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money with which they are to pay for suffering into which they have been the linglish produce. You perceive; brought by their own fault, like diseased Sir, that to acquire foreign produce, a persons who bewail their maladies, and nation must, like an individual, have re- at the same time obstinately refuse to course to its own productions. 1 abandon the excesses which have caused

. It is said that the English sell at a them. loss in those places which they inun

I know that it is not so easy to up: date with their merchandize. This I root an oak as to pull up a weed'; I believe to be true : they multiply the know that it is not easy to overturn old goods offered, which depreciates them; fences however rotten, when they are and they demand in return, as far as it is supported by the heaps of filth which practicable, money only, which there have accumulated beneath their shelter; fore becomes more rare and valuable. I know that certain governments, corBeing thus enhanced in value, money rupted and corrupting, stand in need of is given in smaller quantities in every monopolies, and of the money arising exchange : thus are people obliged to from the customs, to pay for the votes of sell at a loss. But suppose for an in- the honourable majorities which prestant that the Italians possessed more tend to represent nations : I am not so capital, that they employed their lands unjust as to wish them to govern acand their industrious faculties to greater cording to the general interest, in order advantage, in short that their produce to secure all suffrages gratuitously; but, were greater; and suppose, at the same at the same time, why should I be astotime, that the English laws, instead of nished that such vicious systems prohaving been modelled upon the absurd duce deplorable effects ? principles of the balance of trade, had You will, I presume, readily agree admitted on moderate terms all that the with me, as to the injuries which nations Italians had been capable of furnishing mutually sustain from their jealousies of in payment for the English productions; each other, from the sordid interest or can you doubt that the English mer- the inexperience of those who take chandize which incumbers the ports of upon theinselves to be their organs; but Italy, and great quantities of other mer- you maintain, that even supposing they chandize besides, would have been dis- possessed more liberal institutions, the posed of with facility?

goods produced might exceed the wants Brazil, that vast country so favoured of the consumers. Well, Sir, on this by nature, would be able to absorb a ground I am willing to rest my defence. hundred times as much English iner- Let us leave out of the question the war chandize as is now vainly sent there which exists between nations and the without finding a market; but it would ministers of their revenue laws; let us first be requisite that Brazil should pro- consider each nation in its relations duce all that it is capable of producing; with itself; and let us inquire, once and how is that wretched country to at- for all, whether we have not the means tain that desirable object? All the efforts of consuming what we have the means of the citizens are paralyzed by the go- of producing: vernment. If any branch of industry M. Say, M. Mill, and M. Ricardo," offers there the prospect of gain, it is you say, " the principal authors of the instantly seized and stifled by the hand new doctrine of profits, seem to me to of power. Does any one find a precious have fallen into fundamental errors on stone ? it is taken from him. Fine en- this subject. In the first place they couragement this to exert productive in. have considered commodities as if they dustry for the purpose of buying with were algebraic signs, instead of articles its produce European merchandize! of consumption, which ought necessarily

The English government contributes to be proportioned to the number of to the injury of its commerce by repel- the consumers and the nature of their ling, by means of its customs and import wants *.” duties, the produce which the English I know not, Sir, at least so far as I might obtain by their exchanges with am concerned, upon what foundation foreigners; even the articles of food of you have built this assertion. I have which theirmanufacturers stand so much repeated, in a great variety of forms, in need; and this because it is necessary this idea, that the value of things (the that the English farmers should sell only quality by which they become their corn at more than 80s. the quarter, to enable them to pay extravagant taxes. * Malthus' “ Principles of Political EcoAll these nations complain of a state of nomy,” pa 334.!!'s 1 : 1110110 1.!

wealth) is founded on their utility; on that the right' of possessing exclusively their aptitude to the supply of our occa: what has been obtained by production sions. “The want of various articles," or exchange, can be guaranteed. I have said, “ depends on the physical “ Let us observe at the same time, and moral nature of man ; on the cli- that social riches are, so far forth as mate which he inhabits, and the man- riches, the only ones which can become ners and laws of his country. He is the object of scientific study; first, besubject to bodily wants, to mental and cause they are the only ones which can spiritual wants; some things are need- be appreciated, or at least the only ones ful to him on his own account, others of which the appreciation is not arbitrafor his family; and others he requires as ry; and, secondly, because they alone a member of society. A bear-skin and are formed, distributed, and destroyed, a reindeer are to a Laplander objects according to laws which we are able to of the first necessity; whilst the very assign.”. names of them are wholly unknown to Is this to consider produce as algea lazzarone of Naples. The latter, for braic signs, by abstracting the number his part, can dispense with every other of consumers and the nature of their thing, if he is plentifully supplied with wants ? On the contrary, does not this macaroni. In like manner the courts doctrine establish that our wants alone of justice in Europe are considered the induce us to make sacrifices by means strongest bonds of civil society; while whereof we obtain produce?' These the natives of America, the Arabs, and sacrifices are the price which we pay to the Tartars, do very well without them. procure that produce ; you, like Smith,

