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unless modified, as in many cases it is, by the competition of producers who are not peasants, or by the prices of foreign markets.

§ 3. Another anomalous case is that of slave-grown produce : which presents, however, by no means the same degree of complication. The slave-owner is a capitalist, and his inducement to production consists in a profit on his capital. This profit must amount to the ordinary rate. In respect to his expenses, he is in the same position as if his slaves were free labourers working with their present efficiency, and were hired with wages equal to their present cost. If the cost is less in proportion to the work done, than the wages of free labour would be, so much the greater are his profits: but if all other producers in the country possess the same advantage, the values of commodities will not be at all affected by it. The only case in which they can be affected, is when the privilege of cheap labour is confined to particular branches of production, free labourers at proportionally higher wages being employed in the remainder. In this case, as in all cases of permanent inequality between the wages of different employments, prices and values receive the impress of the inequality. Slave-grown will exchange for non-slave-grown commodities in a less ratio than that of the quantity of labour required for their production; the value of the former will be less, of the latter greater, than if slavery did not exist.

The further adaptation of the theory of value to the varieties of existing or possible industrial systems may be left with great advantage to the intelligent reader. It is well said by Montesquieu, “Il ne faut pas toujours tellement épuiser un sujet, qu'on ne laisse rien à faire au lecteur. Il ne s'agit pas de faire lire, mais de faire penser.”*

* Esprit des Lois, liv. xi. ad finem.

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IN 1846 there appeared an elaborate treatise,” by two authors, MM. Mounier and Rubichon, the latter of whom was by his own statement a public functionary for ten years preceding the French Revolution, and both appear to take their ideas of a wholesome state of society from the institutions and practices of the middle ages. In this book it is maintained, that while French writers and administrators are in a conspiracy to represent their country as making rapid strides in prosperity, the progress of the morcellement is in fact reducing it to beggary. An imposing array of official details, adduced in apparent support of this assertion, gave a degree of weight to it which it could not claim from any correctness of information or capacity of judgment shown by its authors. Their work was cried up as a book of authority by the Quarterly Review,t in an article which excited some notice by proclaiming, on the evidence produced by these writers, that “in a few years the Code Napoleon will be employed in dividing fractions of square inches of land, and deciding by logarithms infinitesimal inheritances.” As such representations ought not to be without a permanent answer, I think it worth while to subjoin the substance of three articles in the Morning Chronicle, containing as complete a refutation of these writers and of their reviewer, partly from their own materials, as appears to be either merited or required.

* De l'Agriculture en France, d'après les Documents officiels. Par M. L. Mounier, avec des Remarques par M. Rubichon. Paris, 1846. † For December 1846.

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