The political economist, Mr. President, deals with property _in esse_,
and producers employed. I propose for a moment to deal with property _in
posse_ and producers unemployed. The wealth which the political
economist discusses is realized wealth; that to which I now briefly
invite your serious consideration is the wealth that might be, and would
be, brought into existence were the energies of all the people utilized.
For, while it has attracted but little attention from writers on
economic science, it will be found upon examination that the
non-employment of its members is incomparably the greatest loss which an
increase in the value of money and the consequent disorganization of
industry inflicts on society.
The great writers and thinkers on economic subjects discuss with care
the elements that enter into the production and distribution of wealth.
They follow in detail the manufactured article through all its stages,
from the crude material to the finished product; and, when completed,
they conduct it through the intricate channels by which it reaches the
hands of the consumer. The greatest consideration is bestowed upon the
labor employed and the wealth resulting therefrom, but scarcely any
thought is given to the immeasurable mass of potential wealth not
produced, but lying latent in the brains and hands of the millions who
are condemned to involuntary idleness.
While no mere sum in arithmetic can represent the enormous loss suffered
by a nation through this cause, let us see whether we can arrive by
figures at an approximate conception, at least, of the loss of wages
which it entails upon the working masses, and the corresponding loss of
wealth to the country.
The most thorough and painstaking investigation into the conditions of
labor in this country has been that which for many years has been
conducted by the Massachusetts Bureau of Labor. Its work has been
universally admitted to be free from bias, and devoid of all attempt to
establish any special hobby, or to force, by figures, the proof of any
preconceived theory.