246 NOTES AND ILLUSTRATIONS.

metal is taken as a known value, and the value of other
things is measured by that value ; one commodity is twice,
another thrice the value of such a portion of the metal, and
80 on.
¢¢ Tt is evident, however, that this can rémain an aceurate
 measure of value only if it remains of the same
value itself, If a commodity, which was twice the value
of an ounce of silver, becomes three times its value; we
can only know what change has taken place in the value of
this commodity, if we know that our measure is unchanged.”
 — Elements of Pol. Econ., by James Mill, Esq.
second edit., page 108.
““ A standard is that which stands still, while other
things move, and by this means serves to indicate or mea-~
sure the degree in which they have advanced or receded. ***
And a standard of value must itself stand still, or be stationary
 in value.” — The Templars’ Dialogues on Pol.
Econ., London Magazine, May 1824, page 558.
¢¢ That great desideratum in political economy, an uniform
 measure of value.” — Observations on the Effects pro~
duced by the Expenditure of Government, by Wm. Blake,
Esq.

It will not be thought uninteresting to examine what notions
 on the subject of a measure of value were entertained
 by so clear a thinker as Locke. He considered, that
the value of commodities is determined by ¢ the proportion
of their quantity to the vent ;” that the vent of money being