l22 Political Economy^ 
All that lives is stimulated by one universal passion — ^the de? 
sire to experience, to multiply, and to prolong, agreeable sensa- 
tions. Man in particular, constantly seeks to improve his condi- 
tion. This passion accounts for the existence of commerce, as for 
the existence of every other social phenomenon, whether benelicia]U 
or destructive. 
The commercial value of a commodity may be considered as 
Jixed^ at every given place, and period. Every article, if it sell at 
all, has its price. But the differences of relative value are end- 
less. 
If the price of a good v/atch, for instance, be a hundred dollars^ 
and I purchase one for that price, it is obvious that I attach my^ 
self a greater importance to the possession of the watch, and the. 
seller to that of the money ; otherwise the transaction would not 
take place. Oa the other hand, it must take place, as soon as we 
meet, and come to a mutual explanation, since he feels less anxi- 
ous to retain the watch, which I covet, than to become the owner 
of my hundred dollars, which I am willing to part with. 
A man, returning from a long journey, and wishing to enjoy 
repose at home, may no longer have occasion for his horse. His 
neigiibour, perhaps, is just preparing for a journey, and tries to 
find a horse, on which he can depend. If both happen to see 
each other, and discover how they stand mutually affected, the 
one will necessarily part with his horse, the other with his money* 
witiiout eitiier being impelled by any peculiar trading instinct ; 
and both will be the better for having done so. 
The difierence of the relative value of commodities, therefore^ 
or, in other words, the different degrees of consequence, attach- 
ed by various individuals to their possession, is the prompter to ali 
commercial intercourse. The tiling acquired, is always prefer- 
red by the receiver, to the thing parted with in exchange ; and 
IjQth parties to the transaction generally arc gainers. 
It is further obvious, that the amount of their respective gains, 
is in exact proportion to the degree of difference in the relative 
Value of the things exchanged. 
To a manufacturer, the relative value of the commodities he 
brings to market, is simply equal to the expence incurred for pro-- 
curing the raw material, the quantum of labour bestowed on it, 
and the interest of the capital employed. These items make up 
what the articles cost nim ; and as he made them for sale, no par- 
ticular hnportance can be attached, by him, to their possession. If 
their relative value with the consumers is very great, he will, of 
