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But if the Government be destructive, or a consuming power, it becomes unable to return the value received on the presentation of the order.

      This inability may either be concealed by meeting demands to the full, until it issue in bankruptcy, or in some form of national debt;—or it may be concealed during oscillatory movements between destructiveness and productiveness, which result on the whole in stability;—or it may be manifested by the consistent return of less than value received on each presented order, in which case there is a consistent fall in the worth of the currency, or rise in the price of the things represented by it.

      43. Now, if for this conception of a central Government, we substitute that of a body of persons occupied in industrial pursuits, of whom each adds in his private capacity to the common store, we at once obtain an approximation to the actual condition of a civilized mercantile community, from which approximation we might easily proceed into still completer analysis. I purpose, however, to arrive at every result by the gradual expansion of the simpler conception; but I wish the reader to observe, in the meantime, that both the social conditions thus supposed (and I will by anticipation say also, all possible social conditions), agree in two great points; namely, in the primal importance of the supposed national store or stock, and in its destructibility or improveability by the holders of it.

      44. I. Observe that in both conditions, that of central Government-holding, and diffused private-holding, the quantity of stock is of the same national moment. In the one case, indeed, its amount may be known by examination of the persons to whom it is confided; in the other it cannot be known but by exposing the private affairs of every individual. But, known or unknown, its significance is the same under each condition. The riches of the nation consist in the abundance, and their wealth depends on the nature, of this store.

      45. II. In the second place, both conditions, (and all other possible ones) agree in the destructibility or improveability of the store by its holders. Whether in private hands, or under Government charge, the national store may be daily consumed, or daily enlarged, by its possessors; and while the currency remains apparently unaltered, the property it represents may diminish or increase.

      46. The first question, then, which we have to put under our simple conception of central Government, namely, "What store has it?" is one of equal importance, whatever may be the constitution of the State; while the second question—namely, "Who are the holders of the store?" involves the discussion of the constitution of the State itself.

      The first inquiry resolves itself into three heads:

      1. What is the nature of the store?

      2. What is its quantity in relation to the population?

      3. What is its quantity in relation to the currency?

      The second inquiry into two:

      1. Who are the Holders of the store, and in what proportions?

      2. Who are the Claimants of the store, (that is to say, the holders of the currency,) and in what proportions?

      We will examine the range of the first three questions in the present paper; of the two following, in the sequel.

      47. I. Question First. What is the nature of the store? Has the nation hitherto worked for and gathered the right thing or the wrong? On that issue rest the possibilities of its life.

      For example, let us imagine a society, of no great extent, occupied in procuring and laying up store of corn, wine, wool, silk, and other such preservable materials of food and clothing; and that it has a currency representing them. Imagine farther, that on days of festivity, the society, discovering itself to derive satisfaction from pyrotechnics, gradually turns its attention more and more to the manufacture of gunpowder; so that an increasing number of labourers, giving what time they can spare to this branch of industry, bring increasing quantities of combustibles into the store, and use the general orders received in exchange to obtain such wine, wool, or corn, as they may have need of. The currency remains the same, and represents precisely the same amount of material in the store, and of labour spent in producing it. But the corn and wine gradually vanish, and in their place, as gradually, appear sulphur and saltpetre, till at last the labourers who have consumed corn and supplied nitre, presenting on a festal morning some of their currency to obtain materials for the feast, discover that no amount of currency will command anything Festive, except Fire. The supply of rockets is unlimited, but that of food, limited, in a quite final manner; and the whole currency in the hands of the society represents an infinite power of detonation, but none of existence.

      48. This statement, caricatured as it may seem, is only exaggerated in assuming the persistence of the folly to extremity, unchecked, as in reality it would be, by the gradual rise in price of food. But it falls short of the actual facts of human life in expression of the depth and intensity of the folly itself. For a great part (the reader would not believe how great until he saw the statistics in detail) of the most earnest and ingenious industry of the world is spent in producing munitions of war; gathering, that is to say the materials, not of festive, but of consuming fire; filling its stores with all power of the instruments of pain, and all affluence of the ministries of death. It was no true Trionfo della Morte19 which men have seen and feared (sometimes scarcely feared) so long; wherein he brought them rest from their labours. We see, and share, another and higher form of his triumph now. Task-master, instead of Releaser, he rules the dust of the arena no less than of the tomb; and, content once in the grave whither man went, to make his works to cease and his devices to vanish,—now, in the busy city and on the serviceable sea, makes his work to increase, and his devices to multiply.

      49. To this doubled loss, or negative power of labour, spent in producing means of destruction, we have to add, in our estimate of the consequences of human folly, whatever more insidious waste of toil there is in production of unnecessary luxury. Such and such an occupation (it is said) supports so many labourers, because so many obtain wages in following it; but it is never considered that unless there be a supporting power in the product of the occupation, the wages given to one man are merely withdrawn from another. We cannot say of any trade that it maintains such and such a number of persons, unless we know how and where the money, now spent in the purchase of its produce, would have been spent, if that produce had not been manufactured. The purchasing funds truly support a number of people in making This; but (probably) leave unsupported an equal number who are making, or could have made That. The manufacturers of small watches thrive at Geneva;—it is well;—but where would the money spent on small watches have gone, had there been no small watches to buy?

      50. If the so frequently uttered aphorism of mercantile economy—"labour is limited by capital," were true, this question would be a definite one. But it is untrue; and that widely. Out of a given quantity of funds for wages, more or less labour is to be had, according to the quantity of will with which we can inspire the workman; and the true limit of labour is only in the limit of this moral stimulus of the will, and of the bodily power. In an ultimate, but entirely unpractical sense, labour is limited by capital, as it is by matter—that is to say, where there is no material, there can be no work,—but in the practical sense, labour is limited only by the great original capital of head, heart, and hand. Even in the most artificial relations of commerce, labour is to capital as fire to fuel: out of so much fuel, you can have only so much fire; but out of so much fuel, you shall have so much fire,—not in proportion to the mass of combustible, but to the force of wind that fans and water that quenches; and the appliance of both. And labour is furthered, as conflagration is, not so much by added fuel, as by admitted air.20

      51. For which reasons, I had to insert, in § 49, the qualifying "probably;" for it can never be said positively that the purchase-money, or wages fund of any trade is withdrawn from some other trade. The object itself may be the stimulus of the production of the money which buys it; that is to say, the work by which the purchaser obtained the means of buying it, would not have been done by him unless he had wanted that particular thing. And the production of any article not intrinsically (nor in the process of manufacture) injurious, is useful, if the desire of it causes productive labour in other directions.

      52. In the national store, therefore, the presence of things intrinsically valueless does not imply an entirely correlative

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