Note 85 — Chapter IX · SUMMARY OF THE REASONS FOR ADOPTING THE SUBJOINED DEFINITION OF THE MEASURE OF VALUE.

If in a foreign country, in which the relation of money to men and labour was unknown to us, we were told that a quarter of corn was selling for four ounces of silver, we should not know whether there was a famine, and corn was held in the highest estimation, or whether there was a glut of corn, and it was held in the lowest estimation. The very term estimation, as applied to commodities, must of necessity refer to man and labour.