they will refuse to disturb the tranquillity which has been this day established. “And now, however you may sigh or smile a the spirit of hope which is in me and Antoine, what say you to it in the case of a nation? Are not its commercial exchanges a most important branch of its intercourses? Must not those exchanges be regulated by some principle of value, instead of being the sport of caprice? Is not that principle the due and equable recompense of labour, or (in business-like terms) the cost of production? Is not this recompense secured by the natural workings of interests—and can these interests work naturally without an anticipation of recompense—that is, without hope, inspiring confidence? Depend upon it, hope is not only the indispensable stimulus of individual action, but the elastic pressure by which society is surrounded and held together. Great is the crime of those who injure it; and especially heinous will be the first trespass on public confidence of any who have been in the Champ de Mars this day. As that which is national springs from that which is individual, I will add that Antoine and Steele are patriotic if they exult in the ripening beauties of Favorite; and if you would be patriotic too, gladden yourself with the promise of our children, and tell me, when we meet, that you trust with me that all will be well both with our wines and our politics.” -------------- ------------------------------------------------------------------------ _Summary of Principles illustrated in this Volume._ There are two kinds of Value: value in use, and value in exchange. Articles of the greatest value in use may have none in exchange; as they may be enjoyed without labour; and it is labour which confers Exchangeable Value. This is not the less true for capital as well as labour being employed in production; for capital is hoarded labour. When equal quantities of any two articles require an equal amount of labour to produce them, they exchange exactly against one another. If one requires more labour than the other, a smaller quantity of the one exchanges against a larger quantity of the other. If it were otherwise, no one would bestow a larger quantity of labour for a less return; and the article requiring the most labour would cease to be produced. Exchangeable value, therefore, naturally depends on cost of production. Naturally, but not universally; for there are influences which cause temporary variations in exchangeable value. These are, whatever circumstances affect demand and supply. But these can act only temporarily; because the demand of any procurable article creates supply; and the factitious value conferred by scarcity soon has an end. When this end has arrived, cost of production again determines exchangeable value. Its doing so may, therefore, stand as a general rule.