OF VALUE.

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of the former for two of the latter. So long
as we regarded objects singly, we might feel
a great degree of admiration or fondness for
them, but we could not express our emotions in
any definite manner. When, however, we regard
two objects as subjects of choice or exchange,
we appear to acquire the power of expressing
our feelings with precision, we say, for instance,
that one 4 is, in our estimation, equal to two
B. But this is not the expression of positive,
but of relative esteem; or, more correctly, of
the relation in which a and B stand to each
other in our estimation. This relation can be
denoted only by quantity. The value of a is
expressed by the quantity of B for which it will
exchange, and the value of B is in the same
way expressed by the quantity of a. Hence the
value of A may be termed the power which it
possesses or confers of purchasing B, or commanding
 B in exchange. If, from any consideration,
 or any number of considerations, men
esteem one A as highly as two », and are willing
 to exchange the two commodities in that