Unto This Last
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1881 edition. Excerpt: ... ESSAY IV. AD VALOREM. IN the last paper we saw that just payment of labour consisted in a sum of money which would approximately obtain equivalent labour at a future time: we have now to examine the means of obtaining such equivalence. Which question involves the definition of value, Wealth, Price, and Produce. None of these terms are yet defined so as to be understood by the public. But the last, Produce, which one might have thought the clearest of all, is, in use, the most ambiguous; and the examination of the kind of ambiguity attendant on its present employment will best open the way to our work. In his chapter on Capital, * Mr. J. S. Mill instances, as a capitalist, a hardware manufacturer, who, having intended to spend a certain portion of the proceeds of his business in buying plate and jewels, changes his mind, and "pays it as wages to additional workpeople." The effect is stated by Mr. Mill to be, that "more food is appropriated to the consumption of productive labourers." * Book I. chap. iv. s. 1. To save space, my future references to Mr. Mill's work will be by numerals only, as in this instance, I. iv. 1. Ed. in 2 vols 8vo. Parker, 1848. Now, I do not ask, though, had I written this paragraph, it would surely have been asked of me, 'What is to become of the silversmiths? If they are truly unproductive persons, we will acquiesce in their extinction. And though in another part of the same passage, the hardware merchant is supposed also to dispense with a number of servants, whose "food is thus set free for productive purposes," I do not inquire what will be the effect, painful or otherwise, upon the servants, of this emancipation of their food. But I very seriously inquire why ironware is produce, and silverware is not? That...
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