LITMIR.BIZ

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ice in the northern and southern Arctic seas, &c., so rendering parts of the earth habitable which hitherto have been lifeless, are to be studied under this head.

      The value of instruments is, secondarily, in their aid to abstract sciences. The degree in which the multiplication of such instruments should be encouraged, so as to make them, if large, easy of access to numbers (as costly telescopes), or so cheap as that they might, in a serviceable form, become a common part of the furniture of households, is to be considered under this head.12

      18. (iii.) Food, medicine, and articles of luxury. Under this head we shall have to examine the possible methods of obtaining pure food in such security and equality of supply as to avoid both waste and famine: then the economy of medicine and just range of sanitary law: finally the economy of luxury, partly an æsthetic and partly an ethical question.

      19. (iv.) Books. The value of these consists,

      First, in their power of preserving and communicating the knowledge of facts.

      Secondly, in their power of exciting vital or noble emotion and intellectual action. They have also their corresponding negative powers of disguising and effacing the memory of facts, and killing the noble emotions, or exciting base ones. Under these two heads we have to consider the economical and educational value, positive and negative, of literature;—the means of producing and educating good authors, and the means and advisability of rendering good books generally accessible, and directing the reader's choice to them.

      20. (v.) Works of art. The value of these is of the same nature as that of books; but the laws of their production and possible modes of distribution are very different, and require separate examination.

      21. II.—Money. Under this head, we shall have to examine the laws of currency and exchange; of which I will note here the first principles.

      Money has been inaccurately spoken of as merely a means of exchange. But it is far more than this. It is a documentary expression of legal claim. It is not wealth, but a documentary claim to wealth, being the sign of the relative quantities of it, or of the labour producing it, to which, at a given time, persons, or societies, are entitled.

      If all the money in the world, notes and gold, were destroyed in an instant, it would leave the world neither richer nor poorer than it was. But it would leave the individual inhabitants of it in different relations.

      Money is, therefore, correspondent in its nature to the title-deed of an estate. Though the deed be burned, the estate still exists, but the right to it has become disputable.

      22. The real worth of money remains unchanged, as long as the proportion of the quantity of existing money to the quantity of existing wealth or available labour remains unchanged.

      If the wealth increases, but not the money, the worth of the money increases; if the money increases, but not the wealth, the worth of the money diminishes.

      23. Money, therefore, cannot be arbitrarily multiplied, any more than title-deeds can. So long as the existing wealth or available labour is not fully represented by the currency, the currency may be increased without diminution of the assigned worth of its pieces. But when the existing wealth, or available labour is once fully represented, every piece of money thrown into circulation diminishes the worth of every other existing piece, in the proportion it bears to the number of them, provided the new piece be received with equal credit; if not, the depreciation of worth takes place, according to the degree of its credit.

      24. When, however, new money, composed of some substance of supposed intrinsic value (as of gold), is brought into the market, or when new notes are issued which are supposed to be deserving of credit, the desire to obtain the money will, under certain circumstances, stimulate industry: an additional quantity of wealth is immediately produced, and if this be in proportion to the new claims advanced, the value of the existing currency is undepreciated. If the stimulus given be so great as to produce more goods than are proportioned to the additional coinage, the worth of the existing currency will be raised.

      Arbitrary control and issues of currency affect the production of wealth, by acting on the hopes and fears of men, and are, under certain circumstances, wise. But the issue of additional currency to meet the exigencies of immediate expense, is merely one of the disguised forms of borrowing or taxing. It is, however, in the present low state of economical knowledge, often possible for governments to venture on an issue of currency, when they could not venture on an additional loan or tax, because the real operation of such issue is not understood by the people, and the pressure of it is irregularly distributed, and with an unperceived gradation.

      25. The use of substances of intrinsic value as the materials of a currency, is a barbarism;—a remnant of the conditions of barter, which alone render commerce possible among savage nations. It is, however, still necessary, partly as a mechanical check on arbitrary issues; partly as a means of exchanges with foreign nations. In proportion to the extension of civilization, and increase of trustworthiness in Governments, it will cease. So long as it exists, the phenomena of the cost and price of the articles used for currency are mingled with those proper to currency itself, in an almost inextricable manner: and the market worth of bullion is affected by multitudinous accidental circumstances, which have been traced, with more or less success, by writers on commercial operations: but with these variations the true political economist has no more to do than an engineer, fortifying a harbour of refuge against Atlantic tide, has to concern himself with the cries or quarrels of children who dig pools with their fingers for its streams among the sand.

      26. III.—Riches. According to the various industry, capacity, good fortune, and desires of men, they obtain greater or smaller share of, and claim upon, the wealth of the world.

      The inequalities between these shares, always in some degree just and necessary, may be either restrained by law or circumstance within certain limits; or may increase indefinitely.

      Where no moral or legal restraint is put upon the exercise of the will and intellect of the stronger, shrewder, or more covetous men, these differences become ultimately enormous. But as soon as they become so distinct in their extremes as that, on one side, there shall be manifest redundance of possession, and on the other manifest pressure of need,—the terms "riches" and "poverty" are used to express the opposite states; being contrary only as the terms "warmth" and "cold" are contraries, of which neither implies an actual degree, but only a relation to other degrees, of temperature.

      27. Respecting riches, the economist has to inquire, first, into the advisable modes of their collection; secondly, into the advisable modes of their administration.

      Respecting the collection of national riches, he has to inquire, first, whether he is justified in calling the nation rich, if the quantity of wealth it possesses relatively to the wealth of other nations, be large; irrespectively of the manner of its distribution. Or does the mode of distribution in any wise affect the nature of the riches? Thus, if the king alone be rich—suppose Croesus or Mausolus—are the Lydians or Carians therefore a rich nation? Or if a few slave-masters are rich, and the nation is otherwise composed of slaves, is it to be called a rich nation? For if not, and the ideas of a certain mode of distribution or operation in the riches, and of a certain degree of freedom in the people, enter into our idea of riches as attributed to a people, we shall have to define the degree of fluency, or circulative character which is essential to the nature of common wealth; and the degree of independence of action required in its possessors. Questions which look as if they would take time in answering.13

      28. And farther. Since the inequality, which is the condition of riches, may be established in two opposite modes—namely, by increase of possession on the one side, and by decrease of it on the other—we have to inquire, with respect to any given state of riches, precisely in what manner the correlative poverty was produced: that is to say, whether by being surpassed only, or being depressed also; and if by being depressed, what are the advantages, or the contrary, conceivable in the depression. For instance, it being one of the commonest advantages of being rich to entertain a number of servants, we have to inquire, on the one side, what economical process produced the riches of the master; and on the other, what economical process produced the poverty of the persons who serve him; and what advantages

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