Whatdoesthismean？Theproducersofcornwillhavetwosacksfortheirservices，whichtogetherwillbeworthwhatasinglesackwasworth，andtheproducersofclothwillhavetwopieces，whichtogetherwillbeworthwhatonewasworth。Intheexchangecalledproductionthesameserviceswillhaveobtained，eachintheirplace，adoublequantityofproduction，butthesetwodoublequantitiesmaybeobtainedonebytheotherasheretofore，andaseasilyso，thatwithoutlayingoutmoreinproductiveservices，anationinwhichthisproductivepowerbeginstounfolditself，willhavedoublethequantityofarticlestoconsume，eitherwheat，orcloth，oranythingelse，sincewehaveagreedtorepresentbywheatandclotheverythingthehumanspeciesmaywantforitssupport。Theproductionsinsuchanexchangeareopposedinvaluetoproductiveservices。Now，asineveryexchangeoneofthetwoarticlesisofgreatervalue，inproportiontothequantityitobtainsoftheother，itfollows，thatproductiveservicesarethemorevaluableinproportionasproductionsaremultiplied，andatlowerprice。（13）
　　Thisisthereasonwhythediminutioninthepriceofproductions，byaugmentingthevalueoftheproductivefundsofanation，andtherevenuesresultingtherefrom，increasesthenationalwealth。Thisdemonstration，whichisdetailedinthe3rdChapterofthe2d。BookofmyTreatiseonPoliticalEconomy（4thedition），hasIthinkrenderedsomeservicetothesciencebyexplainingthatwhichuptothatperiodhadbeenfeltbutnotexplained。Whichis，thatalthoughwealthisachangeablevalue，generalwealthhasaccruedbythelowpriceofcommoditiesandeverykindofproduction。（14）
　　Neverperhapshasanincreaseofdoubleintheproductivepoweroflabortakenplaceallatonce，andinallproductionsatthesametime，butitisindisputablethatithastakenplacegraduallyinmanyproductions，andinveryvariedproportions。Apurplecloakamongsttheancients，ofthesamequalityandsize，ofthesamesolidityandbeautyofcolor，costnodoubtdoublewhatitcostsnow。AndIhavenodoubtthatwheat，paidinlabor，isdiminishedonehalfatleastsincetheunknownepochaoftheinventionoftheplough。Alltheseproductionscostinglesslabor，havebeen，inconsequenceofcompetition，givenforwhattheycost，withoutanyonebeingaloserbyit，andalltheworldhasgainedinrevenue。
　　Butwemustreturntothefirstpartofyourobjection。Theproducersofwheatandtheproducersofclothwillthenproducemorewheatandcloththaneithertheoneortheothercanconsume。Ah!Sir，afterhavingprovedthatnotwithstandingareductionofmorethanhalfthevalueoftheproductionsthesamelaborcouldbuythewholeofthem，andtherebyprocuredoublethemeansofexistenceandenjoyment，shallIbereducedtothenecessityofprovingtothejustlycelebratedauthoroftheEssayonPopulationthateverythingthatcanbeproducedmayfindconsumers，andthatamongsttheenjoymentswhichthequantityofproductionsofwhichmankindcandispose，procure，thecomfortsofhomeandtheincreaseofchildrenarenottheleast？Afterhavingwrittenthreejustlyadmiredvolumestoprovethatthepopulationalwaysrisestothelevelofthemeansofexistence，canyouadmitthecaseofagreatincreaseofproductions，withastationarynumberofconsumers，andwantsreducedbyparsimony？
　　（page355。）
　　EithertheAuthoroftheEssayonPopulationortheauthorofthePrinciplesofPoliticalEconomymustbewrong。ButeverythingprovestousthatitisnottheauthoroftheEssayonPopulationwhoiswrong。Experienceaswellasreasonshowsthataproduction，athingnecessaryoragreeabletoman，isonlydespisedwhenonehasnotthemeansofbuyingit。Thesemeansofbuyingitarepreciselywhatestablishthedemandfortheproduction，whichsetapricetoit。Nottowantausefulthingisnottohavewherewithtopayforit。Andhowisitwehavenotwherewithtopayforit？Itisbecausewearedeprivedofthatwhichconstituteswealth，deprivedofeitherindustry，land，orcapital。
　　Whenmenareonceprovidedwiththemeansofproducing，theyappropriatetheirproductionstotheirwants，fortheproductionitselfisanexchangeinwhichtheproductivemeansaresupplied，andinwhichthearticlewemostwantisdemandedinreturn。Tocreateathing，thewantofwhichdoesnotexist，istocreateathingwithoutvalue：thiswouldnotbeproduction。
　　Nowfromthemomentithasavalue，theproducercanfindmeanstoexchangeitforthosearticleshewants。
　　Thispowerofexchange，peculiartomanamongstalltheanimals，appropriatesallproductionstoallwants，andallowshimtocalculateforhisexistencenotonthespeciesofproduction（hewillexchangeitassoonashelikesifithasavaluebutonthevalue。
　　Thedifficulty，youwillsay，istocreatearticleswhichareworththeexpencesoftheirproduction；inmynextletteryouwillseewhatI
　　thinkonthissubject。Butinthehypothesisinwhichwestillare，ofthelibertyofindustry，youwillallowmetoobservethatthereisnodifficultyexperiencedincreatingarticleswhichareworththeexpencesoftheirproduction，exceptthehighdemandsofsuppliersofproductiveservices。Nowthehighpriceofproductiveservicesdenotesthatwhatweseekforexists，thatistosay，thatthereisamodeofemployingthemsoastomaketheproducesufficienttorepaywhattheycost。
　　Youreproachthosewhosubscribetomyopinionwith"havingnoregardtotheinfluencesogeneralandsoimportantofman’sdispositiontoindolenceandlaziness"（page358）。Yousupposeacase，inwhichmenafterhavingproducedwherewithtosatisfytheirmostnecessarywantswouldprefertodonothingmore，theloveofeasebeingpredominantintheirmindsoverthatofpleasure。Thissupposition，allowmetosay，provesinmyfavorandagainstvou。WhatmoreshallIsaythanthatweonlyselltothosewhoproduce？Whyarenotarticlesofluxurysoldtoafarmerwholikestoleadarusticlife？Becausehehadratherbeidlethanproducewherewithtopurchasethem。Whateverbethecausethatcircumscribesproduction，whetherthewantofcapital，ofpopulation，ofdiligence，orliberty，theeffectinmymindisthesame：thearticleswhichareofferedontheonehandarenotsoldbecausetoofewareproducedontheother。
　　Youlookuponindolencethatwillnotproduceasdirectlyagainstavent，andIamentirelyofyouropinion。Butthen，howcanyouconsiderasyoudo（ch。7sec。9）theindolenceofwhatyoucallunproductiveconsumersasfavorabletothissamevent。Itisabsolutelynecessaryyousay（page463）thatacountrywhichhasgreatmeansofproductionshouldpossesanumerousbodyofunproductiveconsumers。Howcanitbethatthatindolencewhichrefusestoproduce，shouldoverateagainstaventinthefirstease，andbefavorabletoitinthesecond。
　　IfImustspeakplain，thisindolenceisagainstitinbotheases。Whodoyoumeanbythisnumerousbodyofunproductiveconsumerssonecessaryinyouropiniontoproducers？Aretheytheproprietorsoflandandcapitals？
　　Doubtlesstheydonotproducedirectly，buttheirpropertyproducesforthem。Theyconsumethevalue，tothecreationofwhichtheirlandsandcapitalshavecontributed。Theycontributethereforetotheproduction，andcanonlypurchasewhattheydo，inconsequenceofthatcontribution。
　　Iftheyfurthercontributebytheirlabor，andjointotheirprofitasproprietorsandcapitalistsotherprofitaslaborers，therebyproducingmore，theycanconsumemore，butitisnotintheircharacterofnon—producersthattheyaugmenttheventofproducers。
