FOOTNOTES:

55. Now, seeing that these three advantages arise from largeness of store in proportion to population, the question arises immediately, "Given the store—is the nation enriched by diminution of its numbers? Are a successful national speculation, and a pestilence, economically the same thing?"

This is in part a sophistical question; such as it would be to ask whether a man was richer when struck by disease which must limit his life within a predicable period, than he was when in health. He is enabled to enlarge his current expenses, and has for all purposes a larger sum at his immediate disposal (for, given the fortune, the shorter the life, the larger the annuity); yet no man considers himself richer because he is condemned by his physician.

56. The logical reply is that, since Wealth is by definition only the means of life, a nation cannot be enriched by its own mortality. Or in shorter words, the life is more than the meat; and existence itself, more wealth than the means of existence. Whence, of two nations who have equal store, themore numerous is to be considered the richer, provided the type of the inhabitant be as high (for, though the relative bulk of their store be less, its relative efficiency, or the amount of effectual wealth, must be greater). But if the type of the population be deteriorated by increase of its numbers, we have evidence of poverty in its worst influence; and then, to determine whether the nation in its total may still be justifiably esteemed rich, we must set or weigh, the number of the poor against that of the rich.

To effect which piece of scale-work, it is of course necessary to determine, first, who are poor and who are rich; nor this only, but also how poor and how rich they are. Which will prove a curious thermometrical investigation; for we shall have to do for gold and for silver, what we have done for quicksilver;—determine, namely, their freezing-point, their zero, their temperate and fever-heat points; finally, their vaporescent point, at which riches, sometimes explosively, as lately in America, "make to themselves wings:"—and correspondently, the number of degreesbelowzero at which poverty, ceasing to brace with any wholesome cold, burns to the bone.[22]

57. For the performance of these operations, in the strictest sense scientific, we will first look to the existing so-called "science" of Political Economy; we will ask it to define for us the comparatively and superlatively rich, and the comparatively and superlatively poor; and on its own terms—if any terms it can pronounce—examine, in our prosperous England, how many rich and how many poor people there are; and whether the quantity and intensity of the poverty is indeed so overbalanced by the quantity and intensity of wealth,that we may permit ourselves a luxurious blindness to it, and call ourselves, complacently, a rich country. And if we find no clear definition in the existing science, we will endeavour for ourselves to fix the true degrees of the scale, and to apply them.[23]

58.Question Third. What is the quantity of the store in relation to the Currency?

We have seen that the real worth of the currency, so far as dependent on its relation to the magnitude of the store, may vary, within certain limits, without affecting its worth in exchange. The diminution or increase of the represented wealth may be unperceived, and the currency may be taken either for more or less than it is truly worth. Usually it is taken for much more; and its power in exchange, or credit-power, is thus increased up to a given strain upon its relation to existing wealth. This credit-power is of chief importance in the thoughts, because most sharply present to the experience, of a mercantile community: but the conditions of its stability[24]and all other relations of the currency to the materialstore are entirely simple in principle, if not in action. Far other than simple are the relations of the currency to the available labour which it also represents. For this relation is involved not only with that of the magnitude of the store to the number, but with that of the magnitude of the store to the mind, of the population. Its proportion to their number, and the resulting worth of currency, are calculable; but its proportion to their will for labour is not. The worth of the piece of money which claims a given quantity of the store is, in exchange, less or greater according to the facility of obtaining the same quantity of the same thing without having recourse to the store. In other words it depends on the immediate Cost and Price of the thing. We must now, therefore, complete the definition of these terms.

59. All cost and price are counted in Labour. We must know first, therefore, what is to be countedasLabour.

I have already defined labour to be the Contest of the life of man with an opposite. Literally, it is the quantity of "Lapse," loss, or failure of human life, caused by any effort. It is usually confused with effort itself, or the application of power (opera); but there is much effort which is merely a mode of recreation, or of pleasure. The most beautiful actions of the human body, and the highest results of the human intelligence, are conditions, or achievements, of quite unlaborious,—nay, of recreative,—effort. But labour is thesufferingin effort. It is the negative quantity, or quantity of de-feat, which has to be counted against every Feat, and of de-fect which has to be counted against every Fact, or Deed of men. In brief, it is "that quantity of our toil which we die in."

We might, therefore,à priori, conjecture (as we shall ultimately find), that it cannot be bought, nor sold. Everything else is bought and sold for Labour, but labour itself cannot be bought nor sold for anything, being priceless.[25]The ideathat it is a commodity to be bought or sold, is the alpha and omega of Politico-Economic fallacy.

60. This being the nature of labour, the "Cost" of anything is the quantity of labour necessary to obtain it;—the quantity for which, or at which, it "stands" (constant). It is literally the "Constancy" of the thing;—you shall win it—move it—come at it, for no less than this.

Cost is measured and measurable (using the accurate Latin terms) only in "labour," not in "opera."[26]It does not matter how muchworka thing needs to produce it; it matters only how muchdistress. Generally the more the power it requires, the less the distress; so that the noblest works of man cost less than the meanest.

