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them. If coin vary in value it can wages are high or low, the numnot be a measure of value; it cannot ber of small shoemakers, tailors, groaccurately define variations in the cers, butchers, &c. &c., and also their value of commodities.

trade and profits, will be greater or The whole of history proves, that smaller. money, or coin, does not necessarily Upon all these the more opulent rise in price with commodities. It manufacturers and traders mainly is matter of fact that gold is pro depend. The middle classes exist duced and coined in such a manner principally through good prices of that the cost can scarcely be affected agricultural produce and good waby variations in the prices of general ges.

Without such prices there can labour and goods. This country be no farmers worthy of the name; buys it abroad with articles which and of course the gigantic part of the are principally produced by capital, middle classes, which the latter form, and governed in price by foreign must be destroyed : without such markets; these articles are but little prices and wages, an immense poraffected by a rise of corn, labour, and tion of manufacturers and traders of general commodities, therefore such all degrees would have no business, à rise can affect but little the pro- and would sink into the hands of the ducers of the gold. It is thus evident, labourers. that an advance in corn, labour, and Every thing, therefore, which sinks general commodities, does not of ne- agricultural produce and wages, must cessity cause an equal one in gold. injure, in every way, the community It has been fully proved, by experi- generally. Those who may escape, ence, that in this country they can or who may be benefited by it, must be regularly high, without causing be mere individual exceptions unan equal advance in money-that worthy of being called a minority. high money prices can be generally The labourer cannot sell more than maintained.

a certain quantity of labour, no matIn this country where the consump- ter how great the demand may be. tion of agricultural produce depends His wages are in effect his profits ; in so large a degree on the working every reduction in them, or rise of classes, the land is all appropriated; commodities, is a proportionate reand the consumption of manufactures duction of his profits and means of and merchandise depends so great consumption. ly on the agriculturists, that the in The agriculturist, including in the terests of the latter and the labour name both owner and occupier, is ing orders are the same. If wages circumstanced like the labourer. He be bad, agricultural produce must be has à certain quantity of land, and, ruinously cheap ; if such produce be no matter how great the demand thus cheap, wages must be starva may be, he cannot extract more from tion ones. The destruction of wages it than a certain quantity of produce. must be by the creation of glut in the A reduction of his prices, or rise of corn and cattle market, the destruc- commodities, falls principally on his tion of the landlord's rent and the profits and means of consumption. farmer's profit; and the destruction The manufacturer and trader are of such rent and profit must, by the in circumstances wholly different. production of a glut of goods and the Speaking generally, they obtain about annihilation of employment, be the the same rate of profit on their goods destruction of wages. Cheap labour whether the prices be high or low; must be a scourge to the landlord they are situated as the labourer and and farmer; and cheap corn must agriculturist would be, should the be an equal scourge to the labourer.

wages and prices of the latter never The landowners, farmers, and permanently vary to any material exworking classes, husbandry, manu tent. They can by means of credit, facturing and trading, must thus pros- loans, &c., increase their business per and suffer together; their inte- and profits as demand increases : in rests cannot be separated. Upon them this respect, they are circumstanced the small manufacturers and traders as the labourer and agriculturist depend almost wholly. The trade of would be, should the one beable to the latter lies chiefly amidst the sell as much labour, and the other as working classes. In proportion as much produce, as demand would

take, without any other limit. A rise in the second place it raises the prices of wages and agricultural produce and increases the consumption of must of necessity increase the con- agricultural produce, and thereby sumption of manufactures and mer gives employment to much other las chandise, and it cannot do this with bour-in the third place, it increases out increasing their trade, and rai. the consumption of merchandise and sing their profits in both rate and manufactures, amidst the whole of amount. It must, of course, raise the agriculturists and working classtheir means of consumption ; the es, and thereby enlarges prodigiously advance in their expenses of living the trade and profits of the manufacwill be more than covered by that in turers and traders, and provides a their profits.

vast quantity of employment for The higher wages and the prices of other labour.

