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Updated: June 14, 2025
But in talking with skilled workers, from dressmakers to the needlewomen employed on trousseaux and the most delicate forms of this industry, each has expressed the same conviction, and this quite apart from the political economist's view that there must be a return to hand production, if the standard is not to remain hopelessly below its old place.
That hard immovable facts are in the way, that moral difficulties face one at every turn, and that the ethical side of the problem is a matter of comparatively recent consideration, makes no difference. Let us discover what show of right is on the economist's side, and how far present conditions are a necessity of the time.
This table is taken from the annual banking numbers of the Economist. It will be noticed that in 1886 there were in England 109 joint-stock banks with 1547 offices, whose accounts were tabulated in the Economist's annual review. Their total paid-up capital was 38-1/2 millions, their deposit and current accounts were just under 300 millions, and their total liabilities were 377 millions.
I will not pass without notice for it bears also on wide interests your correspondent's question, how my principles differ from the ordinary economist's view of supply and demand.
Got to Auchinrath by six, and met Lord Douglas, his brother, Captain Douglas, E.N., John G-. Lockhart also, who had a large communication from Duke of W. upon the subject of the bullion. The Duke scouts the economist's ideas about paper credit, after the proposition that all men shall be entitled to require gold. January 18. We went, the two Lockharts and I, to William's new purchase of Milton.
Raise the level of public opinion, we might say; insist on a higher standard; in the economist's language, increase the demand for goodness, and the supply will follow; or, at any rate, men will do their best. Until we require more of one another, more will not be provided. But this is but to restate the problem in other words. How are we to touch the heart; how to awaken the desire?
From the political economist's point of view, the love of good living is a tie between nations, uniting them by the interchange of various articles of food which are in constant use. Hence the voyage from Pole to Pole of wines, sugars, fruits, and so forth.
By it we had raised up to November 9th nearly £1300 millions, as shown by the Economist's table, and to that extent we have pledged our future production and that of our posterity, to meet the annual service for interest and repayment. In other words, all that we needed for the war we were able to produce ourselves, or to obtain in exchange for our produce and assets.
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