1831.] 
45 
Further' Observations regarding Value. 
It would appear, then, that Mr. Prinsep uses ** value” precisely as I employ the 
term “ appreciable value” ; and that we both trace its existence to utility, coupled 
with difficulty of attainment : and I am anxious that our accordance in this par- 
ticular should be known, for I believe we ai'e opposed to most of the leading 
writers on the subject, who, when they argue consistently, support the contraiy opi- 
nion; namely, that labour, or difficulty of attainment alone, is the sole source of value. 
We are opposed to most writers in another important particular, to which I am 
glad to have it in my power to call attention ; namely, that however they are 
necessitated occasionally to admit the positive nature of the value inhering in 
wealth, their principal arguments do really hinge on the denial, (neglect, would, 
perhaps, be a better term,) of the existence of any but value of relative character. 
All that is peculiar to Mr. Ricardo’s system has been shewn to rest on this latter 
assumption, coupled, as it most unaccountably is, with the admission, that positive 
value has existence. 
On this latter subject I have some further observations to offer ; mean time, I 
would bring to notice some considerations, which go to prove the necessity for 
distinguishing between the indefinite value of ordinary discourse, and the apprecia- 
ble value appertaining to wealth, if we would fully comprehend all the bearings of 
value upon wealth. Thus, when we come strictly to consider the nature of the 
value inhering in the primary description of wealth, it will be evident, as some 
considerable portion of that value originates solely in the utility of the products, 
and not in the difficulty of obtaining them ; so a corresponding portion of the 
value, enjoyed by that description of wealth, must be of the general and inde- 
finite character. Suppose, for instance, the case given at page 274, where food, 
being obtainable without any agricultural labour whatever, is still found to 
become possessed of value of the appreciable kind. Quoad , the landowners who, 
in that case, obtain the food for nothing, it is clear that it could not possess 
appreciable value ; for, in as far as they are concerned, it is circumstanced 
precisely like air, or water : to their apprehensions, therefore, it could not directly 
be susceptible of appreciable valuation. But quoad all productive classes, other- 
wise existing in the community, it would directly possess appreciable value ; 
because, before they could obtain it in exchange for their wrought wares, specific 
amounts of their labour must, in the case supposed, be set in the balance, against 
specific quantities of food. Here, however, although to the landowners appre- 
hension — the food would not be possessed, in a direct manner, of appreciable 
value, both labour and utility being essential to the creation of such value, still 
indirectly the food would become possessed of this kind of value, even in their 
opinions : for as the option given them is, to bestow food upon the manufac- 
turers as an exchange for wrought wares ; to go without wrought products 
altogether ; or personally to labour in the production of manufactures ; the 
food at their disposal, as being convertible at will, into wrought products, through 
the means of barter, which wrought products are only otherwise obtainable 
through the instrumentality of labour, becomes, in a reflex manner, possessed 
of appreciable value even in the estimation of the landowners. Now, although 
we nowhere, in practice, find food obtainable without any labour whatever, we 
always find that in societies, where production has made any progress, a suffici- 
ency for the support of the requisite labour is obtainable in return for much less 
labour than the operative agriculturalist actually bestows ; they invariably raise 
more than feeds themselves, otherwise, as I have already shewn, there could be 
no rents, nor profits in agriculture, nor profits, or wages even, in any other 
branch of production. 
