Page:On the economy of machinery and manufactures - Babbage - 1846.djvu/253

Rh no longer exist. When calico was woven in the cottages of the workmen, there existed a class of persons who travelled about and purchased the pieces so made, in large numbers, for the purpose of selling them to the exporting merchant. But these middle-men were obliged to examine every piece, in order to know that it was perfect, and of full measure. The greater number of the workmen, it is true, might be depended upon, but the fraud of a few would render this examination indispensable: for any single cottager, though detected by one purchaser, might still hope that the fact would not become known to all the rest.

The value of character, though great in all circumstances of life, can never be so fully experienced by persons possessed of small capital, as by those employing much larger sums: whilst these larger sums of money for which the merchant deals, render his character for punctuality more studied and known by others. Thus it happens that high character supplies the place of an additional portion of capital; and the merchant, in dealing with the great manufacturer, is saved from the expense of verification, by knowing that the loss, or even the impeachment, of the manufacturer's character, would be attended with greater injury to himself than any profit upon a single transaction could compensate.

(272.) The amount of well-grounded confidence, which exists in the character of its merchants and manufacturers, is one of the many advantages that an old manufacturing country always possesses over its rivals. To such an extent is this confidence in character carried in England, that, at one of our