In the application of the term _real_ to value, Mr. Macculloch adopts the meaning of Mr. Ricardo. He says, indeed, “that it is to Mr. Ricardo’s sagacity, in distinguishing between the quantity of labour required to produce commodities, and the quantity of labour for which they will exchange, and in showing, that while the first is undeniably correct as a measure of their real, and generally speaking, of their exchangeable values, the second, instead of being an equivalent proposition, is frequently opposed to the first, and consequently, quite inaccurate, that the science is indebted for one of its greatest improvements.”[46] I should be sorry to think that Mr. Ricardo’s services to the science of political economy should rest principally upon the frail foundation, on which they are here placed; a foundation, which, as we have seen, Mr. Macculloch himself cannot defend, without totally altering the meaning of Mr. Ricardo’s words. This is evident, in various passages of Mr. Macculloch’s work. In his section on value, part ii. p. 216, he thus expresses himself: “assuming the _toil and trouble of acquiring any thing_ to be the measure of its real value, or of the _esteem_ in which it is held by its possessor.” Again, he says, p. 219, “the real value of a commodity, or _the estimation in which it is held by its possessor_, is measured or determined by the quantity of labour required to produce or obtain it.” In these two passages, he obviously identifies the real value of a commodity with the estimation in which it is held. But, surely, in this case, the term real must be applied as Adam Smith applies it, and not as Mr. Ricardo applies it? Can it be contended for a moment, that a commodity, which, on account of the necessary remuneration for profits, sells for ten per cent. above the value of the human labour worked up in it, is not held in _higher estimation_, than a commodity which sells for ten per cent. less, on account of the value of the labour employed upon it not having been increased by profits? Would it not be absolutely certain, that if the latter could be obtained by the sacrifice of a hundred days’ labour, it would be necessary to make the sacrifice of a hundred and ten days’ labour, or some equivalent for it, in order to obtain the former? Consequently it follows necessarily, that if the real value of a commodity be considered as synonymous with the estimation in which it is held, such value must be measured by the quantity of labour which it will command, and not the quantity worked up in it. Mr. Macculloch thus states Mr. Ricardo’s main proposition:[47] “a commodity, produced by a certain quantity of labour, will, in the state of the market now supposed, (that is, when the market is not affected by either real or artificial monopolies, and when the supply of commodities is equal to the effectual demand,) uniformly exchange for, or buy any other commodity, produced by the same quantity of labour.”