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be named or thought of; yet, being devoted to productive industry and improving pursuits, necessary to society, and to the supply of the wants and desires of the race; all these are properly ranked among LABOrers.

Dr. Paley says: "Every man has his work. The kind of work varies; and that is all the difference there is. A great deal of labor exists besides that of the hands; many species of industry besides bodily operation, equally necessary, require equal assiduity, more attention, more anxiety. It is not true, therefore, that men of elevated stations are exempted from work; it is only true that there is assigned to them work of a different kind; whether more easy or more pleasant, may be questioned; but certainly not less wanted, nor less essential to the common good."

Labor is capital, primary and fundamental. The position which is usually awarded, in systems of public economy, to what is called capital, as if labor were not capital, and capital of the most important kind, has tended to degrade labor, and to strip it of its essential attributes as the producer of all adventitious wealth, or of that state of things which distinguishes civilized society from barbarism. It has also tended to cloud one of the most important branches of public economy in obscurity, and led to much embarrassment in the consideration of others. The natural order of things is thus reversed; that which ought to be first, is put last; the cause stands in place of the effect; the agent is taken for the instrument; the producer for the thing produced.

Although it will be convenient in this work, in order to avoid frequent repetition and unnecessary circumlocution, to employ the customary phrase, capital and labor, in the usual sense, it is due to a just consideration of the comparative claims of these two things, to assert the prior and paramount rights of labor, as to the position to which it is entitled in a system of public economy. Labor is capital of its own kind, not as a subject to be acted upon for the increase of its own value, but as an agent that imparts value to every other kind of capital which it creates, or which after having created, it employs as an instrument, or takes in hand for improvement. It is doubtless true, that the faculties or powers of labor are subjects of culture and use, for the increase of their skill and effectiveness, and in this sense are subjects of action for the increase of their value. In this particular, the faculties or powers of labor occupy the position of any other kind of capital, as subjects of improvement by labor itself. It will be observed, how

ever, that it is not labor, but the faculty of labor, the value of which is thus increased.

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European economists, for the most part, if not universally, regard labor as a mere power, like horse-power, or any other brute force; and what Ricardo and the Adam Smith school mean by "the proportion of the whole produce of the earth allotted" to labor, is simply that which is necessary for its subsistence, as for that of a horse, an ox, or any other brute. The three chief elements of public economy, as taught by Smith, Ricardo, and others of the same school, are rent, profit, and wages." It must be seen that a system of public economy, constructed on such principles, is entirely unsuited to American society; and though its doctrines in the abstract may often be correct, its whole must be totally inapplicable to a state of things radically, fundamentally, and essentially different from that for which such a system is designed. It was morally impossible, from the social position of these economists, that they should be able to adapt a system of public economy to American society, not having thought it incumbent on themselves to make any other provision for labor, than to save it from starvation, and to get the greatest profit out of it, as the owner does out of his ox or his horse; and believing, as they do, that system the best which will secure this end most effectually. There can be no redeeming quality with Americans, for a system of public economy, one of the fundamental principles of which is of this kind, pervading it throughout, imparting its character to it, and constituting a part of its very essence. The three words, "rent, profit, and wages," in the sense in which they are employed by Smith and his school, as representing the three comprehensive parts of their system, are sufficiently declaratory of its character, and look back to a feudal state of society. The things here intended are not to be found in this country, and are not tolerated by its institutions.

Labor-capital is not vested in the effect of the faculty or power of labor, but in the power itself. The laborer himself is the original, fundamental, most indispensable capitalist of the world. Labor-capital has no measure but that of the ability and life of the agent, which are always indefinite. Labor-capital is reproductive. It is true that other capital is called productive and reproductive, figuratively; but its power of reproduction is not, like that of labor, in itself. It is the action of the labor of man upon it—or of his skill, which is the same thing-which makes it productive. Labor

-which here, and elsewhere in this work, is used metaphorically as the agentcan do the same thing one moment, one day, one year, which it had before done, other things being equal; and so on, to the end of life.

Labor-capital is the parent of all other capital. Other capital is chiefly, if not altogether, the creature of civilization, though the same thing, in substance, may be found in the savage state. But as a subject of public economy, it is regarded as one of the things receiving its definite form and measure froin the hand of civil polity. It will be found, indeed, that the entire structure of civilization owes its existence to labor, and of course those parts of it which derive their tangible value from its forms, and which are regulated by them. Civilization itself is secondary and ministerial, in relation to all the capital which labor creates, and comes in to define and protect it. It was in part the value of these products of labor which made civilization necessary, that it might receive a definite form, and be made secure. No man can apply his hand or point his finger to a thing regarded as capital, which is not the product of labor. All intrinsic values are but fictions of the imagination, always impalpable, vanishing as they are approached. The diamond and the pebble are of equal value in the eye of the barbarian, and would be equivalents in every other eye, but for the existence of that capital, the product of labor, which is able to purchase the diamond at a high price. We do not, however, mean to say, that it is improper, or without significance, to use the terms, intrinsic value. They are employed in this work in the usual sense, and are pertinent when so used, because they represent a practical idea. It will be found, however, that this value is entirely the product of labor; and this conclusion may be justified by the doctrines of all the economists worthy of respect.

