the vested interests and the common man-第7章

按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！


arrange　itself　under　the　untroubled　system　of　natural　liberty。　
But　what　is　more　to　the　point　is　that　which　is　beyond　question。　
In　practical　fact；　almost　as　fully　as　in　the　speculations　of　the　
doctrinaires；　the　employer　of　labor　in　the　staple　industries　of　
that　time　was；　in　his　own　person；　commonly　also　the　owner　of　the　
establishment　in　which　his　hired　workmen　were　employed；　and　also　
　again　in　passable　accord　with　the　facts　　he　was　presumed　
personally　to　come　to　terms　with　his　workmen　about　wages　and　
conditions　of　work。　Employment　was　considered　to　be　a　relation　of　
man　to　man。　That　much　is　explicit　in　the　writings　which　bear　the　
date…mark　of　this　modern　Liberal　point　of　view；　and　the　same　
assumption　has　continued　to　stand　over　as　a　self…sufficient　
premise　among　the　defenders　of　the　free　competitive　system　in　
industry；　for　three　or　four　generations　after　that　period。　
　　　　But　the　course　of　events　has　gone　its　own　way；　and　about　that　
time　　somewhere　along　in　the　middle　half　of　the　eighteenth　
century　　that　type　of　employer　began　to　be　displaced　in　those　
staple　industries　which　have　since　then　set　the　pace　and　made　the　
outcome　for　wages　and　conditions　of　work。　So　soon　as　the　machine　
industry　began　to　make　headway；　the　industrial　plant　increased　in　
size；　and　the　number　of　workmen　employed　in　each　establishment　
grew　continually　larger；　until　in　the　course　of　time　the　large　
scale　of　organisation　in　industry　has　put　any　relation　of　man　to　
man　out　of　the　question　between　employers　and　workmen　in　the　
leading　industries。　Indeed；　it　is　not　unusual　to　find　that　in　an　
industrial　plant　of　a　large　or　middling　size；　a　factory；　mill；　
works；　mine；　shipyard　or　railway　of　the　ordinary　sort；　very　few　
of　the　workmen　would　be　able；　under　oath；　to　identify　their　
owner。　At　the　same　time；　and　owing　to　the　same　requirements　of　
large…scale　and　mechanical　organisation；　the　ownership　of　the　
works　has　also　progressively　been　changing　character；　so　that　
today；　in　the　large　and　leading　industries；　the　place　of　the　
personal　employer…owner　is　taken　by　a　composite　business　concern　
which　represents　a　combination　of　owners；　no　one　of　whom　is　
individually　responsible　for　the　concern's　transactions。　So　true　
is　this；　that　even　where　the　ownership　of　a　given　industrial　
establishment　still　vests　wholly　or　mainly　in　a　single　person；　it　
has　commonly　been　found　expedient　to　throw　the　ownership　into　the　
corporate　form；　with　limited　liability。　
　　　　The　personal　employer…owner　has　virtually　disappeared　from　
the　great　industries。　His　place　is　now　filled　by　a　list　of　
corporation　securities　and　a　staff　of　corporation　officials　and　
employees　who　exercise　a　limited　discretion。　The　personal　note　is　
no　longer　to　be　had　in　the　wage　relation；　except　in　those　
backward；　obscure　and　subsidiary　industries　in　which　the　
mechanical　reorganisation　of　the　new　order　has　not　taken　effect。　
So；　even　that　contractual　arrangement　which　defines　the　workman's　
relation　to　the　establishment　in　which　he　is　employed；　and　to　the　
anonymous　corporate　ownership　by　which　he　is　employed；　now　takes　
the　shape　of　a　statistical　reckoning；　in　which　virtually　no　trace　
of　the　relation　of　man　to　man　is　to　be　found。　Yet　the　principles　
of　the　modern　point　of　view　governing　this　contractual　relation；　
in　current　law　and　custom；　are　drawn　on　the　assumption　that　wages　
and　conditions　of　work　are　arranged　for　by　free　bargaining　
between　man　and　man　on　a　footing　of　personal　understanding　and　
equal　opportunity。　
　　　　That　the　facts　of　the　New　Order　have　in　this　way　departed　
from　the　ground　on　which　the　constituent　principles　of　the　modern　
