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Show 120 ON THE NATURE AND [CH. II .. tity of labour \vhich connnodities have cost, or the quantities of labour V\Thich they 'vi~l comn1and. But it •vvas shewn in the last t\VO secttons, that the quantity of labour, \vhich con1n1odities have cost, never approaches to a correct n1easure of exchangeable value, even at the san1e titne and place. Consequently, our attention is naturally directed to the labour which con1n1odities \vill con1n1and. Thirdly, the accun1ulation of capital, and its efficiency in the increase of wealth and population, depends aln1ost entirely upon its po\ver of setting labour to work; or, in other \Vords, upon its po,ver of commanding labour. No plenty of co1nn1odities can occasion a real and penn anent increase of capital if they are of such a nature, or have fallen so much in value that they \vill not cotnn1and more labour than they have cost. When this happens fron1 pern1anent causes, a final stop is put to accumulation; 'vhen it happens for a tin1e only, a temporary stop to accun1ulation takes place, and population is in both cases affected accordingly. As it appears then that the great stin1ulus to production depends mainly upon the power of con1n1odities to command labour, and especially to com1nand a greater quantity of labour than they have cost, we are naturally ~eel to consider this po\ver of connnanding labour as of the utmost importance in an estimate of the exchangeable value of cotnnlodities. These are some of the general considerations which, in a search for a tncasure of value, would direct our first attention to the labour \:Vhich .con1- modities will commanrl; and a n1ore particular con- SEC. VI.] MEASURES OF VALUE. 121 . sideration of the qualities of this measure will convince us that no one other object is eql,lal1y adapted to the purpose. It is universally allo\:ved that, in the same place, and within n1oderately short periods of time, the precious n1etals are an unexceptionable measure of value; but whatever is true of the precious metals with respect to nominal. prices, is true of labour applied .in the \vay proposed. · It is obvious, for instance, that, in the satne place and at the same titne, the different quantities of day-labour which different commodities can command, \Vill be exactly in proportion to their reJative values in exchange; and, if any two of then1 will purchase the satne quantity of labour of the sa1ne description, they \Vill invariably exchange for each other. The me•chant n1ight safely regulate his dealings, and estimate his cotnmercial profits by the excess of the quantity of labour \vh·ich his ~mports would comn1and, compared with his exports. V\1hether the value of a comtnodity had arisen fron1 a strict or partial monopoly; whether it \Vas occasioned principally by the scarcity of the ra\tv material, the peculiar sort of labour required in its construction, or unusually high profits; whether its value had been increased by an increased cost of production; or diminished by the application of machinery; whether its value at the moment depended chiefly upon permanent, or upon temporary causes ;--in all cases, and under all circumstances, the quantity of labour which it will cotnn1and, or, what comes |
