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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