INTRODUCTORY.

But there is a far more complete remedy than piece-work for the disadvantages of hired labor, viz., what is now called industrial partnership—the admission of the whole body of laborers to a participation in the profits, by distributing among all who share in the work, in the form of a percentage on their earnings, the whole or a fixed portion of the gains after a certain remuneration has been allowed to the capitalist. This plan has been found of admirable efficacy, both in this country and abroad. It has enlisted the sentiments of the workmen employed on the side of the most careful regard by all of them to the general interest of the concern; and by its joint effect in promoting zealous exertion and checking waste, it has very materially increased the remuneration of every description of labor in the concerns in which it has been adopted. It is evident that this system admits of indefinite extension and of an indefinite increase in the share of profits assigned to the laborers, short of that which would leave to the managers less than the needful degree of personal interest in the success of the concern. It is even likely that when such arrangements become common, many of these concerns would at some period or another, on the death or retirement of the chief's pass, by arrangement, into the state of purely co-operative associations.