Of course a fall opeagricultural produce are, the greater rates in a contrary manner. Every will the profits and consumption of rise or fall must cause an infinitely the labourers and agriculturists be; greater rise or fall in proportion, in and in consequence, the greater will the extent of general business; probe the profits and consumption of fits, and employment for labour. the manufacturers and traders. And The profits of the community must the profits and consumption of the be so governed by wages, in rate, as latter must fall with those of the la- well as aggregate amount. In agribourers and agriculturists. This is culture the rate as well as the aggredemonstrable in the nature of things, gate amount, must, with the same and its truth has been established by commercial law, fluctuate with wages, all experience.

and rise to the highest point admitTo keep up general profits, it is thus ted of by such law, when they do. essential to keep up wages; a rise or In trade and manufactures, the rate fall in them must increase or reduce of profits as well as the aggregate the labourer's consumption much amount fluctuates with the extent more than its amounts. A portion of and activity of trade; it is the highthem must be expended in rent and est when trade is the most extensive the most common necessaries; and and brisk; and trade is so when the this portion does not rise and fall in profits of the agriculturists and the the same degree with them: it admits wages of the working classes are the of but little fluctuation, when wages highest

. are at the lowest, the labourer ex To keep wages at the proper height, pends very little in animal food, it is essential to keep the aggregate wheaten bread, malt liquor, butter, quantity of employment as great as merchandise and manufactures ; possible-to prevent excess of popuwhen they rise, the increase is near lation--and to restrict by law all imly all expended in these articles. In portation of foreign_commodities consequence the expenditure of the from injuring them. Free trade has working classes amidst the agricul- the same effect on wages, as excess turists, manufacturers, and traders, of population. By importation, it is perhaps raised or reduced one-half binds them to the famine point, by a rise or fall of one-fourth in no matter what the demand for lawages.

bour, or the price of food may be. The rate of wages affects very To keep the quantity of employment greatly the quantity of employment. as great as possible, and prevent exThe latter must vary with it, and a cess of population, it is essential to rise or fall in the rate must cause a keep the money prices of agricultumuch greater rise or fall in the quan- ral produce sufficiently high. Agritity. A thousand labourers will with culture employs half the labouring 168. per week, each, employ almost population, and the higher its regutwice the number of other labourers Iar prices are, the more

labour it emto work for them, which they will ploys, and the higher wages it gives. do with 12s.

In it, wages are probably one third A rise of wages thus operates in less in rate, and employment is one this manner, In the first place it fourth less in quantity, when its prices raises the consumption of the labour are low, than when they are reasonalready employed, and thereby gives ably high. Its profits are like wages, employment to much other labour principally expended in consumption.

In all probability, it employs a mil. always select its own calling. 2. lion of souls more when prices are That adult labour is equally skilful high, than when they are low; and and has equal means of choice, in all the landlords, farmers, and labourers, callings. Both are erroneous. Wages comprehending half the population, are always much lower in agriculexpend almost fifty per cent more in ture, than in many trades. The husmanufactures and merchandise. High bandry labourer knows only his own prices of agricultural produce thus by calling, and he must therefore follow admitting of good wages employing it; in general he has not the means such a great additional number of of putting his children to any other, souls, and causing such a vast addi- therefore he is compelled to rear them tional consumption of goods, produce in it, and when they reach maturity, high wages : and combined with the it is almost the only one they can latter they keep the quantity of em follow. Thus the labourer is comployment and wages at the highest pelled to accept any wages which point. Wages will rise in a greater employers may offer; and however proportion after such produce rises, inadequate wages may be abundance putting out of sight free trade laws, of labourers are constantly reared not, as the Economists assert, because for the calling. food is dearer, but because the de Wages have long been much lower mand for labour and the means of amidst the cotton weavers than in paying high wages are greater. many occupations. The weaver is in

