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66. Now, observe, all these sources of variation in the power of the currency exist, wholly irrespective of the influences of vice, indolence, and improvidence. We have hitherto supposed, throughout the analysis, every professing labourer to labour honestly, heartily, and in harmony with his fellows. We have now to bring farther into the calculation the effects of relative industry, honour, and forethought; and thus to follow out the bearings of our second inquiry: Who are the holders of the Store and Currency, and in what proportions?
This, however, we must reserve for our next paperโnoticing here only that, however distinct the several branches of the subject are, radically, they are so interwoven in their issues that we cannot rightly treat any one, till we have taken cognizance of all. Thus the need of the currency in proportion to number of population is materially influenced by the probable number of the holders in proportion to the non-holders; and this again, by the number of holders of goods, or wealth, in proportion to the non-holders of goods. For as, by definition, the currency is a claim to goods which are not possessed, its quantity indicates the number of claimants in proportion to the number of holders; and the force and complexity of claim. For if the claims be not complex, currency as a means of exchange may be very small in quantity. A sells some corn to B, receiving a promise from B to pay in cattle, which A then hands over to C, to get some wine. C in due time claims the cattle from B; and B takes back his promise. These exchanges have, or might have been, all effected with a single coin or promise; and the proportion of the currency to the store would in such circumstances indicate only the circulating vitality of itโthat is to say, the quantity and convenient divisibility of that part of the store which the habits of the nation keep in circulation. If a cattle breeder is content to live with his household chiefly on meat and milk, and does not want rich furniture, or jewels, or booksโif a wine and corn grower maintains himself and his men chiefly on grapes and bread;โif the wives and daughters of families weave and spin the clothing of the household, and the nation, as a whole, remains content with the produce of its own soil and the work of its own hands, it has little occasion for circulating media. It pledges and promises little and seldom; exchanges only so far as exchange is necessary for life. The store belongs to the people in whose hands it is found, and money is little needed either as an expression of right, or practical means of division and exchange.
67. But in proportion as the habits of the nation become complex and fantastic (and they may be both, without therefore being civilized), its circulating medium must increase in proportion to its store. If every one wants a little of everything,โif food must be of many kinds, and dress of many fashions,โif multitudes live by work which, ministering to fancy, has its pay measured by fancy, so that large prices will be given by one person for what is valueless to another,โif there are great inequalities of knowledge, causing great inequalities of estimate,โand, finally, and worst of all, if the currency itself, from its largeness, and the power which the possession of it implies, becomes the sole object of desire with large numbers of the nation, so that the holding of it is disputed among them as the main object of life:โin each and all of these cases, the currency necessarily enlarges in proportion to the store; and as a means of exchange and division, as a bond of right, and as an object of passion, has a more and more important and malignant power over the nation's dealings, character, and life.
Against which power, when, as a bond of Right, it becomes too conspicuous and too burdensome, the popular voice is apt to be raised in a violent and irrational manner, leading to revolution instead of remedy. Whereas all possibility of Economy depends on the clear assertion and maintenance of this bond of right, however burdensome. The first necessity of all economical government is to secure the unquestioned and unquestionable working of the great law of Propertyโthat a man who works for a thing shall be allowed to get it, keep it, and consume it, in peace; and that he who does not eat his cake to-day, shall be seen, without grudging, to have his cake to-morrow. This, I say, is the first point to be secured by social law; without this, no political advance, nay, no political existence, is in any sort possible. Whatever evil, luxury, iniquity, may seem to result from it, this is nevertheless the first of all Equities; and to the enforcement of this, by law and by police-truncheon, the nation must always primarily set its mindโthat the cupboard door may have a firm lock to it, and no man's dinner be carried off by the mob, on its way home from the baker's. Which, thus fearlessly asserting, we shall endeavour in next paper to consider how far it may be practicable for the mob itself, also, in due breadth of dish, to have dinners to carry home.
[14] Remember carefully this statement, that Wealth consists only in the things which the nature of humanity has rendered in all ages, and must render in all ages to come, (that is what I meant by "constant") the objects of legitimate desire. And see Appendix II.
