foundly moral even if the tales are immoral. It is what may be called the flaw in the deed: the idea that, if I take my advantage to the full, I shall hear of something to my disadvantage. Thus Midas fell into a fallacy about the currency; and soon had reason to become something more than a Bimetallist. Thus Macbeth had a fallacy about forestry; he could not see the trees for the wood. He forgot that, though a place cannot be moved, the trees that grow on it can. Thus Shylock had a fallacy of physiology; he forgot that, if you break into the house of life, you find it a bloody house in the most emphatic sense. But the modern capitalist did not read fairy-tales, and never looked for the little omens at the turnings of the road. He (or the most intelligent section of him) had by now realised his position, and knew in his heart it was a false position. He thought a margin of men out of work was good for his business; he could no longer really think it was good for his country. He could no longer be the old "hard-headed" man who simply did not understand things; he could only be the hard-hearted man who faced them. But he still marched on; he was sure he had made no mistake.
However, he had made a mistake—as definite as a mistake in multiplication. It may be summarised thus: that the same inequality and insecurity that makes cheap labour may make bad labour, and at last no labour at all. It was as if a man who wanted something from an enemy, should at last reduce the enemy to come knocking at his door in the despair of winter, should keep him waiting in the snow to