True labour, or spending of life, is either of the body, in fatigue or pain; of the temper or heart (as in perseverance of search for things,—patience in waiting for them,—fortitude or degradation in suffering for them, and the like), or of the intellect. All these kinds of labour are supposed to be included in the general term, and the quantity of labour is then expressed by the time it lasts. So that a unit of labour is "an hour's work" or a day's work, as we may determine.[27]

61. Cost, like value, is both intrinsic and effectual. Intrinsic cost is that of getting the thing in the right way; effectualcost is that of getting the thing in the way we set about it. But intrinsic cost cannot be made a subject of analytical investigation, being only partially discoverable, and that by long experience. Effectual cost is all that the political Economist can deal with; that is to say, the cost of the thing under existing circumstances, and by known processes.

Cost, being dependent much on application of method, varies with the quantity of the thing wanted, and with the number of persons who work for it. It is easy to get a little of some things, but difficult to get much; it is impossible to get some things with few hands, but easy to get them with many.

62. The cost and value of things, however difficult to determine accurately, are thus both dependent on ascertainable physical circumstances.[28]

But theirpriceis dependent on the human will.

Such and such a thing is demonstrably good for so much. And it may demonstrably be had for so much.

But it remains questionable, and in all manner of ways questionable, whether I choose to give so much.[29]

This choice is always a relative one. It is a choice to give a price for this, rather than for that;—a resolution to have the thing, if getting it does not involve the loss of a better thing. Price depends, therefore, not only on the cost of the commodity itself, but on its relation to the cost of every other attainable thing.

Farther. Thepowerof choice is also a relative one. It depends not merely on our own estimate of the thing, but on everybody else's estimate; therefore on the number and force of the will of the concurrent buyers, and on the existing quantity of the thing in proportion to that number and force.

Hence the price of anything depends on four variables.

(1.) Its cost.

(2.) Its attainable quantity at that cost.

(3.) The number and power of the persons who want it.

(4.) The estimate they have formed of its desirableness.

Its value only affects its price so far as it is contemplated in this estimate; perhaps, therefore, not at all.

63. Now, in order to show the manner in which price is expressed in terms of a currency, we must assume these four quantities to be known, and the "estimate of desirableness," commonly called the Demand, to be certain. We will take the number of persons at the lowest. Let A and B be two labourers who "demand," that is to say, have resolved to labour for, two articles,aandb. Their demand for these articles (if the reader likes better, he may say their need) is to be conceived as absolute, their existence depending on the getting these two things. Suppose, for instance, that they are bread and fuel, in a cold country, and let a represent the least quantity of bread, andbthe least quantity of fuel, which will support a man's life for a day. Letabe producible by an hour's labour, butbonly by two hours' labour.

Then thecost of ais one hour, and ofbtwo (cost, by our definition, being expressible in terms of time). If, therefore, each man worked both for his corn and fuel, each would have to work three hours a day. But they divide the labour for its greater ease.[30]Then if A works three hours, he produces 3a, which is one a more than both the men want. And if B works three hours, he produces only 1-1/2b, or half ofbless than both want. But if A work three hours and B six, A has3a, and B has 3b, a maintenance in the right proportion for both for a day and half; so that each might take half a day's rest. But as B has worked double time, the whole of this day's rest belongs in equity to him. Therefore the just exchange should be, A giving twoafor oneb, has oneaand oneb;—maintenance for a day. B giving onebfor twoa, has twoaand twob; maintenance for two days.

But B cannot rest on the second day, or A would be left without the article which B produces. Nor is there any means of making the exchange just, unless a third labourer is called in. Then one workman, A, producesa, and two, B and C, produceb:—A, working three hours, has threea;—B, three hours, 1-1/2b;—C, three hours, 1-1/2b. B and C each give half ofbfora, and all have their equal daily maintenance for equal daily work.

To carry the example a single step farther, let three articles,a,b, andcbe needed.

Letaneed one hour's work,btwo, andcfour; then the day's work must be seven hours, and one man in a day's work can make 7a, or 3-1/2b, or 1-3/4c.

Therefore one A works fora, producing 7a; two B's work forb, producing 7b; four C's work forc, producing 7c.

A has sixato spare, and gives twoafor oneb, and fourafor onec. Each B has 2-1/2bto spare, and gives 1/2bfor onea, and twobfor onec.

Each C has 3/4 ofcto spare, and gives 1/2cfor oneb, and 1/4 ofcfor onea.

And all have their day's maintenance.

Generally, therefore, it follows that if the demand is constant,[31]the relative prices of things are as their costs, or as the quantities of labour involved in production.

64. Then, in order to express their prices in terms of a currency, we have only to put the currency into the form of orders for a certain quantity of any given article (with us it is in the form of orders for gold), and all quantities of other articles are priced by the relation they bear to the article which the currency claims.

