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requisite。　It　was　indeed　in　appearance　only；　for　their　creditors

were　really　defrauded　of　a　part　of　what　was　due　to　them。　All

other　debtors　in　the　state　were　allowed　the　same　privilege；　and

might　pay　with　the　same　nominal　sum　of　the　new　and　debased　coin

whatever　they　had　borrowed　in　the　old。　Such　operations；

therefore；　have　always　proved　favourable　to　the　debtor；　and

ruinous　to　the　creditor；　and　have　sometimes　produced　a　greater

and　more　universal　revolution　in　the　fortunes　of　private　persons；

than　could　have　been　occasioned　by　a　very　great　public　calamity。

　　　　　It　is　in　this　manner　that　money　has　become　in　all　civilised

nations　the　universal　instrument　of　commerce；　by　the　intervention

of　which　goods　of　all　kinds　are　bought　and　sold；　or　exchanged　for

one　another。

　　　　　What　are　the　rules　which　men　naturally　observe　in　exchanging

them　either　for　money　or　for　one　another；　I　shall　now　proceed　to

examine。　These　rules　determine　what　may　be　called　the　relative　or

exchangeable　value　of　goods。

　　　　　The　word　value；　it　is　to　be　observed；　has　two　different

meanings；　and　sometimes　expresses　the　utility　of　some　particular

object；　and　sometimes　the　power　of　purchasing　other　goods　which

the　possession　of　that　object　conveys。　The　one　may　be　called

〃value　in　use〃；　the　other；　〃value　in　exchange。〃　The　things　which

have　the　greatest　value　in　use　have　frequently　little　or　no　value

in　exchange；　and；　on　the　contrary；　those　which　have　the　greatest

value　in　exchange　have　frequently　little　or　no　value　in　use。

Nothing　is　more　useful　than　water：　but　it　will　purchase　scarce

anything；　scarce　anything　can　be　had　in　exchange　for　it。　A

diamond；　on　the　contrary；　has　scarce　any　value　in　use；　but　a　very

great　quantity　of　other　goods　may　frequently　be　had　in　exchange

for　it。

　　　　　In　order　to　investigate　the　principles　which　regulate　the

exchangeable　value　of　commodities；　I　shall　endeavour　to　show：

　　　　　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。

　　　　　And；　lastly；　what　are　the　different　circumstances　which

sometimes　raise　some　or　all　of　these　different　parts　of　price

above；　and　sometimes　sink　them　below　their　natural　or　ordinary

rate；　or；　what　are　the　causes　which　sometimes　hinder　the　market

price；　that　is；　the　actual　price　of　commodities；　from　coinciding

exactly　with　what　may　be　called　their　natural　price。

　　　　　I　shall　endeavour　to　explain；　as　fully　and　distinctly　as　I

can；　those　three　subjects　in　the　three　following　chapters；　for

which　I　must　very　earnestly　entreat　both　the　patience　and

attention　of　the　reader：　his　patience　in　order　to　examine　a

detail　which　may　perhaps　in　some　places　appear　unnecessarily

tedious；　and　his　attention　in　order　to　understand　what　may；

perhaps；　after　the　fullest　explication　which　I　am　capable　of

giving　of　it；　appear　still　in　some　degree　obscure。　I　am　always

willing　to　run　some　hazard　of　being　tedious　in　order　to　be　sure

that　I　am　perspicuous；　and　after　taking　the　utmost　pains　that　I

can　to　be　perspicuous；　some　obscurity　may　still　appear　to　remain

upon　a　subject　in　its　own　nature　extremely　abstracted。　　



　　　　　　　　　　　　　　　　　　　　　　　　　　　　CHAPTER　V



Of　the　Real　and　Nominal　Price　of　Commodities；　or　their　Price　in

Labour；　and　their　Price　in　Money　



　　　　　EVERY　man　is　rich　or　poor　according　to　the　degree　in　which

he　can　afford　to　enjoy　the　necessaries；　conveniences；　and

amusements　of　human　life。　But　after　the　division　of　labour　has

once　thoroughly　taken　place；　it　is　but　a　very　small　part　of　these

with　which　a　man's　own　labour　can　supply　him。　The　far　greater

part　of　them　he　must　derive　from　the　labour　of　other　people；　and

he　must　be　rich　or　poor　according　to　the　quantity　of　that　labour

which　he　can　command；　or　which　he　can　afford　to　purchase。　The

value　of　any　commodity；　therefore；　to　the　person　who　possesses

it；　and　who　means　not　to　use　or　consume　it　himself；　but　to

exchange　it　for　other　commodities；　is　equal　to　the　quantity　of

labour　which　it　enables　him　to　purchase　or　command。　Labour；

therefore；　is　the　real　measure　of　the　exchangeable　value　of　all

commodities。

　　　　　The　real　price　of　everything；　what　everything　really　costs

to　the　man　who　wants　to　acquire　it；　is　the　toil　and　trouble　of

acquiring　it。　What　everything　is　really　worth　to　the　man　who　has

acquired　it；　and　who　wants　to　dispose　of　it　or　exchange　it　for

something　else；　is　the　toil　and　trouble　which　it　can　save　to

himself；　and　which　it　can　impose　upon　other　people。　What　is

bought　with　money　or　with　goods　is　purchased　by　labour　as　much　as

what　we　acquire　by　the　toil　of　our　own　body。　That　money　or　those

goods　indeed　save　us　this　toil。　They　contain　the　value　of　a

certain　quantity　of　labour　which　we　exchange　for　what　is　supposed

at　the　time　to　contain　the　value　of　an　equal　quantity。　Labour　was

the　first　price；　the　original　purchase…money　that　was　paid　for