　　Doyoumeanpublicfunctionaries，soldiers，andstatepensioners？Neitherisitintheircharacterofnon—producersthattheyfavoravent。Iamfarfromcontestingthelegitimacyoftheemolumentstheyreceive，butIcannotthinkthatthosewhopaytaxeswouldbeatalosswhattodowiththeirmoneyifthecollectordidnotcometotheirassistanceeithertheirwantswouldbemoreamplysatisfied，ortheywouldemploythesamemoneyinareproductivemanner。Ineitherease，themoneywouldbespentandwouldfavortheventofsomeproductionsequalinvaluetowhatisnowpurchasedbythoseyoucallunproductiveconsumers。Confesstherefore，Sir，thatitisnotbyunproductiveconsumersthattheventisfavored，butratherbythosewhohelptokeepthem，andthatineasetheunproductiveconsumersshouldhappentodisappear，whichGodforbid，theventwouldnotbeinjuredthevalueofasinglehalfpenny。
　　Iknownobetteronwhatprincipleyoudecide（page856）thatproductioncannotgoonifthevalueofcommoditiesonlypaysalittlemorethanthelabortheyhavecost。Itisbynomeansnecessarythattheproduceshouldyieldmorethanthecostofproduction，toenabletheproducerstogoon。
　　Whenanenterprisebeginswithacapitalofahundredthousandfrancs，itissufficientifityieldaproduceorahundredthousandfrancs，toenableittorecommenceitsoperation。Andwhere，youask，aretheproducer’sprofits？Thewholecapitalhasservedtopaythem。（15）Anditisthepricethathasbeenpaidforitwhichformstherevenueofalltheproducers。Iftheproduceresultingfromitisworthonlyahundredthousandfrancs，thesamecapitalisre—establishedandalltheproducersarepaid。（16）
　　Iamthereforenotafraidofmaldngyourobjectionstrongerthanyouhavedonebyexpressingitthus："Althougheachcommoditymayhavecostinitsproductionthesamequantityoflaborandcapital，andtheonemaybeequivalenttotheother，stilltheymaybothbesoabundant，asnottopurchasemorelaborthantheycost。Inthiscase，canproductiongoon？certainlynot。"No？whynot，Ibeseechyou？Whycannotthefarmersandmanufacturers，whomaketogether60francsworthofwheatandcloth，whoIhaveshownwouldbeinasituationtopurchasethisentirequantityofcommodity，sufficientfortheirwants，whycantheynotafterhavingboughtandconsumedit，beginagain？Theywouldhavethesameland，thesamecapital，thestoneindustryasbefore，theywouldbepreciselywheretheywerewhentheybegan，andtheywouldhavelived，andsupportedthemselvesupontheirincomefromthesaleoftheirproductiveservices。Whatmoreisnecessaryforthepreservationofsociety？ThisgreatphenomenonProductionbeinganalysedandshewninitstruecolorsexplainseverything。
　　Aftertheapprehensionyouareunder，Sir，thattheproductionsofsocietyshouldoutstepinquantitywhatitcanandwillconsume，itisnaturalyoushouldbeholdthesecapitalsincreasedbyparsimony，withterror，forthecapitalswhichseekemployment，occasionanincreaseofproductionandfreshmeansofaccumulation，fromwhenceariseproductions：infactyouseemtometobeafraidthatweshallbestifledunderamassofwealth，whichfearIconfesstoyoubynomeanstroublesme。
　　Wasitforyou，Sir，tostiruppopularprejudicesagainstthosewhodonotspendtheirincomeinarticlesofluxury？Youadmit（page351）thatnopermanentincreaseofwealthcantakeplacewithoutapreviousaugmentationofcapital!youadmit（page352）thatthosewhoworkareconsumersaswellasthosewhoareidle，andstillyoufearthatifwearealwaysaccumulatingwecannotconsumethequantity（continuallyincreasing）
　　ofcommoditiesproducedbythesenewlaborers。（page353。）
　　Yourvainfearsmustbedestroyed，butfirstofallallowmetomakeareflexionontheobjectofmodernPoliticalEconomy，ofanaturetodirectusinourcourse。
　　WhatisitthatdistinguishesusfromtheEconomistsoftheschoolofQuesnay？Itisthepainswetaketoobservetheconnexionofthefactswhichregardwealth，therigorousexactitudeweimposeuponourselvesinthedescriptionofthem。Nowtocomprehendwell，anddescribewell，wemustasmuchaspossibleremainpassivespectators。Notthatwecannotnoroughtsometimestosighatthosegrossoperations，oftheunhappyconsequencesofwhichweareoftenthesorrowfulandhelplesswitnesses。Isthephilanthropichistorianinterdictedfromthosesorrowfulreflexionswhichtheiniquitiesofpolicysometimesdrawfromhim？Butareproach，athought，anadvicearenothistory，andIamboldtosay，arenotPoliticalEconomy。Whatweowetothepublicistotellthemhowandwhysuchafactistheconsequenceofsuchotherfact；whethertheycourtordreadtheconsequence，thatissufficientforthem，theyknowwhattheyhavetodo，butnoexhortations。
　　ItconsequentlyappearstomethatIoughtnomoretopreach，savingaftertheexampleofAdamSmith，thanyououghttocryupdissipationafterthatofmyLordLauderdale。Letusthereforeconfineourselvestotheobservinghowthingsfollowandarelinkedtogetherintheaccumulationofcapital。
　　InthefirstplaceIremarkthemajorpartofaccumulationsarenecessarilyslow。Alltheworld，whateverincometheymayhave，mustlivebeforetheyaccumulate，andwhatIherecalllifeisingeneralmoreexpensiveinproportionaswearerich。Inmosttradesandprofessions，themaintenanceandestablishmentofafamilyrequirethewholeoftheincomeandoftentimesthecapital，andalthoughsomethingyearlymaybesaved，itisgenerallyverydisproportionatetothecapitalactuallyemployed。Anenterpriserwhohasahundredthousandfrancsandindustry，gainsinordinaryeasesandinamoderatetimefromtwelvetofifteenthousandfrancs。Nowwithsuchacapital，andindustrywhichisworthasmuch，thatistosayafortuneoftwohundredthousandfrancs，heiseconomicalifhespendsonlytenthousand，inwhicheasehewouldonlysaveyearlyfivethousandfrancsorthetwentiethpartofhiscapital。
　　Ifyoudividethisfortuneasisoftentheeasebetweenpersons，oneofwhomfurnishestheindustry，theotherthecapital，thesavingisthenmuchless，becauseinthateasetwofamiliesinsteadofonehavetobemaintainedfromtheunitedprofitsofthecapitalandindustry。（17）Atalleventsitisonlyverygreatfortunesthatcanmakegreatsavings，andverylargefortunesarerareinallcountries。Capitalscannotthereforeincreasewitharapiditycapableofproducingtheoverthrowofindustry。
　　Icannotsubscribetothefearswhichmakeyouexpress，inpage357，"Thatacountryisalwaysmoreexposedtotherapidincreaseofthefundsdestinedforthesupportofthelaboringclassthanofthelaboringclassitself。"NormnIfrightenedattheenormousincreaseofproductionwhichmayresultfromanaugmenration（soslowinitsnature）ofcapital。Iseeonthecontrarythesenewcapitalsandtheincomestheyproducedistributethemselvesinthemostfavorablemanneramongstproducers。Inthefirstplacethecapitalistinaugnnentinghiscapitalseeshisincomeincrease，whichinducesgreaterenjoyments。Acapitalincreasedoneyearbuysthefollowingyearalittlemoreindustriousservice。Theseservicesbeingmoreindemandarepaidalittlebetter。Agreaternumberofindustriouspersonsfindemployandtherewardoftheirfacultics。Theyworkandunproductivelyconsumetheproduceoftheirlabor，sothatiftherearemoreproductionscreatedinconsequenceofthisincreaseofcapitaltherearcalsomoreproductionsconsumed。Nowwhatisthisbutanincreaseofprosperity？
　　Yousay（pages352and360）thatifthesavingshavenootherobjectthantheincreaseofcapital，"ifthecapitalistsdonotincreasetheirenjoymentswiththeirincome，theyhavenotasufficientmotiveforsaving：
　　formendonotsaveforaphilanthropysake，andmerelytomakeindustryprosper。"Thatistrue。Butwhatconclusionwillyoudrawfromit？Iftheysave，Isaytheyencourageindustryandproduction，andthisincreaseofproductiondistributesitselfinamannerveryadvantageoustothepublic。
　　IftheydonotsaveIknownotwhattosay。Butyoucannotconcludefromthat，thatproducerswillbebenefittedbyit，forwhatthecapitalistswouldhavesaved，wouldstillhavebeenspent。Byspendingitunproductively，theexpenditureisnotmadegreater。Astosumsaccumulatedwithoutbeingproductivelyconsumed，forinstance，thosehoardedupinthemiser’scoffer，neitherSmith，myself，noranyoneundertakestodefendthis，buttheyalarmusbutlittleinthefirstplace，becausetheyareveryinconsiderableincomparisontotheproductivecapitalsofaNation，andinthesecondplacebecausetheirconsumptionisnomorethansuspended。Therearenotreasuresthathavenotsometimeorotherbeenspenteitherproductivelyorunproductively。