point　of　view　are　based；　and　on　which　therefore　the　votaries　of　
the　established　system　take　their　stand；　　this　state　of　things　
can　not　be　charged　to　anyone's　personal　account　and　made　a　
subject　of　recrimination。　In　fact；　it　is　not　a　case　for　personal　
discretion　and　responsibility　in　detail；　but　rather　for　concerted　
action　looking　to　some　practicable　working　arrangement。　
　　　　The　personal　equation　is　no　longer　a　material　factor　in　the　
situation。　Ownership；　too；　has　been　caught　in　the　net　of　the　New　
Order　and　has　been　depersonalised　to　a　degree　beyond　what　would　
have　been　conceivable　a　hundred　years　ago；　especially　so　far　as　
it　has　to　do　with　the　use　of　material　resources　and　man　power　in　
the　greater　industries。　Ownership　has　been　〃denatured〃　by　the　
course　of　events；　so　that　it　no　longer　carries　its　earlier　duties　
and　responsibilities。　It　used　to　be　true　that　personally　
responsible　discretion　in　all　details　was　the　chief　and　abiding　
power　conferred　by　ownership；　but　wherever　it　has　to　do　with　the　
machine　industry　and　large…scale　organisation；　ownership　now　has　
virtually　lost　this　essential　part　of　its　ordinary　functions。　It　
has　taken　the　shape　of　an　absentee　ownership　of　anonymous　
corporate　capital；　and　in　the　ordinary　management　of　this　
corporate　capital　the　greater　proportion　of　the　owners　have　no　
voice。　
　　　　This　impersonal　corporate　capital；　which　is　taking　the　place　
of　the　personal　employer…owner　of　earlier　times；　is　the　outcome　
of　a　mutation　of　the　scheme　of　things　in　business　enterprise；　
scarcely　less　profound　than　the　change　which　has　overtaken　the　
material　equipment　in　the　shift　from　handicraft　methods　to　the　
machine　technology。　In　practical　fact　today；　corporate　capital　is　
the　capitalised　earning　capacity　of　the　corporation　considered　as　
a　going　business　concern；　and　the　ownership　of　this　capital　
therefore　foots　up　to　a　claim　on　the　earnings　of　the　corporation。　
　　　　Corporate　capital　of　this　kind　is　impersonal　in　more　than　one　
sense：　it　may　be　transferred　piecemeal　from　one　owner　to　another　
without　visibly　affecting　the　management　or　the　rating　of　the　
concern　whose　securities　change　hands　in　this　way；　and　the　
personal　identity　of　the　owner　of　any　given　block　of　this　capital　
need　not　be　known　even　to　the　concern　itself；　to　its　
administrative　officers；　or　to　those　persons　whose　daily　work　and　
needs　are　bound　up　with　the　daily　transactions　of　the　concern。　
For　most　purposes　and　as　regards　the　greater　proportion　of　the　
investors　who　in　this　way　own　the　corporation's　capital；　these　
owners　are；　in　effect；　anonymous　creditors；　whose　sole　effectual　
relation　to　the　enter　prise　is　that　of　a　fixed　〃overhead　charge〃　
on　its　operations。　Such　is　the　case　even　in　point　of　form　as　
regards　the　investors　in　corporate　bonds　and　preferred　stock。　The　
ordinary　investor　is；　in　effect；　an　anonymous　pensioner　on　the　
enterprise；　his　relation　to　industry　is　in　the　nature　of　a　
liability；　and　his　share　in　the　conduct　of　this　industry　is　much　
like　the　share　which　the　Old　Man　of　the　Sea　once　had　in　the　
promenades　of　Sinbad。　
　　　　No　doubt；　any　reasonably　skilful　economist　any　certified　
accountant　of　economic　theory　　could　successfully　question　the　
goodness　of　this　characterisation　of　corporate　capital。　It　is；　in　
fact；　not　such　a　description　as　is　commonly　met　with　in　those　
theories　of　ownership　and　investment　that　trace　back　to　the　
formal　definitions　of　Ricardo　and　Adam　Smith。　Nor　is　this　
description　of　latter…day　facts　here　set　down　as　a　formal　
definition　of　corporate　capital　and　its　uses；　nor　is　it　designed　
to　fit　into　that　traditional　scheme　of　conceptions　that　still　
holds　the　attention　of　the　certified　economists。　Its　aim　is　the　
less　ambitious　one　of　describing；　in　a　loose　and　informal　way；　