But the worth of the currency itself is not in the slightest degree founded more on the worth of the article which it either claims or consists in (as gold) than on the worth of every other article for which the gold is exchangeable. It is just as accurate to say, "so many pounds are worth an acre of land," as "an acre of land is worth so many pounds." The worth of gold, of land, of houses, and of food, and of all other things, depends at any moment on the existing quantities and relative demands for all and each; and a change in the worth of, or demand for, any one, involves an instantaneously correspondent change in the worth of, and demand for, all the rest;—a change as inevitable and as accurately balanced (though often in its process as untraceable) as the change in volume of the outflowing river from some vast lake, caused by change in the volume of the inflowing streams, though no eye can trace, nor instrument detect, motion, either on its surface, or in the depth.

65. Thus, then, the real working power or worth of the currency is founded on the entire sum of the relative estimates formed by the population of its possessions; a change in this estimate in any direction (and therefore every change in the national character), instantly alters the value of money, in its second great function of commanding labour. But we must always carefully and sternly distinguish between this worth of currency, dependent on the conceived or appreciated value of what it represents, and the worth of it, dependent on theexistenceof what it represents. A currency istrue, or false, in proportion to the security with which it gives claim to the possession of land, house, horse, or picture; but a currency isstrong or weak,[32]worth much, or worth little, in proportion to the degree of estimate in which the nation holds the house, horse, or picture which is claimed. Thus the power of the English currency has been, till of late, largely based on the national estimate of horses and of wine: so that a manmight always give any price to furnish choicely his stable, or his cellar; and receive public approval therefor: but if he gave the same sum to furnish his library, he was called mad or a biblio-maniac. And although he might lose his fortune by his horses, and his health or life by his cellar, and rarely lost either by his books, he was yet never called a Hippo-maniac nor an Oino-maniac; but only Biblio-maniac, because the current worth of money was understood to be legitimately founded on cattle and wine, but not on literature. The prices lately given at sales for pictures and MSS. indicate some tendency to change in the national character in this respect, so that the worth of the currency may even come in time to rest, in an acknowledged manner, somewhat on the state and keeping of the Bedford missal, as well as on the health of Caractacus or Blink Bonny; and old pictures be considered property, no less than old port. They might have been so before now, but that it is more difficult to choose the one than the other.

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 paper—noticing 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 inproportion 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 it—that is to say, the quantity and convenient divisibility of that part of the store which thehabitsof 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 books—if a wine and corn grower maintains himself and his men chiefly on grapes and bread;—if 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,—if food must be of many kinds, and dress of many fashions,—if 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,—if there are great inequalities of knowledge, causing great inequalities of estimate,—and, 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:—in eachand 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 Property—that 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 mind—that 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.

FOOTNOTES:[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]TheWanderings, observe, not the Right goings, of Imagination. She is very far from despising these.[16]SeeAppendix 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]SeeAppendix IV.[19]I little thought, whatTrionfo della Mortewould 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 city—within 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 poor—so as, perhaps, to be driven to crime, or to pass life in suffering—and 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!—Eight 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:—Quali dal vento le gonfiate veleCaggiono avvolte, poi che l'alber fiaccaTal 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 cheese—so much wine—so much horse and carriage—or 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 quæstus, quorum operæ, 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 by a penny, which you have gained, and the seller has lost. The present rage for cheapness is either, therefore, simply and literally a rage for badness of all commodities, or it is an attempt to find persons whose necessities will force them to let you have more than you should for your money. It is quite easy to produce such persons, and in large numbers; for the more distress there is in a nation, the more cheapness of this sort you can obtain, and your boasted cheapness is thus merely a measure of the extent of your national distress.There is, indeed, a condition of apparent cheapness, which we have some right to be triumphant in; namely, the real reduction in cost of articles by right application of labour. But in this case the article is only cheap with reference to itsformerprice; the so-called cheapness is only our expression for the sensation of contrast between its former and existing prices. So soon as the new methods of producing the article are established, it ceases to be esteemed either cheap or dear, at the new price, as at the old one, and is felt to be cheap only when accident enables it to be purchased beneath this new value. And it is no advantage to produce the article more easily, except as it enables you to multiply your population. Cheapness of this kind is merely the discovery that more men can be maintained on the same ground; and the question how many you will maintain in proportion to your additional means, remains exactly in the same terms that it did before.A form of immediate cheapness results, however, in many cases, without distress, from the labour of a population where food is redundant, or where the labour by which the food is produced leaves much idle time on their hands, which may be applied to the production of "cheap" articles.All such phenomena indicate to the political economist places where the labour is unbalanced. In the first case, the just balance is to be effected by taking labourers from the spot where pressure exists, and sending them to that where food is redundant. In the second, the cheapness is a local accident, advantageous to the local purchaser, disadvantageous to the local producer. It is one of the first duties of commerce to extend the market, and thus give the local producer his full advantage.Cheapness caused by natural accidents of harvest, weather, &c., is always counterbalanced, in due time, by natural scarcity, similarly caused. It is the part of wise government, and healthy commerce, so to provide in times and places of plenty for times and places of dearth, as that there shall never be waste, nor famine.Cheapness caused by gluts of the market is merely a disease of clumsy and wanton commerce.[29]Price has been already defined (p. 9) to be the quantity of labour which the possessor of a thing is willing to take for it. It is best to consider the price to be that fixed by the possessor, because the possessor has absolute power of refusing sale, while the purchaser has no absolute power of compelling it; but the effectual or market price is that at which their estimates coincide.[30]This "greater ease" ought to be allowed for by a diminution in the times of the divided work; but as the proportion of times would remain the same, I do not introduce this unnecessary complexity into the calculation.[31]CompareUnto this Last, p. 115,et seq.[32][That is to say, the love of money is founded first on the intenseness of desire for given things; a youth will rob the till, now-a-days, for pantomime tickets and cigars; the "strength" of the currency being irresistible to him, in consequence of his desire for those luxuries.]

