The collected works of William Hazlitt, Vol. 04 (of 12)Hazlitt, William
Philosophy
The collected works of William Hazlitt, Vol. 04 (of 12)
Hazlitt, William
English essays -- 19th century
Mr. Malthus next talks about the embarrassments of commerce, returning
cheapness, &c. Now I do not see, according to his doctrine, what
cheapness has to do with the question. He says, every thing depends on
the quantity of provisions in the country, and that this being given,
all the rest follows as a matter of course. What then does it signify
whether you call a piece of paper one pound or two if you can get a
proportionable quantity of food for your money?
‘If instead of giving the temporary assistance of parish allowances,
which might be withdrawn on the first fall of price, we had raised
universally the wages of labour, it is evident, that the obstacles to a
diminution of the circulation, and to returning cheapness, would have
been still further increased; and the high price of labour would have
become permanent, without any advantage whatever to the labourer,’—or
disadvantage to the proprietor.
‘There is no one that more ardently desires to see a real advance in the
price of labour than myself; but the attempt to effect this object by
forcibly raising the nominal price, which was practised to a certain
degree, and recommended almost universally during the late scarcities,
every thinking man must reprobate as puerile and ineffectual.’
‘The price of labour, when left to find its natural level, is a most
important political barometer, expressing the relation between the
supply of provisions, and the demand for them; between the quantity to
be consumed, and the number of consumers; and taken on the average,
independently of accidental circumstances, it further expresses,
clearly, the wants of the society respecting population; that is,
whatever may be the number of children to a marriage necessary to
maintain exactly the present population, the price of labour will be
just sufficient to support this number, or be above it, or below it,
according to the state of the real funds for the maintainance of labour,
whether stationary, progressive, or retrograde. Instead, however, of
considering it in this light, we consider it as something which we may
raise or depress at pleasure, something which depends principally upon
his majesty’s justices of the peace. When an advance in the price of
provisions already expresses that the demand is too great for the
supply, in order to put the labourer in the same condition as before, we
raise the price of labour, that is, we increase the demand, and are then
much surprised that the price of provisions continues rising. In this,
we act much in the same manner, as if, when the quicksilver in the
common weather-glass stood at _stormy_, we were to raise it by some
forcible pressure to _settled fair_, and then be greatly astonished that
it continued raining.’
Public-domain text, read in full here on John Shaqi.
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