　　Idonotknowuponwhatprincipleyouconsiderreproductiveexpences，suchasfordiggingcanals，agriculturalbuildings，constructingmachines，andpayingartistsandartisans，asmorefavorabletoproducersthanimproductiveexpensessuchasthosewhichareonlyforthepersonalgratificationoftheprodigal。"Solong，"yousay（page363，）"ascultivatorsaredisposedtoconsumethearticlesofluxurycreatedbythemanufacturers，andthemanufacturersthearticlesofluxurycreatedbythecultivators，alliswell。Butifeitherclassweredisposedtoeconomisewithaviewofbetteringtheirconditionandofprovidingfortheestablishmentoftheirfamilies，thecasewouldbequitedifferent，"（thatistosayapparently，thateverythingwouldgoill）。
　　"Thefarmerinsteadofallowinghiswiferibbons，laces，andvelvets，wouldbecontentwithplainerclothingforher，buthiseconomywouldtakeawayfromthemanufacturerthepowerofpurchasingsogreataquantityofhisproduce，andhewouldnolongerfindaventfortheproduceoflanduponwhichnothinghadbeensparedinlaborandamendment。Ifthemanufactureronhispartinsteadofgratifyinghisdesiresbytheconsumptionofsugar，plumbs，andtobacco，wishestolayupforthefuture，hecannotsucceed，thankstotheparsimonyofthefarmer，andtothewantofdemandfortheproductionsofmanufacture。
　　Andalittlefurtheron（page365）"Thepopulationnecessarytofurnishclothingforsuchasocietybythehelpofmachineswouldbereducedtoatriflingnumber，andwouldabsorbbutasmallpartoftheexcessofarichandwellcultivatedterritory。Therewouldevidentlybeageneralfallingoffinthedemand，eitherforproductionsorpopulation。Andwhilstitiscertainthataproperpassionforconsumption（unproductive）wouldpreserveajustproportionbetweenthesupplyanddemand，whatevermaybethepowerofproduction，it：doesnotappearlessclearthataninclinationtosavemustinevitablyleadtoaproductionofcommoditiesexceedingwhattheorganisationandhabitsofsuchasocietywouldpermitthemtoconsume。"
　　Yougosofarastoaskwhatwouldbecomeofthecommodities，ifeverykindofconsumption，breadandwaterexcepted，weresuspendedonlyforsixmonths（18）and，itistomeinthefirstinstancethatyouaddressthisquestion。
　　Inthisandtheprecedingpassageyouimplicitlyrestuponthefact，thataproducesavediswithdrawnfromeverykindofconsumption，whilstinallthediscussionsinalltheworksyouattack，inthoseofAdamSmith，Mr。Ricardo，mine，andevenyourown，（19）itisestablishedthataproducesavedisavaluewithdrawnfromanunproductiveconsumptiontoaddittothecapital，thatis，tothatvaluewhichweconsume，orcausetobeconsumedreproductively。Whatwouldbecomeofthecommodities，ifeverykind，ofconsumption，breadandwaterexcepted，weresuspendedforsixmonths？why，Sir，theywouldsellforthestoneamount，foratlengthwhatwouldtherebybeaddedtotheamountofthecapitalswouldbuymeat，beer，clothes，shirts，shoesandfurnitureforthatclassofproducerswhichthesumssavedwouldsettowork。Butifwelivedonbreadandwateranddidnotemployoursavings？Thatis，yousupposeweshouldimposeuponourselvesgenerallyanextravagantfastforpleasureandwithoutanobject。
　　Whatanswer，Sir，wouldyougivetohimwhoamongstthenumberofstrangeeventswhichmayhappeninsociety，shouldincludetheeaseofthemoon’sfallingupontheearth。Aeasenotphysicallyimpossible。Herrencontrewithasuspendedcomet，orthe—merestoppageofthisstarinitsorbitwouldbesufficient。NeverthelessIsuspectyouwillthinkthisquestionratherimpertinent，andIconfesstoyouthatyouwillnotbealtogetherwrong。
　　Iadmitthatthisisamethodwhichphilosophydoesnotdisown，topushprinciplestothegreatestpossibleextremityforthepurposeofexaggeratingthemanddiscoveringtheirerrors，butthisexaggerationitselfisanerrorwhenthenatureofthingsalonepresentsobstaclescontinuallyincreasingtotheexcessweimagine，therebyrenderingthesuppositioninadmissible。
　　YouopposetoallthosewhothinkwithAdamSmiththatsavingisagood，theinconvenienceofanexcessivesaving；butheretheexcesscarriesitsremedyalongwithit。Wherethecapitalsbecometooabundant，theinterestwhichthecapitalistsderivefromthembecometoolowtobalancetheprivationstheyimposeuponthemselvesbytheirsavings。Safeemploymentforcapitalwillbedifficulttobefound；capitalsareemployedabroad。Thecommoncourseofnatureputsastoptomanyaccumulations。Agreatpartofthosewhichtakeplaceinfamiliesineasycircumstances，ceasethemomentitbecomesnecessarytoprovideforthesettlementofthechildren。Theincomeofthefathers，beingreducedbythiscircumstance，theylosethemeansofaccumulation，atthesametimethattheyloseapartofthemotivestheyhadforaccumulating。Manysavingsarestoppedbydeath。Apropertyisdividedbetweenheirs，andlegatees，whosesituationinnowayresemblesthatofthedeceased，andwhofrequentlydissipateapartofthepropertyinsteadofincreasingit；thatpartwhichgoestogovernmentismostundoubtedlydissipated，forthestatedoesnotemployitreproductively。
　　Theprodigalityandignoranceofmanypersonswholoseapartoftheircapitalinill—conceivedenterprizesmustnecessarilybesetagainstthesavingsofmanyothers。Everythingservestoconvinceusthatinwhatrelatestoaccumulationsaswellasalltherestthereismuchlessdangerinlettingthingstaketheirnaturalcoursethantoendeavourtogivethemaforceddirection。
　　Yousay（page495）thatincertaincasesitiscontrarytotheprinciplesofasoundPoliticalEconomy，torecommendsavlng。AhSir!AgoodPoliticalEconomyrecommendslittle，itshewswhatacapitaljudiciouslyemployedaddstothepowerofindustry，thesameasagoodagricultureteacheswhatirrigationwelldirectedaddstothepowerofthesoil；fortherestitgivestomankindthetruthsitunfolds，itisforthemtomakeuseofthemaccordingtotheirintelligenceandcapacity。
　　Allthatisrequired，Sir，ofsoenlightenedamanasyourself，isnottopropagatethepopularerror，thatprodigalityanymorethansavingisbeneficialtoproducers。（20）
　　Wearetoomuchinclinedtosacrificethefutureforthepresent。Theprincipleofeveryamendmentisonthecontrarythesacrificeofthetemptationsofthemomentforthefuturegood。Thisistheground—workofallvirtue，andofallwealth。Themanwholoseshisreputationbyviolatingadeposit，hewhoruinshishealthbecausehewillnotresisthisinclinations，andhewhospendsto—dayhismeansofgettingto—morrow，allequallyfailineconomy，andthisiswhathasgivenrisetothesayingthatviceisafterallnothingmorethanabadcalculation。
　　HowisitMr。Malthusdoesnotseethatmarriageproduceschildrenandconsequentlyfreshwants，whilstcapitalshavenowants，butonthecontrarycarrywiththemthemeansofsatisfyingthem？
　　LETTERTHETHIRD。
　　SIR，Wehavebeenarguinguponthehypothesisofanindefinitelibertygiventoanation，tocarrytoasgreatanextentaspossibleeverykindofproduction，andIthinkIhaveprovedthatifthishypothesisweretoberealised，thatnationwouldbeabletopurchasewhateveritchose。Fromthispower，andman’snaturaldesire，continuallytobetterhiscondition，wouldinfalliblyproceedaninfinitemultiplicationofindividualsandenjoyments。
