James makes a plane, lends it to William on 1st of January for a year. William gives him a plank for the loan of it, wears it out, and makes another for James, which he gives him on 31st December. On 1st January he again borrows the new one; and the arrangement is repeated continuously. The position of William, therefore, is that he makes a plane every 31st of December; lends it to James till the next day, and pays James a plank annually for the privilege of lending it to him on that evening.
Substitute in the foregoing "plough" for "plane," and "loaf" or "slice" for "plank," and the story differs in no essential point from Mr. Babcock's. How monstrously unjust the transaction is can be plainly seen. Ruskin next shows how this unjust transaction may be changed into a just one:
If James did not lend the plane to William, he could only get his gain of a plank by working with it himself and wearing it out himself. When he had worn it out at the end of the year, he would, therefore, have to make another for himself. William, working with it instead, gets the advantage instead, which he must, therefore, pay James his plank for; and return to James what James would, if he had not lent his plane, then have had—not a new plane, but the worn-out one. James must make a new one for himself, as he would have had to do if no William had existed; and if William likes to borrow it again for another plank, all is fair. That is to say, clearing the story of its nonsense, that James makes a plane annually and sells it to William for its proper price, which, in kind, is a new plank.
It is this latter transaction, wholly different from the former, that Ruskin pronounces a "sale," having "nothing whatever to do with principal or with interest." And yet, according to Mr. Babcock, "the case he examines [Bastiat's, of course] is one of sale and purchase." We understand now how it is that Mr. Babcock can charge us with evasion. He evidently conceives his method of meeting a point to be straightforward. If it be so, certainly ours is evasive. If, on the other hand, our course has been straightforward, evasion is too mild a term for his. It is better described as fiat misstatement; purely careless, of course, but scarcely less excusable than if wilful. Again we invite our friend to a careful examination (and refutation, if possible) of the arguments advanced.