The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1868-12-19

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Surprising the demand for labor TO be in- |
creased in the way mentioned In our last ar |
ticls-namely, by sn augmentation Of the
capital ci the country whether the value |
Of ishoG will rise depends on whether ID. |
supply 10 or ia not increased in n like pro-
portion. II would be to no purpose, "A fas |
o. The value oflaboF is concerned, to double !
the capital II At toe same time the number
Of lsborers. or the duration Of their labor.
or the amount OF exrrtian they put forth In
q given time, were doubled also. IN such
a case the value Of labor would remain unal-
tered.
And here il is proper TO notice distine-
tion which Is Of Important 10 the right
understanding Of this suhject-that.s name
ly, which exists between the Rate IF woaes
and the Value 81 Labor: the latter beng
the amount Of money-or, more properly
speaking, gocds-which lhe workman re-
ceiyes in return for a certain amount Of ex-
ertion, whatever be the time be takes to put
forth that amount Of exertion the
former being the amount which he receives
~ return for the exertion he puts forth in
given time, whatever be the amount Of ex-
sr.ion which in that time he puts forth.
Thus, the labor Of lazy man, or q weak
man, may be dear al fifteen shillings week;
while, in the same employment, that OF q
strong and active man may be cheap At tair-
~. The wages Of the former are low con-
pared with those Of the letter, but the value
Of bis labor, on the contrary, 10 high.
1t 10 necessary to bear this distinction in
mind, because the effect on the condition Of
- uvAwkt~w rla hryo aIf
ton in the supply Of labor Is different &C
eording as it is brought about by an sltera-
ton in one TaCher than another Of the three
elements Of which that supply consists. II
the number Of laborers be sltered-the de-
mand for labor being supposed to remain
unchanged both the value of labor and the
rate Of scdqeS would he altered but IL eth
or the durston Of the period of labor or the
amount of exertion put forth In q given
tine be altered, the value Of labor al0ne viii
undergo anv change, while the rate Of wages
viii remain unaffected. To take an example:
Suppose the amount Of capital in country
appropriated to the payment Of wages TO be
E20, 600, Oo0, the number Of laboTers TO be
1,000, 000, and the lumber Of hears labor
per day 10 be 10 Under these circumstan-
ces, the average wages earned by man in
the period during which on the average the
capital was turned, would be $40. Now,
suppose that, ty emigration, for instance,
the number of labIrers were reduced by
one-half, while the number Of hours labor
per day, and the amount OF exertion put
forth IN that time, remained as before. It's
plain that one-half the previous amount Of
work would be done and, since as much
capital would be spent in wages as ever, 1t
follows that each laborer would receive twice
as much wages as formerly, without doing
any more work so that the rae Of wages
and the value Of labor would be doubled
simultaneously. But suppose, on the other
hand, that the hours Of labor, or the amount
OF exeItion put forth 10 a gwen time, were
reduced one-half, while ell tne other cir
cumstAnces originally mentioned renamed
unchanged; here the amount Of work done
would be diminished ne-hslf, and as the
G2O, 900 600 would still continue to be paid
for It, the value OF labor would be doubled !;
but nasmuch as the number Of persons
among wh, I'd this sum was divided would
still be LOCO, 900, The rate of their wages
would Re main unchanged. They would not
receive more, but they would work less.
Such would be the Effects OF decrease in
the supply Of lsior, uBacc0mpanei by q
corresponding decrease in the demand for
it-thst is to say. IN the capital Of the cpun-
try. Bot it is only on the supposition that
such decrease Of capital would not iollow
a decrease IN the supply OF labor that We
are entitled TO expect n rise in wages. or in
the value Of labor and 1t so happens that
this very Use Of wages ard Of the value Of
labor have, IN general, tendency TO bring
about, as an Interior result, dlmi1ution in
the capital Of the country 81 that il is pos
sible that, after enjoying for period high
er rate Of remuneration, regard being had
10 the amount Of work done, than previous
", the working classes might find that rate
reduced to It's original level. This result
would follow from the fact that every adj
dition to the cost of labor involves a cores
pGnding deduction from the rate Of profit;
and, as the quantity Of capital undated
and invested depends, IN great measure,
on the amount Of profit which the invest
ment Of q certain amount OF capital may be
expt cted 10 yield, the rise in the value Oi
labor, by diminishing the rate OF profit,
tends TO diminish the capital Of the country,
and 50, 10 torn, 20 reduce The value Of la
Dor. Ii should be observed that :heee pro-
the value G; labor on the accumulation Of
capital, are not put absolutely. a. though
such q result were inevitable, merely a.
possible and not unlikely consequences. Il
may happen that the instinct Of accumula
ton is so strong 10 country that the rate
of profit there will bear a very considerable
reduction, without occasioning any decline
in he capital and, If so, the rise 10 the
value of .sbor which produced the fall in the
rate e profit will be permanent.
Supposing this to be the case, il is clear
that anY-clrcnmstanoe which has the effect
Of diminishing or preventing the increase Of
population must tend 10 raise the rate Of wa
ges, since the larger the population, the
greater the number of laboTers. II would
be vain to attempt to conceal that this lands
us upon one Of the most debstable-or, ut
least dtbated--spols Of ground in the whole
science OF Political EcOnomy-lhe Malthu- /
sian doctrine Of population. Whether Ii is
right or polite to endeavor to restrain the /
limits Of population by encouraging men 70
emiRrate, or 10 exercise those prudential re-
ST. ANTS which Msllhus pointed out as the
means TO be employed for the purpose, is 9 /
question shall not here venture to argue.
shall content my self With having pointed 4
out the effect which diminishes competition /
for employment, arising from . decreasing
produces on the earnings Of the 4
working classes, and leave them 70 judge 4
whether this De sui6cistt motive TO act Us /
such result would seem to dictate. can
not, however, conclude this article without
mentioning that it's not alone by augment
ng the moneywages Of the laborer that
iiminutioR in the number Of the labcrng
slAsses improves their position, bat BY cheap
,ning the articles on which most Of she wa
res they earn are expended. The greater
part OF the things consumed by the working
:lasses consist Of raw or slightly nannlae-
IuTed produce; most Of it raised in the
country where the consumers live. because
Ich commodities are too bulky 20 be i'm
ported from distance. Now. It is one Of
he universal truths Of Political Economy,
hat the more pTOduces is extracted from the
,ronnd In any ear, The more 1t will cost TO
-aise any given portion Of is, unless impTov-