OF VALUE.

193

cost of all other things remained unaltered,
while that of producing gold had been reduced
one half. In the very term, exchangeable
value, a relative and not an absolute quantity is
implied. If gold should have a greater or a
less power of purchasing all other things, then
all other things would have a greater or less
power of purchasing gold. It is impossible to
increase the exchangeable value of one set of
commodities, withont at the same time diminishing
 the exchangeable power of the other set
of commodities with which the first is compared
 *.»

The following propositions may be stated as
the results of the investigation in which we
have been employed. Simple as they appear,
we have seen that it is possible to overlook
them.

1. Inasmuch as the term value denotes a
relation between two objects, a commodity cannot
 be said to possess value, or to alter in value,

* An Essay on the Production of Wealth, by R. Torrens,
Beg