Unto This Last, and Other Essays on Political EconomyRuskin, John
General
Unto This Last, and Other Essays on Political Economy
Ruskin, John
Art; Economics
Again, supposing a certain number of the men so cast ashore were set
aside by lot, or any other convention, to do the rougher labour
necessary for the whole society, they themselves being maintained by
the daily allotment of a certain quantity of food, clothing, etc.
Then, if it were agreed that the stones spotted with red should be
signs of a Government order for the labour of these men; and that any
person presenting a spotted stone at the office of the labourers,
should be entitled to a man's work for a week or a day, the red stones
would be money; and might--probably would--immediately pass current in
the island for as much food, or clothing, or iron, or any other
article as a man's work for the period secured by the stone was worth.
But if the Government issued so many spotted stones that it was
impossible for the body of men they employed to comply with the
orders; as, suppose, if they only employed twelve men, and issued
eighteen spotted stones daily, ordering a day's work each, then the
six extra stones would be forged or false money; and the effect of
this forgery would be the depreciation of the value of the whole
coinage by one-third, that being the period of shortcoming which
would, on the average, necessarily ensue in the execution of each
order. Much occasional work may be done in a state or society, by help
of an issue of false money (or false promises) by way of stimulants;
and the fruit of this work, if it comes into the promiser's hands, may
sometimes enable the false promises at last to be fulfilled: hence the
frequent issue of false money by governments and banks, and the not
unfrequent escapes from the natural and proper consequences of such
false issues, so as to cause a confused conception in most people's
minds of what money really is. I am not sure whether some quantity of
such false issue may not really be permissible in a nation, accurately
proportioned to the minimum average produce of the labour it excites;
but all such procedures are more or less unsound; and the notion of
unlimited issue of currency is simply one of the absurdest and most
monstrous that ever came into disjointed human wits.
Public-domain text, read in full here on John Shaqi.
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