[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]TheWanderings, observe, not the Right goings, of Imagination. She is very far from despising these.

[16]SeeAppendix 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]SeeAppendix IV.

[19]I little thought, whatTrionfo della Mortewould 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 city—within 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 poor—so as, perhaps, to be driven to crime, or to pass life in suffering—and 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!—Eight 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:—Quali dal vento le gonfiate veleCaggiono avvolte, poi che l'alber fiaccaTal 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 cheese—so much wine—so much horse and carriage—or 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.]

[24]These are nearly all briefly represented by the image used for the force of money by Dante, of mast and sail:—

Quali dal vento le gonfiate veleCaggiono avvolte, poi che l'alber fiaccaTal 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 cheese—so much wine—so much horse and carriage—or 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 quæstus, quorum operæ, 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.]

[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 by a penny, which you have gained, and the seller has lost. The present rage for cheapness is either, therefore, simply and literally a rage for badness of all commodities, or it is an attempt to find persons whose necessities will force them to let you have more than you should for your money. It is quite easy to produce such persons, and in large numbers; for the more distress there is in a nation, the more cheapness of this sort you can obtain, and your boasted cheapness is thus merely a measure of the extent of your national distress.There is, indeed, a condition of apparent cheapness, which we have some right to be triumphant in; namely, the real reduction in cost of articles by right application of labour. But in this case the article is only cheap with reference to itsformerprice; the so-called cheapness is only our expression for the sensation of contrast between its former and existing prices. So soon as the new methods of producing the article are established, it ceases to be esteemed either cheap or dear, at the new price, as at the old one, and is felt to be cheap only when accident enables it to be purchased beneath this new value. And it is no advantage to produce the article more easily, except as it enables you to multiply your population. Cheapness of this kind is merely the discovery that more men can be maintained on the same ground; and the question how many you will maintain in proportion to your additional means, remains exactly in the same terms that it did before.A form of immediate cheapness results, however, in many cases, without distress, from the labour of a population where food is redundant, or where the labour by which the food is produced leaves much idle time on their hands, which may be applied to the production of "cheap" articles.All such phenomena indicate to the political economist places where the labour is unbalanced. In the first case, the just balance is to be effected by taking labourers from the spot where pressure exists, and sending them to that where food is redundant. In the second, the cheapness is a local accident, advantageous to the local purchaser, disadvantageous to the local producer. It is one of the first duties of commerce to extend the market, and thus give the local producer his full advantage.Cheapness caused by natural accidents of harvest, weather, &c., is always counterbalanced, in due time, by natural scarcity, similarly caused. It is the part of wise government, and healthy commerce, so to provide in times and places of plenty for times and places of dearth, as that there shall never be waste, nor famine.Cheapness caused by gluts of the market is merely a disease of clumsy and wanton commerce.

There is, indeed, a condition of apparent cheapness, which we have some right to be triumphant in; namely, the real reduction in cost of articles by right application of labour. But in this case the article is only cheap with reference to itsformerprice; the so-called cheapness is only our expression for the sensation of contrast between its former and existing prices. So soon as the new methods of producing the article are established, it ceases to be esteemed either cheap or dear, at the new price, as at the old one, and is felt to be cheap only when accident enables it to be purchased beneath this new value. And it is no advantage to produce the article more easily, except as it enables you to multiply your population. Cheapness of this kind is merely the discovery that more men can be maintained on the same ground; and the question how many you will maintain in proportion to your additional means, remains exactly in the same terms that it did before.

A form of immediate cheapness results, however, in many cases, without distress, from the labour of a population where food is redundant, or where the labour by which the food is produced leaves much idle time on their hands, which may be applied to the production of "cheap" articles.

All such phenomena indicate to the political economist places where the labour is unbalanced. In the first case, the just balance is to be effected by taking labourers from the spot where pressure exists, and sending them to that where food is redundant. In the second, the cheapness is a local accident, advantageous to the local purchaser, disadvantageous to the local producer. It is one of the first duties of commerce to extend the market, and thus give the local producer his full advantage.

Cheapness caused by natural accidents of harvest, weather, &c., is always counterbalanced, in due time, by natural scarcity, similarly caused. It is the part of wise government, and healthy commerce, so to provide in times and places of plenty for times and places of dearth, as that there shall never be waste, nor famine.

Cheapness caused by gluts of the market is merely a disease of clumsy and wanton commerce.