Labor is not only the parent of all other capital, bringing it into existence, or preparing it for use; but the use of itself, in the discharge of these functions, is many times more profitable, for a given amount of value, than any other capital. In the United States, the laborer would think he did badly, if he could not lay up 50 per cent., or half of his wages. Labor, therefore, as capital, in this country, may be said to be worth 50 per cent. Frugal laborers often make it worth more than that, and soon obtain, in addition to their capital of labor, other capital, laid up and put to use, constituting the nucleus of a fortune-the foundation of wealth. Six per cent. is considered good use for money and other vested

cap

ital; whereas, the savings of labor are often from 50 to 75 per cent. of its wages, besides the faculty and chances of the laborer to husband his acquisitions as the foundation and means of future wealth.

Labor-capital is the gift of God. This is evident from the fact, that it is vested in those powers and endowments which man receives from the hand of his Creator. It is not dug from the earth; it is not the handy-work of man; but it is the handy-work of God. Like God, it is endowed with intelligence, and as such is worthy of great respect. In relation to society, this capital is the property of the laborer. If it should be said, that all other capital is the gift of God, it is not true in the same sense, but only as the product of the agency of labor. All the economists agree, that nothing in nature, as it comes from God, is capital, in the economical sense, except as it is appropriated and brought to use by labor. The social state, as observed above, is the machinery that defines capital, and it has put nothing in this position, which is not a product of labor, real or hypothetical. And if it should still be said, that this theory annihilates labor as capital, it may be answered, that the machinery of society brings it back to this position, and installs it in the full possession of these prerogatives. The laborer himself being a component part of society-he certainly ought to be, and is supposed to be-the capital of labor is vested in his powers to do whatever he is called, or may have opportunity, to do, to supply the wants and gratify the desires of the race, including himself, and for himself as to the compensation due to his exertions. The capital, and the consideration for the use of it, are his, and no man, no power, can lawfully deprive him of them; and as labor is the original capital of society, giving birth to all other forms of capital, the dignity of its position is equalled only by its importance.

Labor-capital, though the property of the laborer, may be justly held under restraint or duress, as a punishment for crime. But even that condition does not alienate the right of property in the agent. Its use and the avails thereof are forfeited to the law for a season; but when the law is satisfied, the offender that was, being free, is entitled to reassert his property for his own use and benefit. Labor may be bound under civil regulations, for an equitable quantum of its avails, to satisfy indebtedness incurred; but the faculties or powers of labor are not and can not be alienated. They are an inheritance from God, not transferable. The claims of parents for the services of children, during a minority fixed by the civil code,

if the parents choose to assert them, are for the payment of a just debt, incurred by the expenses of infancy and childhood. But the rights of independence consequent on this period, as recognised by Divine and human authority, presuppose man's inalienable right of property in himself, and in his own powers.

Adam Smith says: "The property which every man has in his own labor, as it is the original foundation of all other property, so is it the most sacred and inviolable. The patrimony of a poor man lies in the strength and dexterity of his hands; and to hinder him from employing his strength and dexterity in what manner he thinks proper, without injury to his neighbor, is a plain violation of this most sacred property." Smith is here arguing against the oppressive monopolies of town corporations in England, under the law of Elizabeth, a species of monopoly not known in this country, But he asserted a great principle here. If it was wrong and oppressive to violate the rights of such sacred property, by prohibiting its use in certain forms, how much more wrong and oppressive to use such property, without a fair compensation?

It will follow, from the foregoing considerations, that labor is the source of all wealth. It is true, indeed, that the world, untouched by the hand of man, is rich in its resources. But all that which is commonly called wealth, and which constitutes the wealth of society, is adventitious-the result of human labor. The precious metals are obtained at great cost of labor; and the forms given to them for the various purposes of use and ornament to which they are applied, requires much additional labor. Estates, buildings, roads, canals, improvements of every kind, public and private; farms and plantations; utensils and products of agriculture, of manufacture, of commerce, and of art; carriages of burden and of pleasure; ships and navies; instruments of war and of peaceful vocations; towns and cities; states and empires; means of luxury and of usefulness; means and products of the intellectual, moral, and physical culture of the human race; laws and government; civil, literary, religious, and social institutions; the entire and comprehensive forms and values of human society, are severally and collectively the product and result of human labor. All that is prized by money, and bought with it, is obtained at the cost of labor. The immense and exhaustless material of wealth, as it exists in the resources of nature, receives all its value from the hand of labor. "Whatever," says the Hon. Mr. Appleton, "exists

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