Essays on Political Economy Part 11

B. Well, it shall not be said that for want of a victim you remain in the state of irritation in which you now are. I am listening; speak, lecture, do not restrain yourself in any way.

F. You promise to take an interest?

B. I promise to have patience.

F. That is not much.

B. It is all that I can give. Begin, and explain to me, at first, how a mistake on the subject of cash, if mistake there be, is to be found at the root of all economical errors?

F. Well, now, is it possible that you can conscientiously a.s.sure me, that you have never happened to confound wealth with money?

B. I don't know; but, after all, what would be the consequence of such a confusion?

F. Nothing very important. An error in your brain, which would have no influence over your actions; for you see that, with respect to labour and exchange, although there are as many opinions as there are heads, we all act in the same way.

B. Just as we walk upon the same principle, although we are not agreed upon the theory of equilibrium and gravitation.

F. Precisely. A person who argued himself into the opinion that during the night our heads and feet changed places, might write very fine books upon the subject, but still he would walk about like everybody else.

B. So I think. Nevertheless, he would soon suffer the penalty of being too much of a logician.

F. In the same way, a man would die of hunger, who having decided that money is real wealth, should carry out the idea to the end. That is the reason that this theory is false, for there is no true theory but such as results from facts themselves, as manifested at all times, and in all places.

B. I can understand, that practically, and under the influence of personal interest, the fatal effects of the erroneous action would tend to correct an error. But if that of which you speak has so little influence, why does it disturb you so much?

F. Because, when a man, instead of acting for himself, decides for others, personal interest, that ever watchful and sensible sentinel, is no longer present to cry out, "Stop! the responsibility is misplaced."

It is Peter who is deceived, and John suffers; the false system of the legislator necessarily becomes the rule of action of whole populations.

And observe the difference. When you have money, and are very hungry, whatever your theory on cash may be, what do you do?

B. I go to a baker's, and buy some bread.

F. You do not hesitate about getting rid of your money?

B. The only use of money is to buy what one wants.

F. And if the baker should happen to be thirsty, what does he do?

B. He goes to the wine merchant's, and buys wine with the money I have given him.

F. What! is he not afraid he shall ruin himself?

B. The real ruin would be to go without eating or drinking.

F. And everybody in the world, if he is free, acts in the same manner?

B. Without a doubt. Would you have them die of hunger for the sake of laying by pence?

F. So far from it, that I consider they act wisely, and I only wish that the theory was nothing but the faithful image of this universal practice. But, suppose now that you were the legislator, the absolute king of a vast empire, where there were no gold mines.

B. No unpleasant fiction.

F. Suppose, again, that you were perfectly convinced of this,--that wealth consists solely and exclusively in cash; to what conclusion would you come?

B. I should conclude that there was no other means for me to enrich my people, or for them to enrich themselves, but to draw away the cash from other nations.

F. That is to say, to impoverish them. The first conclusion, then, to which you would arrive would be this,--a nation can only gain when another loses.

B. This axiom has the authority of Bacon and Montaigne.

F. It is not the less sorrowful for that, for it implies--that progress is impossible. Two nations, no more than two men, cannot prosper side by side.

B. It would seem that such is the result of this principle.

F. And as all men are ambitious to enrich themselves, it follows that all are desirous, according to a law of Providence, of ruining their fellow-creatures.

B. This is not Christianity, but it is political economy.

F. Such a doctrine is detestable. But, to continue, I have made you an absolute king. You must not be satisfied with reasoning, you must act.

There is no limit to your power. How would you treat this doctrine,--wealth is money?

B. It would be my endeavour to increase, incessantly, among my people the quant.i.ty of cash.

F. But there are no mines in your kingdom. How would you set about it?

What would you do?

B. I should do nothing: I should merely forbid, on pain of death, that a single crown should leave the country.

F. And if your people should happen to be hungry as well as rich?

B. Never mind. In the system we are discussing, to allow them to export crowns would be to allow them to impoverish themselves.

F. So that, by your own confession, you would force them to act upon a principle equally opposite to that upon which you would yourself act under similar circ.u.mstances. Why so?

B. Just because my own hunger touches me, and the hunger of a nation does not touch legislators.

F. Well, I can tell you that your plan would fail, and that no superintendence would be sufficiently vigilant, when the people were hungry, to prevent the crowns from going out and the corn from coming in.

B. If so, this plan, whether erroneous or not, would effect nothing; it would do neither good nor harm, and therefore requires no further consideration.

F. You forget that you are a legislator. A legislator must not be disheartened at trifles, when he is making experiments on others. The first measure not having succeeded, you ought to take some other means of attaining your end.

B. What end?

F. You must have a bad memory. Why, that of increasing, in the midst of your people, the quant.i.ty of cash, which is presumed to be true wealth.

B. Ah! to be sure; I beg your pardon. But then you see, as they say of music, a little is enough; and this may be said, I think, with still more reason, of political economy. I must consider. But really I don't know how to contrive--

F. Ponder it well. First, I would have you observe that your first plan solved the problem only negatively. To prevent the crowns from going out of the country is the way to prevent the wealth from diminis.h.i.+ng, but it is not the way to increase it.