8. Value of 100 Quarters of Corn under the varying Circumstances supposed.
9. Value of the Product of the Labour of Ten Men under the Circumstances supposed.
| 1. | 2. | 3. | 4. | 5. | 6. | 7. | 8. | 9. |
| 150 qrs. | 12 qrs. | 120 qrs. | 25 pr. Ct. | 8 | 2 | 10 | 8.33 | 12.5 |
| 150 | 13 | 130 | 15.38 | 8.66 | 1.34 | 10 | 7.7 | 11.53 |
| 150 | 10 | 100 | 50 | 6.6 | 3.4 | 10 | 10 | 15 |
| 140 | 12 | 120 | 16.66 | 8.6 | 1.4 | 10 | 7.14 | 11.6 |
| 140 | 11 | 110 | 27.2 | 7.85 | 2.15 | 10 | 9.09 | 12.7 |
| 130 | 12 | 120 | 8.3 | 9.23 | 0.77 | 10 | 8.33 | 10.8 |
| 130 | 10 | 100 | 30 | 7.7 | 2.3 | 10 | 10 | 13 |
| 120 | 11 | 110 | 9 | 9.17 | 0.83 | 10 | 9.09 | 10.9 |
| 120 | 10 | 100 | 20 | 8.33 | 1.67 | 10 | 10 | 12 |
| 110 | 10 | 100 | 10 | 9.09 | 0.91 | 10 | 10 | 11 |
| 110 | 9 | 90 | 22.2 | 8.18 | 1.82 | 10 | 11.1 | 12.2 |
| 100 | 9 | 90 | 11.1 | 9 | 1 | 10 | 11.1 | 11.1 |
| 100 | 8 | 80 | 25 | 8 | 2 | 10 | 12.5 | 12.5 |
| 90 | 8 | 80 | 12.5 | 8.88 | 1.12 | 10 | 12.5 | 11.25 |
The first and most important truth illustrated in the table is, that, from the division of value into labour and profits, and the mode in which profits are always estimated, it follows necessarily, that the quantity of labour required to produce the wages of a given number of men, with the addition of the profits upon these advances estimated in labour, must always be exactly the same as the quantity of labour which the wages will command, and must together always make up the constant quantity which appears in the seventh column. But the quantity of labour required to produce the varying wages of ten men is, under the different circumstances supposed, very different, as appears in the fifth column; and it is obvious, that while the numbers in the fifth column vary, the numbers in the seventh column, or the quantity of labour and profits united, cannot be constant, unless, as the quantity of labour required to produce the wages of ten men increases, the quantity of profits estimated in labour diminishes exactly in the same degree. But this, from what has before been stated, must, under the circumstances supposed, be the case. And it follows, that if the natural value of a commodity may be estimated by the labour and profits of which it is composed, the natural value of the corn wages of a given number of men must always be the same. But such wages, according to the postulate with which we commenced, must necessarily be equal to the quantity of labour for which they will exchange. Consequently the value of a given quantity of labour must, under every variety which can take place in the fertility of the soil and the corn wages of labour, be always constant. It is, however, of the greatest importance to remark, that an exact balance of labour, and of profits estimated in labour, so as to yield always a constant quantity, cannot take place in the production of any one commodity or given portion of a commodity; because any one commodity, or given portion of a commodity, is liable to vary in relation to labour, and such variation will either increase or decrease the amount of the labour and profits united. It is only the varying wages of a given number of men bearing, as the terms imply, a constant relation to labour, which, under any changes in the quantity of labour required to produce them, can still continue of the same natural value. And it is precisely this necessary constancy in the natural value of the varying corn wages of labour, which renders the labour which a commodity will command, a standard measure both of its natural and exchangeable value.
2dly. It appears from the Table, that given the produce obtained by ten men, then as corn wages rise, the value of the produce will fall, or command less labour; and the constant value of the advances in labour absorbing a larger proportion of the value of the produce, profits will fall in proportion. But when more is produced by the same number of persons, then unless the corn wages rise so high as exactly to balance it, the value of the whole produce is increased, and the rate of profits and corn wages may both rise at the same time. Thus while the produce is 130 quarters, as labour rises from ten to twelve quarters, profits fall in an opposite direction from 30 per cent. to 8.3. per cent.; but if we compare the wages of labour when the produce is 130 quarters, with the wages of labour when the produce is 150, it appears that labour may rise from twelve to thirteen quarters, at the same time that profits rise from 8.3. to 15.38.
A third result illustrated in the Table is, that labour being constant, all commodities into which profits enter, which may be said to be nearly the whole mass, must fall on the fall of profits, and among these will, of course, be found metallic money. Supposing, therefore, money always to require in its production the same quantity of labour and capital, it will regularly fall in value in the progress of cultivation and population; while labour being uniform in value will rise in money price,[J] and the demand for corn increasing, compared with the demand for labour, the money price of corn will probably rise still more. But if the labourers were paid at all times exactly the same quantity of corn, (which, however, cannot be the case,) the value of corn, like the value of wages, would be constant, and the variations of fertility would only show themselves in the enormous variations of profits.
Thus, when labour is paid at ten quarters each man, the numbers in the eighth column, or the value of a given quantity of corn, must, it is obvious, always be the same, whatever be the quantity produced; and when the land is fertile, the small quantity of labour required to produce ten quarters is balanced by the great profits which appear in the fourth column.
In the actual state of things, corn generally rises in the progress of cultivation, not only nominally, but really, as may be seen in the eighth column, while labour, it is evident, can only rise nominally.
A fourth result shown in the Table is, that the value of the corn obtained by ten men depends mainly upon the rate of profits, which again depends mainly upon the demand and supply of corn compared with labour. If corn be in such demand, that notwithstanding the fertility of the soil, a small quantity of it comparatively will purchase the labour required, profits will be very high, and the value of the produce will greatly exceed the constant value of the wages of the labour advanced; but if the supply of corn be so great, compared with labour, that a large quantity of it is required to purchase the given quantity of labour, profits will be low, and the excess of the value of the produce above the constant value of the advances in wages will be inconsiderable.
Thus, when the produce is 150 quarters, if corn be in such plenty that each labourer is awarded thirteen quarters, the profits of stock will be only 15.38 per cent.; and this rate of profit, added to the constant value of the advances in labour, which are represented by 10, will make the natural value of the produce equal to 11.53. But if corn, notwithstanding the fertility of the soil, be only supplied in such quantities, compared with labour, as to award the labourer no more than ten quarters, the rate of profits, instead of 15.38 per cent., will be 50 per cent., and the value of the produce, instead of being 11.53, will be 15.