　　Thisisnothowevertheease。Natureontheonehand，andthevicesofsocialcommunityontheother，havesetboundstothisindefinitepowerofproduction，andtheenquiryintotheseobstacles，bybringingusintotherealworldwillservetoprove，inadditiontothedoctrineestablishedinmytreatiseonPoliticalEconomy，thatitistheseobstaclestoproductionwhichalonepreventthecirculationandtheventofproductions。
　　Idonotpretendtobeabletopointoutalltheobstacleswhichcounteractproduction。ManyofthemwillnodoubtbediscoveredasPoliticalEconomyimproves，otherswillperhapsneverbediscovered，butverypowerfulonesmaybealreadydescriedbothinnaturalandpoliticalorder。
　　Innaturalorder，theproductionofalimentaryprovisionshascloserboundsprescribedtoitthantheproductionofprovisionsoffurnitureandclothes。Atthesametime，thatmankindhasneedeitherinweightorvalue，ofagreaterquantityofalimentaryproduce，thanofalltherestputtogether，theseproductionscannotbebroughtfromagreatdistance，fortheirtransmittalisdifficult，andkeepingthemisexpensive。Astothosewhichcanbegrownwithintheterritoryofanation，theyhavetheirlimits，whichamoreperfectsystemofagriculture，andlargercapitalsengagedinagriculturaloperations，cannodoubtremove，（21）butwhichmustexistsomewhere。ArthurYoungthinksFrancescarcelyproduceshalfthealimentaryprovisions，sheiscapableofproducing。（22）SupposeArthurYoungsaystrue。Supposeeventhatwithabettersystemofagriculture，Franceshouldgrowtwicethequantityofruralproduce，withouthavingmoreagriculturists，（23）shewouldthenhave45millioninhabitantswhocouldemploythemselvesinanyotheroccupationthanagriculture。Hermanufacturalproductionswouldfindgreaterventinthecountrythantheydoatpresent，andthesurpluswouldfindaventamongthemanufacturingpopulationitself。Weshouldnotbeworsefedthanwearenow，butingeneralweshouldbebetterprovidedwithmanufacturedarticles；weshouldhavebetterhabitations，betterfurniture，finerclothes，andarticlesofuse，instruction，andamusement，whicharenowattainablebya。verysmallnumberofpersons。
　　Alltherestofthepopulationisstillrudeanduncultivated。
　　Still，inproportionasthemanufacturingclassincreased，alimentaryprovisionswouldbecomemoreindemand，anddearer，incomparisonwithmanufacturedarticles。Thelatterwouldprocuremorerestrictedprofitsandsalaries，whichwoulddiscouragetheirproduction；andthusitmaybeconceived，howthoseboundswhichNaturesetstoagriculturalproductions，wouldalsosetthemtomanufacturalproductions。Butthiseffect，likeeverythin~whichhappensnaturallyandarisesoutofthenatureofthings，isalongwayintheperspective，andwouldbeaccompaniedwithlessinconveniencethananyotherpossibleevent。
　　Inadmittingthesebounds——setbyNatureherself，totheproductionoffood，andindirectlytothatofallotherarticles——itmaybeasked，howveryindustriouscountries，suchasEngland，inwhichcapitalsabound，andcommunicationiseasy，areobstructedinthecirculationoftheircommodities，longbeforetheiragriculturalproductionsarearrivedataheightbeyondwhichtheycannotgo。Thereisthenavice，ahiddenevilwhichtormentsthem。Thereareprobablymore，andthesewilldiscoverthemselvessuccessively；
　　butalreadyIperceiveone，immenseanddisastrous，worthyofthemostseriousattention。
　　Ifitshouldhappenthat，aftereverycommercial，manufactural，oragriculturalenterprise，aman，acollectorofduties，shouldcomeandestablishhimself；
　　andthatthisman，withoutaddinganythingtothemeritoftheproduction，toitsusefulness，ortothatqualitywhichmakesitsought。afterandsellsit，shouldneverthelessaddtothecostofitsproduction；whatwouldbetheresultofthis，Iaskyou？Thepricethatissetuponanarticle，evenwhenonehasthemeansofattainingit，（24）dependsontheenjoymentweexpectfromit，ortheuseitmaybeof。Inproportionasthepricegetsup，itceases，withrespecttomanypersons，tobeworthwhatitcosts，andthenumberofitsbuyersdecreases。
　　Besides，thetaxnotincreasingtheprofitofanyproducer，butstillenhancingthepriceofeveryarticle，theproducer’sincomeisnolongeradequatetothepurchaseoftheproductions，fromthemomentthatanaccidentsuchasIhavejustmentionedaugmentstheirprice。
　　Letusexplaintoourselvesthiseffectbynumber，inordertotraceittoitsultimateconsequences。Itisworththepainsbestoweduponit，ifitpointsouttoustheprincipalcauseofanevilthatthreatenseveryindustriousnationonthefaceoftheearth。Englandalreadybyhersufferings，warnsothernationsofthecalamitiesinreserveforthem；whichwillbethemoredisastrous，inproportionasarobustconstitutioninducesthem，moreorjess，toverygreatexertions，fromwhichverybeneficialeffectswillresultifnotcircumscribed，andfrightfulconvulsionsiftheyare。
　　Iftheenterpriser，theproducerofapieceofcloth，atthesametimethathedividesbetweenhimselfandhisbrotherproducersasumof30francs，fortheproductiveserviceswhichhavebeenemployedinthemanufactureofthecloth，isobligedtopaybesides6francstothetax—gatherer，eitherhemustceasetomanufacturecloth，ormustsellhispiecefor36francs。（25）Butthepiecebeingat36francs，theproducers，whoaltogetherhaveonlyreceived30forit，canonlypurchasefive—sixthsofthatsamepiecewhichpreviouslytheycouldpurchaseentirely，hewhoboughtanellofitcouldnowonlybuyfive—sixthsofanell，andsooftherest。
　　Theproducerofwheat，whoonhispartpaystoanothertax—gathereracontributionof6francsforasackwhichcost30francsinproductiveservices，isobligedtosellhissackfor36francsinsteadofthirty。
　　Theconsequenceofwhichis，thattheproducersofwheatandtheproducersofcloth，whethertheywantwheatorcloth，canonly，withtheprofittheyhavemade，purchasefive—sixthsoftheirproductions。
　　Thiseffecttakingplaceintworeciprocalproductions，maytakeplacegenerallyinallproductions。——Withoutchangingthepositionofthequestion，wemaysupposethattheproducers，towhateverproductiontheyhavedevotedthemselves，haveoccasionsuccessivelyfordrink，autumnalprovisions，lodging，amusements，andarticlesofluxuryornecessity。Andstilltheywillfindtheseproductionsdearerthantheycanafford，whatevertheirincomemaybe，accordingtotheranktheyholdamongproducers。Therewillalwaysbe，inthehypothesiswhichservesasourexample，asixthoftheproductionsremainingunsold。
　　Itistrue，thatthe6francsleviedbythecollectorgotosomebody，andthatthosewhomthecollectorrepresents，（publicfunctionaries，militarymen，orstatepensioners，）mayemploythismoneyinthepurchaseoftheremainingsixth，eitherofthewheatorclothorofanyotherproduction。
　　——Thisisindeedthefact；butobservethatconsumptiontakesplaceattheexpenseoftheproducers，andthatthecollector，orhisconstituents，iftheyconsumeasixthoftheproductions，therebycompeltheproducerstofeedandclothethemselves——infacttoliveuponfive—sixthsofwhattheyproduce。
　　Thiswillbeadmitted；butatthesametimeitwillbesaid，thatitispossibleforeveryonetoliveuponfive—sixthsofwhatheproduces。——
　　Iwilladmititmyselfifitiswished；butIshallaskinmyturn，ifyouthinktheproducerwouldliveaswelliftwo—sixthsorathird，insteadofone—sixth，weretakenfromhim。No——buthewouldstilllive。Ah!youthinkhewouldlive!Inthiscase，Iaskifhewouldstillliveiftwo—thirds——three—quarters——weretakenfromhim；butIperceivethatnoanswerisgiven。
　　Now，Sir，Iflattermyselfthatmyanswertoyourmostforcibleobjectionswillbeeasilyunderstood，aswellasmyanswertothoseofM。Sismondi。
