[160] The amount of expenditure for English railroads is put down at from two to three hundreds of millions of pounds; and yet the real investment was only that of the labour employed in grading the roads, building the bridges, driving the tunnels, and making the iron; and if we take that at £8000 per mile, we obtain only 54 millions. All the balance was merely a transfer of property already existing from one owner to another, as in the case of the land, which in some cases cost ten or twelve thousands of pounds per mile.
[161] See page 240, ante.
[162] North British Review, Nov. 1852.
[163] This tendency is exhibited in most of the books that treat of the system. Thus, Mr. McCulloch insists on the beneficial effect of the fear of taxation, as will be seen in the following passage:—
"To the desire of rising in the world, implanted in the breast of every individual, an increase of taxation superadds the fear of being cast down to a lower station, of being deprived of conveniences and gratifications which habit has rendered all but indispensable—and the combined influence of the two principles produces results that could not be produced by the unassisted agency of either."
This is only the lash of the slave-driver in another form.
[164] Barter, The Dorp and the Veld.
[165] Estimating the average cost of raising men and women at only $1000 each, the present forced export is equal to sending abroad a capital of four hundred millions of dollars, no return from which is to be looked for.
[166] The recent movement of this institution in raising the rate of interest affords a striking example of its power, and of the absence of the judgment required for its exercise. For two years past the bank has aided in raising prices, but now it desires to reduce them, and at the cost, necessarily, of the weaker portions of the community, for the rich can always take care of themselves. The whole tendency of its operations is toward making the rich richer and the poor poorer. Sir Robert Peel undertook to regulate the great machine, but his scheme for that purpose failed, because he totally misconceived the cause of the evil, and of course applied the wrong remedy. It was one that could only aggravate the mischief, as he could scarcely have failed to see, had he studied the subject with the care its importance merited.
[167] Page 230, ante.