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Updated: June 21, 2025
The aggregate consumable income of the present is unaffected; the aggregate consumable income of the near future is actually diminished; it is not until at least some years later that the aggregate consumable income is increased. Individual and Social Saving. This conclusion is important: but there is an obvious misinterpretation against which it will be well to guard.
Our transport establishment had been very carefully thought out, and, though both animals and vehicles were undoubtedly overloaded at the start, this soon rectified itself, as consumable stores could not be replaced. We had one camel per battalion for officers' mess, and he started out very fully laden. He was a good deal less heavily loaded towards the end of the operations.
But the fact that even now, when its powers are so strictly limited and its points of direct contact with industrial enterprise are so few, tendencies of the kind develop themselves with such marked practical consequences is enough to show the reality and magnitude of the evils which would ensue if a body, which reflected on the one hand the opinions of the average many, and on the other the individual ability of a few, specially privileged and pledged to their own methods, were the sole controller of all manual labour whatsoever, the virtual owner of all the implements which exist at present, the sole determiner of the forms which such implements shall assume in the future, and also of the kinds and quantities of the consumable goods which the implements and the labourers together shall from day to day produce.
The value of the consumable goods annually circulated within the society being greater, will require a greater quantity of money to circulate them. A part of the increased produce, therefore, will naturally be employed in purchasing, wherever it is to be had, the additional quantity of gold and silver necessary for circulating the rest.
To procure both the gold which it wants for its own use, and the consumable goods, would, in this way, employ a much smaller capital than at present. There would be a spare capital, therefore, to be employed for other purposes, in exciting an additional quantity of industry, and in raising a greater annual produce.
But if the quantity of food and clothing which were thus consumed by unproductive, had been distributed among productive hands, they would have reproduced, together with a profit, the full value of their consumption. The same quantity of money would, in this case, equally have remained in the country, and there would, besides, have been a reproduction of an equal value of consumable goods.
The consumable goods which last a considerable time before they are consumed altogether, are most properly taxed in the one way; those of which the consumption is either immediate or more speedy, in the other. The coach-tax and plate tax are examples of the former method of imposing; the greater part of the other duties of excise and customs, of the latter.
In all cases, a direct tax upon the wages of labour must, in the long-run, occasion both a greater reduction in the rent of land, and a greater rise in the price of manufactured goods than would have followed from the proper assessment of a sum equal to the produce of the tax, partly upon the rent of land, and partly upon consumable commodities.
They both, however, contributed largely. Neither nobility nor clergy enjoyed any exemption from the excise on consumable commodities, from duties of custom, or from any of the other numerous indirect impositions, which in France, as well as here, make so very large a proportion of all payments to the public. The noblesse paid the capitation.
It was this that gave rise to the notorious doctrine of the Wages Fund; the notion that the sum which can at any time be paid in wages is equal to the quantity of capital, alias consumable goods, which happens to exist. To this day it blocks, with an undergrowth of obscurantist controversies, the way to a straightforward account of the problem of trade cycles. The Essence of Waiting.
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