　　If，yousay，itissufficienttocreatefreshproductions，inordertobeenabledtoconsumeorexchangethemforthosewhichsuperabound，andtherebyprocureaventforboththeoneandtheother，whyaretheynotcreated？Arethecapitalswanting？Theyabound；enterprisesaresoughtfor，inwhichtoemploythemtoadvantage：itisevidenttheyarenottobefoundyousay（page499）；thateverykindofcommerceissooverloadedwithcapitalsdndlaborers，bothofwhichoffertheirproductionsatareducedpricesaysM。Sismondi。（26）
　　Idonotmeantosay，thatitistheactofadupe，todevoteoneselftotheusefularts；butyoumustadmit，gentlemen，thatifitshouldeverbecomeso，theeffectwouldbenootherthanthatofwhichyoucomplain。
　　Inordertobuythoseproductionswhichsuperabound，itwouldbenecessarytocreateotherproductions；butifthesituationofproducerswastoodisadvantageous；ifafterhavingusedmeansofproductionsufficienttoproduceabullock，asheeponlywastheresult；ifonlythesameportionofutilityasisfoundinasheepcouldbeobtainedinexchangeagainstanyotherproduce，whowouldproduceatsuchadisadvantage？Thosewhohaddevotedthemselvestoproduction，wouldhavemadeabadbargain；theywouldhavemadeanadvancewhichtheutilityoftheirproductionisnotsufficienttorepay。Whoevershouldbe~sounwiseastocreateaproductioncapableofpurchasingtheformer，wouldhavetostruggleagainstthesamedisadvantages，andwouldgetintothesameembarrassment。Theprofithewouldobtainfromhisproductionwouldnotindemnifyhimforhisexpences；
　　andwhathecouldpurchasewiththisproductionwouldbeworthnomore。
　　Thentheworkmancouldnolongerlivebyhislabor，andwouldbecomeaburthentohisparish。（27）Thentheenterpriser，nolongerenabledtoliveuponhisprofits，wouldrenouncehisindustry。
　　Hewouldpurchasestock，orrathergoabroadtoseekbetterfortune，amorelucrativeoccupation，orwhatcomesexactlytothesamething，aproductionwhichshouldbeaccompaniedwithlessexpences。（28）Ifheshouldtheremeetwithotherinconveniences，hewouldstillseekanothersceneforhistalents，anddifferentcountrieswouldbeseendrivingaway，seizingbythehead，boththeircapitalsandlaborers；thatistosay，whatissufficienttocarrytheprosperityofhumansocietiestothehighestpitch，whentheyknowtheirrealinterestandthemeansofbenefitingbyit。
　　Ishallnottakeuponmyselftosaywhichofthefeaturesofthispicturearesuitabletoyourcountry，ortoanyother，butIleavethemtoyourexamination，andtothatofallhonestmen，ofgoodintentions，andwhodesiretofoundtheirhappinessontheinteresting，laborious，andusefulpartofmankind。
　　Whydothesavagesofthenewworld，whoseprecarioussubsistencedependsuponthechanceofthechase，refusetobuildvillages，andencloseandcultivateland？Itisbecausethissortofliferequirestooassiduousandtoopainfulalabor。Theyarewrong；badcalculators，fortheprivationstheyendurearemuchworsethantheshacklesofawellunderstoodsociallifewouldimposeuponthem。Butifthissociallifewereagalley，inwhichbyrowingwithalltheirmightforsixteenhoursoutofthetwenty—four，theyonlyobtainedamorselofbreadinsufficientfortheirsupport；theywouldthenindeedbeexcusablefornotpreferringasociallife。Noweverythingwhichrendersthesituationofaproducer——ofamanessentialtosociety——worse，tendstodestroytheprincipleofexistenceofthesocialbody，toapproximateacivilisedpeopletobarbarians，tobringonanorderofthingsinwhichlessisproducedandlessconsumed，todestroycivilisation，whichismoreflorishinginproportionasmoreisproducedandmoreconsumed。
　　Youremarkinmanyplaces，thatmanisnaturallyindolent；anditistoknowhimbutlittle"tosupposethathewouldalwaysconsumeallthatheiscapableofproducing，（page503）"。Indeedyouareright；nordoIholdadifferentopinionwhenIsaythattheutilityofproductionsisnolongerworththeproductiveservicesatthepriceoneisobligedtopayforthem。
　　Youyourselfseemtohaveadmittedthistruth，whenyousaidinanotherplace，（page842，）"ataxmayputanendtotheproductionofacommodity，ifnopersoncanconsenttoputuponthiscommodityapriceequivalenttothefreshdifficultiesofitsproduction。"Andthisinternalvice，{tohavecostmoreinproducingthanthe。thingisworth），istransmittedwiththecommoditytotheendoftheworld。——Itiseverywheretoodeartobewort，hwhatitcost，becauseevery。whereweareobligedtopayforitbyproductiveservicesequaltothoseithascost。
　　Aconsiderationwhichisnottobedespisedeither，isthatthecostsofproductionarenotonlyincreasedbythemultipliedtaxes，andbythehighpriceofeverythins，butalsobythecustomswhicharetheresultofaviciouspoliticalsystem。Iftheprogressofluxuryandlargeemoluments；
　　thefacilityofobtainingillegitimateprofits，byfavorincontractsorfinancialoperations，compelthemanufacturer，themerchant，ortherealproducer，inordertopreservehisrankinsociety，toseekforprofitsdisproportionatetotheservicesherenderstotheproduction，thentheseotherabusestendtoincreasebyothercauses，thechargesofproduction，andconsequentlythepriceofproductionsbeyondtheirrealutility……Theconsumptionofthemisthemorecircumscribed；inordertoobtainthemweareobligedtogivemoreproductiveservicestowardsthecreationofanotherproduction，andtogointolargerexpencesofproduction。Judge，Sir，bythis，oftheevilthatisdonebyencouraginguselessexpences，andmultiplyingunproductiveconsumers。
　　Whatprovestohowgreatanextentthecostsofproductionarearealobstacletothesaleofproductions，istherapidsaleofanarticlewhichanexpeditiousmeansofproductionputsatalowprice。Itisthenobtainedbyeveryonewithlesslaborandlesschargesofproductionofanysort。
　　Wheninconsequenceofthecontinentalsystemwewereobligedtopayfivefrancsforapoundofsugar，appliedeithertotheproductionofthesugaritselfortoanyothercommoditywhichwasexchangedforthesugar。Francecouldonlypurchasefourteenmillionsofpounds。（29）Nowsugarischeapweconsumeeightymillionsofpoundsyearly，whichisnearlythreepoundseachperson。AtCuba，wheresugarisstillcheaper，upwardsofthirtypoundsareconsumedbyeachfreeperson。（30）
　　Letisthenadmitatruthwhichstaresusfullintheface；thattolevyexcessivetaxes，withorwithouttheparticipationofanationalrepresentation，orwithaderisiverepresentation，itmatterslittle，isincreasingthechargesofproduction，withoutincreasingtheutilityoftheproduction，andwithoutaddinganythingtobesatisfactionofaconsumerintheuseofthem；isputtingafineuponproduction，upontheexistenceofSociety。
　　Andasamongstproducerssomearebetterenabledthanothers，tothrowupontheirco—producerstheburthenofcircumstances，theyaffectsomeclassesmorethanothers。Acapitalistoftentimescanwithdrawhiscapitalfromonebranchtoemployitinanother；orhemaysenditabroad。Theenterpriserinabranchofindustryhasoftenfortunesufficienttosuspendandtheenterpriseraremastersoftheirsituations，thelaboreriscontinuallyobligedtoworkatanyprice，evenwhentheproductionnolongeraffordshimwherewithtolive。Itisthus，Sir，thattheexcessiveexpencesofproductionreducemanyclassesofcertainnations，toconsumenomorethanwhatisindispensablynecessarytotheirexistence，andthelowerorderstoperishforwant。Nowisnotthis，accordingtoyourownidea，（31）ofallothersthemostdesperateandbarbarousmeansofreducingthenumberofmankind？（32）
　　Here，perhaps，thestrongestobjectionpresentsitself，becauseitissupportedbyastrikingexample。IntheUnitedStateshindrancestoproductionarelessnumerousandthetaxeslight，andthere，aselsewhere，commoditiesaboundbutcommercewantsvent。—"Thedifficulties，"yousay（33）"cannotbeattributedtothecultureofbadland，nortothehindrancesoindustry，northeenormityofthetaxes，wherefore，fortheincreaseofwealthsomethingmoreisnecessarythanthepowerofproduction。"Alas!
