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Updated: May 19, 2025
Further, as was pointed out in an earlier chapter also, the only goods thus generally exchangeable for effort are those common necessaries of existence for which most men must always work, and which may here be represented by food, the first and the most important of them.
No college opened its doors to Thomson, and he saw with dismay that the life before him was one of discomfort and insignificance, his ideals having no exchangeable value in luxuries or comforts. Meanwhile, Thomson's early associates seemed to get on somehow. The world wanted their cheap achievements, though it did not care for him.
Every one can see that in a single operation, taken at random from a million, there is no means of knowing which prevailed, supply that is, useful value or exchangeable value, that is, demand.
Their cattle, grazing on the bottom of the sea, are the finest in Europe, their agricultural products of more exchangeable value than if nature had made their land to overflow with wine and oil. Their navigators are the boldest, their mercantile marine the most powerful, their merchants the most enterprising in the world.
And this is the lottery, full of traps, which the economists think ought to last forever, and whose suppression the Academy of Moral and Political Sciences unwittingly demands, when, under the names of profit and wages, it asks us to reconcile value in use and value in exchange; that is, to find the method of rendering all useful values equally exchangeable, and, vice versa, all exchangeable values equally useful.
At the existing exchangeable value, the linen which England requires, will exactly pay for the quantity of cloth which, on the same terms of interchange, Germany requires. The demand on each side is precisely sufficient to carry off the supply on the other.
In technical terms, useful value and exchangeable value, necessary to each other, are inversely proportional to each other; I ask, then, why scarcity, instead of utility, is synonymous with dearness. For mark it well the price of merchandise is independent of the amount of labor expended in production; and its greater or less cost does not serve at all to explain the variations in its price.
Their cattle, grazing on the bottom of the sea, are the finest in Europe, their agricultural products of more exchangeable value than if nature had made their land to overflow with wine and oil. Their navigators are the boldest, their mercantile marine the most powerful, their merchants the most enterprising in the world.
To them, it seems to me, it is of prime importance that their labor should be compensated in money which is itself fixed in exchangeable value by being irrevocably measured by the labor necessary to its production. This permanent quality of the money of the people is sought for, and can only be gained by the resumption of specie payments.
They thus cost the government nothing, and, as they are made legal-tender, and paid out by the government, they were just so much clear gain to it. At first they were not redeemable, i.e., exchangeable for coin at the Treasury, but since 1879 they are, and are therefore just as valuable now as any other form of money, though formerly worth much less than their face value.
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