mists from Quesnay to Ricardo, have been based upon the hypothesis that the trammels which still interfere with commercial freedom have disappeared. These laws are confirmed in proportion as free trade is adopted. The first of these laws is that competition reduces the price of every commodity to the minimum cost of production. Thus the minimum of wages is the natural price of labor. And what is the minimum of wages? Just so much as is required for production of the articles absolutely necessary for the maintenance of the worker, for the continuation, by hook or by crook, of his own existence and that of his class.
But do not imagine that the worker receives only this minimum wage, and still less that he always receives it. No, according to this law, the working class will sometimes be more fortunate, will sometimes receive something above the minimum, but this surplus will merely make up for the deficit which they will have received below the minimum in times of industrial depression. That is to say that within a given time which recurs periodically, in other words, in the cycle which commerce and industry describe while passing through the successive phases of prosperity, overproduction, stagnation, and crisis, when reckoning all that the working class has had above and below mere necessaries, we shall see that, after all, they have received neither more nor less than the minimum; i. e., the working class will have maintained itself as a class after enduring any amount of misery and misfortune, and after leaving many corpses upon the industrial battle-field. But what of that? The class will still exist; nay, more, it will have increased.
But this is not all. The progress of industry creates less and less expensive means of subsistence. Thus