　　Wouldyoubelieveit，Sir？Inmyopinionitisthatverypowerofproduction，atleastatthepresent，whichiswantingtotheUnitedStates，toenabletheAmericansadvantageouslytodisposeofthesuperabundantproductionsoftheircommerce。
　　Thehappysituationofthispeopleduringalongwar，inwhichtheyalmostalwaysenjoyedtheadvantagesofneutrality，hasgiventooforcibleadirectionoftheiractivityandcapitalstowardsmaritimeandforeigncommerce。TheAmericansareenterprising，theycarrycheap。Theyhaveintroducedexpenditousmodesofnavigationintotheirlongvoyages，whichshortensthem，rendersthemlessexpensive，andcorrespondswiththoseimprovementswhichintheartsdiminishthecostsofproduction。InfacttheAmericanshavedrawntotheircountryallthemaritimetradewhichtheEnglishcouldnotdo。TheyhaveformanyyearsservedasintermediatepersonsbetweenallthecontinentalpowersofEuropeandtherestoftheworld。TheyhaveevenobtainedgreatersuccessthantheEnglish，wherevertheyhavebeenputincompetitionwiththem；forinstanceatChina。
　　Whatistheconsequence？Anexcessiveabundanceofthoseproductions，whichmaritimeandcommercialindustryprocure；andwhenthegeneralpeacecame，andrestoredthefreedomoftheseas，FrenchandDutchvesselsprecipitatedthemselveswithasortofdelirium，intothemidstofaroutewhichhadjustbeenopened，andintheirignoranceofthesituationofforeignnations，oftheiragriculture，arts，population，andmeansofpurchaseandconsumption，thesevessels，escapedfromalongdetention，carriedtoallparts，ingreatabundance，theproductionsofthecontinentofEurope，presumingthattheothercountriesoftheworld，whichhadbeensolongseparatedfromit，wouldbemosteagerforthem。
　　Butinordertopurchasethisextraordinarysupply，itwouldatthestonetimehavebeennecessary，thatthesecountriesontheirpartshouldhavebeenabletohaveinstantlycreatedextraordinaryproductions：foragain，thedifficultyisnothowtoconsumeEuropeancommoditiesatNewYork，Baltimore，theHavannah，RioJaneiro，orBuenosAyres。Theywouldverywillinglyconsumethemthere，iftheyhad’therewithtopayforthem。
　　Europeansrequirecotton，tobacco，sugar，andrice，inpayment；andthisdemandenhancesthepriceofthem；anddearasthesecommoditiesandsilver，whichisalsoacommodity，were，youmusteithertakethem，orcomeawaywithoutpayment；thesesamecommoditiesbecomescarcerattheplaceoftheirorigin，becamemoreabundantinEurope，andfinishedbybeingtoomuchsotosellwellthere；althoughtheconsumptioninEuropeissomuchincreasedsincethepeace：hencethedisadvantageousreturnswehavebeenwitnessto。ButsupposeforamomentthattheagriculturalandmanufacturedproductionsofNorthandSouthAmericawereallatoncebecomeveryconsiderable，whenthepeacetookplace；thentheirpopulationsbeingmorenumerousandmoreproductive，wouldeasilyhaveboughtallthattheEuropeanscarriedthere，andhavegiventhemsundryarticlesinreturnatareasonablerate。
　　AstotheUnitedStates，thiswillIhavenodoubttakeplacewhentheycanaddtothearticlesofExchangewithwhichtheirmaritimecommercefurnishesus（34）agreaterquantityofagriculturalproduce，andperhapsalsosomemanufacturedarticles。Theirculture—isextendingtheirmanufactures，multiplying，andbyanaturalconsequencetheirpopulationincreaseswithanastonishingrapidity。A
　　fewyearsmoreandtheirindustryaltogetherwillformamassofproductions，amongstwhichwillbefoundarticlesfittomakeprofitablereturnsoratleastprofits，whichtheAmericanswillemployinthepurchaseofEuropeancommodities。
　　ThosecommoditieswhichtheEuropeanssucceedinmakingatleastexpencewillbecarriedtoAmerica，andthosewhichtheAmericansoilandindustrysucceedincreatingatalowerratethanothers，willbebroughtback。
　　Thenatureofthedemandwilldeterminethenatureoftheproductions；
　　eachnationwillemployitselfinpreferenceaboutthoseproductionsinwhichtheyhavethegreatestsuccess；thatis，whichtheyproduceatleastexpence，andexchangesmutuallyandpermanentlyadvantageouswillbetheresult。Butthesecommercialimprovementscanonlytakeplaceinthecourseoftime。Thetalentsandexperiencewhichtheartsrequirearenotacquiredinafewmonths，yearsmustbedevotedtothem。ItwillnotbeuntilaftermanyexperimentsthattheAmericanswillknowwhatcommoditiestheytanproducewithsuccess。Thenthoseproductionswillnolongerbetarriedtotheircountry；buttheprofittheywillobtainfromthemwillprocurethemthemeansofbuyingotherEuropeanproductions。
　　Ontheotherhand，theiragriculturalenterprises，howeverrapidtheirextensionmaybe，tanonlybyveryslowdegreesoffer，bytheirproductions，anopeningtoEuropeanproductions。AscultivationandcivilisationextendthemselvesbeyondtheAlleganymountainsinKentucky，andintotheIndianaandIllinoisterritories，thefirstgainsareemployedinfeedingthecoloniesastheyarrivefromthestatesfirstpeopled，andinbuildingtheirhabitations。
　　Theprofitsbeyondthesewants，servetoextendtheclearingthewoods，thenextinmanufacturingarticlesforlocalconsumption；anditisonlythesavingsofthefourthclasswhichareappliedinmanufacturingtheproductionsoftheearth，andintransformingthemfordistantconsumption。
　　ItisthenonlythatnewStatespresentanopeningtousEuropeans；butitisevidentthiscannotbeintheirinfancy：forthatpurposeitisnecessarythattheirpopulationshouldhavehadtimetoincrease，andthattheiragriculturalproductionsshouldhavebecomesoabundant，thattheyareunderthenecessityofseekingtoexchangetheirvalueatadistance。Then，andbythenaturalprogressofthings，insteadoftransportingrougharticles，theywilltransportarticleswhichwillhavealreadyreceivedsomeshape，andwhichconsequentlycontainingagreatervalueinlesscompass，canbeartheexpencesofalongvoyage。SuchproductionswillfindtheirwaytoEuropethroughNewOrleans，acitydestinedtobeoneofthegreatestdepotsinthewholeworld。
　　Wehavenotyetreachedthispoint；isitthenwonderfulthattheproductionsoftheUnitedStateshavenotvetofferedfacilitiesanalogoustothecommercialardorwhichfollowedthePeace？Isitevenwonderfulthatcommercialproductions，broughtbytheAmericansthemselvesintotheirports，attheendofanexaggerateddevelopmentoftheirnauticalindustry，shouldbefoundthereinsuperabundance？
　　Yousee，Sir，thatthisfacthasnothinginitthatisnotveryconformabletothedoctrineprofessedbyyourantagonists。
　　RevertingtothepainfulsituationinwhicheverykindofindustryinEuropeisatpresent，Imightaddtothediscouragementwhichresultsfromthecostsofproductionmultipliedtoexcess，thedisorderswhichthesecostsoccasionintheproduction，distribution，andconsumptionofvalueproduced；disorderswhichfrequentlybringintothemarketquantitiesgreaterthanthewant，keepingbackthosethatwouldsell，andwhoseownerswouldemploytheirpriceinthepurchaseoftheformer。
　　Certainproducersseektoindemnifythemselvesbythequantitytheyproduce，forapartofthevalueeatupbythetaxes。Certainproductiveservicesfindmeanstoevadetheavidityofthetax—gatherers，asoftenhappens，fortheserviceofcapitalswhichinmanyinstancescontinuetoreceivethesameinterest，whilstlands，houses，andindustry，aresurcharged。
