OF VALUE.

1923

measure. Let us try to discover how far it
would assist us here.

Suppose cloth in the year 1600 was worth
125. a yard, and in 1800 only 6s. Here we
have a fluctuation in the value of cloth, in re-
lation to the standard commodity ; in 1800 it
was worth only half as much silver as it was in
1600. This, however, is not, let it be ob-
served, a fluctuation ascertained by the cir-
cumstance of silver being produced by an in-
variable quantity of labour. Had silver varied
in the circumstances of its production, our in-
formation as to the relation between cloth and
silver would have been equally attainable, and
equally complete. What then could be ascer-
tained, in this case, from the metal being in-
variable in the quantity of its producing la-
bour? What inference would this circum-
stance enable us to draw? No inference, ob-
viously, as to the value of cloth and silver;
for, on this point, the prices of the former tell
us all that it is possible to know. The in-
ference we should draw would be, that the