Omne ignotum pro magnifico

Everything unknown is taken for magnificent. - is how it translates from Latin. In this context, I just read about it in The Red Headed League, Chapter II, The Adventures of Sherlock Holmes. But what is interesting besides the quote is that in the paragraph following, one Mr. Jabez Wilson, who is a pawn broker, - the date is 1890.


The fascinating part, he is explaining how he runs a pawn shop, as the proprietor, he states, “I have a small pawnbroker's business at Coburg Square, near the City. It‟s not a very large affair, and of late years it has not done more than just give me a living. I used to be able to keep two assistants, but now I only keep one; and I would have a job to pay him but that he is willing to come for half wages so as to learn the business.”


And Sherlock Holmes says to him ..."You seem most fortunate in having an employé who comes under the full market price. It is not a common experience among employers in this age. I don't know that your assistant is not as remarkable as your advertisement.”  [emphasis mine]


Now I wonder at this juncture, how common that the reduction of wages are. I know of cases where the employers have cut payroll, and salaries so that they keep everyone employed.  As an employer that's going to be a tremendously tough call to make.  If you lay off personnel, the morale starts to plummet.  If you don't lay off you risk going out of business.  A temporary solution: reduce salaries, to the point where you are still maintaining a profit, spread across the board. Is that a 10% wage cut, 20% wage cut?  What percentage? If you are hemorrhaging cash, you have to staunch the flow somehow.  


While wage cuts aren't a very popular option, they certainly fare better than being cut and having no wage whatsoever. As an employee you may not have input, on the other hand you may.


Let's theorize here:  You work at a medium size business, there are 50 employees.  You are one of those employees. The boss says, "I have to cut 10 people, or we can reduce everyone's pay 10%". 


Well this isn't a socialist society, so if your employer made you choose, what would you do?  Would you risk being one of the ten? Do you provide value to the business? Or would you rather not have to be made to make that choice? Such that, Everything unknown is taken for magnificent.  


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