X. Then, on the other hand, if the principle of valuation employed in column nine is the same as that employed in columns five and six, this principle must be the quantity of producing labor, and not the quantity of labor commanded. But, in that case, the result will be false. For column nine values column the first. Now, if the one hundred and fifty quarters of case Alpha are truly valued in column first, then they are falsely valued in column the last; and, if truly valued in column the last, then falsely valued in column the first. For, by column the last, the one hundred and fifty quarters are produced by the labor of twelve and a half men; but it is the very condition of column the first, that the one hundred and fifty quarters are produced by ten men.
Phæd. (Laughing). This is too hot to last. Here we have a fifth refutation. Can't you give us a sixth, X.?
X. If you please. Supposing Mr. Malthus' theory to be good, it shall be impossible for anything whatsoever at any time to vary in value. For how shall it vary? Because the quantity of producing labor varies? But that is the very principle which he is writing to overthrow. Shall it vary, then, because the value of the producing labor varies? But that is impossible on the system of Mr. Malthus; for, according to this system, the value of labor is invariable.
Phil. Stop! I've thought of a dodge. The thing shall vary because the quantity of labor commanded shall vary.
X. But how shall that vary? A can never command a greater quantity of labor, or of anything which is presumed to be of invariable value, until A itself be of a higher value. To command an altered quantity of labor, which (on any theory) must be the consequence of altered value, can never be the cause of altered value. No alterations of labor, therefore, whether as to quantity or value, shall ever account for the altered value of A; for, according to Mr. Malthus, they are either insufficient on the one hand, or impossible on the other.
Phil. Grant this, yet value may still vary; for suppose labor to be invariable, still profits may vary.
X. So that, if A rise, it will irresistibly argue profits to have risen?
Phil. It will; because no other element can have risen.
X. But now column eight assigns the value of a uniform quantity of corn—namely, one hundred quarters. In case Alpha, one hundred quarters are worth 8.33. What are one hundred quarters worth in the case Iota?
Phil. They are worth ten.