It follows from what I have said that the progress of mankind coincides with the rapid creation of Capital; for to say that new capital is formed, is just to say, in other words, that obstacles, formerly onerously combated by labour, are now gratuitously combated by nature; and that, be it observed, not for the profit of the capitalist, but for the profit of the community.
This being so, the paramount interest of all (in an economical point of view, and rightly understood) is to favour the rapid creation of capital. But capital, if I may say so, increases of its own accord under the triple influence of activity, frugality, and security. We can scarcely exercise any direct influence on the activity and frugality of our neighbours, except through the medium of public opinion, by an intelligent communication of our antipathies and our sympathies. But as regards security we can do much, for, [p211] without security, capital, far from being formed and accumulated, conceals itself, takes flight, and perishes; and this shows us how suicidal that popular ardour is which displays itself in disturbing the public tranquillity. Let the working-classes be well assured that the mission of Capital from the beginning has been to set men free from the yoke of ignorance, of want, and of despotism; and that to frighten away Capital is to rivet a triple chain on the energies of the human race.
The vires acquirit eundo may be applied with rigorous exactitude to capital, and its beneficent influence. Capital, when formed, necessarily leaves disposable both labour and the remuneration of that labour. It carries in itself, then, a power of progression. There is in it something which resembles the law of velocities. This progression economical science has omitted hitherto to oppose to the other progression which Malthus has remarked. It is a Harmony which we cannot explain in this place, but must reserve for the chapter on Population.
But I must here put the reader on his guard against a specious objection. If the mission of capital, it may be said, is to cause nature to execute work which has been hitherto executed by human labour, whatever good it may confer upon mankind, it must do injury to the working-classes, especially to those classes who live by wages; for everything which throws hands out of employment, and renders them disposable, renders competition more intense; and this, undoubtedly, is the secret reason of the antipathy of the working-classes to men of capital. If this objection were well founded, we should have a discordant note in the social harmony.
The illusion arises from losing sight of this, that capital, in proportion as its action is extended, sets free and renders disposable a certain amount of human efforts, only by setting free and rendering disposable a corresponding fund of remuneration, so that these two elements meet and compensate one another. The labour is not paralyzed. Replaced in a special department of industry by gratuitous forces, it sets to work upon other obstacles in the general march of progress, and with more certainty, inasmuch as it finds its recompense prepared beforehand.
Recurring to our former illustration, it is easy to see that the price of stockings (like that of books, and all things else) is lowered by the action of capital, only by leaving in the hands of the purchaser a part of the former price. This is too clear for illustration. The workman who now pays two francs for what he paid six francs for formerly, has four francs left at his disposal. Now, it is exactly [p212] in that proportion that human labour has been replaced by natural forces. These forces, then, are a pure and simple acquisition, which alters in no respect the relation of labour to available remuneration. It will be remembered that the answer to this objection was given formerly,[53] when, observing upon man in a state of isolation, or reduced once more to the primitive law of barter, I put the reader on his guard against the illusion which it is my object here to dispel.
We may leave capital, then, to take care of itself, to be created and accumulated according to its own proper tendencies, and the wants and desires of men. Do not imagine that, when the common labourer economizes for his old days, when the father of a family sets his son up in business, or provides a dower for his daughter, they are exercising to the detriment of the public that noble attribute of man, Foresight; but it would be so, and private virtues would be in direct antagonism with the general good, were there an incompatibility between Capital and Labour.
Far from mankind being subjected to this contradiction, or, I might rather say, this impossibility (for how can we conceive progressive evil in the aggregate to result from progressive good in individual cases?) we must acknowledge that Providence, in justice and mercy, has assigned a nobler part to Labour than to Capital in the work of progress, and has afforded a stimulant more efficacious, a recompense more liberal, to the man who lives by the sweat of his brow, than to the man who subsists upon the exertions of his forefathers.
In fact, having established that every increase of capital is followed by a necessary increase of general prosperity, I venture to lay down the following principle with reference to the distribution of wealth,—a principle which I believe will be found unassailable:—
“In proportion to the increase of Capital, the absolute share of the total product falling to the capitalist is augmented, and his relative share is diminished; while, on the contrary, the labourer’s share is increased both absolutely and relatively.”