We have shown that the only foundation of accumulation is security of property—we have shown, too, that labour is the most sacred of properties. It results, therefore, that in any state of society in which the laws did not equally protect the capitalist and the labourer as free exchangers, each having the most absolute command over his property, compatible with a due regard to the rights of the other,—in such a state, where there was no real freedom and no real security, there would be very imperfect production; and production being imperfect, all men, the capitalists and the labourers, would be equally destitute, weak, ignorant, and miserable.
It is under these several conditions, all working together with united force, that the entire labour of this country, and indeed of all other countries advanced in civilization, must now be directed. The enormous increase of productiveness which we have exhibited, in so many operations of industry, is chiefly the result of production carried on upon a large scale, and working with every possible application of science. It is in this sense that Knowledge is Power; and skilled labour is a part of that power.
Medal to Locke
The mode in which the respective proportions of capitalist and labourer are assigned in the division of the products of industry, are called by one Profit, by the other Wages. If we were writing a treatise on Political Economy, we should have to regard Rent as distinct from the profits of capital. But for our purpose this is unnecessary. We proceed, then, to consider the practical relations of Profit and Wages, as they exist amongst us. Unquestionably the only solid foundation for these relations must be equal justice; without which there can be neither permanent prosperity nor increasing intelligence. A medal to our great philosopher, Locke, exhibits Justice and Plenty enthroned together.
[33] See p. 61.
[34] An Essay on the 'Relations between Labour and Capital.' By C. Morison, p. 34.
[35] Everett's 'Address to the Working Man's Party.'
[36] Sir John Herschel's 'Discourse on the Study of Natural Philosophy.'