“Of these wants, some are satisfied call these sacrifices by the name of luby the use which we make of certain bour, an insufficient expression, for they things with which nature furnishes us are partly composed of the use derived gratuitously; as air, water, and the light from land and capital

. I call themi proof the sun, We may call these things ductive services. They have everywhere natural riches, because they are supplied a current price.

When that price exat the expense of Nature alone. Since ceeds the value of the thing produced, she gives them to all, nobody is the result is a disadvantageous exchange, obliged to purchase them at the price in which the value consumed is greater of any sacrifice whatever. They have than the value created. When a protherefore no exchangeable value. duce has been created equal to the value

“Other wants can only be satisfied of the services employed, those services by the use which we make of certain are paid by the produce, the value of things to which their utility could not which, distributed among the producers, have been given, without subjecting forins their revenues. You see that the them to a modification, without oper- existence of these revenues depends upating a change in their condition ; with on the exchangeable value of the proout having for this purpose surmounted duce, which can only have such value a difficulty of some kind. Such are the in consequence of the necessity for such various goods which we can only obtain produce existing in the actual state of by some process of agriculture, com- society. Therefore I do not abstract merce, or the arts ; and these only have this necessity, or give it an arbitrary apan exchangeable value. The reason of preciation ; 1 take it for what it is, for this is evident: they are, by the mere what the consumers make it to be. I fact of their production, the result of a could have cited, had it been necessary, change, in which the producer has given the whole of my third book, which dehis productive services, in order to re- tails the different modes, motives, and ceive this product. They cannot there- results of consumption, but I will not fore be obtained from him, except by trifle with your time or attention :-let virtue of another exchange, in which us proceed. some other product is given to him, You say, “It is by no means true which he

may consider of equal value that commodities are always exchanged with his own.”

for commodities. The greater part of These things may therefore be called commodities is directly exchanged for social riches, because no exchange can labour productive or non-productive; take place without a social relation, and and it is evident that this whole mass of because it is only in a state of society commodities, compared with the labour

for which it is exchanged, may fall in * Traité d'Economie Politique, &c, 4t0

value through its superabundance, as edition, tom. II. p. 5.

well as any particular commodity may,

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through its superabundance, fall., in takes the advantage of all the favouable
value with relation to labour or money.??, charices.
Permit me to remark, in the first All the produce which we daily see,
place, that I never said commodities, all that which our imagination can
are always exchanged for commodities; conceive, has beçn formed by operations
but that produce is only purchased with which resolve themselves without ex.

ception into those which I have describe Secondly, that even those who admited, but combined in an infinity of difthis expression of commodities might ferent manners. What some under: answer you, that when commodities are takers do for one sort of produce, others given in exchange for labour, these perforın for another sort. Now the incommodities are in reality given in ex. terchange of these articles is what conchange for other commodities, that is stitutes a market for each. The

greater to say, for those which result from

the or less need that exists for one of these labour which has been purchased. But kinds of produce compared with the this answer is insufficient for those who others deterinines the greater or less embrace in a more extended and com- price which is given to obtain it, thát is plete view, the phenomenon of the pro- to say, the greater or less quantity of duction of our riches. Allow me to any other produce. Money is in these place it before your eyes in a striking transactions only a transient agent, form. The public, which is to judge which, when once the exchange is combetween us, will, I think, be thus ma- pleted, is no farther concerned in it, terially assisted in appreciating your ob- and Aies to effect other exchanges. jections and my answers.

