Principles of Political EconomyPerry, Arthur Latham
General
Principles of Political Economy
Perry, Arthur Latham
Economics
less profitable to the employers, and the next wages-portion would
certainly be less than the one before, and thus the outcome of the
_remedy_ would be worse than the _disease_. Now let alone the
artificial interference of government, and all natural accessions to
Capital at that point, all investment of profits in an enlarged
business, all saving from expenditure for the sake of further
production, tend strongly of their own accord to enlarge the
wages-portion, and thus, the number and intelligence of the laborers
continuing as before, are sure to raise the rate of wages. Or, if
there be no accessions to Capital, or other influence swelling the
wages-portion, and the number of laborers be diminished at that point,
as by migration to new fields of effort or enlistment in armies, the
competition of wages-givers for laborers will be quickened, and the
rate of wages will rise. Reversed conditions will of course give
reversed results.
2. A second popular remedy for low Wages, not only proposed, but also
for a long time brought into practical action, is Labor-Unions in
their various forms and with their manifold methods of operation upon
employers. It is important to note here and to remember, that the
Guilds of the mediæval times, from which the modern Trades-Unions have
borrowed something of form and much of nomenclature, were in substance
extremely different from their modern imitators. Those were
combinations of Masters with their journeymen and apprentices and
dependents in order to control the entire manufacture and sale of a
certain class of products, from the name of which the Guild usually
took its own name, as "Cloth-workers' guild," "Shoemakers' guild," and
so on. Whittier, himself a shoemaker in his boyhood, apostrophizes the
latter guild in words which more or less describe them all:--
"Ho! workers of the old time styled
The gentle Craft of Leather!
Young brothers of the ancient guild,
Stand forth once more together!
Call out again your long array,
In the olden merry manner!
Once more on gay St. Crispin's day,
Fling out your blazoned banner!"
Public-domain text, read in full here on John Shaqi.
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