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178 yet vaster masses of labour, and to appropriate its profits.

140. There is much confusion of idea on the subject of this appropriation. It is, of course, the interest of the employer to disguise it from the persons employed; and, for his own comfort and complacency, he often desires no less to disguise it from himself. And it is matter of much doubt with me, how far the foul and foolish arguments used habitually on this subject are indeed the honest expression of foul and foolish convictions;—or rather (as I am sometimes forced to conclude from the irritation with which they are advanced) are resolutely dishonest, wilful, and malicious sophisms, arranged so as to mask, to the last moment, the real laws of economy, and future duties of men. By taking a simple example, and working it thoroughly out, the subject may be rescued from all but such determined misrepresentation.

141. Let us imagine a society of peasants, living on a river-shore, exposed to destructive inundation at somewhat extended intervals; and that each peasant possesses of this good, but imperilled, ground, more than he needs to