bus" vituperated as "an open oppressor of poor people,"[1] is simply one whose function it is to equalize the supply of a commodity by checking unduly rapid consumption. Of kindred nature was the measure which, in 1315, to diminish the pressure of famine, prescribed the prices of foods, but which was hastily repealed after it had caused entire disappearance of various foods from the markets; and also such measures, more continuously operating, as those which settled by magisterial order "the reasonable gains" of victualers.[2] Of like spirit and followed by allied mischiefs have been the many endeavors to fix wages, which began with the statute of laborers under Edward III, and ceased only sixty years ago; when, having long galvanized in Spitalfields a decaying industry, and fostered there a miserable population, Lords and Commons finally gave up fixing silk-weavers' earnings by magisterial order.
Here I imagine an impatient interruption: "We know all that; the story is stale. The mischiefs of interfering with trade have been dinned in our ears till we are weary; and no one needs to be taught the lesson afresh." My first reply is, that by the great majority the lesson was never properly learned at all, and that very many of those who did learn it have forgotten it. For just the same pleas which of old were put in for these dictations are again put in. In the statute 35 of Edward III, which aimed to keep down the price of herrings (but was soon repealed because it raised the price), it was complained that people "coming to the fair…do bargain for herring, and every of them, by malice and envy, increase upon other, and, if one proffer forty shillings, another will proffer ten shillings more, and the third sixty shillings, and so every one surmounteth other in the bargain."[3] And now the "higgling of the market," here condemned and ascribed to "malice and envy," is being again condemned. The evils of competition have all along been the stock cry of the socialists; and the council of the Democratic Federation denounced the carrying on of exchange under "the control of individual greed and profit." My second reply is, that interferences with the law of supply and demand, which a generation ago were admitted to be habitually mischievous, are now being daily made by acts of Parliament in other fields; and that, as I shall presently show, they are in these fields increasing the evils to be cured and producing new ones, as much as of old they did in fields no longer intruded upon.
Returning from this parenthesis, I go on to explain that the above acts are named to remind the reader that uninstructed legislators have in past times continually increased human suffering in their endeavors to mitigate it; and I have now to add that if these evils, shown to be legislatively intensified or produced, be multiplied by ten or more, a
