as a matter of _price_, from the counter element of _wages_. If a
labourer earns but a shilling a-day, and the loaf costs seven-pence, he
will no doubt be materially benefited by a reduction of twopence upon
its price. But if he only earns tenpence, and the loaf is reduced to
fivepence, it is clear to the meanest capacity that he is nothing the
gainer. Nay, he may be a loser. For the grower of the loaf is more
likely, on account of his extra price, to be a purchaser of such
commodities as the other labourer is producing, than if he were ground
down to the lowest possible margin. But, setting that aside, the
consideration comes to be, does price regulate labour, or labour
regulate price? In such a country as this, we apprehend there can be no
doubt that price is the regulating power. At the present moment,
peculiar and extraordinary causes are at work, which, in some degree,
render this question of less momentary consequence. Undoubtedly there is
a stimulus within the country, caused by new improvement, which alters
ordinary calculations, but which cannot be expected to last. We never
yet had so great a demand for labour. But let a period of distress
come--such as we had four years ago--and the political problem revives.
We are undoubtedly an overgrown country. Periods of distress constantly
occur. The slightest check in our machinery, sometimes in parts
apparently trivial, is sufficient to derange the whole of our industrial
system, and to throw the labourer entirely at the mercy of the
capitalist. It is _then_ that the relative value of wages and prices is
developed. The standard which is invariably fixed upon to regulate the
rate of the former, is the price of bread. No class understand this
better than the master-manufacturers, who have the command of capital,
and are not only the council, but the absolute incarnation of the
League. It is in these circumstances that the labouring artisan is
driven to the lowest possible rate of wages, which is calculated simply
upon the price of the quartern loaf. In order to work he must live. That
is a fact which the tyrants of the spinneries do not overlook, but they
take care that the livelihood shall be as scant as possible. The
labourer is desired to work for his daily bread, to which the wages are
made to correspond, and, of course, the cheaper bread is, the greater
are the profits of the master.

Where the different industrial classes of a nation purchase from each
other, the