WAGES AS A FIRST CHARGE [To the Editor of the
SPECTATOR.] Sin,—It is often suggested, notably for the coal mines and agriculture, that wages should be the first charge on the product. Is this possible for any extensive period ? If the wages are at such a level that profits vanish, how is used-up capital to be replaced, or new capital obtained ? Would it be any more possible, if the capital belonged to the nation ? I think not, since all communal operations would have to be financed out of the product of communal enterprises, and if wages absorbed all the product, what would pay for justice, police, education, etc. ? Fortunate enterprises might pay for unfortunate. But would not the fortunate be subjected to a double clamour—of the workers for a larger share in the product ; of the consumer for lower prices ? Could any demo- cratic system withstand such clamour ? Could any despotic system hold down the people for long ?—I am, Sir, &c.,
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