High prices of agricultural produce a great measure confined to his own and general high wages cannot injure trade; he has not the means of putthe master manufacturers and tra- ting his children to any other, and he ders except by adding a little to their

can employ them in it with advanexpenses of living. The great charge tage to himself. Thus, however inaof the Economists against dear corn dequate wages may be, he is comis, that it produces dear labour, the pelled to follow his calling and rear dearness of corn therefore cannot be his children in it. In many callings, injurious, if that of labour be not. the workman has the means of putNo matter what the price of food ting his children to his own, at a promay be, it is impossible for wages to fit to himself as soon as they are be higher than the manufacturers can able to earn any thing, and he has no afford;

and the latter will never raise means of putting them to any other. them, unless they can raise their In consequence he rears a profusion prices so as to obtain the same rate of successors without any reference of profits. The great body of the to wages. And in divers callings in manufacturers depend solely on the which wages are high, the workman home market, and putting free trade has the means of putting his own laws out of sight, they can always children into them, and excluding raise their prices sufficiently if wages those of others. rise. Whatever rise may take place Thus speaking generally with rein food and general wages, the ex ference to the more important callporting manufacturers will never ings, the child is compelled to follow raise their wages if they cannot raise the calling of the parent, and the their prices, and they can always ob- adult is compelled to follow that in tain a sufficiency of labour on their which he has been reared, whether own terms.

wages be good or bad. The husThe Economists assert that wages bandry servant can become a comcannot be permanently higher in one mon labourer in a town and apply calling than in another. This is so himself to a few other occupations, notoriously at variance with expe- but they are at such a distance from rience that refutation ought to be him that no equality of wages is esneedless. Scarcely any two callings tablished between them and his own. pay the same wages, and, in some, The cotton weaver can to a certain wages are always one half or one extent betake himself to the weaving third less than they are in others. I of silks, linens, and woollens, and must, however, shew why it cannot this tends to produce equality in the be true.

wages of weaving ; but he has so It practically stands on these as many disadvantages to encounter sumptionsl. That infant labour can that no regular equality is established.

As much labour, in proportion, is pital employed in it would never therefore regularly reared in those have existed; and the capital of other callings in which wages are always trades would have been less than it the lowest, as in those in which they is. are the highest. If wages be one Speaking generally, the relative half less in the exporting trades, cheapness or dearness of manufacthan in others, the masters will be tured goods, affects the expenses of able to procure as much labour as living only, and not the general rate they may require.

of profit. If home production cause Of course, high wages cannot re relative dearness, it likewise causes duce the rate of profit of the manu the quantity of employment for lafacturers and traders, because wages bour, and the extent of general trade, cannot rise permanently in any busi to be greater, and in consequence, ness, if prices do not.

general wages and profits to be highHigh prices of agricultural pro er than they otherwise could be. It duce, and high wages, in this coun therefore adds more to wages and try, do not affect, in any important profits, than to the cost of the artidegree, the raw materials used by cles itsends to market, and is a source the manufacturers. These materials of real cheapness. are chiefly produced abroad, and General high prices and wages their prices cannot permanently rise, cannot have any material effect in if the manufacturers cannot either disabling the exporting manufacturaise their prices, or reduce some of rers for competing abroad with fotheir expenses of production, in pro- reigners. These manufacturers could portion.

not, save for a moment, raise their The rate of profit, therefore, of prices, if the rise would take from the manufacturers and traders, can them their foreign markets. The not in the nature of things, be inju- loss of the latter, would cause a glut red by high prices of agricultural of their goods, the labour they emproduce and labour. It is always ploy, and the raw produce they use, the highest when trade is the most which would bring down their prices, extensive and active, therefore it and enable them to procure labour will always be the highest, when and produce sufficiently cheap. such prices are.

