CHAPTER V.

AXIOMS FOR JUGERNATHIANS.

_Axiom._ _Action of Free-Trade._

(1.) The object of political Free trade attaches more economy is to increase importance to consumption than the wealth and power to productive industries. of a country.[3]

(2.) The riches or power of a country is in proportion to its produce.[3]

(3.) _Industries_, or the produce Free trade destroys the sources of the land and labour, of employing productive are the REAL WEALTH labour. of the country.[3]

(4.) The requisites of production are Labour, Capital and Land.[4]

(5.) Parsimony, not industry, Free trade promotes consumption is the immediate source rather than parsimony. of increase of capital.[3]

(6.) Capital is wealth appropriated Free trade is rapidly driving to reproductive capital to Protectionist employment.[4] countries.

(7.) Industries are limited by capital, and cannot be created without capital.[5]

(8.) Increase of capital gives employment to labour without assignable limits.[5]

(9.) Productive labour is Free trade makes labour labour employed to produce unproductive a profit.[6]

(10.) Emigration of productive Free trade encourages the labour is loss of capital. immigration of productive The Minister of War labour to Protectionist in France asserts that countries. every individual transported to Algeria costs the State 8,000 francs.

(11.) Industries carried on without profit, cause loss of capital and credit.

(12.) It is demand only that Free trade prefers consumption causes labour and its to demand. produce to be wealth.[6]

(13.) To purchase produce is Free trade purchases produce not to employ labour.[5] instead of employing labour.

(14.) Capital employed on Foreign trade is less advantageously employed for society than on Home trade.[7]

(In extreme cases Adam Smith Free trade encourages Foreign shows that capital might be and Carrying trade, rather twenty-four times more than Home trade. advantageously employed on _Home_ than on _Foreign_ trade.)

(15.) Carrying trade is less advantageous than either Foreign or Home trade.[7]

(16.) Interest on capital is natural, lawful, and consistent with the general good.[8]

(17.) A struggle between Free trade leaders encourage a capital and labour is the struggle between Labour and greatest evil that can be Capital, between Landlord and inflicted on society.[8] Tenant.

(18.) Land let out for profit is the capital of the landlord.[9]

(19.) The capital of the employers Free trade destroys the capital forms the revenue of the employer. of the labourer.[10]

(20.) Nothing can be more Free trade leaders raise this fatal than the cry cry against the capitalist against capital, so often landlord. unthinkingly uttered.[9]

(21.) Rent does not affect the price of agricultural produce.[9]

(22.) It is to the interest of Mr. Bright says, that rich the labourer that there landlord capitalists are the should be as many rich squanderers of national men as possible to compete wealth. for his labour.[9]

(23.) Agriculture is the most Free trade has destroyed advantageous employment agriculture in England and of capital.[11] Ireland.

(24.) No equal capital puts in motion a greater quantity of productive labour than that of the farmer.[11]

(25.) Cultivated land is more Free trade leaders urge the advantageous than pasture.[11] substitution of pasture for (It has been computed wheat cultivation in England. that wheat cultivation per acre, compared with pasture land, produces eight times the quantity of human food, and employs three times the amount of labour.)

(26.) The interests of the agricultural and manufacturing classes are inseparably connected with those of the whole community.

(27.) Credit when sound is Free trade is destroying credit capital.[12] by causing industries to work at a loss. (28.) Credit, when it exceeds the present value of future profits, is unsound.

(29.) Credit is the anticipation of future profit.[12]

(30.) Money is the accumulation of past profits.

(31.) Activity of commerce is Free trade causes the commerce not necessarily an indication of Great Britain to be one of of prosperity. consumption rather than production, and consequently unhealthy.

(32.) The true Economist pursues Free trade, to avoid a small a great future good present evil, risks a national at the risk of a small disaster. present evil.[13]

FOOTNOTES:

[3] Wealth of Nations, by Adam Smith.

[4] Political Economy, by J. S. Mill.

[5] Political Economy, by J. S. Mill.

[6] Political Economy, by H. D. Macleod.

[7] Wealth of Nations, by Adam Smith.

[8] Political Economy, by F. Bastiat.

[9] Political Economy, by H. D. Macleod.

[10] Political Economy, by J. S. Mill.

[11] Wealth of Nations, by Adam Smith.

[12] Political Economy, by H. D. Macleod.

[13] Political Economy, by F. Bastiat.