﻿12 
  Transactions. 
  — 
  Miscellaneous. 
  

  

  sliould 
  in 
  his 
  youth 
  accumulate 
  capital, 
  that 
  is, 
  a 
  right 
  to 
  wealth 
  which 
  he 
  

   himself 
  has 
  not 
  produced, 
  so 
  that 
  in 
  his 
  old 
  age 
  he 
  may 
  live 
  in 
  comfort 
  

   without 
  working 
  ; 
  this 
  is 
  not, 
  however, 
  accumulating 
  wealth, 
  but 
  only 
  pro- 
  

   viding 
  that 
  the 
  distribution 
  of 
  future 
  wealth 
  shall 
  be 
  made 
  in 
  a 
  particular 
  

   manner. 
  The 
  community 
  never 
  grows 
  old 
  ; 
  and 
  it 
  would 
  be 
  unreasonable, 
  

   even 
  if 
  it 
  were 
  possible, 
  that 
  one 
  generation 
  should 
  scrimp 
  and 
  spare 
  so 
  

   that 
  the 
  next 
  should 
  live 
  without 
  labour. 
  Each 
  generation 
  provides 
  for 
  the 
  

   future 
  by 
  rearing 
  children. 
  It 
  does 
  not 
  lay 
  aside 
  wealth 
  for 
  future 
  use, 
  but 
  

   stores 
  it, 
  by 
  using 
  it 
  to 
  feed 
  the 
  young, 
  who 
  in 
  their 
  turn 
  support 
  their 
  

   fathers 
  when 
  no 
  longer 
  able 
  to 
  work. 
  Unhappily, 
  the 
  machinery 
  by 
  which 
  

   this 
  is 
  effected 
  is 
  very 
  faulty, 
  and 
  age 
  and 
  want 
  too 
  often 
  go 
  together 
  ; 
  

   but 
  it 
  is 
  still 
  true 
  that 
  all 
  who 
  are 
  too 
  old 
  or 
  too 
  young 
  to 
  work 
  are 
  

   supported 
  by 
  those 
  in 
  the 
  prime 
  of 
  life. 
  

  

  Direct 
  wealth 
  is 
  never 
  saved, 
  but 
  is 
  consumed 
  as 
  fast 
  as 
  it 
  is 
  made, 
  or 
  

   is 
  stored 
  up 
  so 
  far 
  only 
  as 
  may 
  be 
  necessary 
  to 
  make 
  the 
  stock 
  in 
  hand 
  

   last 
  until 
  more 
  can 
  be 
  produced. 
  This 
  can 
  not 
  be 
  called 
  saving 
  at 
  

   all 
  ; 
  it 
  is 
  no 
  more 
  than 
  the 
  exercise 
  of 
  sound 
  judgment 
  in 
  the 
  rate 
  of 
  

   consumption. 
  There 
  is 
  no 
  sacrifice 
  involved, 
  but 
  the 
  reverse. 
  

  

  Saving 
  on 
  the 
  part 
  of 
  the 
  v/hole 
  community 
  can 
  only 
  be 
  made 
  by 
  making 
  

   implements 
  ; 
  there 
  is 
  in 
  this 
  case 
  a 
  clear 
  sacrifice, 
  for 
  the 
  labour 
  which 
  is 
  de- 
  

   voted 
  to 
  the 
  work 
  might 
  have 
  been 
  employed 
  in 
  producing 
  dii'ect 
  wealth, 
  which 
  

   would 
  at 
  once 
  have 
  been 
  useful, 
  while 
  the 
  implement 
  only 
  makes 
  it 
  possible 
  

   that 
  a 
  larger 
  stock 
  of 
  wealth 
  shall 
  in 
  future 
  be 
  produced 
  with 
  the 
  same 
  labour. 
  

  

  The 
  number 
  of 
  implements 
  which 
  can 
  be 
  judiciously 
  made 
  is, 
  of 
  course, 
  

   hmited 
  by 
  the 
  number 
  of 
  men 
  who 
  are 
  at 
  hand 
  to 
  use 
  them 
  ; 
  it 
  is 
  also 
  

   hmited 
  by 
  the 
  advantages 
  which 
  would 
  be 
  gained 
  by 
  having 
  them 
  ; 
  if 
  a 
  

   large 
  expenditure 
  would 
  be 
  incurred 
  in 
  making 
  a 
  new 
  machine, 
  and 
  only 
  a 
  

   small 
  increase 
  obtained 
  in 
  the 
  production 
  of 
  future 
  wealth, 
  the 
  commimity 
  

   would 
  be 
  richer 
  by 
  not 
  making 
  it 
  at 
  all. 
  In 
  a 
  community 
  where 
  education 
  

   and 
  knowledge 
  of 
  the 
  laws 
  of 
  nature 
  are 
  stationary 
  this 
  latter 
  limit 
  is 
  soon 
  

   reached, 
  and 
  no 
  further 
  increase 
  of 
  wealth 
  is 
  then 
  possible. 
  

  

  There 
  would 
  have 
  been 
  for 
  instance 
  no 
  use, 
  just 
  before 
  the 
  invention 
  of 
  

   railways, 
  in 
  making 
  more 
  macadamized 
  roads 
  in 
  England, 
  as 
  those 
  already 
  

   made 
  were 
  sufficient, 
  and 
  any 
  increase 
  in 
  their 
  number, 
  however 
  large, 
  

   would 
  have 
  been 
  followed 
  by 
  only 
  a 
  small 
  increase 
  of 
  utility. 
  Increased 
  

   knowledge 
  of 
  the 
  laws 
  of 
  nature, 
  by 
  suggesting 
  that 
  invention, 
  opened 
  out 
  

   a 
  new 
  way 
  of 
  employing 
  labour 
  in 
  making 
  new 
  implements 
  which 
  would 
  

   repay 
  their 
  cost. 
  The 
  result 
  was 
  a 
  large 
  increase 
  of 
  tlie 
  wealth 
  of 
  the 
  

   world, 
  measured, 
  not 
  by 
  the 
  cost 
  of 
  the 
  railways, 
  but 
  by 
  their 
  efficiency 
  as 
  

   compared 
  with 
  the 
  roads 
  they 
  superseded. 
  

  

  