suppose that commonly, where the labor is of such a nature as to allow of it, it is cheaper to pay by the piece, than the day. In the one case, if a laborer be idle, he wastes his own time; in the other case, the time of his employer. It is easy to perceive which case is the more favorable to industry.

2. Irregularity. This is a great source of waste of labor. Where tools are allowed to get out of place, materials to be deficient or unsuitable; or where several laborers are obliged to stand idle, to wait for the completion of an operation which is done out of season, much time must, of necessity, be lost. In a shop containing a dozen workmen, if each one spend, on an average, half an hour a day in looking for misplaced tools, or in waiting for materials not at hand, this is a loss of more than half the wages of one laborer a day. This, in a year, would be sufficient to purchase the clothes of a small family.

3. Defective tools. In order that the economy of labor may be as great as possible, the tools by which labor is saved, should be as perfect as possible; otherwise, we derive only a partial benefit from the invention. He who employs a man to chop wood, would certainly see the importance of furnishing him with a sharp axe. He who erects a fence, to save the labor of guarding his cattle, will certainly do wisely to keep his fence in good order. It is surely less labor to mend a gap in a fence, than to be obliged to plant a field a second time, because the grain has been destroyed by cattle, which that gap permitted to enter. It takes less labor to mend a leakage in a mill dam, than to rebuild the dam after it has been, by means of that leakage, carried away. Hence, we see the importance, of keeping every part of an establishment in perfect order, and of allowing nothing to be out of repair, if it be possible to repair it.

"I remember," says Say, "being once a witness of the numberless misfortunes which a neglectful

housekeeping entails. For the want of a small latch, the gate of the poultry yard was forever open, there being no means of closing it externally, and many of the poultry were lost in consequence. One day, a fine young porker made his escape into the woods, and the whole family, gardener, cook, milk-maid, &c., presently turned out in quest of the fugitive. The gardener, in leaping a ditch, got a sprain that confined him to his bed for a fortnight. The cook, found the linen burnt that she had left at the fire to dry. The milk-maid forgot, in her haste, to tie up the cattle in the cow house, and one of the loose cows broke the leg of a colt, that was kept in the same shed. The linen burnt, and the gardener's work lost, were worth twenty crowns, and the colt as much more, so that forty crowns were, in a few minutes, lost, for want of a latch that would not have cost more than a few sous." [Pol. Economy, Book 3d, chapter 5.]

Illustrations of the importance of having every instrument in order, and in place, are occurring in most establishments every day. They teach us, that economy of capital, as well as of labor, requires, that every thing should be done in time, and in season; that if a thing need to be done to-day, we have no means which shall enable us to estimate the loss that may ensue, by putting it off until to-morrow; and, that negligence is as much at variance with the laws of our Creator, as absolute wastefulness, inasmuch as it exposes us to equally severe punishments. It would be well, if men would remember this, not only in the affairs of this life, but still more, in the affairs of another.

Supposing now that both labor and capital have been invested upon the most economical principles. The object for which they have been thus invested, is the creation of products. Hence, the greater this product is, the more successful the investment, the better is it for the individual, and the better is it for the community. The object of the farmer is, with

a given soil, a given expenditure of labor, of seed and of manure, to raise the greatest amount of value, in a harvest. This will generally, though not always, be as the quantity. Fifty bushels of common apples will not sell for so much as forty bushels of good ones. One hundred pounds of coarse wool, will sell for much less than one hundred pounds of fine wool. Hence, his object should be, from a given expenditure, to derive the greatest amount of profit. It is, by thus adjusting his expenditure, and thus calculating the results, that an intelligent and thoughtful farmer will grow rich; while all around him are remaining stationary or are growing poor. So, it is the business of the manufacturer to create, with a given expenditure, the greatest amount of value. If he can succeed in giving to his cloth a better dye, or can produce a more durable or a more tasteful fabric, or can adapt it better to the satisfying of any human want, its value is, by so much, increased, and he and the community are the better for the increased value of his production.

In like manner, the merchant having arranged his exports with the greatest economy, should labor to import, with this expenditure, the greatest amount of value. He should send to the country, and at the time in which his own product will exchange for the greatest amount of whatever he wishes to pro

cure.

It is evident, that, in order to do this, a systematic knowledge of the principles of any employment is necessary to the individual by whom it is carried on. A man, in order to be a skillful producer, must be acquainted with the laws of production; that is, those laws of nature and of society, which govern the transaction in which he is engaged. Hence, we see the importance of accurate knowledge, and sound mental discipline, to all the classes of society.

We see, in the above remarks, another illustration of the truth, that the benefit of one is the benefit of all, and the injury of one is the injury of all. If a

man economize labor and capital, he increases his own wealth, and he also rescues as much as he saves, from actual destruction. The whole of this amount may go to the farther increase of production, or to the satisfying of human wants. The more he produces, the greater is his wealth; and the greater is the value which is created for the good of the whole community. Hence, we see, that he who is honestly promoting his own welfare, is also promoting the welfare of the whole society of which he is a member.

And as it is manifestly for the interest of the individual, so is it for the interest of the society, that every producer should consume as little value, and produce as great value, as possible. Hence, we see the impolicy of those restrictions, which will not allow the individual to purchase and to sell where he pleases. If he must give a higher price than is necessary for his material, this is, by the difference, unprofitable cousumption. If he cannot dispose of it where he pleases, this is, by so much, unprofitable production, because he is unable to realize from his production as much as he would be able to realize, were he left to himself.

SECTION II.

OF CONSUMPTION FOR THE GRATIFICATION OF DESIRE.

By means of the productive consumption above treated of, a man procures the means for this second kind of consumption. This means, however, it is always to be remembered, does not consist of his whole production, but only of the excess of production over consumption. If he live on capital loaned at interest, the case is the same. The money loanep

is, for the time, consumed. The interest paid, is the excess of the production over the consumption, and this, of course, is all that he has to appropriate to` the gratification of his desires.

Consumption for the gratification of our desires, may be considered from two points of view. First. Without reference to the circumstances of the individual, or to the relative value of the various modes of gratification; and, secondly, with reference to these circumstances.

I. Of consumption without reference to the circumstances of the individual, or the relative value of the mode of gratification.

These purposes have been already alluded to. They are generally comprehended under the following particulars:

Expenditures for the necessaries and conveniences of living, as food, clothing and shelter; for the gratification of the senses and the tastes; for the pleasures of intellect; for the pleasures of society; and for moral pleasures. Under one or other of these simply, or under several of them combined, I believe almost all of our expenditures may be classed.

Now if these be considered, irrespective of our circumstances, or of the intrinsic value of the gratifications themselves, the principles of expenditure will be, essentially, the same as those which have been already illustrated. That is to say, if a particular mode of living, or the enjoyment of a particular gratification be determined upon, whether that determination be wise or unwise, economy teaches us to obtain it most perfectly, and at the least possible expense. The question of its wisdom or folly, belongs to another part of the subject. A particular mode of living, having been resolved upon, economy will teach us to sustain it, at the least possible expense. Hence, in regard to capital, the rules will

be:

1. That the consumption of values be as small as is consistent with the accomplishment of our purpose. This is opposed to several errors.