So you see that the authority of your own sacred writings is favourable to the policy of our American cousins in this respect.
FOOTNOTE:
[51] ‘Wealth of Nations,’ by Adam Smith, Bk. II. Chap. V.
[CHAPTER XV.]
ADVERSE PROSPERITY.
I have a few words to say about high wages and prosperity, before I quit the subject.
Although the rise of wages is, in fact, to some extent, the work of protection, I am not proud of it; for trades unionism is protection of an extreme character, generally narrow in its aims, not sufficiently far-seeing, and consequently sometimes mischievous in its results.
The raising of wages within reasonable bounds is desirable; but, in a Free Trade country, it is apt to be attended with serious consequences in raising the cost of the manufactured article, when competing against the manufacture of foreign countries, where wages are lower and hours of work longer.
It is said by Free Trade advocates, that although the cost of provisions has not sensibly increased, yet wages are 50 per cent. higher, and hours of labour 20 per cent. less, than they were forty years ago.
From the political economist’s point of view, this appears to be a decrease of national wealth. Mill says:—