Das Kapital (Gesamtausgabe)

number of overseers and, therefore, the cost of the labour which requires this supervision, will be proportionately increased." (Cairnes, l.c.p. 44.)
    S. 402f., Note 78
    "Masters are labourers as well as their journeymen. In this character their interest is precisely the same as that of their men. But they are also either capitalists, or the agents of capitalists, and in this respect their interest is decidedly opposed to the interest of the workmen." (p. 27.)
    "The wide spread of education among the journeymen mechanics of this country diminishes daily the value of the labour and skill of almost all masters and employers by increasing the number of persons who possess their peculiar knowledge." (p. 30. Hodgskin. "Labour defended against the Claims of Capital etc.", London 1825.)
    S. 403, Note 79
    "The general relaxation of conventional barriers, the increased facilities of education tend to bring down the wages of skilled labour instead of raising those of the unskilled." (J. St. Mill, "Princ. of Pol. Econ.", 2nd ed., London 1849. I, p. 479.)
    S. 412, Note 82
    "It is clear, that no labour, no productive power, no ingenuity, and no art, can answer the overwhelming demands of compound interest. But all saving is made from the revenue of the capitalist, so that actually these demands are constantly made and as constantly the productive power of labour refused to satisfy them. A sort of balance is, therefore, constantly struck." ("Labour defended against the Claims of Capital", p.23. - Von Hodgskin.)
    S. 464f., Note 90
    "It is a great error, indeed, to imagine that the demand for pecuniary accommodation (i.e. for the loan of capital) is identical with a demand for additional means of circulation, or even that the two are frequently associated. Each demand originates in circumstances peculiarly affecting itself, and very distinct from each other. It is when everything looks prosperous, when wages are high, prices on the rise, and factories busy, 1302
    DAS KAPITAL
    that an additional supply of currency is usually required to perform the additional functions inseparable from the necessity of making larger and more numerous payments; whereas it is chiefly in a more advanccd stage of the commercial cycle, when difficulties begin to present themselves, when markets are overstocked, and returns delayed, that interest rises, and a pressure comes upon the Bank for advances of capital . It is true that there is no medium through which the Bank is accustomed to advance capital except that of its promissory notes; and that, to refuse the notes, therefore, is to refuse the accommodation. But, the accommodation once granted, everything adjusts itself in conformity with the necessities of the market; the loan remains, and the currency, if not wanted, finds its way back to the issuer. Accordingly, a very slight examination of the Parliamentary Returns may convince any one, that the securities in the hand of the Bank of England fluctuate more frequently in an opposite direction to its circulation than in concert with it, and that the example, therefore, of that great establishment furnishes no exception to the doctrine so strongly pressed by the country bankers, to the effect that no bank can enlarge its circulation, if that circulation be already adequate to the purposes to which a banknote currency is commonly applied; but that every addition to its advances, after that limit is passed, must be made from its capital, and supplied by the sale of some of its securities in reserve, or by abstinence from further investment in such securities. The table compiled from the Parliamentary Returns for the interval between 1833 and 1840, to which I have referred in a preceding page, furnishes continued examples of this truth; but two of these are so remarkable that it well be quite unnecessary for me to go beyond them. On the 3rd January, 1837, when the resources of the Bank were strained to the uttermost to sustain credit and meet the difficulties of the money market, we find its advances on loan and discount carried to the enormous sum of £ 17 022 000, an amount scarcely known since the war, and almost equal to the entire aggregate issues, which, in the meanwhile, remain unmoved at so low a point as £ 17 076 000! On the other hand, we have, on the 4th of June 1833 a circulation of £ 18 892 000 with a return of private securities in hand, nearly, if not the very lowest on record for the lest half-century, amounting to no more than £