　　Aworkmanwhocanwithdifficultysupporthisfamily，repurchasessometimesbyexcessivelaborthelowpriceofwork。Arenotthesethecauseswhichderangethenaturalcourseofproduction，andwhichoccasionaproductioninsomearticles，beyondwhatwouldhavebeenproduced，hadthewantsoftheconsumersonlybeenconsulted？Thearticlesofconsumptionarenotnecessarytousinequaldegree。Previouslytoreducingourconsumptionofwheattoonehalf，wereducethatofmeattoonequarter，andthatofsugartonothing。Therearecapitalssoemployedincertainenterprises，particularlyinmanufactures，thattheenterprisersarefrequentlycontenttolosetheirinterestandsacrificetheprofitsoftheirownindustry，andcontinuetoworksolelyforthepurposeofkeepingtheenterprisegoinguntilmorefavorabletimes，andtopreservetheirfunds；ortheyareafraidoflosinggoodworkmen，whichthesuspensionofworkwoulddisperse：andhumanityaloneissufficienttoinduceenterpriserstocontinueamanufactoryforwhoseproductionsthereisnolongeranydemand。Fromwhenceproceeddisordersintheprogressofproductionandconsumption，stillgreaterthanthosewhichproceedfromtheobstructionofthecustomsandthevicissitudesoftheSeasons。Henceproceedunadvisedproductions，recoursetoruinousmeans，andaruinedcommerce。
　　Ishallremarkatthesametime，thatalthoughtheevilisgreatitmaystillseemgreaterthanitis。Thecommoditieswhichsuperaboundinthemarketsoftheuniverse，maystriketheeyebytheirmass，andalarmcommercebythedepredationoftheirprice，andstillbeonlyaverysmallpartofthecommoditiesmadeandconsumedofeachkind。Thereisnowarehousethatwouldnotbeverysoonemptied，ifeverykindofproductionofthecommoditycontainedinitwassimultaneouslytoceaseinallpartsoftheworld。
　　Ithasbeenfurtherremarked，thatifthequantitysentintheslightestdegreeexceedsthewant，itissufficienttoalterthepriceconsiderably。
　　ItwasaremarkofAddison，inhisSpectator，（No。200，）thatwhenthewheatharvestexceedsbyone—tenththeordinaryconsumption，wheatfallsonehalfinprice。Dalrymple（35）makesananalogousobservation。Wemustthereforenotbcastonished，thataslightexcessisoftentakenforanexcessiveabundance。
　　Thissuperabundance，asIhavealreadyremarked，dependsalsoupontheignoranceofproducersormerchants，ofthenatureandextentofthewantintheplacestowhichtheysenttheircommodities。Inlateryearstherehavebeenanumberofhazardousspeculations，onaccountofthemanyfreshconnexionswithdifferentnations。Therewaseverywhereageneralfailureofthatcalculationwhichwasrequisitetoagoodresult；butbecausemanythingshavebeenilldonedoesitfollowthatitisimpossible，withbetterinstruction，todobetter？Idarepredict，thatasthenewconnexionsgrowold，andasreciprocalwantsarebetterappreciated，theexcessofcommoditieswilleverywherecease；andthatamutualandprofitableintercoursewillbeestablished。Butinthemeantimeitwill。bepropergradually，andasmuchasthecircumstancesofeachStatewillpermit，todiminishthegeneralandpermanentinconvenienceswhicharisefromtooexpensiveaproduction。
　　Wemustfullyconvinceourselvesthateveryonewillsellhisproductionsmoreeasily，inproportionasothersgain；thatthereisonlyonewayofgetting，whichiseitherbyourlabororbythelaborofthecapitalandlandwepossess；thatunproductiveconsumersareonlysubstitutesforproductiveconsumers；that’themoreproducerstherearethemoreconsumersthereare；thatforthesamereason，eachnationisinterestedintheprosperityoftherest，andthattheyarealtogetherinterestedinhavingeasycommunications；
　　foreverydifficultyisequivalenttoanincreaseofexpence。
　　Suchisthedoctrineestablishedinmyworks，andwhichIconfesstoyou，Sir，doesnothithertoappeartometohavebeenshaken。Ihavetakenupthepenindefenceofit，notbecauseitismine，（Whatisthesorryself—loveofanauthorincomparisonwiththingsofsogreatimportance？）
　　butbecauseitistoahighdegreesocial，thatitshowstomankindthesourceofrealwealth，andwarnsthemofthedangerofcorruptingthatsource。
　　Therestofthisdoctrineisnotlessuseful，inasmuchasitshowsusthatcapitalandlandarenotproductive，unlesstheybecomepropertysacredtotheproprietors。Thateventhepoorthemselvesareinterestedindefendingthepropertyoftherich，andconsequentlyinthemaintenanceofgoodorder；becauseasubversion，whichnevercoulddomorethangivethemafleetingprey，wouldtakeawayfromhimaconstantincome。WhenPoliticalEconomyisstudiedasitoughttobe；whenweoncebegintoperceiveinthecourseofthisstudy，thatthemostwholesometruthsrestuponthemostcertainprinciples，wehavenothingsomuchatheartastoplacetheseprincipleswithinthereachofeverycomprehension。Donotletusincreasetheirnaturaldifficultiesbyuselessabstractions；donotletusrepeattheridiculousperformancesoftheeconomistsofthe18thcentury，byendlessdiscussionsonthenetproduceoftheearth。Letusdescribethemodeinwhichthingstakeplace，andexplainthechainwhichconnectsthem。Thenourwritingswillacquireagreatpracticalutility，andthepublicwillbereallyindebtedtothosewriterswho，likeyourself，Sir，havesogreatmeansofgivingtheminformation。
　　LETTERTHEFOURTH。
　　SIR，IhavesoughtinyourPrinciplesofPoliticalEconomy，forsomethingwherewithtoconfirmtheopinionofthepublic，relativetomachines，andgenerallyrelativelytoexpeditiousprocesses，which，inthearts，shortenmanuallaborandmultiplyproductionswithoutincreasingtheexpenceofproduction。Ishouldwishtofindinthemthosefixedprinciples，thatrigorousmodeofreasoningwhichcarriesconvictionwithit，andtowhichyourEssayonPopulationhasaccustomedthepublic。ButthisisnotanEssayonPopulation。Itappearstome，（forIamsometimesreducedtothenecessityofmakinguseofthisform，afterhavingreadyourdemonstrations，）
　　itappearstomethatalltheadvantageyouadmitinmachinery，andgenerallyinexpeditiousmeansofproduction，isreducedtothefactofmultiplyingproductionstosuchanextent，thatevenwhentheirsellingvalueislessenedthetotalamountstillexceedswhatitwasbeforetheimprovement。（36）Theadvantageyoupointoutisincontrovertible；andithasbeenalreadyremarked，thatthetotalvalueofcottongoods，aswellasthetotalnumberofworkmenemployedinthisbranch，hadsingularlyincreasedsincetheintroductionofexpeditiousmeans。Ananalogousremarkhadbeenmaderelativetotheprintingpress；thismachineemployedinthemultiplicationofbooks，aproductionwhichemploysatthismoment，withoutreckoningtheauthors，amuchgreaternumberofpersonsthanwhentheywerecopiedbyhand，andwhichisworthamuchlargersumthanwhenbooksweredearer。
　　Butthisverydecidedadvantage，isonlyoneamongthemanywhichnationshavereapedbytheemploymentofmachinery。Itonlyrelatestocertainproductions，theconsumptionofwhichwassusceptibleofsufficientextensiontobalancethediminutionintheirprice，whilstthereisanadvantageintheintroductionofmachinescommontoalleconomicalandexpeditiousprocessesingeneral；anadvantagewhichwouldbefeltevenwhentheconsumptionoftheproductionshouldbenolongercapableofanyextension；anadvantagewhichoughttobehighlyvaluedintheprinciplesofPoliticalEconomy。
　　Havethegoodnesstoexcuseme，if，inordertomakemyselfunderstood，Iamobligedtoreverttoafewelementaryideas。