[29]Price has been already defined (p. 9) to be the quantity of labour which the possessor of a thing is willing to take for it. It is best to consider the price to be that fixed by the possessor, because the possessor has absolute power of refusing sale, while the purchaser has no absolute power of compelling it; but the effectual or market price is that at which their estimates coincide.

[30]This "greater ease" ought to be allowed for by a diminution in the times of the divided work; but as the proportion of times would remain the same, I do not introduce this unnecessary complexity into the calculation.

[31]CompareUnto this Last, p. 115,et seq.

[32][That is to say, the love of money is founded first on the intenseness of desire for given things; a youth will rob the till, now-a-days, for pantomime tickets and cigars; the "strength" of the currency being irresistible to him, in consequence of his desire for those luxuries.]

68. It will be seen by reference to the last chapter that our present task is to examine the relation of holders of store to holders of currency; and of both to those who hold neither. In order to do this, we must determine on which side we are to place substances such as gold, commonly known as bases of currency. By aid of previous definitions the reader will now be able to understand closer statements than have yet been possible.

69.The currency of any country consists of every document acknowledging debt, which is transferable in the country.[33]

This transferableness depends upon its intelligibility and credit. Its intelligibility depends chiefly on the difficulty of forging anything like it;—its credit much on national character, but ultimatelyalways on the existence of substantial means of meeting its demand.[34]

As the degrees of transferableness are variable, (some documents passing only in certain places, and others passing, if at all, for less than their inscribed value), both the mass, and, so to speak, fluidity, of the currency, are variable. True or perfect currency flows freely, like a pure stream; it becomes sluggish or stagnant in proportion to the quantity of lesstransferable matter which mixes with it, adding to its bulk, but diminishing its purity. [Articles of commercial value, on which bills are drawn, increase the currency indefinitely; and substances of intrinsic value if stamped or signed without restriction so as to become acknowledgments of debt, increase it indefinitely also.] Every bit of gold found in Australia, so long as it remains uncoined, is an article offered for sale like any other; but as soon as it is coined into pounds, it diminishes the value of every pound we have now in our pockets.

70. Legally authorized or national currency, in its perfect condition, is a form of public acknowledgment of debt, so regulated and divided that any person presenting a commodity of tried worth in the public market, shall, if he please, receive in exchange for it a document giving him claim to the return of its equivalent, (1) in any place, (2) at any time, and (3) in any kind.

When currency is quite healthy and vital, the persons entrusted with its management are always able to give on demand either,

A. The assigning document for the assigned quantity of goods. Or,

B. The assigned quantity of goods for the assigning document.

If they cannot give document for goods, the national exchange is at fault.

If they cannot give goods for document, the national credit is at fault.

The nature and power of the document are therefore to be examined under the three relations it bears to Place, Time, and Kind.

71. (1.) It gives claim to the return of equivalent wealth in anyPlace. Its use in this function is to save carriage, so that parting with a bushel of corn in London, we may receive an order for a bushel of corn at the Antipodes, or elsewhere. To be perfect in this use, the substance of currency must be to the maximum portable, credible, and intelligible. Its non-acceptance or discredit results always from some form of ignorance or dishonour: so far as such interruptions rise outof differences in denomination, there is no ground for their continuance among civilized nations. It may be convenient in one country to use chiefly copper for coinage, in another silver, and in another gold,—reckoning accordingly in centimes, francs, or zecchins: but that a franc should be different in weight and value from a shilling, and a zwanziger vary from both, is wanton loss of commercial power.

72. (2.) It gives claim to the return of equivalent wealth at anyTime. In this second use, currency is the exponent of accumulation: it renders the laying-up of store at the command of individuals unlimitedly possible;—whereas, but for its intervention, all gathering would be confined within certain limits by the bulk of property, or by its decay, or the difficulty of its guardianship. "I will pull down my barns and build greater," cannot be a daily saying; and all material investment is enlargement of care. The national currency transfers the guardianship of the store to many; and preserves to the original producer the right of re-entering on its possession at any future period.

73. (3.) It gives claim (practical, though not legal) to the return of equivalent wealth in anyKind. It is a transferable right, not merely to this or that, but to anything; and its power in this function is proportioned to the range of choice. If you give a child an apple or a toy, you give him a determinate pleasure, but if you give him a penny, an indeterminate one, proportioned to the range of selection offered by the shops in the village. The power of the world's currency is similarly in proportion to the openness of the world's fair, and, commonly, enhanced by the brilliancy of external aspect, rather than solidity of its wares.

74. We have said that the currency consists of orders for equivalent goods. If equivalent, their quality must be guaranteed. The kinds of goods chosen for specific claim must, therefore, be capable of test, while, also, that a store may be kept in hand to meet the call of the currency, smallness of bulk, with great relative value, is desirable; and indestructibility, over at least a certain period, essential.

Such indestructibility, and facility of being tested, areunited in gold; its intrinsic value is great, and its imaginary value greater; so that, partly through indolence, partly through necessity and want of organization, most nations have agreed to take gold for the only basis of their currencies;—with this grave disadvantage, that its portability enabling the metal to become an active part of the medium of exchange, the stream of the currency itself becomes opaque with gold—half currency and half commodity, in unison of functions which partly neutralize, partly enhance each other's force.