Wages and produce could not be To keep wages and agricultural raised to them by any rise of geneproduce at the proper height, it is ral prices and wages, if it would maessential to multiply manufactures terially reduce their export trade: and trades as much as possible. Thus, exported manufactures canThe buying of goods of a foreign not be regulated in price by general country, will not alone enable that prices and wages. They form the country to take an equal quantity of means with which the community goods in payment; on the contrary, buys foreign goods. As their prices it will only enable it to take a com can be but little raised, by any rise paratively small quantity. Such buy- of general prices and wages, the ing, though it be made at a cheap higher the latter are, the greater must rate, will employ infinitely less la- be the consumption of foreign goods, bour, than dear production at home and the export of such manufactures would do. If this country produce in payment. The foreign trade, as dear silks or other goods at home, well as the home one, must be the instead of buying cheap ones abroad greatest, when general prices and for money, it will have all the em

wages are the highest. ployment for labour yielded by such To keep general wages and prices production, more than it would have, at the proper height, it is essential, should it buy of foreign countries. not only to multiply manufactures

Every separate trade produces its and trades, but to continually extend own capital; if it take a small por each and all, as far as possible. Every tion from other trades at its com one on the average, ought to be anmencement, this is soon returned. nually so far enlarged, as to supply Every separate trade is likewise to employment for its increase of poa certain extent, the constant parent pulation and capital. If a stop be of capital to all other trades. If the put to the extension of agriculture silk trade had never existed, the ca and various trades, when others can

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only employ their own increase of ca one will combine in it the lowest pital and labour, this must produce proportion of population with the a pernicious glut of the latter. If greatest of poverty and misery. In agriculture and some trades be con. this country, the former would

suptracted when others are not extend- port an infinitely greater population ed; it must produce such an excess than the present one, in full employof capital and labour, as will have ment and happiness; while a sysruinous effects on wages and prices. tem of perfectly free trade would

Mr C. Grant and others maintain bind a far less population than the that a restrictive system may exist present one to constant excess, pein a young country, but that it can nury, and wretchedness. not, and ought not, to exist in an old From all this, I insist that the foland populous one. I maintain direct- lowing measures are imperiously ly the contrary. In a young thinly- called for by the state of the empire. peopled country, capital and labour Prohibit foreign agricultural procan find employment in one calling, duce, with the necessary exceptions, if they cannot in another--they can up to reasonably high prices. This find it on the land, if not in manu will give good prices to the agriculfactures and trade. But in an old turists, and thereby it will in a short and populous one, this is impossible. space of time, and without causing In this country, the idle capital and any trouble or expense to the state, population cannot find employment give employment in agriculture to on the land, because it is occupied, from half a million to a million of and they cannot force themselves idle souls, including women and into manufactures and trade. In children. such a state of things, employment Remove all impediments, and give for the increase of population can

all possible encouragement to the only be provided by a prohibitory culture of inferior and waste land. system.

This will employ a vast number more What is the nature of Mr Grant's of idle souls in agriculture. system? It is intended to drive a By protection against foreigners, vast mass of population from agri- remission of duty, bounty, and other culture and various tradesto de- means, give good profits to the colostroy, to a large extent, the profits of nial agriculturists; good profits can far more than half the community“ alone enable them to consume Brito reduce wages in the most grie- tish manufactures to the proper exvous manner-and to transfer a gi- tent. gantic portion of employment from The effects of all this on the prothis country, to foreign ones. It is fits and wages of more than half the intended to do this, merely that it population of the empire, mușt of may give a little extension to three necessity give employment to a proor four manufactures. This, which digious number of idle souls in mastrikes at the essentials of employ- nufactures and trade. ment for population, is put forth as Prevent, by prohibition or restrican infallible preventive to excess of tion, all importation of foreign goods population, as the only thing which which can prevent, in manufactures can give employment to such excess ! and trade, prices, and of course

When the population of a country wages, from duly rising. becomes redundant, a prohibitory Such a vast quantity of additional system becomes a matter of neces- employment must necessarily cause sity: if the redundancy cannot, di real wages to be much higher than rectly and indirectly, gain employ- they now are; it will, notwithstandment from the land, it must continu- ing the advance of prices, give the ally enlarge itself, by diminishing working classes generally a greater the demand for labour ; and nothing command over commodities than but such a system can give it such they have at present. employment. A prohibitory system The exporting manufacturers will enable a country to combine the would be mightily benefited. To a greatest proportion of population, large extent they would be enabled with thegreatest proportion of wealth to raise their prices and wages,

withand prosperity; while an opposite out any loss of foreign trade. They

VOL. XXVII. NO, CLXI.

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