In the end both these things work out to the same end; the
creditor gets so many loaves or pairs of boots or workman's hours of
labour for his pound _less_ than he would have got under the previous
conditions. One may imagine this process of price (and of course wages)
increase going on to a limitless extent. Many people are inclined to
look to such an increase in prices as a certain outcome of the war, and
just so far as it goes, just so far will the burthen of the _rentier_
class, their call, tat is, for goods and services, be lightened. This
expectation is very generally entertained, and I can see little reason
against it. The intensely stupid or dishonest "labour" press, however,
which in the interests of the common enemy misrepresents socialism and
seeks to misguide labour in Great Britain, ignores these considerations,
and positively holds out this prospect of rising prices as an alarming
one to the more credulous and ignorant of its readers.
But now comes the second way of meeting the after-the-war obligations.
This second way is by increasing the wealth of the state and by
increasing the national production to such an extent that the payment of
the _rentier_ class will not be an overwhelming burthen. Rising prices
bilk the creditor. Increased production will check the rise in prices
and get him a real payment.
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