NOTES AND ILLUSTRATIONS. 245

be applied, cannot be considered as an accurate and standard
 measure of real value in exchange.” — Principles of
Pol. Econ., by Rev. T. R. Malthus, page 125.
It is to be remarked, that in the preceding passage, Mr.
Malthus rejects labour as an accurate measure of value,
because it is not invariable. In his pamphlet on this subject
 he has altered his views, and maintains labour to be
an accurate measure, because it Zs invariable. In both
cases he proceeds equally on the doctrine, that invariableness
 of value is necessary in a measure of value.
s¢ A standard, by a reference to which we may ascertain
 the fluctuations in the exchangeable power of other
things, must itself possess an exchangeable value fixed and
unalterable.
<¢ Nothing can be an accurate measure of value, except
that which itself possesses an invariable value.” — An Essay
 on the Production of Wealth, by R. Torrens, Esq., pages
56 and 59.

¢¢ There is no point so difficult to ascertain as a variation
 of value, because we have no fixed standard measure
of value; neither nature nor art furnish us with a commodity,
 whose value is incapable of change; and such alone
would afford us an accurate standard of value.” — Conversations
 on Pol. Econ., by Mrs. Marcet, page 330.
¢¢ Money, that is, the precious metals in coin, serves practically
 as a measure of value, as is evident from what has
immediately been said. A certain quantity of the precious