e 6 d
D ouble N um ber , 1 3

L U T ATED

ea

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hom e an d { r th e inst uc t ion and am us m ent f you g a d old a d it is c o duc ted
i n t he b e l i f t hat very sec t io o f its ead rs in wh at e ver dire ti o t h eir tas tes an d
in t es ts m ay t en d are p rep ared to d em an d an d to ap p rec i at e th e b es t t hat c an b e
off d to t h em
TH: E no u s n I

M ao azrn x is

S R
r

er

er e

T he Volum e for 1 888 is now r eady , p ri c e


It c onsists of 832
c losely
r i nted p ages , and con tains nea r l y 500 Woodc ut Il lustrat ions
p
of v a rio us sizes , boun d i n E xtr a C loth, Colour ed E dges
-

Am o g th C hi f Co t t f th V m th foll owi g Com p l t Sto i a d


g l
f R l p h H d l ot
M d i ti
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by H R m o d H UG H T m
Th t G i l I B l k B y M M m
WOR H
B y th Aut m
f O l d E g li h H m s
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By A p o d A i l
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By J o Sw
T h M g i Fm
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F m i ly P t
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P p a d E y b y w ll k ow W ite with
A d um o u sho t St o i
Il lu t at io by Em i t A ti t
M A C M I LL AN
C O L O N D ON
RI H A R D LA
S ON S L I I E D L ON D ON
N A
n

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M T

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1. 124 3

03

rs.

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AN D

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