not have any more value than each of the other ten which were made in the same time as the five. Only so far as is socially necessary does private labor comprehend human labor in general. Therefore I maintain that a commodity has a certain value, 1st. because it is a socially useful product, 2nd. because it is produced by a private individual for private profit, 3d. because while it is a product of private labor, it is, at the same time, unconsciously and involuntarily a social product and exchanges socially according to a definite social standard, 4th. this standard is not expressed in terms of labor, in so many hours, but in another commodity. If, therefore, I say that this clock is worth this piece of cloth and that they are both worth fifty marks, I say that in the clock, the cloth and the gold there is an equal amount of social labor. I also affirm that the amounts of social labor time in them are socially measured and found to be equal, not directly and absolutely however, as one measures labor time in hours or days, but in a round about fashion, relatively, by means of exchange. I cannot therefore express this certain amount of labor-time in labor hours, since their number is not known to me, but I can express it relatively in terms of another commodity, which has the same amount of labor time incorporated in it. The clock is worth as much as the piece of cloth. But while the production of commodities and the exchange of commodities compel the society resting upon them to take this roundabout course, they are impelled to a shortening of the process. They separate from the mass of commodities one sovereign commodity, in which the value of all other commodities can be universally expressed, a commodity which is the complete incarnation of social labor, and, against which, all other commodities may be set in direct comparison--gold. Gold already germinates in the idea of value, it is only developed value. But since the commodity value exists in gold also, itself being a commodity, a new factor arises in the society which produces and exchanges commodities, a factor with new social functions and operations. We can now examine this a little more closely.