The doctrine common to the whole school led M'Culloch to conclusions which became afterwards notorious enough to require a word of notice. Torrens, like Ricardo, speaks of capital as 'accumulated labour,' but makes a great point of observing that, although this is true, the case is radically changed in a developed state of society. The value of things no longer depends upon the labour, but upon the amount of capital employed in their production.[370] This, indeed, may seem to be the most natural way of stating the accepted principle. M'Culloch replies that the change makes no difference in the principle,[371] inasmuch as capital being 'accumulated labour,' value is still proportioned to labour, though in a transubstantiated shape. M'Culloch supposed that by carrying out this principle systematically he was simplifying Ricardo and bringing the whole science into unity. All questions, whether of value in exchange, or of the rate of wages, can then be reduced to comparing the simple unit called labour. Both Mill and M'Culloch regard capital as a kind of labour, so that things may be produced by capital alone, 'without the co-operation of any immediate labour'[372]--a result which can hardly be realised with the discovery of a perpetual motion. So, again, the value of a joint product is the 'sum' of these two values.[373] All value, therefore, can be regarded as proportioned to labour in one of its two states. M'Culloch advanced to an unfortunate conclusion, which excited some ridicule. Though Ricardo and Torrens[374] rejected it, it was accepted by Mill in his second edition.[375] Wine kept in a cask might increase in value. Could that value be ascribed to 'additional labour actually laid out'? M'Culloch gallantly asserted that it could, though 'labour' certainly has to be interpreted in a non-natural sense.[376] Not only is capital labour, but fermentation is labour, or how can we say that all value is proportioned to labour? This is only worth notice as a pathetic illustration of the misfortunes of a theorist ridden by a dogma of his own creation. Another conclusion is more important. The 'real value' of anything is measured by the labour required to produce it. Nothing 'again is more obvious' than that equal labour implies the 'same sacrifice' in all states of society.[377] It might seem to follow that the value of anything was measured by the labour which it would command. This doctrine, however, though maintained by Malthus, was, according to M'Culloch, a pestilent heresy, first exploded by Ricardo's sagacity.[378] Things exchange, as he explains, in proportion to the labour which produces them, but the share given to the labourer may vary widely. The labourer, he says, 'gives a constant, but receives a variable quantity in its stead.' He makes the same sacrifice when he works for a day, but may get for it what he produces in ten hours, or only in one. In every case, however, he gets