Unto This Last, and Other Essays on Political EconomyRuskin, John
General
Unto This Last, and Other Essays on Political Economy
Ruskin, John
Art; Economics
the narrow gold pieces into broad ones, and dined off them.
The probability is greater that I break the rouleau than
that I melt the plate; but the increased probability is not
calculable. Thus, documents are only withdrawn from the
currency when cancelled, and bullion when it is so
effectually lost as that the probability of finding it is no
greater than that of finding new gold in the mine.
At present I wish only to note the broad relations of the two great
classes--the currency-holders and store-holders.[94] Of course they
are partly united, most monied men having possessions of land or other
goods; but they are separate in their nature and functions. The
currency-holders as a class regulate the demand for labour, and the
store-holders the laws of it; the currency-holders determine what
shall be produced, and the store-holders the conditions of its
production. Farther, as true currency represents by definition debts
which will be paid, it represents either the debtor's wealth, or his
ability and willingness; that is to say, either wealth existing in his
hands transferred to him by the creditor, or wealth which, as he is at
some time surely to return it, he is either increasing, or, if
diminishing, has the will and strength to reproduce. A sound currency,
therefore, as by its increase it represents enlarging debt, represents
also enlarging means; but in this curious way, that a certain quantity
of it marks the deficiency of the wealth of the country from what it
would have been if that currency had not existed.[95] In this respect
it is like the detritus of a mountain; assume that it lies at a fixed
angle, and the more the detritus, the larger must be the mountain; but
it would have been larger still, had there been none.
Public-domain text, read in full here on John Shaqi.
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