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equivalent time and labour in his service at any future time when



he may demand it。(9*)



    If we promise to give him less labour than he has given us;



we under…pay him。 If we promise to give him more labour than he



has given us; we over…pay him。 In practice; according to the laws



of demand and supply; when two men are ready to do the work; and



only one man wants to have it done; the two men underbid each



other for it; and the one who gets it to do; is under…paid。 But



when two men want the work done; and there is only one man ready



to do it; the two men who want it done over…bid each other; and



the workman is over…paid。



    I will examine these two points of injustice in succession;



but first I wish the reader to clearly understand the central



principle; lying between the two; of right or just payment。



    When we ask a service of any man; he may either give it us



freely; or demand payment for it。 Respecting free gift of



service; there is no question at present; that being a matter of



affection  not of traffic。 But if he demand payment for it; and



we wish to treat him with absolute equity; it is evident that



this equity can only consist in giving time for time; strength



for strength; and skill for skill。 If a man works an hour for us;



and we only promise to work half…an…hour for him in return; we



obtain an unjust advantage。 If; on the contrary; we promise to



work an hour and a half for him in return; he has an unjust



advantage。 The justice consists in absolute exchange; or; if



there be any respect to the stations of the parties; it will not



be in favour of the employer: there is certainly no equitable



reason in a main's being poor; that if he give me a pound of



bread to…day; I should return him less than a pound of bread



to…morrow; or any equitable reason in a man's being uneducated;



that if he uses a certain quantity of skill and knowledge in my



service; I should use a less quantity of skill and knowledge in



his。 Perhaps; ultimately; it may appear desirable; or; to say the



least; gracious; that I should give in return somewhat more than



I received。 But at present; we are concerned on the law of



justice only; which is that of perfect and accurate exchange; 



one circumstance only interfering with the simplicity of this



radical idea of just payment  that inasmuch as labour (rightly



directed) is fruitful just as seed is; the fruit (or 〃interest;〃



as it is called) of the labour first given; or 〃advanced;〃 ought



to be taken into account; and balanced by an additional quantity



of labour in the subsequent repayment。 Supposing the repayment to



take place at the end of a year; or of any other given time; this



calculation could be approximately made; but as money (that is to



say; cash) payment involves no reference to time (it being



optional with the person paid to spend what he receives at once



or after any number of years); we can only assume; generally;



that some slight advantage must in equity be allowed to the



person who advances the labour; so that the typical form of



bargain will be: If you give me an hour to…day; I will give you



an hour and five minutes on demand。 If you give me a pound of



bread to day; I will give you seventeen ounces on demand; and so



on。 All that it is necessary for the reader to note is; that the



amount returned is at least in equity not to be less than the



amount given。



    The abstract idea; then; of just or due wages; as respects



the labourer; is that they will consist in a sum of money which



will at any time procure for him at least as much labour as he



has given; rather more than less。 And this equity or justice of



payment is; observe; wholly independent of any reference to the



number of men who are willing to do the work。 I want a horseshoe



for my horse。 Twenty smiths; or twenty thousand smiths; may be



ready to forge it; their number does not in one atom's weight



affect the question of the equitable payment of the one who does



forge it。 It costs him a quarter of an hour of his life; and so



much skill and strength of arm to make that horseshoe for me。



Then at some future time I am bound in equity to give a quarter



of an hour; and some minutes more; of my life (or of some other



person's at my disposal); and also as much strength of arm and



skill; and a little more; in making or doing what the smith may



have need of。



    Such being the abstract theory of just remunerative payment;



its application is practically modified by the fact that the



order for labour; given in payment; is general; while labour



received is special。 The current coin or document is practically



an order on the nation for so much work of any kind; and this



universal applicability to immediate need renders it so much more



valuable than special labour can be; that an order for a less



quantity of this general toil will always be accepted as a just



equivalent for a greater quantity of special toil。 Any given



craftsman will always be willing to give an hour of his own work



in order to receive command over half…an…hour; or even much less;



of national work。 This source of uncertainty; together。 with the



difficulty of determining the monetary value of skill;(10*)



renders the ascertainment (even approximate) of the proper wages



of any given labour in terms of a currency matter of considerable



complexity。 But they do not affect the principle of exchange。 The



worth of the work may not be easily known; but it has a worth;



just as fixed and real as the specific gravity of a substance;



though such specific gravity may not be easily ascertainable when



the substance is united with many others。 Nor is there so much



difficulty or chance in determining it as in determining the



ordinary maxima and minima of vulgar political economy。 There are



few bargains in which the buyer can ascertain with anything like



precision that the seller would have taken no less;  or the



seller acquire more than a comfortable faith that the purchaser



would have given no more。 This impossibility of precise knowledge



prevents neither from striving to attain the desired point of



greatest vexation and injury to the other; nor from accepting it



for a scientific principle that he is to buy for the least and



sell for the most possible; though what the real least or most



may be he cannot tell。 In like manner; a just person lays it down



for a scientific principle that he is to pay a just price; and;



without being able precisely to ascertain the limits of such a



price; will nevertheless strive to attain the closest possible



approximation to them。 A practically servi
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