The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1866-07-14

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In 4 learlIght Suppose it were considered
desirable that tn hours Of labor Should be
universally reducsd. and that, 20 this end, a
law were passed limiting them 10 three
fourths Of their prsssDt duration. Assum-
ing that this law were strictly enforced, the
'iaborer would undoubedly recsivayfor his
seven or eight hour <rsek al much as be
had previously obtained for ten or twelve.
The demand fof labor, represented by the
capital Of the country, remaining unaltered,
and the snpply bsing reduced one-fourth,
its value would rise in corresponding pro-
portion. So far, the desired result would be
attained, and in appearance all would be
wed. But this rise IN ths value Of labor
would produce ulterior consequences caIcu-
lated to lower it again, ard TO curtai the
wages Of the iaborer in the same ratio as the
hours or labor hsd hSon reduced The value
of labor having risen, the rate Of profit
would be lowered. Less work being turned
out, owing to the sheftsr hours Of labor,
and the same amount being paid to laborers
as before, the returns Of the capitalist would
be diminished, while his expenses would re-
main the same. II might be supposed that
he could reimburse himself By putting an
increased price upon his goods, and to GER
tain extent this Is the case. For a time,
prices would be higher than before but so
Tar as they were, the capitalist would be
nothing the better for it, and the laboTer
would be all the worse. The former, il he
got higher prices for what he sold, would
also have to give higher prices for whatever
he Afterwards bought and, therefore, ss
much as he gained in one way ne would lose
In another But the hborer receiving no
higher wages than heretofore, and having to
pay more for what he consumed, would suf-
fer loss for which he would obtain no com
pensation- So long as this state Of things
the laboreF would simply do less
work and, though receiving the Same wages
measured IN money, would receive less
wages measured in the articles he consumed
But, as we have said, such rise Of prices
would be only temporary, the former lev i
being speedily restored by the action Of law )
which it would be impossible to explain
here. So soon as this occurred, il is clear
that then, at all events, the entire loss re-
sulting from the reduction 10 the hours OF
labor would fall on the capitalist He has
obviously no means Of escape. But the in
slant that this diminution in the profits Of
capital made itself felt, those who had been
in the habit Of saving for purposes of in
would lose q portion Of their usual
70 the practice Of economy and
As less could be made Of money
when saved, less Of it would be saved, and
the stock Of capital in the country would be
or At any rate its further accu-
would be checked. But we have
seen that the demand for labor may be taken
as ce-extensive with the quantity Of capital in
the country. and that everything which tends
to diminish this quantity tends to diminish
the demand for labor and to lower its value
So that . measure which was designed
merely benefit the working classes by re-
dueing The hours. Of labor, might have the
further effect of reducing their earnings in a
like proportion.
This example will serve to show how ILL.,
directed efforts to extend the spontaneous
seton Of economic laws may defeat their own
object. or at least produce effects more dis
astrous than those it was sought to avoid
In our opinion, the action Of these laws may
be beneicially modified by means which So
ciety has at its command, provided these
means are properly chosen and judiciously
employed; but they are sdge-lools, not to
be rashly handled by the unskilful workman.