It is with rent, interest, and

wages, To obtain a better view of the opera- forming the profits resulting from this tions of industry, capital, and land, in production, that the producers buy the the work of production, I personify objects of their consumption. These then : and I discover that all these per- producers are at the same time con sonages sell their labours, which I call sumers; and the nature of their wants, productive services, to an undertaker, influencing in different degrees the de whó may be either a trader, a manu- mand for different kinds of produce, is facturer, or a farmer. This undertaker always favourable, where liberty exists, having purchased the services of a land- to the most necessary kind of produc ed estate, by paying a rent to the pro- tion; because that, being the most in prietor of the land, the services of a demand, affords to those who undertake capital by paying interest to the capital- it the greatest profits. I said that in ist, and the industrious services of order to see how industry, capital, and workmen, factors, agents of whatever land respectively act in productive opedescription, by the payment of salaries, rations, 'I personified them, and obconsumes and uses all these productive served them in the services they renservices, and out of this consumption dered. But this is not a gratuitous fic results a valuable produce.

tion; it is a fact. Industry is repre. The value of this produce, provided sented by the industrious of all classes ; it be equal to the costs of production, capital, by capitalists; land, by its prothat is to say, to the sums necessarily prietors. "These are the three orders of advanced for all the requisite productive persons who sell the productive action services, suffices to pay the profits of all of the instrument they possess, and those who have concurred directly or stipulate the remuneration for its emindirectly in this production. The pro. ployment. My expressions may perfit of the undertaker on whose account haps be censured; but it will then be this operation has been effected, deduct- incumbent on those who find fault with ing the interest of the capital which he them, to propose better, for it is imposmay have employed, represents the re- sible to deny that this is the course of muneration for his time and talents, the transactions. The manner of the that is to say, his own productive ser- painter may be criticized, but the facts vices employed in his own behalf

. If represented defy contradiction; there his abilities be great and his calcula- they are, and they will defend themtions well made, his profit will be selves. considerable. If instead of talent he To return to your accusation. You evinces inexperience in his affairs, he say, Sir, that inany commodities are may gain nothing; he may very proba- purchased with labour; and I go farther bly be a loser. All the risks attach to the than you : I say, they are all purchased undertaker ; but on the other hand he with labour, extending that expression

to the seryices

renders him the value of the material says fendered by capital

tiel pour la , ! chased by any other means; that the the immaterial service of the same value and utility of things result

' in all capital. The service of the workman cases from such services; and that the is likewise an immaterial product. The alternative is thus presented toʻus, either workman comes out of the manufactory of consuming, ourselves, the utility and at night with as many fingers as he consequently the value which we have carried into it in the morning. He has produced; or of employing it in the left nothing material in the workshop. purchase of the utility and value pro- It is then an immaterial service which duced by cthers; that in both cases we he has furnished towards the productive purchase coinmodities with productive operation. This service is the daily or services, and that the more productive annual produce of a fund or estate which services we carry to market, the more I call his industrious faculties, and we can buy in return.

which composes his wealth: a sorry You assert that there is no such thing wealth! particularly in England; and I as immalerial produce.f Why, Sir, know the reason. originally there is no other. A field, for These formimmaterial produce, instance, furnishes towards production which, however it may be called, will only its service, which is an immaterial still be immaterial productions, exproduct. It serves as a crucible into changeable mutually one with another, which you put a mineral, and extract exchangeable for material productions ; metal and dross. Is there any part of and which, in all exchanges, will still the crucible in these products ? No; seek their market-price, founded, like the crucible serves for a new productive every market-price in the world, upon operation. Is there any portion of the the proportion between the supply and field in the harvest which is obtained demand. from it? I answer likewise No; for if These services, of industry, capital, land were thus gradually consumed, it and land, which are products indepenwould cease to exist in a few years : the dent of all matter, form all our reveland only returns what is put into it; nues, whosoever we may be. What! but returns it after an elaboration which are all our revenues immaterial ? Yes, I call the productive service of the field. Sir, All: Otherwise the mass of matter Possibly some people may quibble on which composes the globe must increase the word; I do not apprehend any every year, hecause every year we should quibbles that

may be attempted as to have new material revenues. We neithe thing, because that is undeniable, ther create nor destroy a single atom: and wherever political economy shall be all that we do is to change the combinastudied, will be acknowledged as the tions of things; and all that we contrifact, whatever name people may think bute to it is immaterial. It is VALUE; proper to give it.

and it is this value which is immaterial The service rendered by capital in that we daily, annually consume, and any undertaking whatever, commercial, upon which we live; for consumption agricultural, or manufactoral, is likewisé is a change of form given to matter, or, an immaterial product. He who con- if you prefer the expression, a derangesumes a capital unproductively destroys ment of form, as production the capital itself; he who consumes it rangement. If you find a paradoxical reproductively, consumes the material appearance in these propositions, excapital, and also the service of that capi- amine the things which they express, tal, which is an immaterial product. and I have no doubt they will appear When a dyer puts indigo, to the value very simple and reasonable. of a thousand francs, into his copper, he

