lotteries; and that all great accidental gains or losses should be national,—not individual. But speculation absolute, unconnected with commercial effort, is an unmitigated evil in a state, and the root of countless evils beside.
91
[I desire in the strongest terms to reinforce all that is contained in this paragraph.]
92
It is especially necessary that the reader should keep his mind fixed on the methods of consumption and destruction, as the true sources of national poverty. Men are apt to call every exchange "expenditure," but it is only consumption which is expenditure. A large number of the purchases made by the richer classes are mere forms of interchange of unused property, wholly without effect on national prosperity. It matters nothing to the state whether, if a china pipkin be rated as worth a hundred pounds, A has the pipkin and B the pounds, or A the pounds and B the pipkin. But if the pipkin is pretty, and A or B breaks it, there is national loss, not otherwise. So again, when the loss has really taken place, no shifting of the shoulders that bear it will do away with the reality of it. There is an intensely ludicrous notion in the public mind respecting the abolishment of debt by denying it. When a debt is denied, the lender loses instead of the borrower, that is all; the loss is precisely, accurately, everlastingly the same. The Americans borrow money to spend in blowing up their own houses. They deny their debt, by one-third already [1863], gold being at fifty premium; and they will probably deny it wholly. That merely means that the holders of the notes are to be the losers instead of the issuers. The quantity of loss is precisely equal, and irrevocable; it is the quantity of human industry spent in effecting the explosion, plus the quantity of goods exploded. Honour only decides
93
[(
94
[We don't want to produce more fuel just now, but much less; and to use what we get for cooking and warming ourselves, instead of for running from place to place.]
