50 
Further Observations regarding Value. 
[Feb. 
over inferior soils, more toil and trouble has become necessary to grow the food 
of the labourer. Now this is unquestionably stating a case precisely similar to that 
which he has just given, where the real value of all products has been increased by 
increased difficulty of production. Now, however, it has pleased Mr. Ricardo, and 
after him Mr. M’CuIloch, to call this by another name ; such a rise of wages is now 
denominated a diminution of the proportion of the produce of industry belonging 
to capitalists ; and as a diminution of the proportion of the produce of industry 
falling to the share of the capitalists sounds like a very different affair from an 
increase of the expense of production, it is taken for granted that it is so. Here, 
however, this question will naturally suggest itself to the followers of Mr. Ricardo, 
and it deserves particular attention ; for the root lies here of the errors into which 
he has run. Suppose, they may say, that we should allow the real price of products, 
the toil and trouble of obtaining them, would be increased, either when all labour 
has become less productive, or when the wages of labour had risen because of the 
existence of a necessity for resorting to worse lands for raising the food of the po- 
pulation j as, in either case, the rise of real price could not be indicated through 
the means of any commodity whatsoever, whether silver, or gold, or corn, or mus- 
lin, therefore it could not possibly affect consumers j price is only known through 
the means of money or some other commodity, and money is composed of silver or 
gold, which are commodities. Under these circumstances how then could a rise of 
real price be a rise of money price ? and if it cannot be a rise of money price, how 
can it be a rise of price at all ? We may allow the question to remain unanswered 
for the present, for these reasons ; first, because it has still to be proved that such 
a combination of circumstances is possible, as shall tend to the enhancement of 
the difficulty of obtaining all products whatsoever. If, as I have endeavoured to 
show, the value of primary wealth must always make a very near approach indeed, 
to the highest, which men can possibly entertain for it, (an inevitable consequence 
of the mass of the population being always necessitated to offer their utmost labour 
for a sufficiency of food,) then such an event as a general rise of wages, proceeding 
from an enhancement of the real value of food, could never take place ; the destruc- 
hon of a large proportion of the population being a necessary consequence of such 
an enhancement. In the event of a famine then i«,wa , . 
: ... ue ’ cncn indeed we do perceive something 
in practice which corresponds with these theoretical imaginings • and in this case 
there is no need of my telling my readers tint ^ ’ 
v. .v. , ’ that something more distressing, occurs to 
the community’ than a mere reduction of profits to the capitalists ; the whole frame- 
work of society ,s then convulsed, and all productive anticipations are then frus- 
trated But ,t ,s temporary, and passes : its permanent continuance, and the existence 
of society on its former scale, are utterly incompatible. But it mly be iked w£ - 
ther I mean to deny that instances have occurred of food being permane^lv rlted 
in price, and wages raised with them, when our & P ei manentl y raised 
may be confidently appealed to as an example > T ^ ^ th ® present day ’ 
town is a similar example. But is it not the ”, answer > every manufacturing 
dealing with the town, furnish from their vearlv ’ ^ PC ° P J e ° f the ne, ghbourhood, 
townsmen to pay the superior price of food / “ lcomes > the ^eans of enabling the 
neighbourhood, to that emporium of mannf^t, . ° e i, not the whole world act as its 
isted in the world, could rising price a***’ England ? If England alone ex- 
confidently in the negative. But I fi n a j WagCS ’ tlien be given? I answer 
ments with which my readers must be unarm, w * nt | ci P atin S the results of argu- 
this time to carry them along with me. Shonlrf^ 5 1 Cannot ’ ther efore, expect at 
with the investigation, and should the pa „ cs f Circumstances permit my proceeding 
in the prosecution of so comprehensive a 16 Gleanin S s remain open to my use, 
> and so dry a subject, I shall be most happy 