75. They partly neutralize, since in so far as the gold is commodity, it is bad currency, because liable to sale; and in so far as it is currency, it is bad commodity, because its exchange value interferes with its practical use. Especially its employment in the higher branches of the arts becomes unsafe on account of its liability to be melted down for exchange.

Again. They partly enhance, since in so far as the gold has acknowledged intrinsic value, it is good currency, because everywhere acceptable; and in so far as it has legal exchangeable value, its worth as a commodity is increased. We want no gold in the form of dust or crystal; but we seek for it coined, because in that form it will pay baker and butcher. And this worth in exchange not only absorbs a large quantity in that use,[35]but greatly increases the effecton the imagination of the quantity used in the arts. Thus, in brief, the force of the functions is increased, but their precision blunted, by their unison.

76. These inconveniences, however, attach to gold as a basis of currency on account of its portability and preciousness. But a far greater inconvenience attaches to it as the only legal basis of currency. Imagine gold to be only attainable in masses weighing several pounds each, and its value, like that of malachite or marble, proportioned to its largeness of bulk;—it could not then get itself confused with the currency in daily use, but it might still remain as its basis; and this second inconvenience would still affect it, namely, that its significance as an expression of debt varies, as that of every other article would, with the popular estimate of its desirableness, and with the quantity offered in the market. My power of obtaining other goods for gold depends always on the strength of public passion for gold, and on the limitation of its quantity, so that when either of two things happen—that the world esteems gold less, or finds it more easily—my right of claim is in that degree effaced; and it has been even gravely maintained that a discovery of a mountain of gold would cancel the National Debt; in other words, that men may be paid for what costs much in what costs nothing. Now, it is true that there is little chance of sudden convulsion in this respect; the world will not so rapidly increase in wisdom as to despise gold on a sudden; and perhaps may [for a little time] desire it more eagerly the more easily it is obtained; nevertheless, the right of debt ought not to rest on a basis of imagination; nor should the frame of a national currency vibrate with every miser's panic, and every merchant's imprudence.

77. There are two methods of avoiding this insecurity, which would have been fallen upon long ago, if, instead of calculating the conditions of the supply of gold, men had only considered how the world might live and manage its affairs without gold at all.[36]One is, to base the currency onsubstances of truer intrinsic value; the other, to base it on several substances instead of one. If I can only claim gold, the discovery of a golden mountain starves me; but if I can claim bread, the discovery of a continent of corn-fields need not trouble me. If, however, I wish to exchange my bread for other things, a good harvest will for the time limit my power in this respect; but if I can claim either bread, iron, or silk at pleasure, the standard of value has three feet instead of one, and will be proportionately firm. Thus, ultimately, the steadiness of currency depends upon the breadth of its base; but the difficulty of organization increasing with this breadth, the discovery of the condition at once safest and most convenient[37]can only be by long analysis, which must for the present be deferred. Gold or silver[38]may always be retained in limited use, as a luxury of coinage and questionless standard, of one weight and alloy among all nations, varying only in the die. The purity of coinage, when metallic, is closely indicative of the honesty of the system of revenue, and even of the general dignity of the State.[39]

78. Whatever the article or articles may be which the national currency promises to pay, a premium on that article indicates bankruptcy of the government in that proportion, the division of its assets being restrained only by the remaining confidence of the holders of notes in the return of prosperity to the firm. Currencies of forced acceptance, or of unlimited issue, are merely various modes of disguising taxation, and delaying its pressure, until it is too late to interfere with the cause of pressure. To do away with the possibility of such disguise would have been among the first results of a true economical science, had any such existed; but there have been too many motives for the concealment, so long as it could by any artifices be maintained, to permit hitherto even the founding of such a science.

79. And indeed, it is only through evil conduct, wilfully persisted in, that there is any embarrassment, either in the theory or working of currency. No exchequer is ever embarrassed, nor is any financial question difficult of solution, when people keep their practice honest, and their heads cool. But when governments lose all office of pilotage, protection, or scrutiny; and live only in magnificence of authorized larceny, and polished mendacity; or when the people, choosing Speculation (the s usually redundant in the spelling) instead of Toil, visit no dishonesty with chastisement, that each may with impunity take his dishonest turn;—there are no tricks of financial terminology that will save them; all signature and mintage do but magnify the ruin they retard; and even the riches that remain, stagnant or current, change only from the slime of Avernus to the sand of Phlegethon—quicksand at the embouchure;—land fluently recommended by recent auctioneers as "eligible for building leases."

80. Finally, then, the power of true currency is fourfold.

(1.) Credit power. Its worth in exchange, dependent on public opinion of the stability and honesty of the issuer.

(2.) Real worth. Supposing the gold, or whatever else the currency expressly promises, to be required from the issuer, for all his notes; and that the call cannot be met in full. Then the actual worth of the document would be, and its actualworth at any moment is, therefore to be defined as, what the division of the assets of the issuer would produce for it.

(3.) The exchange power, of its base. Granting that we can get five pounds in gold for our note, it remains a question how much of other things we can get for five pounds in gold. The more of other things exist, and the less gold, the greater this power.

