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Updated: May 19, 2025
So, given man's needs of a great variety of products together with the obligation of procuring them by his labor, the opposition of useful value to exchangeable value necessarily results; and from this opposition a contradiction on the very threshold of political economy. No intelligence, no will, divine or human, can prevent it.
Moreover, there were difficulties connected with trade. The framers of the treaties had found it necessary to deal with the currency question, and their manner of dealing with it was to stipulate that foreign coins should be exchangeable with Japanese, weight for weight.
Dr Smith evidently felt this; and wherever, in consequence, he does not shift the question from the exchangeable value of corn to its physical properties, he speaks with an unusual want of precision, and qualifies his positions by the expressions much, and in any considerable degree.
It results from the relation of useful value to exchangeable value that if, by accident or from malice, exchange should be forbidden to a single producer, or if the utility of his product should suddenly cease, though his storehouses were full, he would possess nothing. The more sacrifices he had made and the more courage he had displayed in producing, the greater would be his misery.
I have never lost my taste for alchemy since I first got hold of the Palladium Spagyricum of Peter John Faber, and sought in vain, it is true through its pages for a clear, intelligible, and practical statement of how I could turn my lead sinkers and the weights of tall kitchen clock into good yellow gold, specific gravity 19.2, and exchangeable for whatever I then wanted, and for many more things than I was then aware of.
To what reward does a poem like the "Iliad" entitle its author? The first business of political economy, after fixing its definitions, was the solution of this problem; now, not only has it not been solved, but it has been declared insoluble. According to the economists, the relative or exchangeable value of things cannot be absolutely determined; it necessarily varies.
Suppose for a moment that the administration be charged with affixing the marks; its agents will have to interpose continually in the work of manufacture, as it interposes in the liquor business and the manufacture of beer; further, these agents, whose functions seem already so intrusive and annoying, deal only with taxable quantities, not with exchangeable qualities.
Without such an obligation the notes of the bank, though not exchangeable for specie, yet resting on good pledges and performing the uses of specie in the payment of taxes and in other public transactions, would, as experience has ascertained, qualify the bank to supply at once a circulating medium and pecuniary aids to the Government.
The capital, whether of an individual or of a nation, consists, we apprehend, of all matters possessing exchangeable value, which the individual or the nation has in his or in its possession for the purpose of reproduction, and not for the purpose of the owner's unproductive enjoyment.
For days and days in the Forum there was an incessant shower of tickets that were exchangeable, not for bread or trivial sums, but for gems, pictures, slaves, fortunes, ships, villas and estates. The creator of that shower was bound to be adored. It was that, no doubt, which awoke him.
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