OF VALUE.

135

dities will enable the possessor of them to command
 *.”

Now to suppose that we can have any one
object by which this information can be obtained,
 would imply a gross misconception of
the nature of value. I have already repeatedly
stated, that to know the value of an article at
any period, is merely to know its relation in
exchange to some other commodity. From
this fact, which must be ascertained like other
facts, no inference whatever can be drawn as to
the value of any thing beyond the two commodities
 in question. From the relation of corn
and money nothing can be inferred as to the
relation of corn and labour, or of money and
labour. If, proceeding a step farther, we learn
from the proper records the relation also of labour
 and money, then we can deduce the relation
 of labour and corn; but we should not be
able to make any inference to any other object.
The only practicable inference on the subject

Principles of Pol, Econ., p. 59.