[15] The Wanderings, observe, not the Right goings, of Imagination. She is very far from despising these.
[16] See Appendix III.
[17] I would beg the reader's very close attention to these 37th and 38th paragraphs. It would be well if a dogged conviction could be enforced on nations, as on individuals, that, with few exceptions, what they cannot at present pay for, they should not at present have.
[18] See Appendix IV.
[19] I little thought, what Trionfo della Morte would be, for this very cause, and in literal fulfilment of the closing words of the 47th paragraph, over the fields and houses of Europe, and over its fairest cityโwithin seven years from the day I wrote it.
[20] The meaning of which is, that you may spend a great deal of money, and get very little work for it, and that little bad; but having good "air" or "spirit," to put life into it, with very little money, you may get a great deal of work, and all good; which, observe, is an arithmetical, not at all a poetical or visionary circumstance.
[21] More especially, works of great art.
[22] The meaning of that, in plain English, is, that we must find out how far poverty and riches are good or bad for people, and what is the difference between being miserably poorโso as, perhaps, to be driven to crime, or to pass life in sufferingโand being blessedly poor, in the sense meant in the Sermon on the Mount. For I suppose the people who believe that sermon, do not think (if they ever honestly ask themselves what they do think), either that Luke vi. 24. is a merely poetical exclamation, or that the Beatitude of Poverty has yet been attained in St. Martin's Lane and other back streets of London.
[23] Large plans!โEight years are gone, and nothing done yet. But I keep my purpose of making one day this balance, or want of balance, visible, in those so seldom used scales of Justice.
[24] These are nearly all briefly represented by the image used for the force of money by Dante, of mast and sail:โ
Caggiono avvolte, poi che l'alber fiacca
Tal cadde a terra la fiera crudele.
The image may be followed out, like all of Dante's, into as close detail as the reader chooses. Thus the stress of the sail must be proportioned to the strength of the mast, and it is only in unforeseen danger that a skilful seaman ever carries all the canvas his spars will bear, states of mercantile languor are like the flap of the sail in a calm; of mercantile precaution, like taking in reefs; and mercantile ruin is instant on the breaking of the mast.
[I mean by credit-power, the general impression on the national mind that a sovereign, or any other coin, is worth so much bread and cheeseโso much wineโso much horse and carriageโor so much fine art: it may be really worth, when tried, less or more than is thought: the thought of it is the credit-power.]
[25] The object of Political Economy is not to buy, nor to sell labour, but to spare it. Every attempt to buy or sell it is, in the outcome, ineffectual; so far as successful, it is not sale, but Betrayal; and the purchase-money is a part of that thirty pieces which bought, first the greatest of labours, and afterwards the burial-field of the Stranger; for this purchase-money, being in its very smallness or vileness the exactly measured opposite of the "vilis annona amicorum," makes all men strangers to each other.
[26] Cicero's distinction, "sordidi quรฆstus, quorum operรฆ, non quorum artes emuntur," admirable in principle, is inaccurate in expression, because Cicero did not practically know how much operative dexterity is necessary in all the higher arts; but the cost of this dexterity is incalculable. Be it great or small, the "cost" of the mere perfectness of touch in a hammer-stroke of Donatello's, or a pencil-touch of Correggio's, is inestimable by any ordinary arithmetic.
[Old notes, these, more embarrassing I now perceive, than elucidatory; but right, and worth retaining.]
[27] Only observe, as some labour is more destructive of life than other labour, the hour or day of the more destructive toil is supposed to include proportionate rest. Though men do not, or cannot, usually take such rest, except in death.
[28] There is, therefore, observe, no such thing as cheapness (in the common use of that term), without some error or injustice. A thing is said to be cheap, not because it is common, but because it is supposed to be sold under its worth. Everything has its proper and true worth at any given time, in relation to everything else; and at that worth should be bought and sold. If sold under it, it is cheap to the buyer by exactly so much as the seller loses, and no more. Putrid meat, at twopence a pound, is not "cheaper" than wholesome meat at sevenpence a pound; it is probably much dearer; but if, by watching your opportunity, you can get the wholesome meat for sixpence a pound, it is cheaper to you
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