what　is　the　nature　and　uses　of　this　corporate　capital　and　its　
ownership；　in　the　apprehension　of　the　common　man　out　of　doors。　He　
is　not　so　familiar　with　the　recondite　wisdom　of　the　past；　or　with　
subtle　definitions；　other　than　the　latter…day　subtleties　of　the　
market；　the　crop　season；　the　blast…furnace　and　refinery；　the　
internal…combustion　engine；　and　such　like　hard　and　fast　matters　
with　which　he　is　required　to　get　along　from　day　to　day。　The　
purpose　here　is　only　to　bring　out；　without　undue　precision；　what　
these　interesting　phenomena　of　capital；　investment；　fixed　
charges；　and　the　like；　may　be　expected　to　foot　up　to　in　terms　of　
tangible　performance；　in　the　unschooled　reflections　of　the　common　
man；　who　always　comes　in　as　〃the　party　of　the　second　part〃　in　all　
these　manoeuvres　of　corporation　finance。　He　commonly　has　no　more　
than　a　slender　and　sliding　grasp　of　those　honorable　principles　of　
certified　make…believe　that　distinguish　the　modern　point　of　view　
in　all　that　relates　to　property　and　its　uses；　but　he　has　had　the　
benefit　of　some　exacting　experience　in　the　ways　of　the　new　order　
and　its　standards　of　reckoning。　By　consequence　of　much　untempered　
experience　the　common　man　is　beginning　to　see　these　things　in　the　
glaring　though　fitful　light　of　that　mechanistic　conception　that　
rates　men　and　things　on　grounds　of　tangible　performance；　　
without　much　afterthought。　As　seen　in　this　light；　and　without　
much　afterthought；　very　much　of　the　established　system　of　
obligations；　earnings；　perquisites　and　emoluments；　appears　to　
rest　on　a　network　of　make…believe。　Now；　it　may　be　deplorable；　
perhaps　inexcusable；　that　the　New　Order　in　industry　should　
engender　habits　of　thought　of　this　unprofitable　kind；　but　then；　
after　all；　regrets　and　excuses　do　not　make　the　outcome；　and　with　
sufficient　reason　attention　today　centers　on　the　outcome。　
　
　　　　To　the　common　man　who　has　taken　to　reckoning　in　terms　of　
tangible　performance；　in　terms　of　man　power　and　material　
resources；　these　returns　on　investment　that　rest　on　productive　
enterprise　as　an　overhead　charge　are　beginning　to　look　like　
unearned　income。　Indeed；　the　same　unsympathetic　preconception　has　
lately　come　in　for　a　degree　of　official　recognition。　High　
officials　who　are　presumed　to　speak　with　authority；　discretion　
and　an　unbiassed　mind　have　lately　spoken　of　incomes　from　
investments　as　〃unearned　incomes；〃　and　have　even　entertained　a　
project　for　subjecting　such　incomes　to　a　differential　rate　of　
taxation　above　what　should　fairly　be　imposed　on　〃earned　incomes；〃　
All　this　may；　of　course；　be　nothing　more　than　an　unseasonable　
lapse　of　circumspection　on　the　part　of　the　officials；　who　have　
otherwise；　on　the　whole；　consistently　lived　up　to　the　best　
traditions　of　commercial　sagacity；　and　a　safe　and　sane　
legislature　has　also　canvassed　the　matter　and　solemnly　disallowed　
any　such　invidious　distinction　between　earned　and　unearned　
incomes。　Still；　this　passing　recognition　of　unearned　incomes　is　
scarcely　less　significant　for　being　unguarded；　and　the　occurrence　
lends　a　certain　timeliness　to　any　inquiry　into　the　source　and　
nature　of　that　net　product　of　industry　out　of　which　any　fixed　
overhead　charges　of　this　kind　are　drawn。　
　　　　To　come　to　an　understanding　of　the　source　and　origin　of　this　
margin　of　disposable　revenue　that　goes　to　the　earnings　of　
corporate　capital；　it　is　necessary　to　come　to　an　understanding　of　
the　industrial　system　out　of　which　the　disposable　margin　of　
revenue　arises。　Productive　industry　yields　a　margin　of　net　
product　over　cost；　counting　cost　in　terms　of　man　power　and　
material　resources；　and　under　the　established　rule　of　self…help　
and　free　bargaining　as　it　works　out　in　corporation　finance；　this　
margin　of