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The bulk of the exchangeable wealth of the United States consists of "productive" or "investment" property. If, to the total of 110 billions given by the Census as the value of real property, are added the real property values of the public utilities, the total will probably exceed three quarters of the total wealth of the United States.
Values created by net product are classed as savings and capitalized in the most highly exchangeable form, the form which is freest and least susceptible of depreciation, in a word, the form of specie, the only constituted value.
The consequence is, that private property is unsaleable in Canada, and not a shilling can be raised on the credit of the province. We are actually reduced to the disagreeable necessity of paying all public officers, from the Governor-General downwards, in debentures, which are not exchangeable at par.
The exchangeable value of food will, therefore, be in excess above the cost of production, including in this cost the full profits of the stock employed upon the land, according to the actual rate of profits, at the time being. And this excess is rent. Nor is it possible that these rents should permanently remain as parts of the profits of stock, or of the wages of labour.
"On the representations of Washington, Congress acceded to this proposition so far as related to the exchange of officer for officer and soldier for soldier, but rejected the part which admitted an equivalent in privates for a surplus of officers, because the officers captured with Burgoyne were exchangeable within the powers of Howe.
When we compare the formula of water with that of hydrochloric acid, we find that there is twice as much hydrogen combined with one atom of oxygen as there is combined with one atom of chlorine; and in a great many other instances, we find that we can replace two atoms of chlorine by one atom of oxygen, so that we get an idea of the exchangeable value of these elements, and we say that one atom of oxygen is worth two of chlorine, or is bivalent; similarly, nitrogen is said to be trivalent.
This idea of value satisfies, as we shall see, all the conditions: for it includes at once both the positive and fixed element in useful value and the variable element in exchangeable value; in the second place, it puts an end to the contradiction which seemed an insurmountable obstacle in the way of the determination of value; further, we shall show that value thus understood differs entirely from a simple juxtaposition of the two ideas of useful and exchangeable value, and that it is endowed with new properties.
It follows then, that the price of raw produce, in reference to the whole quantity raised, is sold at the natural or necessary price, that is, at the price necessary to obtain the actual amount of produce, although by far the largest part is sold at a price very much above that which is necessary to its production, owing to this part being produced at less expense, while its exchangeable value remains undiminished.
Now, what change does the idea of value undergo when we rise from the contradictory notions of useful value and exchangeable value to that of constituted value or absolute value?
The whole price or exchangeable value of that annual produce must resolve itself into the same three parts, and be parcelled out among the different inhabitants of the country, either as the wages of their labour, the profits of their stock, or the rent of their land.
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