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Updated: May 19, 2025
First, what is the real measure of this exchangeable value; or wherein consists the real price of all commodities. Secondly, what are the different parts of which this real price is composed or made up.
Thus, ten coarse blankets made one piece, a musket one piece, a keg of powder weighing ten pounds was one, a piece of East-India blue calico four pieces, ten copper kettles one piece, one piece of chintz two pieces, which made the ten for which the slave was exchangeable: and at length he became commercially known as a "piece of India."
He considers them however, if we may again introduce the metaphor, like the precious metals, as having rather an exchangeable than an intrinsic value, as desirable not simply in their possession, but in their use.
If a ram and a sheep are capital which yields just interest, because their wool and their progeny are increments due to nature, and if a ram and a sheep are exchangeable for some kind of machine, the possession of the one must be placed on a par with the possession of the other.
But for her harum-scarum ways she might, in the opinion of the tenement, be a nice girl and some day a good wife; but these were unbearable. For the tenement is a great working hive in which nothing has value unless exchangeable for gold. Rose's animal spirits, which long hours and low wages had no power to curb, were exchangeable only for wrath in the tenement.
That wealth had been, in his desert home, like Robinson Crusoe's money; exchangeable with no one, lying idle in the dark to rust, until he poured it out for her. And now, after all, the last of the Patriarchs coolly walked into the parlour, saying in effect, 'Be good enough to throw it down and dance upon it. This is Flora.
As exchangeable value in this case, as in every other, is proverbially fluctuating, it does not matter what we suppose it to be when we begin; we shall soon see whether there be any fixed point about which it oscillates which it has a tendency always to approach to, and to remain at.
There is indeed no such fruitful source of confusion and mischief as this two words are tacitly assumed as equivalent, and therefore exchangeable, and then that which may be assumed, and with truth, of one, is assumed also of the other, of which it is not true.
At times there is an excessive pressure to borrow it, and at times an excessive pressure to lend it, and so the price is forced up and down. These considerations enable us to estimate the responsibility which is thrown on the Bank of England by our system, and by every system on the bank or banks who by it keep the reserve of bullion or of legal tender exchangeable for bullion.
But this phenomenon, which is essentially the result of the law of proportionality of values and of the absolute identity of production and consumption, is at variance with the ordinary notion of useful value and exchangeable value.
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