Unto This Last, and Other Essays on Political EconomyRuskin, John
General
Unto This Last, and Other Essays on Political Economy
Ruskin, John
Art; Economics
Question Third. What is the quantity of the store in relation to the
Currency? We have seen that the real worth of the currency, so far as
dependent on its relation to the magnitude of the store, may vary
within certain limits, without affecting its worth in exchange. The
diminution or increase of the represented wealth may be unperceived,
and the currency may be taken either for more or less than it is
truly worth. Usually, it is taken for more; and its power in exchange,
or credit-power, is thus increased (or retained) up to a given strain
upon its relation to existing wealth. This credit-power is of chief
importance in the thoughts, because most sharply present to the
experience, of a mercantile community; but the conditions of its
stability[78] and all other relations of the currency to the material
store are entirely simple in principle, if not in action. Far other
than simple are the relations of the currency to that "available
labour" which by our definition (p. 219) it also represents. For this
relation is involved not only with that of the magnitude of the store
to the number, but with that of the magnitude of the store to the
mind, of the population. Its proportion to their number, and the
resulting worth of currency, are calculable; but its proportion to
their will for labour is not. The worth of the piece of money which
claims a given quantity of the store, is, in exchange, less or greater
according to the facility of obtaining the same quantity of the same
thing without having recourse to the store. In other words, it depends
on the immediate Cost and Price of the thing. We must now, therefore,
complete the definition of these terms.
[78] These are nearly all briefly represented by the image used
for the force of money by Dante, of mast and sail,--
"Quali dal vento be gonfiate vele
Caggiono avvolte, poi che l'alber fiacca
Tal cadde a terra la fiera crudele."
The image may be followed out, like all of Dante's, into as
close detail as the reader chooses. Thus the stress of the
sail must be proportioned to the strength of mast, and it is
only in unforeseen danger that a skilful seaman ever carries
all the canvas his spars will bear: states of mercantile
languor are like the flap of the sail in a calm,--of
mercantile precaution, like taking in reefs; and the
mercantile ruin is instant on the breaking of the mast.
All cost and price are counted in Labour. We must know first,
therefore, what is to be counted as Labour.
Public-domain text, read in full here on John Shaqi.
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