[O] This is the view taken of it by Colonel Torrens in his _Production of Wealth_, which I think the just one; because it makes the proper distinction between cost and value, on which the great stimulus to production depends. But he has most unnecessarily and incorrectly given the same interpretation to _natural price_, which always includes profits. [P] In order to exclude demand and supply from the costs of production, when ordinary profits are considered as making a part of them, it would be necessary to assume that the corn wages of labour are always the same, an assumption which would be quite unwarranted, not only in reference to short periods, but to periods of fifty or sixty years, as the history of corn wages in this country alone amply testifies (see ch. iv. sect. 4, of my Princ. of Pol. Econ. &c.); and what but the state of the demand and supply of corn, compared with labour, prevents profits in the United States from being 100 per cent.? The quantity of corn divided between the labourer and capitalist would be amply sufficient to yield such profits, if the corn wages of labour were no higher than in England. [Q] Sect. IV. p. 91, et seq. [R] One of the most valuable sections in Mr. Tooke’s late work _On High and Low Prices_, is the seventh, in which he proves the frequent occurrence of this event, and explains, with great clearness and knowledge of the subject, the mode in which it takes place. [S] Inquiry into the Rise of Prices in Europe, p. 15. [T] Perhaps at the time specifically adverted to, this supposition will not be allowed. But it is always assumed as a general proposition; and although 1810 and 11 were years of great manufacturing distress, yet Mr. Tooke himself brings evidence which shows that manufacturing labour was particularly high in 1805 and 6. [U] In poor countries a succession of bad seasons sometimes takes place without any rise in the price of labour, and in that case, though there may be a high price of corn, there is no fall in the natural value of money. It will not be purchased with less labour. [V] These averages are taken from Lord Lauderdale’s _Further Considerations on the State of the Currency, published in 1813_. Appendix, p. 33. [W] For the foregoing valuable table, and the information accompanying it, I am indebted to Mr. Mure, of Kircudbright, through the kind intervention of Mr. M’Culloch, of Edinburgh. Transcriber’s Notes Simple typographical errors were corrected. Punctuation, hyphenation, and spelling were made consistent when a predominant preference was found in the original book; otherwise they were not changed. This book has no Table of Contents. End of the Project Gutenberg EBook of The Measure of Value Stated and Illustrated, by Thomas Robert Malthus