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BASTIAT says: “In proportion to the increase of capi- tal, the absolute share of the total product falling to the capitalist is augmented, but his relative share is diminished; while, on the contrary, the share of the laborer is increased, both absolutely and relatively.” RODBERTUS SayS: “Present social arrangements for the production and distribution of wealth result in giving to the workers, in the Shape of wages, a smaller and Smaller proportional Shaº'e of the wealth created by improved methods of production.” Only by a thorough study of industrial development can one decide between these two interpretations of modern history. I.--DEVELOPMENT OF CLASSES. Classes in early England were the result of gradual development. Subsequent to the Norman Conquest, society was formed on the model of the Feudal System and embraced freemen; sockmen; villains; serfs. The causes contributing to the Over- throw of feudal dependence and to the establishment of free labor are: Crusades; foreign wars; the Plague; wars of the barons; growth of the guilds. The Poor Laws of England exerted important social influences. They originated in the time of Edward III.; but were more clearly formulated under Henry VIII. The purpose of the Elizabethan Poor Law was to suppress vagabondage and to provide relief for the indigent poor. These laws threw continually increasing burdens on the industrial classes; they increased the number and the dependence of the labor ing classes; the evils resulting from them were so great that the reform of 1834 became necessary. The Capitalist class is of long standing in English society. Its rapid development Subse- quent to the sixteenth century is due to the discovery of rich mines of gold and silver; to the increase of commerce; to the Reformation, which freed church- lands from the control of religious corporations and radically changed the customs and thoughts of the people; and to the invention of labor saving machinery. Society of the present is marked by greater individual freedom than that of the Middle Ages. Political dependence has given way to industrial dependence. This change corresponds to the growth of industrial competition. • * To be read April 14, by Herbert E. Boyntom, '86. II.—DEVELOPMENT OF COMMERCE. A. —OCEAN TRANSPORTATION. The Hanseatic League, which controlled early commerce, was formed in 1241. By the 14th century it had attained great political power. This system of commerce illustrated by trade at London; at Bruges; at Novgorod; at Bergen. It is the earliest application of the principles of ſree trade. Its power was first checked by Richard II. in 1382; further curtailed under Elizabeth; the League was finally dissolved in 1630. With the 16th century the character of English commerce changed. Importance of the compass. The opening of American trade exerted a political, a commercial, and an industrial influence. The new route to China also extended the English market. The legislation of this period conforms to the Mercantile theory of Urade which esti- mated too highly the importance of money. Under its influence monopolies grew up, as the East India Company chartered in 1600. I'ron the Mercantile theory sprang the restrictive colonial policy; exemplified in the Navigation Acts of 1651, 1660, 1663, and 1672. This theory opposed by Dean Tucker, by Adam Smith. Growth of English commerce in the 19th century has been very marked, as also its social and industrial effects. - To be read April 21, by Josiah McRoberts, '86. IB —IN LAND TRANSPORTATION. The development of inland commerce conforms to that of industrial society. Roads in England were first regarded as part of the feudal domain; were next brought under the control of the parishes; Were systematized by national legislation in the latter part of the 17th century; were developed to their present condition in the latter part of the 18th century. Canals suggested by the Duke of Bridgewater about 1750. Their construction met with great popular opposition. Manchester canal completed in 1760; from which time development was rapid; but Subsequent to 1830 the importance of canals has declined On account Of the introduction Of railroadS. Railroads were suggested by the old tramroads. Steam locomotion developed by many experiments subsequent to 1802. Liverpool and Manchester railroad opened in 1829. The era of railroads lastened by the arrogance and exorbitant charges of canal proprietors. Sketch of their subsequent extension. The extension of inland transportation is all essential factor in advancing civilization. Time and cost of transportation is decreased; Security and certainty of travel is increased; industries and population are concentrated; a World’s market is rendered possible; prices are rendered permanent and uniform; customs are changed and political organization is modified. To be rectal April 21, by F. A. Clary, 'S6. III.—GTJILDS AND TRADES UNIONS. The Craft Guilds were organized by the handicraftsmen to resist the tyranny of the Mer- chant Guilds. Their purpose was partly political, but chiefly industrial; acquired complete control over the “arts and mysteries” of industry; most powerful in the 12th and 13th centuries; became exclusive in the 14th century; exist to-day only 3S Trust-Fund Societies. i - In the 16th century the control of industries had passed from local bodies to the central government. Most important legislation was the Elizabethan labor code; its pur- pose was to make all needful provisions for trade; it regulated wages, hours of labor, and apprentice relations. It was altered by Subsequent Acts of Parliament. With the change in industrial methods in the 18th century arose an agitation for the repeal of the Elizabethan Act. This was urged by the manufacturers; but opposed by journeymen and by masters in Some industries. Their arguments were both moral and economical; Act was repealed in 1814. Combination among wage earners an ancient practice; became frequent in 18th century. Severe laws against combination led to Secret organizations; laws repealed in 1824; new law passed in 1825; legalization of Trades Unions in 1871. Trades Unions combine the characteristics of “benefit ’’ and “trade ’’ socicties; the lat- ter element in reality, though not in appearance, the most important. Unions and Guilds similar in that both were results of an effort by the oppressed to secure their rights: different in composition and particular aims. What relation do Trades |Unions sustain to the labor problem? To be read April 28, by Fred. C. Hicks, ’86. IV.