1830.] 
between Wealth and Value. 
303 
Now the cheapening’ we have supposed in the wrought wares essential to man's exis- 
tence, when one-half of his income was expended on these, which reduced the cost of 
production of the quantity he required, from 10 to 5 measures of corn, is precisely the 
circumstance adove adverted to. If 20 measures must be raised to support each 
labourer, one-lmlf forming his own proper consumption of food, and the other half 
forming that of the person supplying his wrought necessaries ; then, if these wrought 
necessaries be reduced one-half in the cost of production, or, which is the same thing, 
if they be obtainable through improvements in manufactures with half the former la- 
bour, it is evident, by this reduction of the amount of food required, both directly, and 
indirectly , for the support of men, that cultivation might, with advantage to them, be 
pushed over lands less, by one fourth infertility, than those formerly the worst in use, 
and that high cultivation might be pushed, in the same proportion, over those more 
fertile tracts already under the plough ? The smaller quantity of food now requisite, 
both directly and indirectly, to maintain labourers, would ultimately, however, be 
found to be of as great positive value, when actually obtained, as the larger quantity 
formerly had been ; it would still be the result of the greatest exertion the labourers 
could make, and would be held, in consequence, in similar esteem. The positive 
value of specific quantities of food would have risen exactly in proportion to what 
had been lost in the positive value of the cheapened wrought products. 
In the above case, what suffices, both directly and indirectly, to support human 
beings, has become a smaller quantity, but it cannot have become of smaller positive 
value. There will have been a greater quantity of products obtained ; there will 
have been a greater population supported ; and there will have been a greater posi- 
tive value attached to every portion of that produce which was formerly essential 
to a man’s consumption ; arid there will have been a greater quantity of products 
realized to be held in estimation by a greater number of people. 
But it tnay be said, that 1 have been subverting my own theory of the immu- 
table nature of the value of food, by admitting, that on the occurrence ol a 
cheapening in wrought wares, the food of a man will rise in general esteem. 
If, at first, it were necessary for each man’s existence, that he raised agricultural 
produce sufficient for himself and for another besides, who prepared his wrought 
wares ; and if, by improved processes in manufactures, it should become es- 
sential to his existence, that he should raise food sufficient, not for two men, 
but for one and a half, then it is evident that the positive value men would 
place upon the smaller agricultural produce, now necessary for the supply of 
their food and wrought wares conjointly, would be as great as the positive value 
they formerly placed on the larger quantity; while it is also evident that the 
value of the quantity of agricultural produce, both directly and indirectly, neces- 
sary for keeping a man in existence, if determined by reference to a specific quan- 
cause the greater quantity of seed expended, may be such as to interfere with the full 
developement and ripeulvg- of all the various germs employed. 
The smaller quantity of seed is not, however, that, by the employment of winch, 
men are most benefitted, although the proportion return bears [J® 
highest obtainable ; they must look not to the greatness of the proport. on v\ Inch the 
return bears to the outlay, but to the greatness of the net agg' regu e i *»d , > 
the greatest aggregate ret urn is, in most cases, found to be ^obtainable, when other 
than the highest proportion holds between these too. 1 bus, from 10 measuies o ced 
on the acre! 200 Leisures of net increase may he realized ; from 20 measures, 24 M>f 
net return • and from 50 measures 260 : again, from 60 measures ot seed no more might 
possibly he obtained than 260 ; and from 100 measures, 200 of net "IfgiSitert 
obtained. The matter to be determined in practice, i» ^ vvhieb mav 
net aggregate return is obtainable ; and the question o '. P I , ’ curiosil/ 
happen at this time to hold, between outlay and return, s out „ mere c wi j . 
Whit has here been said of seed in agriculture, holds good a so > i n 1 prod .c on 
Ja r vl, a , soever : oflabour in a g l cu Uare.(aM,, 
Poll S?conout sts conceive it to be the rate of gain realized, whether it be ... pro. 
fits ItrM or in other words, when the, assume, that tint the proportion 
penditure, they ran into W wUil; j, In,,, pen to subsist 
Which producers look, and not lo tto nc,ae is at its hitflict. This most 
between outlay and , re . tur “> “? ^relofore been overlooked ; or it applied 
important, and most obvtous princ, pie, has hereto I Pe rrn„et Tlto.npsun, (an- 
at all, it has been so incidentally. Jir. luuunus a reference toreutalone; 
thor of the Catechism of the Corn Laws,) domdeed use in ul ‘ 
•ts influence on profits, and on the net returns proceeding from labour, uus not ueea 
adverted to by any writer with whose works I am » aun 1U 