Without this analysis, I defy you to consumes material produce worth a explain the whole of the facts for inthousand francs; and, besides, he con- stance, how the same capital is twice sumes the time of this capital, its in- consumed; productively by an underterest. The dye which he obtains, taker, and unproductively by his work,

man. By means of the foregoing anaThe English authors are often obscurė lysis, it may be seen how the workman through their confounding, like Smith, un brings to market his labour, the fruits der the denomination of labour, the services of his ability; he sells it to the master, Tendered by men, by capital, and by land, carries home with him his wages, and Page 49.1

consumes it unproductively. But the bNew MONTHLY Mag. No.:80. Vow. XIV. 110127319x3 ian: Gib'1932)

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master who has bought the labour of which is a material value given in exthe workman with a part of his capital, change for the immaterial service of the consumes it reproductively, as the dyer capital. Ought we to wonder that there consumes reproductively the indigo should be a double consumption, that thrown into his copper. These values of the undertaker to make his produce, having been consumed reproductively, and that of the capitalist to satisfy his re-appear in the produce which comes wants, since there are two terins to out of the hands of the master. It is the exchange, two values drawn from not the capital of the master which two different funds, bartered for each forms the revenue of the workman, as other, and both capable of consumption? M. Sismondi asserts. The capital of the You say, Sir, that the distinction master is consumed in the workshops, between productive and unproductive and not in the dwelling of the work- labour is the corner stone of Adam man. The value consumed by the lat- Smith's work; that to recognise as proter has another source; it is the pro- ductive, labours which are not fixed in duce of his industrious faculties. The any material object (as I do) is to overmaster devotes to the purchase of the turn that work from top to bottom.t workman's labour a part of his capital. No, Sir; that is not the corner-stone of Having purchased it, he consumes it; Smith's work; for when that stone is and the workman consumes, on his removed, the edifice, although imperfect, part, the value which he has obtained remains as solid as before. What will in exchange for his labour. Wherever eternally sustain that excellent book is, there is exchange, there are two values that it proclaims in every page that the bartered one for the other; and wher- exchangeable value of things is the ever two values are exchanged, there foundation of all riches. From the must be, and there are in effect, two publication of that important truth policonsumptions*

tical economy became a positive science; It is the same with the productive for the market-price of every thing is service rendered by capital. The capi- a determinate quantity of which the talist who lends, sells the service, the elements may be analysed, the causes labour of his instrument; the daily or assigned, the relations studied, and the annual hire which an undertaker pays consequences foreseen. Permit me, Sir; him for it is called interest. The to say, that to separate this essential terms of the exchange are, on character from the definition of wealth, side, the service of the capital, on is to plunge science again into the the other the interest. The undertaker, depths of obscurity; to drive it back. while he consumes reproductively the Instead of weakening the authority of capital, also consumes reproductively the celebrated Inquiry into the Wealth the service of the capital. The lender, of Nations, I support it in the most eswho has sold the service of the capital, sential part; but at the same time I consumes the interest unproductively, think Adam Smith has erroneously re


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A domestic produces personal services which are wholly consumed unproductively by his master, as soon as produced. The service of the public functionary is in like manner wholly consumed by the public, as fast as it is produced. That is the reason why these different services contribute nothing to the augmentation of riches. The consumer enjoys these services, but cannot accumulate them. This is explained in detail in my “ Traité d'Economie Politique," 4e edition, tom. 1, p. 124. After that it is difficult to conceive how M. Malthus could print, (p. 35,)“ We cannot explain the progress which Europe has made since the feudal times, without considering personal services as equally productive with the labour of merchants and manufacturers." It is with these services as with the labour of the gardener, who has cultivated sallads or strawberries. The wealth of Europe certainly does not arise from the strawberries which have been produced, because they must, like personal services, have been consumed unproductively as fast as they ripened, although less quickly than personal services.

I have instanced strawberries as a very perishable product; but it is not the durability of produce which particularly facilitates accumulation. It is its consumption in a manner adapted to reproduce its value in another object. For whether durable or not, all produce is devoted to consumption, and answers no purpose whatever except by its consumption; its use consists in satisfying a want, or in reproducing a new value. When people undertake to write on political economy, they should dismiss from their minds the notion that durable produce accumulates better than what is perishable.

+ Malthus on Political Economy, p. 87.

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