—RISF O F GREAT INDUSTRIES. Hand system of industry, which prevailed from 1400 to 1700, sprang from the guilds; codified and made general by the Statute of Elizabeth. Was characterized by limited circle of exchanges; by production to satisfy actual and known wants; by union of capitalist merchant and laborer; by labor protected from the evil effects of competition. Change to the house system was gradually introduced between 1700 and 1770. This was caused by extension of the markets; by production for speculative purposes. The merchant was separated from the manufacturing Class; the capitalist from the la- boring class. Laborers lost control of raw material; and of markets. Connection of this system with agriculture. Gradual decline of apprenticeship. The factory system was introduced by the invention of machinery. Inventions from 1760 to 1785. Production becomes almost wholly speculative, chief purpose to control foreign markets. The factory system introduced an éra of unrestrained COmpeti- tion. Effect on the capitalist class; the laborer loses control of skill; of tools; of shop; of land; his family life is endangered; but he gains increased Social and political importance. The economic effects of the factory system were to increase production; to multiply industries; to extend division of labor; and to greatly reduce cost in production. The social effects were to concentrate capital; to increase the number of employed persons both absolutely and relatively to population; to degrade the quality of labor; to bring women and children into competition with men. Its moral effects are observed in family life; in the condition of Women and children; in its influence upon health and intelligence; in the prevalence of crime. These effects were in part limited by external causes; by labor organizations; by government interference. Advent of great industries accompanied by industrial conflict; shown by division of cap- ital and labor; by the demands of laborers. It is the historical basis of socialism; Socialist Manifesto Of 1848. - To be read May 5, by Jolim, Dewey, Ph. D. V.—WA GES AND PRICES. Industrial and political society in the Middle Ages was based entirely on tenure in land. Influence of this upon labor; upon the character Of industries. Period from 1400 to 1540 called “the golden age of labor;” shown by comparison of wages; of general prices; and by considering the dietary of laborers’ families. Subsequent decline of the condition of the laborer due to debasement of the coinage; to regu- lation of wages by government; to administration of poor laws; to destruction of the guilds. There is an observed relation between rate of Wages and population. Causes of slow in- crease in population before the 19th century; rapid subsequent increase. Under cer- tain conditions Wages may influence population; development of industry the most important factor; there is a moral limit to population; also a plıysical limit. Law of Malthus applies only where free competition is active. The condition of laborers has improved with recent industrial development; but this improvement is not proportionally as rapid as that of other classes. Shown by comparing wages and prices at different epochs for the agriculturist; the trades- man; the factory hand. Effect of machinery on real wages; on the shifting of occu- pations in the 18th and 19th centuries as shown by relative numbers in agriculture, in trade, in manufactures; on the shifting of incomes as shown by percentage of total product given to various classes. Present condition of the laborer; some sug- gestions for a solution of the labor problem. To be read May 12, by D. J. Haff, B. A. BIBLIOGRAPHY. GENERAL REFERENCE Books—Hansard's Debates; Statutes at Large; Annual Register; Journal of the London Statistical Society: Rogers’ History of Prices; Tooke's History of Prices. Anderson. Macpherson. Hall. DOWell. Francis. Williams. Smiles. Smiles. Davidson. De Foville. Herbert. Madox. Clode. Atkins. Williams. Heath. Jupp. Rogers. . Nicholl. Kirkpatrick. BIeld. Lambarde. Laing. Wade. Cherouny. Tuckett. Langford. Dodd, Ure. Gaskell. Alfred. Baines. Babbage. Head. White. Cartwright. Owen. Papers ... COMMERCE. History of British Commerce. Annals Of Commerce. Customs-Revenue of England. History of Taxation in England. History of the English Railway. Our Iron Roads. J.ives of Boulton and Watt. Lives of the Engineers. The Railways of India. La Transformation des Moyens de Transport. GTJILDS. History of the I.ivery Companies. Parliamentary Report of the London Livery Companies’ Commission. History of the Exchequer. g Memorials of the Merchant Tailors' Company. Some Account of the Worshipful Company of Clock-makers. Annals of the Founders’ Company. Some Account of the Worshipful Company of Grocers. History of the Worshipful Company of Carpenters. - Historical Account of the Register of Cupar Abbey. History of the Iron-mongers’ Company. Religious Orders, etc., in Norwich. INDUSTRIAL DEVELOPMENT. Zwei Bücher zur Socialen Geschichte Englands. Perambulation of Kent. 'Observations on Europe. History of the Middle and Working Classes. Historical Development of the Labor Question. History of the Laboring Classes. Century of Birmingham Life. Days at the Factories. Philosophy of Manufactures. The Manufacturing Population of England. History of the Factory Movement. History of the Cotton Manufacture. Economy of Manufactures, . A Home Tour Through-Manufacturing Districts. Memoir of Slater and History of Manufactures. Life and Correspondence of Major Cartwright. Memoir Of M. T. Sadler. Life of Robert Owen. were read in the Seminary by Hannah Sewall, B.A., on Prices in Rela- tion to Family Life; by Clyde Smith, '86, on Influence of the Gold Discoveries; and by Henry Swift on Development of Rent. 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