(4.) The power over labour, exercised by the given quantity of the base, or of the things to be got for it. The question in this case is, how much work, and (question of questions!)whosework, is to be had for the food which five pounds will buy. This depends on the number of the population, on their gifts, and on their dispositions, with which, down to their slightest humours, and up to their strongest impulses, the power of the currency varies.

81. Such being the main conditions of national currency, we proceed to examine those of the total currency, under the broad definition, "transferable acknowledgment of debt;"[40]among the many forms of which there are in effect only two, distinctly opposed; namely, the acknowledgments of debts which will be paid, and of debts which will not. Documents, whether in whole or part, of bad debt, being to those of good debt as bad money to bullion, we put for the present these forms of imposture aside (as in analysing a metal we should wash it clear of dross), and then range, in their exact quantities, the true currency of the country on one side, and the store or property of the country on the other. We place gold, and all such substances, on the side of documents, as far as they operate by signature;—on the side of store as far as they operate by value. Then the currency represents the quantity of debt in the country, and the store the quantity of its possession. The ownership of all the property is divided between the holders of currency and holders of store, and whatever the claiming value of the currency is at any moment, that value is to be deducted from the riches of the store-holders.

82. Farther, as true currency represents by definition debts which will be paid, it represents either the debtor's wealth, or his ability and willingness; that is to say, either wealth existing in his hands transferred to him by the creditor, or wealth which, as he is at some time surely to return it, he is either increasing, or, if diminishing, has the will and strength to reproduce. A sound currency therefore, as by its increase it represents enlarging debt, represents also enlarging means; but in this curious way, that a certain quantity of it marks the deficiency of the wealth of the country from what it would have been if that currency had not existed.[41]In this respectit is like the detritus of a mountain; assume that it lies at a fixed angle, and the more the detritus, the larger must be the mountain; but it would have been larger still, had there been none.

83. Farther, though, as above stated, every man possessing money has usually also some property beyond what is necessary for his immediate wants, and men possessing property usually also hold currency beyond what is necessary for their immediate exchanges, it mainly determines the class to which they belong, whether in their eyes the money is an adjunct of the property, or the property of the money. In the first case the holder's pleasure is in his possessions, and in his money subordinately, as the means of bettering or adding to them. In the second, his pleasure is in his money, and in his possessions only as representing it. (In the first case the money is as an atmosphere surrounding the wealth, rising from it and raining back upon it; but in the second, it is as a deluge, with the wealth floating, and for the most part perishing in it.[42]) The shortest distinction between the men is that the one wishes always to buy, and the other to sell.

84. Such being the great relations of the classes, their several characters are of the highest importance to the nation; for on the character of the store-holders chiefly depend the preservation, display, and serviceableness of its wealth; on that of the currency-holders, its distribution; on that of both, its reproduction.

We shall, therefore, ultimately find it to be of incomparably greater importance to the nation in whose hands the thing isput, than how much of it is got; and that the character of the holders may be conjectured by the quality of the store; for such and such a man always asks for such and such a thing; nor only asks for it, but if it can be bettered, betters it: so that possession and possessor reciprocally act on each other, through the entire sum of national possession. The base nation, asking for base things, sinks daily to deeper vileness of nature and weakness in use; while the noble nation, asking for noble things, rises daily into diviner eminence in both; the tendency to degradation being surely marked by "αταξια;" that is to say, (expanding the Greek thought), by carelessness as to the hands in which things are put, consequent dispute for the acquisition of them, disorderliness in the accumulation of them, inaccuracy in the estimate of them, and bluntness in conception as to the entire nature of possession.

85. The currency-holders always increase in number and influence in proportion to the bluntness of nature and clumsiness of the store-holders; for the less use people can make of things, the more they want of them, and the sooner weary of them, and want to change them for something else; and all frequency of change increases the quantity and power of currency. The large currency-holder himself is essentially a person who never has been able to make up his mind as to what he will have, and proceeds, therefore, in vague collection and aggregation, with more and more infuriate passion, urged by complacency in progress, vacancy in idea, and pride of conquest.

While, however, there is this obscurity in the nature of possession of currency, there is a charm in the seclusion of it, which is to some people very enticing. In the enjoyment of real property, others must partly share. The groom has some enjoyment of the stud, and the gardener of the garden; but the money is, or seems, shut up; it is wholly enviable. No one else can have part in any complacencies arising from it.

The power of arithmetical comparison is also a great thing to unimaginative people. They know always they are so much better than they were, in money; so much better than others,in money; but wit cannot be so compared, nor character. My neighbour cannot be convinced that I am wiser than he is, but he can, that I am worth so much more; and the universality of the conviction is no less flattering than its clearness. Only a few can understand,—none measure—and few will willingly adore, superiorities in other things; but everybody can understand money, everybody can count it, and most will worship it.

