previously employed it: it is therefore against the interest of both these parties that a return to the former price should occur. It is also certain, that by the diminution of profit which the manufacturer suffers from the diminished price, his ingenuity will be additionally stimulated;—that he will apply himself to discover other and cheaper sources for the supply of his raw material,—that he will endeavour to contrive improved machinery which shall manufacture it at a cheaper rate,—or try to introduce new arrangements into his factory, which shall render the economy of it more perfect. In the event of his success, by any of these courses or by their joint effects, a real and substantial good will be produced. A larger portion of the public will receive advantage from the use of the article, and they will procure it at a lower price; and the manufacturer, though his profit on each operation is reduced, will yet, by the more frequent returns on the larger produce of his factory, find his real gain at the end of the year, nearly the same as it was before; whilst the wages of the workman will return to their level, and both the manufacturer and the workman will find the demand less fluctuating, from its being dependent on a larger number of customers.
(287.) It would be highly interesting, if we could trace, even approximately, through the history of any great manufacture, the effects of gluts in producing improvements in machinery, or in methods of working; and if we could shew what addition to the annual quantity of goods previously manufactured, was produced by each alteration. It would probably
