At first sight, the reader will wonder how the losses of the four credits come home to labor. We reply: they are merely the aggregate of the risks incurred in making staple goods—all other risks being insignificant in such manufacturing. The order of things is like this: what the jobber loses the manufacturer loses by the failure of the jobber. The jobber loses what the dealers between him and the consumers lose. Not quite all, perhaps, for the capitals of the dealers must be of some worth; but the consumer has, in the end, to pay all these losses, and the result is an enhanced price. In other words, a bale of goods starts out with a burden of risk which grows as it travels, and adds to the cost of goods so much that the consumer can not buy as much as he needs. The from 250 to 300 or more failures each week tell a part of the workman’s trouble; another vast body of his losses does not go to record at all. It is the fifty-cents-on-a-dollar compromise system between wholesalers and retailers. Workmen ought to get what consumers pay, less three per cent. on capital and about as much more for risk of ordinary kinds and a fair cost of handling goods. We maintain a system of extraordinary risks, called a credit system, which consumes two or three times as much as capital. It is plain that workmen can not get (we write of such staples as cotton cloth) pay for lost goods. Wherever they are lost, the sums lost can not reach labor. We do not enter into the details of this argument; we have suggested reasons for believing that a cash system would stop one of the great leaks of the industrial system.