_X_. Perhaps, in our conversation on _Wages_, you will see this more irresistibly; you yourself will then shrink from affirming the possibility of such an advance as from an obvious absurdity; meantime, here is a short demonstration of it, which I am surprised that Mr. Ricardo did not use as the strongest and most compendious mode of establishing his doctrine. Let it be possible that the hat may advance to nineteen shillings; or, to express this more generally, from _x_ (or eighteen shillings)-- which it was worth before the rise in wages--to _x_ + _y_; that is to say, the hat will now be worth _x_ + _y_ quantity of money--having previously been worth no more than _x_. That is your meaning? _Phil_. It is. _X_. And if in money, of necessity in everything else; because otherwise, if the hat were worth more money only, but more of nothing besides, that would simply argue that money had fallen in value; in which case undoubtedly the hat might rise in any proportion that money fell; but, then, without gaining any increased value, which is essential to your argument. _Phil_. Certainly; if in money, then in everything else. _X_. Therefore, for instance, in gloves; having previously been worth four pair of buckskin gloves, the hat will now be worth four pair + _y_? _Phil_. It will. _X_. But, Philebus, either the rise in wages is universal or it is not universal. If not universal, it must be a case of accidental rise from mere scarcity of hands; which is the case of a rise in _market_ value; and that is not the case of Mr. Ricardo, who is laying down the laws of _natural_ value. It is, therefore, universal; but, if universal, the gloves from the same cause will have risen from the value of _x_ to _x_ + _y_. Hence, therefore, the price of the hat, estimated in gloves, is = _x_ + _y_. And again, the price of the gloves, estimated in hats, is = _x_ + _y_. In other words, H - _y_ = _x_. H + _y_ = _x_. That is to say, H - _y_ = H + _y_. _Phæd_. Which, I suppose, is an absurdity; and, in fact, it turns out, Philebus, that he has slaughtered you with "ease and affluence." _X_. And this absurdity must be eluded by him who undertakes to show that a rise in the wages of labor can be transferred to the value of its product. * * * * * DIALOGUE THE THIRD. [Et æquiori sane animo feres, cum hic de primis agatur principiis, si superstitiose omnia examinavi,--viamque quasi palpando singulaque curiosius contrectando, lente me promovi et testudineo gradu. Video enim ingenium humanum ita comparatum esse--ut facilius longe quid _consequens_ sit dispiciat, quam quid in naturà _primo_ verum; nostramque omnium conditionem non multum ab illà Archimedis abludere--_Aos æe so kai koiso tæn gæn_. Ubi primum figamus pedem, inveniro multo magis satagimus, quam (ubi inveninius) ulterius progredi.--_Henricus Morus in Epist. ad Cartesium._] PRINCIPLE OF VALUE CONTINUED.