The same work is done at present on the frame by 1000 workmen, and comes in ten per cent. cheaper, at 4s. 6d. a pair, or, 2,250,000 l. In all the nation therefore saves 250,000 l. If employed solely in workmanship, this sum would be sufficient to maintain 12,500 of the workers who have been dismissed. But this is not what happens; the consumer, accustomed to buy stockings at 5s. a pair, pays still the same price; but, by reason of the progress of the art, he merely wears them a little finer. This progress in his luxury gives subsistence to a tenth more stocking manufactures, that is to a hundred more; to these add still farther a hundred workmen employed in repairing the machines, or constructing new ones, and you have in all 1200 workmen living on the sum which supported 100,000.
The same calculation is applicable to all improved manufactures; for the manufacturer, in adopting a new machine, and dismissing his workmen, never troubles himself with inquiring whether he shall make a profit equal to the diminution of workmanship, but merely whether he shall be enabled to sell a little cheaper than his rivals. All the workmen of England would be turned to the street, if the manufacturers could employ steam engines in their place, with a saving of five per cent.
Besides, the improvement of machinery, and the economy of human labour, contribute immediately to diminish the number of national consumers; for all the ruined workmen were consumers. In the country. the introduction of the large farming system has banished from Great Britain the class of peasant farmers, who laboured themselves, and yet enjoyed an honest plenty. The population has been considerably diminished, but its consumption is reduced still farther than its number. The hinds perform all sorts of field labour, are limited to the scantiest necessaries, and give not nearly so much encouragement to the industry of towns as the rich peasants gave before.