547.
trower to ricardo
[Reply to 533 & 535.—Answered by 549]
Unsted Wood. August 26. 1823
My Dear Ricardo
After your long silence your late dispatch was particularly acceptable.—I well know how devoted your mind is, during the Sessions of parliament, to publick affairs, and what little leisure these leave You for the ordinary pursuits of life. I rejoice to see You so useful a member of parliament; and that your activity intelligence and tallents are so constantly employed for the publick good.—There is no pursuit, in which the mind can be engaged, more honorable or interesting; none more gratifying; and those are fortunate, who enjoy the means and the qualifications, which it requires.—
My attention has lately been drawn off, by a variety of circumstances, from the subject of political economy, I have not therefore yet seen Mr. Tooke’s latter pamphlets; nor have I yet satisfied my mind on Malthus’s last tract. This question of measure of value is a famous bone for the economists to pick; nor do I see how the matter is likely to be settled. If every measure be faulty, then the only course to be followed is to adopt that which is least so, and this is no easy question to determine. As to the term Value, I confess it does appear to me, that there is but one sense in which it can with propriety be employed; and that is in relation to the object for which it is to be exchanged. It is used to signify how much of one thing is worth or can procure so much of another thing. The determining the measure of this exchangeable value is a more difficult matter. To my mind you have satisfactorily proved, that the cost of commodities is that measure. But, then comes the question what is to be included under the term cost. The cost of a commodity, no doubt, includes those expences, without which it cannot be produced. No commodity can be produced without Labor, and it is therefore said, that Labor is the necessary cost, the universal measure of value. But, Labor itself has its necessary costs, without which it cannot be produced; And these costs consist of a certain portion of the necessaries of life, and this portion is constantly changing. And, again, these necessaries cannot be obtained without labor, which is their cost. So that Labor is the cost of necessaries, and necessaries are the cost of Labor! And here is the difficulty—How are you to determine between them. If the earth had not brought forth its fruits, spontaneously, man could not have existed—Therefore necessaries had the precedence of Labor; but, if man had not stretched out his hand to gather these fruits, had he not thus appropriated them to himself, by his Labor, they would have been of no avail. Still, however, it may, perhaps, be doubted whether in the strictest, earliest, and simplest sense, it may not with truth be stated, that Labor is not an inevitable condition of the production of necessaries, as their cost; whereas it can never be said, that necessaries are not the inevitable condition of the production of Labor, as its cost. Labor could not exist without necessaries. Necessaries may and do exist without Labor.—
I will not pursue these reflections further; into which I have been led inadvertently—I rejoiced to find by your letter, that so many choice spirits are engaged in the investigation of these interesting inquiries, and cannot doubt, that the result will prove satisfactory to the cause of science and of truth.—
I grieve at the continuance of this rainy weather. If it last much longer its effects will be very mischievous, and disappoint the sanguine expectations I had entertained of the gradual and steady improvement of agricultural affairs. But, in all these matters, which do not depend upon ourselves, my maxim is, that “whatever is, is right.”
The Spanish struggle is nearly over; and I rejoice in thinking that is. The grand object, to which I admit no other to be equal, is the preservation of the peace of Europe—And this, the course which events has taken, is likely to strengthen. Besides, the new spanish constitution is detestable; the people divided, and not yet ripe for the measures, the reformists are desirous of adopting. What do you think of the prospects of the holders of Spanish Stock? have You still got yours? I have mine.
How is the harvest in your neighborhood. I am glad You were upon the Irish Committee. The interests of that Country are the most important subject, that can engage the attention of parliament. I still think, as I have long thought, that the most important measure would be to devise some means of preventing the subdivision of land into small tenements. How far consistently with the rights of private property, such an arrangement could be accomplished is, I am aware, a difficult question—But, the object in view is of great moment, and would justify a strong measure. Whether the imposition of any tax upon the proprietor of lands so leased, or the holding out of an encouragement to those who took farms beyond a certain quantity of land; or in what other way the object might be accomplished, I am not prepared to say; and am most ready, besides, to acknowledge the mischiefs of proceeding upon erroneous principles for the purpose of obtaining some supposed temporary advantage. I regret exceedingly that we are so far apart; and that difficulties of time and space are thus opposed in the way of our meeting. I feel a great desire to become acquainted with your residence and to take a peep at the beautiful Country that surrounds You. Besides, although letters are a most delightful resource to those who are necessarily separated by circumstances, yet this very intercourse begets the desire of a more easy and intimate interchange of sentiments, in which subjects, opinions which can be merely touched upon in letters may be pursued without limit, and expressed without reserve.—
Adieu My Dear Ricardo, pray remember Mrs. Trower and myself very kindly to Mrs. Ricardo and your family and believe me yours very sincerely—
Hutches Trower
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