all　things。　It　was　not　by　gold　or　by　silver；　but　by　labour；　that

all　the　wealth　of　the　world　was　originally　purchased；　and　its

value；　to　those　who　possess　it；　and　who　want　to　exchange　it　for

some　new　productions；　is　precisely　equal　to　the　quantity　of

labour　which　it　can　enable　them　to　purchase　or　command。

　　　　　Wealth；　as　Mr。　Hobbes　says；　is　power。　But　the　person　who

either　acquires；　or　succeeds　to　a　great　fortune；　does　not

necessarily　acquire　or　succeed　to　any　political　power；　either

civil　or　military。　His　fortune　may；　perhaps；　afford　him　the　means

of　acquiring　both；　but　the　mere　possession　of　that　fortune　does

not　necessarily　convey　to　him　either。　The　power　which　that

possession　immediately　and　directly　conveys　to　him；　is　the　power

of　purchasing；　a　certain　command　over　all　the　labour；　or　over　all

the　produce　of　labour；　which　is　then　in　the　market。　His　fortune

is　greater　or　less；　precisely　in　proportion　to　the　extent　of　this

power；　or　to　the　quantity　either　of　other　men's　labour；　or；　what

is　the　same　thing；　of　the　produce　of　other　men's　labour；　which　it

enables　him　to　purchase　or　command。　The　exchangeable　value　of

everything　must　always　be　precisely　equal　to　the　extent　of　this

power　which　it　conveys　to　its　owner。

　　　　　But　though　labour　be　the　real　measure　of　the　exchangeable

value　of　all　commodities；　it　is　not　that　by　which　their　value　is

commonly　estimated。　It　is　of　difficult　to　ascertain　the

proportion　between　two　different　quantities　of　labour。　The　time

spent　in　two　different　sorts　of　work　will　not　always　alone

determine　this　proportion。　The　different　degrees　of　hardship

endured；　and　of　ingenuity　exercised；　must　likewise　be　taken　into

account。　There　may　be　more　labour　in　an　hour's　hard　work　than　in

two　hours'　easy　business；　or　in　an　hour's　application　to　a　trade

which　it　cost　ten　years'　labour　to　learn；　than　in　a　month's

industry　at　an　ordinary　and　obvious　employment。　But　it　is　not

easy　to　find　any　accurate　measure　either　of　hardship　or

ingenuity。　In　exchanging；　indeed；　the　different　productions　of

different　sorts　of　labour　for　one　another；　some　allowance　is

commonly　made　for　both。　It　is　adjusted；　however；　not　by　any

accurate　measure；　but　by　the　higgling　and　bargaining　of　the

market；　according　to　that　sort　of　rough　equality　which；　though

not　exact；　is　sufficient　for　carrying　on　the　business　of　common

life。

　　　　　Every　commodity；　besides；　is　more　frequently　exchanged　for；

and　thereby　compared　with；　other　commodities　than　with　labour。　It

is　more　natural；　therefore；　to　estimate　its　exchangeable　value　by

the　quantity　of　some　other　commodity　than　by　that　of　the　labour

which　it　can　purchase。　The　greater　part　of　people；　too；

understand　better　what　is　meant　by　a　quantity　of　a　particular

commodity　than　by　a　quantity　of　labour。　The　one　is　a　plain

palpable　object；　the　other　an　abstract　notion；　which；　though　it

can　be　made　sufficiently　intelligible；　is　not　altogether　so

natural　and　obvious。

　　　　　But　when　barter　ceases；　and　money　has　become　the　common

instrument　of　commerce；　every　particular　commodity　is　more

frequently　exchanged　for　money　than　for　any　other　commodity。　The

butcher　seldom　carries　his　beef　or　his　mutton　to　the　baker；　or

the　brewer；　in　order　to　exchange　them　for　bread　or　for　beer；　but

he　carries　them　to　the　market；　where　he　exchanges　them　for　money；

and　afterwards　exchanges　that　money　for　bread　and　for　beer。　The

quantity　of　money　which　he　gets　for　them　regulates；　too；　the

quantity　of　bread　and　beer　which　he　can　afterwards　purchase。　It

is　more　natural　and　obvious　to　him；　therefore；　to　estimate　their

value　by　the　quantity　of　money；　the　commodity　for　which　he

immediately　exchanges　them；　than　by　that　of　bread　and　beer；　the

commodities　for　which　he　can　exchange　them　only　by　the

intervention　of　another　commodity；　and　rather　to　say　that　his

butcher's　meat　is　worth　threepence　or　fourpence　a　pound；　than

that　it　is　worth　three　or　four　pounds　of　bread；　or　three　or　four

quarts　of　small　beer。　Hence　it　comes　to　pass　that　the

exchangeable　value　of　every　commodity　is　more　frequently

estimated　by　the　quantity　of　money；　than　by　the　quantity　either

of　labour　or　of　any　other　commodity　which　can　be　had　in　exchange

for　it。

　　　　　Gold　and　silver；　however；　like　every　other　commodity；　vary

in　their　value；　are　sometimes　cheaper　and　sometimes　dearer；

sometimes　of　easier　and　sometimes　of　more　difficult　purchase。　The

quantity　of　labour　which　any　particular　quantity　of　them　can

purchase　or　command；　or　the　quantity　of　other　goods　which　it　will

exchange　for；　depends　always　upon　the　fertility　or　barrenness　of

the　mines　which　happen　to　be　known　about　the　time　when　such

exchanges　are　made。　The　discovery　of　the　abundant　mines　of

America　reduced；　in　the　sixteenth　century；　the　value　of　gold　and

silver　in　Europe　to　about　a　third　of　what　it　had　been　before。　As

it　costs　less　labour　to　bring　those　metals　from　the　mine　to　the

market；　so　when　t