Political Econofny. 121 
subject, we are already led to presume that a nation, when trying 
to withdraw from the great society of nations, and to suffice to her^- 
self, assumes a situation, probably not the most favourable for the 
attainment of either, civilization, or prosperity. 
In order to reason with accuracy, we should distinguish in 
Commodities four descriptions of value. 
The intrinsic^ or philosophic value, which is determined by 
usefulness. In this respect iron and grain are commodities of in- 
finite value. The diamond would be destitute of any, if it did not 
cut glass. 
The Labour-‘value-^vA\ic\\ is derived from the quantum of 
work required, to bring a commodity into existence. Some high- 
ly finished productions of the arts exceed in this species of value 
all others, though their market price is often very low. The ce- 
lebrated Portland-vase, according to the opinion of Wedgevjood^ 
must have consumed the unabated industry of a whole life, and per- 
haps of more lives than one.* 
The -which is the value of a commodity i» 
exchange, for the circulating medium of commerce. This value 
should be always understood, when value is simply mentioned. It 
may be considered as the only firactical value ; and it is solely re- 
gulated by the supply and demand in the market, as well of the 
commodity exchanged, as of the circulating medium, by means of 
which the exchange is effected. 
Commodities finally have a fourth descnption of value, which 
%as not, to my knowledge, been distinctly noticed by any of the 
writers on political economy, and which, yet is of importance. I 
mean their relative value^with regard to those who actually have, 
or seek possession. It depends entirely on their habits^ circuin^ 
stances.) and feelings. Of course it varies ad infinitum. 
The great, and constantly changing difference in the relative 
value of commodities is the cause, and the very simfile cause^ of 
all existing commerce, to account for which, the luminaries of our 
science have singularly ransacked their brains; some, like Adam 
Smith,! seeking for its origin in a peculiar propensity of man- 
kind to truck, and barter ; in a sort of commercial instinct ; 
others, in certain prevailing vices of the mind. 
* Darwin's Botanic Garden. Part I. Canto II. Note XXii, 
f Wealth of Nations. Vol. I. Book I. Chap. 
Q 
