the monied aristocracy of the land. There is a continual creation of wealth; and in the lottery which this produces, some of the prizes fall to their lot. SIR THOMAS MORE. And it is because of the creation of that wealth, that your government considers the prosperity of its manufactures as of so much importance to the state? MONTESINOS. For this, and for the still more important object of giving employment to a large part of our great and rapidly increasing population. SIR THOMAS MORE. But this sort of employment tends to accelerate that increase, by forcing it even so as to leave a large surplus, after supplying the lavish consumption of health and life which the manufacturing system requires. For among persons so trained up, moral restraint is not to be looked for, and there is little prudential restraint; the fear of the lean wolf is not before their eyes. In proportion, therefore, as the object is effected in one generation, it becomes more difficult in every succeeding one, and yet more necessary. But leaving for the present that consideration, let us examine the consequences of a continual creation of wealth, which, as it is a new thing in the world, must necessarily produce new results. What if it should prove that the wealth which is thus produced is no more an indication of public prosperity, than the size of one whose limbs are swollen with dropsy, is a symptom of health and vigour? MONTESINOS. You are leading me toward the region of metaphysical politics, and as I am not owl-eyed, I can follow no farther than the daylight penetrates into that land of fogs and darkness. SIR THOMAS MORE. Daylight will serve us here. All wealth in former times was tangible. It existed either in land, money, or chattels, which were either of real or conventional value. MONTESINOS. Jewels, for example; .. and pictures, as in Holland,..where indeed, at one time, tulipbulbs answered the same purpose. SIR THOMAS MORE. That bubble was one of those contagious insanities to which communities are subject. All wealth was real, till the extent of commerce rendered a paper currency necessary, which differed from precious stones and pictures in this important point, that there was no limit to its production. MONTESINOS. We regard it as the representative of real wealth; and therefore limited always to the amount of what it represents. SIR THOMAS MORE. Pursue that notion,..and you will be in the dark presently. Your provincial bank notes, which constitute almost wholly the circulating medium of certain districts, pass current to-day; to-morrow, tidings may come that the house which issued them has stopt payment, and what do they represent then? You find them the shadow of a shade. MONTESINOS. This is an evil frequent enough, and extensive enough in its effects to be called a national grievance, and one which I have long thought it the duty of government to prevent. Scarcely a year passes without some failure of this kind, and every failure brings with it wide-spreading distress, and to many an industrious family, ruin, as unavoidable as it is irretrievable and undeserved. For in many parts of the kingdom, (here for example it is the case,) they who might distrust the security of such paper, have no choice; there is no other currency for daily use. I am too little versed in such subjects (having indeed neither liking nor aptitude for for them) to understand why the provincial banks should not be superseded by establishments connected with the Bank of England; but this I know, that one of the duties of a government is to provide the subjects with a safe currency. However, this is wandering from your argument. Proceed I pray you. SIR THOMAS MORE. In what light do you regard the national debt? MONTESINOS. Again I must confess my incompetence for discussions of this kind: they belong to what is called political economy,.. a science concerning which there is a great deal written and talked, and very little understood. SIR THOMAS MORE. But you consider it a species of property? Undoubtedly. MONTESINOS. SIR THOMAS MORE. Real or representative? MONTESINOS. Did I not say that you were leading me into the region of darkness? SIR THOMAS MORE. You can understand that it constitutes a great part of the national wealth? MONTESINOS. So large a part that the interest amounted, during the prosperous times of agriculture, to as much as the rental of all the land in Great Britain; and at present, to the rental of all lands, all houses, and all other fixed property put together. SIR THOMAS MORE. The interest is of course real and tangible. What is the principal ? MONTESINOS. Real also, because any part of it is tangible and producible at any time. SIR THOMAS MORE. But it is only in part that it can thus be realized. MONTESINOS. As large a part as can ever be required. SIR THOMAS MORE. We shall come to that question. The whole is plainly not producible; it is neither real nor representative, but a mere fiction of policy and convenience. MONTESINOS. Why will you bewilder me? SIR THOMAS MORE. Yet as the gods were derived from Erebus and Night, this fiction has given birth to wealth |