Hitherto the principle of Value has been sought for in one of those circumstances which augment or which diminish it, materiality, durableness, utility, scarcity, labour, difficulty of acquisition, judgment, etc., and hence a false direction has been given to the science from the beginning; for the accident which modifies the phenomenon is not the phenomenon itself. Moreover, each author has constituted himself the sponsor, so to speak, of some special circumstance which he thinks preponderates,—the constant result of generalizing; for all is in all, and there is nothing which we cannot comprehend under a term by means of extending its sense. Thus the principle of value, according to Adam Smith, resides in materiality and durability; according to Jean Baptiste Say, in utility; according to Ricardo, in labour; according to Senior, in rarity; according to Storch, in the judgment we form, etc. The consequence has been what might have been expected. These authors have unwittingly injured the authority and dignity of the science by appearing to contradict each other; while in reality each is right, as from his own point of view. Besides, they have involved the first principles of Political Economy in a labyrinth of inextricable difficulties; for the same words, as used by these authors, no longer represent the same ideas; and, moreover, although a circumstance may be proclaimed fundamental, other circumstances stand out too prominently to be neglected, and definitions are thus constantly enlarged. The object of the present work is not controversy, but exposition. I explain what I myself see, not what others have seen. I cannot avoid, however, calling the attention of the reader to the circumstances in which the foundation of Value has hitherto been sought for. But, first of all, I must bring Value itself before him in a series of examples, for it is by divers applications that the mind lays hold of a theory. [p137] I shall demonstrate how all is definitely resolved into a barter of services; but it is necessary to keep in mind what has been said on the subject of barter in the preceding chapter. It is rarely simple—sometimes it forms a circular or round-about transaction among several parties,—most frequently, by the intervention of money, it resolves itself into two factors, ‹sale› and ‹purchase›; but as this complication does not change its nature, I may be permitted, for the sake of perspicuity, to assume the barter to be direct and immediate. This will lead to no mistake as to the nature of Value. * * * * *