　　Machinesandtoolsarebothproductions，whichimmediatelyaftertheirproductionrankintheclassofcapital，andareemployedintheperfectionofotherproductions。Theonlydifferencethereisbetweenmachinesandtools，isthattheformerarecomplextools，andthelattersimplemachines。Astherearenomachinesortoolsexistingwhichengenderforcewemuststillconsiderthemasthemeansoftransmittinganaction，anactiveforceofwhichwedispose，towardsanobjectwhichistobemodifiedbyit。Thusahammerisatoolbymeanswhereofweemploythemuscularstrengthofamaninflattening，incertaincasesaleafofgold；andthemillhammersofalargeforgearealsotoolsbymeanswhereofweemployafallofwaterinflatteningironbars。
　　Theemployofavoluntaryforce，withwhichNaturehasgiftedus，doesnotdepriveitofitsnatureofatool。Theweightincreasedbyvelocity，whichconstitutesthepowerofagoldbeater’shammer，isnotlessanaturalphysicalpowerthantheweightofthewaterwhichfallsfromamountain。
　　Whatisourindustryaltogether，buttheemploy，moreorlessunderstood，ofthelawsofNature。ItisbyobeyingNature，saysBacon，thatwelearntocommandit。Whatdifferencedoyouseebetweenknittingneedlesandastockingframe，exceptthatthelatterisamorecomplicatedandamorepowerfultoolthantheneedles；butfortherest，employingwithgreaterorlessadvantagethepropertiesofthemetal，andthepowerofthelevertomanufacturethearticleswithwhichwecoverourlegsandfeet。
　　Thequestionthenresolvesitselftothis：itisanadvantagetomantotakeinhishandamorepowerfultool，capableofdoingmuchmorework，orofdoingitbetter，ratherthanastilllargerbutimperfecttool，withwhichheworksslowerwithmoredifficultyandnotsowell。
　　IthinkIshouldofferaninsulttoyourgoodsenseandtothatofourreaders，ifIdoubtedtheansweramoment。
　　Theperfectionofourtools，Sir，isconnectedwiththeperfectionofourspecies。ItisthatwhichmakesthedifferencewhichisobservablebetweenusandthesavagesoftheSouthSeas，whohaveaxesofflint，andsewingneedlesmadeoffishbones。
　　Itisnolongeradmissible，foranyonewhowritesuponPoliticalEconomytoendeavortocircumscribetheintroductionofthemeanswhichchanceorgeniusmayputintoourhands，withaviewofpreservingmoreworkforourlaborers；suchaonewouldexposehimselftohaveallhisownargumentsmadeuseoftoprovetohimthatweought，（retrogradinginsteadofadvancinginthecareerofcivilisation，）successivelytorenounceallthediscoverieswehavealreadymade，andtorenderourartsmoreimperfectinordertomultiplyourlaborbydiminishingourenjoyments。
　　Nodoubtthereareinconviencesinthetransitfromoneorderofthingstoanother，evenfromanimperfecttoabetterorder。Whatpersoninhissenseswouldallatoncetakeofftheshackleswhichobstructindustry，andremovetheCustomHouseswhichseparatenations，prejudicialastheyaretotheirprosperity？Intheseeasesthedutyofwellinformedpersonsdoesnotconsistinproducingmotivesforkeepingbackandproscribingeverykindofchange，underpretenceoftheinconviencestheycarrywiththem；butinappreciatingtheseinconviences，inpointingoutthepracticablemeansofpreventingordiminishingthemasmuchaspossible，forthepurposeoffacilitatingtheadoptionofadesirableamendment。
　　Theinconvienceinthiseaseisaremovalofincome，whichwhenitissudden，ismoreorlessinjurioustotheclasswhoseincomeitdiminishes。
　　Thesubstitutionofmachinerydiminishes（sometimes，butnotalways，）theincomeoftheclasswhosefundsconsistofcorporealandmanualfaculties，toaugmenttheincomeoftheclasswhosefundsconsistinintellectualfacultiesandincapitals。Inotherwords，expeditiousmachines，beingingeneralmorecomplex，requiremoreconsiderablecapitals；consequentlytheycompeltheenterpriserwhoemploysthemtopurchasemoreofwhatwehavecalledproductiveserviceofcapital，andlessofwhatwecallproductiveservicesoflaborers。Atthesametime，asperhapstheyrequiregreaterattentionandmorecareintheirgeneralandparticularmanagement，theyemploymoreofthatkindofproductiveservicefromwhencetheenterpriser’sincomeproceeds。Acottonspinnerwhousesthesmallwheel，asweseeinmanyplacesinNormandy，scarcelydeservesthenameofenterpriser，whilstalargewholesalecottonmanufactoryisanenterpriseofmagnitude。
　　Butthemostimportanteffect，althoughperhapstheleastperceptible，whichproceedsfromtheemploymentofmachineryingeneral，ofallotherexpeditiousprocesses，istheincreaseofincomewhichresultsfromthemtotheconsumersoftheirproductions；anincreasewhichcostsnothingtoanybody，andofwhichitisworthwhiletogivesomedetail。
　　Ifwheatwerepoundedinourdays，asitwasbytheancients，bythestrengthofthearm，Iapprehenditwouldtaketwentymentogrindasmuchflourasonepairofstonesinamillcangrind。Thesetwentymen，intheneighbourhoodofParis，beingcontinuallyemployed，wouldcost40francsperday，at300days’workintheyeartheywouldcostperyearfr……12，000
　　Themachineandthestonescostsuppose20，000fr。ayear’sinterestonwhichwouldbe———1，000
　　Noenterpriserwouldprobablybefoundtoundertakesuchanenterprise，unlessitbroughthiminyearlyabout—3，000
　　Thecost，therefore，oftheflourthatmaybeobtainedfromapairofstonesinoneyearwould，bythismeans，amounttoabout……fr。10，000
　　Insteadofwhichamillernowadayscanhireawindmillfor—2，000
　　Hepayshisman——1，000
　　Isupposehegainsforhislaborandabilities———3，000
　　Thesamequantityofflourcanthereforebegroundfor———fr。6；000
　　insteadof16，000，whichitwouldhavecostifwestillfollowedthecustomofourancestors。
　　Thesamepopulationcanbefed，forthemilldoesnotdiminishthequantityofflourground：theprofitgainedinsocietyservestopayforfreshproductions，forthemomentthe6，000francscostofproductionarepaid，aprofitof6，000francsisgained；andsocietyenjoysthisessentialadvantage，thatmankindwhocomposeit，whateverbetheirmeansofexistenceortheirincome，whethertheyliveupontheirlabor，theircapital，ortheirstockofland，reducetheportionoftheirexpencesdestinedtothepaymentofthecostoftheflourintheproportionofsixteentosixorfive—eighths。Hewhospenteightfrancsannuallyforhisfoodwouldonlyspendthree，whichisexactlyequaltoanincreaseofincome；forthefivefrancssavedinthisarticlecanbeemployedinanyother。Ifanequalimprovementhadtakenplaceinalltheproductionsinwhichweemployourincomes，theywouldreallyhavebeenincreasedfiveeighth；andamanwhogainsthreethousandfrancs，eitherinmakingflour，orinanyothermanner，wouldactuallybeasrichasifhehadeightthousandandtheimprovedmethodhadnotbeendiscovered。
　　M。Sismondihasnot。aidattentiontothis，whenhewrotethefollowingpassage。
　　"Everytime，"hesays，（37）"thatthedemandforconsumptionexceedsthemeansofthepopulationtoproduce，everynewdiscoveryinmechanismortheartsisabenefittosociety，becauseitgivesthemeansofsatisfyingexistingwants。Everytime，onthecontrary，thattheproductionisfullyadequatetotheconsumptioneverysuchdiscoveryisacalamity，becauseitonlyaddstotheenjoymentofconsumersbysatisfyingthematacheaperrate，whilstitsuppressesthelifeitselfoftheproducers。
　　Itwouldbeodioustoweightheadvantageofacheaprateagainstthatofexistence……"
　　M。Sismondi，asappears，doesnotsufficientlyappreciatetheadvantageofacheaprate，anddoesnotfeelthatbygivinglessforonearticlewecanaffordtogivemoreforanother，beginningwiththemostindispensable。
　　Uptothistimenoinconvenienceisperceptibleintheinventionofflourmills，buttheadvantageofadiminutioninthepriceoftheproductionisveryvisible，whichisequaltoanincreaseofincometoallthosewhousethem。
　　Butthisincreaseofincomeprocuredfortheconsumers，istakenawayfromthenineteenunfortunatemenwhomthemillhasthrownoutofwork。