the fortune of the man who, under the present system, takes all the profits of the business, will be diminished; and the acquirement of large private fortune by regular means, and all the conditions of life belonging to such fortune, will be rendered impossible in the mercantile community.
3. Now, the magnitude of the social change hereby involved, and the consequent differences in the moral relations between individuals, have not as yet been thought of,—much less estimated,—by any of your writers on commercial subjects; and it is because I do not yet feel able to grapple with them that I have left untouched, in the books I send you, the question of co-operative labour. When I use the word "co-operation," it is not meant to refer to these new constitutions of firms at all. I use the word in a far wider sense, as opposed, not to masterhood, but to competition, I do not mean, for instance, by co-operation, that all the master bakers in a town are to give a share of their profits to the men who go out with the bread; but that the masters are not to try to undersell each other, nor seek each to get the other's business, but are all