86. Now, these various temptations to accumulation would be politically harmless if what was vainly accumulated had any fair chance of being wisely spent. For as accumulation cannot go on for ever, but must some day end in its reverse—if this reverse were indeed a beneficial distribution and use, as irrigation from reservoir, the fever of gathering, though perilous to the gatherer, might be serviceable to the community. But it constantly happens (so constantly, that it may be stated as a political law having few exceptions), that what is unreasonably gathered is also unreasonably spent by the persons into whose hands it finally falls. Very frequently it is spent in war, or else in a stupefying luxury, twice hurtful, both in being indulged by the rich and witnessed by the poor. So that themal tenerandmal dareare as correlative as complementary colours; and the circulation of wealth, which ought to be soft, steady, strong, far-sweeping, and full of warmth, like the Gulf stream, being narrowed into an eddy, and concentrated at a point, changes into the alternate suction and surrender of Charybdis. Which is indeed, I doubt not, the true meaning of that marvellous fable, "infinite," as Bacon said of it, "in matter of meditation."[43]

87. It is a strange habit of wise humanity to speak in enigmas only, so that the highest truths and usefullest laws must be hunted for through whole picture-galleries of dreams, which to the vulgar seem dreams only. Thus Homer, the Greek tragedians, Plato, Dante, Chaucer, Shakspeare, and Goethe, have hidden all that is chiefly serviceable in theirwork, and in all the various literature they absorbed and re-embodied, under types which have rendered it quite useless to the multitude. What is worse, the two primal declarers of moral discovery, Homer and Plato, are partly at issue; for Plato's logical power quenched his imagination, and he became incapable of understanding the purely imaginative element either in poetry or painting: he therefore somewhat overrates the pure discipline of passionate art in song and music, and misses that of meditative art. There is, however, a deeper reason for his distrust of Homer. His love of justice, and reverently religious nature, made him dread, as death, every form of fallacy; but chiefly, fallacy respecting the world to come (his own myths being only symbolic exponents of a rational hope). We shall perhaps now every day discover more clearly how right Plato was in this, and feel ourselves more and more wonderstruck that men such as Homer and Dante (and, in an inferior sphere, Milton), not to speak of the great sculptors and painters of every age, have permitted themselves, though full of all nobleness and wisdom, to coin idle imaginations of the mysteries of eternity, and guide the faiths of the families of the earth by the courses of their own vague and visionary arts: while the indisputable truths of human life and duty, respecting which they all have but one voice, lie hidden behind these veils of phantasy, unsought, and often unsuspected. I will gather carefully, out of Dante and Homer, what, in this kind, bears on our subject, in its due place; the first broad intention of their symbols may be sketched at once.

88. The rewards of a worthy use of riches, subordinate to other ends, are shown by Dante in the fifth and sixth orbs of Paradise; for the punishment of their unworthy use, three places are assigned; one for the avaricious and prodigal whose souls are lost, (Hell, canto 7); one for the avaricious and prodigal whose souls are capable of purification, (Purgatory, canto 19); and one for the usurers, of whomnonecan be redeemed (Hell, canto 17). The first group, the largest in all hell ("gente piu che altrove troppa," compare Virgil's "quæ maxima turba"), meet in contrary currents,as thewaves of Charybdis, casting weights at each other from opposite sides. This weariness of contention is the chief element of their torture; so marked by the beautiful lines beginning "Or puoi, figliuol," &c.: (but the usurers, who made their money inactively,siton the sand, equally without rest, however. "Di qua, di la, soccorrien," &c.) For it is not avarice, butcontentionfor riches, leading to this double misuse of them, which, in Dante's light, is the unredeemable sin. The place of its punishment is guarded by Plutus, "the great enemy," and "la fièra crudele," a spirit quite different from the Greek Plutus, who, though old and blind, is not cruel, and is curable, so as to become far-sighted. (ου τυφλος αλλ' οξυ βλεπων.—Plato's epithets in first book of theLaws.) Still more does this Dantesque type differ from the resplendent Plutus of Goethe in the second part ofFaust, who is the personified power of wealth for good or evil—not the passion for wealth; and again from the Plutus of Spenser, who is the passion of mere aggregation. Dante's Plutus is specially and definitely the Spirit of Contention and Competition, or Evil Commerce; because, as I showed before, this kind of commerce "makes all men strangers;" his speech is therefore unintelligible, and no single soul of all those ruined by himhas recognizable features.

On the other hand, the redeemable sins of avarice and prodigality are, in Dante's sight, those which are without deliberate or calculated operation. The lust, or lavishness, of riches can be purged, so long as there has been no servile consistency of dispute and competition for them. The sin is spoken of as that of degradation by the love of earth; it is purified by deeper humiliation—the souls crawl on their bellies; their chant is, "my soul cleaveth unto the dust." But the spirits thus condemned are all recognizable, and even the worst examples of the thirst for gold, which they are compelled to tell the histories of during the night, are of men swept by the passion of avarice into violent crime, but not sold to its steady work.

89. The precept given to each of these spirits for its deliverance is—Turn thine eyes to the lucre (lure) which theEternal King rolls with the mighty wheels. Otherwise, the wheels of the "Greater Fortune," of which the constellation is ascending when Dante's dream begins. Compare George Herbert—

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