If with the same quantity of labour a less quantity of fish, or a greater quantity of game were obtained, the value of fish would rise in comparison with that of game. If, on the contrary, with the same quantity of labour a less quantity of game, or a greater quantity of fish was obtained, game would rise in comparison with fish. If there were any other commodity which was invariable in its value, requiring at all times, and under all circumstances, precisely the same quantity of labour to obtain it, we should be able to ascertain, by comparing the value of fish and game with this commodity, how much of the variation was to be attributed to a cause which affected the value of fish, and how much to a cause which affected the value of game. Suppose money to be that commodity. If a salmon were worth 1_l._ and a deer 2_l._ one deer would be worth two salmon. But a deer might become of the value of three salmon, for more labour might be required to obtain the deer, or less to get the salmon, or both these causes might operate at the same time. If we had this invariable standard, we might easily ascertain in what degree either of these causes operated. If salmon continued to sell for 1_l._ whilst deer rose to 3_l._ we might conclude that more labour was required to obtain the deer. If deer continued at the same price of 2_l._ and salmon sold for 13_s._ 4_d._ we might then be sure that less labour was required to obtain the salmon; and if deer rose to 2_l._ 10_s._ and salmon fell to 16_s._ 8_d._ we should be convinced that both causes had operated in producing the alteration of the relative value of these commodities. No alteration in the wages of labour could produce any alteration in the relative value of these commodities; for if profits were 10 per cent., then to replace the 100_l._ circulating capital with 10 per cent. profit, there must be a return of 110_l._: to replace the equal portion of fixed capital, when profits are at the rate of 10 per cent. there should be annually received 16.27_l._; for, the present value of an annuity of 16.27_l._ for ten years, when money is at 10 per cent., is 100_l._; consequently all the game of the hunter should annually sell for 126.27_l._ But the capital of the fisherman being the same in quantity, and divided in the same proportion into fixed and circulating capital, and being also of the same durability, he, to obtain the same profits, must sell his goods for the same value. If wages rose 10 per cent. and consequently 10 per cent. more circulating capital were required in each trade, it would equally affect both employments. In both, 210_l._ instead of 200_l._ would be required in order to produce the former quantity of commodities; and these would sell precisely for the same money, namely 126.27_l._: they would therefore be at the same relative value, and profits would be equally reduced in both trades.