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 use of objects of real or supposed value for currency, as gold,
jewellery, etc., is barbarous; and it always expresses either the
measure of the distrust in the society of its own government, or the
proportion of distrustful or barbarous nations with whom it has to
deal. A metal not easily corroded or imitated, is a desirable medium
of currency for the sake of cleanliness and convenience, but were it
possible to prevent forgery, the more worthless the metal itself, the
better. The use of worthless media, unrestrained by the use of
valuable media, has always hitherto involved, and is therefore
supposed to involve necessarily, unlimited, or at least improperly
extended, issue; but we might as well suppose that a man must
necessarily issue unlimited promises because his words cost nothing.
Intercourse with foreign nations must, indeed, for ages yet to come,
at the world's present rate of progress, be carried on by valuable
currencies; but such transactions are nothing more than forms of
barter. The gold used at present as a currency is not, in point of
fact, currency at all, but the real property[24] which the currency
gives claim to, stamped to measure its quantity, and mingling with the
real currency occasionally by barter.
[24] Or rather, equivalent, to such real property, because
everybody has been accustomed to look upon it as valuable:
and therefore everybody is willing to give labour or goods
for it. But real property does ultimately consist only in
things that nourish body or mind; gold would be useless to
us if we could not get mutton or books for it. Ultimately
all commercial mistakes and embarrassments result from
people expecting to get goods without working for them, or
wasting them after they have got them. A nation which
labours, and takes care of the fruits of labour, would be
rich and happy; though there were no gold in the universe. A
nation which is idle, and wastes the produce of what work it
does, would be poor and miserable, though all its mountains
were of gold, and had glens filled with diamonds instead of
glacier.
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