No doubt a good deal may be said in favour of such a course, but it is
nevertheless inconsistent with the principles of free labour and free
trade. If the judges are to be real arbitrators, they must have power to
compel obedience to their decision, so that they will destroy the
liberty of the workman to work or not as he likes, and of the capitalist
to deal freely with his own capital, and sell goods at whatever price
suits the state of the market. If wages are to be arbitrarily settled in
this way, there is no reason why the same thing should not be done with
the prices of corn, iron, cotton, and other goods. But legislators have
long since discovered the absurdity of attempting to fix prices by law.
These prices depend entirely upon supply and demand, and no one is
really able to decide with certainty what will be the conditions of
supply and demand a month or two hence. Government might almost as
wisely legislate about the weather we are to have next summer as about
the state of trade, which much depends upon the weather, or upon wars
and accidents of various kinds, which no one can foresee. It is
impossible, then, to fix prices and wages beforehand by any kind of law
or compulsory decision. The matter is one of bargain, of buying and
selling, and the employer must be at liberty to buy the labour required
at the lowest price at which he can get it, and the labourers to sell
their labour at the highest price they can get, both subject of course
to the legal notice of a week or fortnight.
Public-domain text, read in full here on John Shaqi.
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