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gence, and in mutual goodwill. There is no agitation any where, save that of OPINION, which of itself strongly denotes that the natural wants of man are tolerably satisfied. Amidst all this, it is pleasing to think our own country keeps the foremost place. One of the noblest indications of moral and intellectual worth, is the love of justice and humanity, and of this we are about to afford a splendid example. It has long been the boast of the Christian over the heathen world, that it was the first to establish asylums for indigence and misfortune. The second, and not less brilliant triumph of modern over Greek and Roman civilization, will be the extinction of slavery, by the emancipation of the African race.
My dear Sir,
London, June 12, 1833.
HISTORY OF THE MIDDLE AND WORKING
State of Society under the Anglo-Saxons
Classes of Society after the Conquest-Traffic in SlavesBeneficial Influence of Christianity -Increase of Towns and Progress of Manufactures-Corporate Immunities --Effects of a Pestilence on Condition of Labouring Classes-Statute of Labourers-Absurd Legislation -Vast Possessions of the Nobility-A taste for Luxury and the Arts generatedVillanage nearly extinct---Occupation, Diet, and Wages of Labourers
Origin of the Poor-Influence of Personal Freedom on Indigence-Vagabondage and Mendicity-Licensing of Beggars-Treatment of the Poor in the Netherlands-The elapse of four Centuries not changed the objects of Legislation
Influence of the Reformation on Property, and the Condition of the Labouring Classes-Immense Wealth of the Religious Houses-Mistaken Notions on the Hospitality of the Conventual Bodies-Increase of Mendicity, and severe Laws for its Repression
Decay of the Nobility-Progress of the Middle Classes-Rise of Country Gentlemen-Industry fettered by Patents and
Monopolies-Absence of Police, and Dreadful Disorders—
Act of the 43d of Elizabeth-Provisions of the English Poorlaws derived from Scotland-Curious Expedients for Relief of the Poor-Act against the Erection of Cottages-Alarm about the Increase of the Metropolis-Excess of Population -Pestilence-Comparison of the Elizabethan Age with the present
Chronological Digest of Facts relative to the Industrious Orders, from the Introduction of the Poor-laws to the present time
POLITICAL ECONOMY OF THE INDUSTRIOUS ORDERS.
Subject Defined-Different kinds and Progress of IndustryLabour the only source of Wealth
DIVISION OF EMPLOYMENTS.
Division of Labour-It saves Time-Improves Skill and Dexterity-Suggests the Contrivance of Tools and MachineryLessens the Cost of Production-Applicable chiefly to Mechanical Employments-Limited by Extent of the Market
Origin of Money-Inconveniences of Barter-Advantages of Gold and Silver as Instruments of Exchange-Effects of an Increase or Diminution in the Supply of the Precious Metals-Forcible Alterations of the Standard Value
Origin of Paper Money-Commercial Paper, and its UsesDistinction between Paper and Coin-Absence of intrinsic Value in Paper, cause of its over-issue-Proper Functions of Bankers, and Defects in our Monetary System-Money ought only to be issued under the Control and Guarantee of the State-Profit on the issue of Money belongs to the Public, not Individuals-Distinction between a Depreciated and Excessive issue of Paper-Proportion of Bills of Exchange and Bank-notes in circulation-Causes of the Mercantile Crisis of 1824-5---Advantages of a Sovereign over a Bank-note-Stagnation in Trade caused by a want of Credit, not of Bank-paper 142
CAPITAL AND THE MIDDLE CLASSES.
Capital and its productive Power-How it tends to economize, abridge, and augment the Efficiency of Industry-Conflicting Claims of Capital and Labour-Utility of the Middle Classes, of Bankers, Merchants, Wholesale Dealers, and Retailers---Advantages of Middlemen in equalizing Prices and the Supply of Commodities---Claims of Labour to share in the Profits of Capital---Classification of Society into Productive and Unproductive Consumers---Luxuries stimulate Industry---Utility of Authors, Actors, and Domestic Servants---All classes co-operate for the general good--Recapitulation 160
EQUALITY OF REMUNERATION. Similarity of Wages and Profits---Circumstances influencing Remuneration of Employments-Agreeableness or Disagreeableness of Trades---Trades requiring long Appren ticeships or High Premiums---High Profits of Chemists and Apothecaries, more properly Wages---Profits of Country Shopkeepers---Effects of Inconstancy of Employment--Trust Reposed in Physicians and Attorneys---Wages vary
with Chance of Success in Employments---Gains of Literary and Professional Men---Inadequate Pay of Soldiers and Sailors---Motives to a Naval and Military Life---Effects of Long Apprenticeships, the Poor-laws, and Immunities of Corporations on Freedom of Industry---Combinations of Trades, like Monopolies
WAGES OF LABOUR.
Reduction of Wages increases Supply of Labour---Effects of Speculation on Wages---Legitimate and Illusive Speculations--Agricultural Speculation during the War, and Mercantile Speculation of 1825---Rate of Wages determined by the Unemployed, not Employed Workmen---Consequence of a trifling Excess of Labour---High Wages depend solely on the Conduct of the Working Classes---Futility of various popular Expedients exposed---Government impotent, as respects Condition of Labouring Classes---Cannot relieve an Overstocked Labour Market---France in 1830---* Taxation---Lavish Public Expenditure indefensible---Home Colonization
CAUSES OF HIGH WAGES.
Effect on Wages of an Increase in the Incomes of Individuals ---Wages increase with the increase of national Capital--State of Society most favourable to the Working Classes--Population increased faster than Capital in Ireland---Demand for Labour increased by Security of Property ---Necessity of Freedom in the Employment of Capital and Industry---Effects of War and civil Commotion on the Condition of the Industrious Orders
GENERAL CONCLUSIONS ON WAGES. Wages can only be settled by Competition of Workmen--Wages of Farm Servants and in Factories---Distinction between skilled and unskilled Labour--Standard of Living--High Wages not a source of Idleness and Vice---Necessity of Relaxation---Effects of Arts, Trades, and Professions, on Health --Danger of low Diet and degrading Habits---Contrast of a Potato and Wheat-fed Population---Opinions of M'Culloch and Adam Smith--- Government not less than Society interested in the wellbeing of the Working Classes