XI. _Taxes on Gold_ 247 XII. _Taxes on Houses_ 262 XIII. _Taxes on Profits_ 269 XIV. _Taxes on Wages_ 285 XV. _Taxes on other Commodities than Raw Produce_ 330 XVI. _Poor Rates_ 354 XVII. _On Sudden Changes in the Channels of Trade_ 363 XVIII. _Value and Riches, their Distinctive Properties_ 377 XIX. _Effects of Accumulation on Profits and Interest_ 398 XX. _Bounties on Exportation, and Prohibitions of Importation_ 417 XXI. _On Bounties on Production_ 449 XXII. _Doctrine of Adam Smith concerning the Rent of Land_ 458 XXIII. _On Colonial Trade_ 476 XXIV. _On Gross and Net Revenue_ 491 XXV. _On Currency and Banks_ 499 XXVI. _On the comparative Value of Gold, Corn, and Labour, in Rich and in Poor Countries_ 527 XXVII. _Taxes paid by the Producer_ 538 XXVIII. _On the Influence of Demand and Supply on Prices_ 542 XXIX. _Mr. Malthus's Opinions on Rent_ 549 CHAPTER I. ON VALUE. It has been observed by Adam Smith, that "the word Value has two different meanings, and sometimes expresses the utility of some particular object, and sometimes the power of purchasing other goods which the possession of that object conveys. The one may be called _value in use_; the other, _value in exchange_. The things," he continues, "which have the greatest value in use, have frequently little or no value in exchange; and, on the contrary, those which have the greatest value in exchange, have little or no value in use." Water and air are abundantly useful; they are indeed indispensable to existence, yet, under ordinary circumstances, nothing can be obtained in exchange for them. Gold, on the contrary, though of little use compared with air or water, will exchange for a great quantity of other goods. Utility then is not the measure of exchangeable value, although it is absolutely essential to it. If a commodity were in no way useful,--in other words, if it could in no way contribute to our gratification,--it would be destitute of exchangeable value, however scarce it might be, or whatever quantity of labour might be necessary to procure it. Possessing utility, commodities derive their exchangeable value from two sources: from their scarcity, and from the quantity of labour required to obtain them.