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isthemainspringorcausacausansofallimprovement。71Thisis，ofcourse，partofthefamiliarsystem，whichappliesequallyinethicsandpolitics，M’CullochissimplygeneralisingAdamSmith’scongenialdoctrinethatstatesmenareguiltyofabsurdpresumptionwhentheytrytointerferewithaman’smanagementofhisownproperty。72Thistheory，again，isexpressedbythefamiliarmaximpastropgouverner，whichiscommontothewholeschool，andoftenacceptedexplicitly。73
Itwillbequiteenoughtonoticeoneortwocharacteristicresults。Themostimportantconcerntherelationbetweenthelabourerandthecapitalist。Malthusgivesthestarting-point。
Torrens，forexample，saysthatthe’realwagesoflabourhaveaconstanttendencytosettledown’totheamountrenderednecessaryby’customandclimate’inordertokeepuphisnumbers。74Millobservesinhistersewaythatthecapitalistinthepresentstateofsociety’isasmuchtheownerofthelabour’asthemanufacturerwhooperateswithslaves。
Theonly’differenceisinthemodeofpurchasing。’75Onebuysaman’swholelabour；theotherhislabourforaday。Therateofwagescanthereforeberaised，likethepriceofslaves，onlybylimitingthesupply。Hencethe’grandpracticalproblemistofindthemeansoflimitingthenumberofbirths。’76M’Cullochisequallyclear，andinfersthateveryscheme’notbottomedon’theprincipleofproportioninglabourtocapitalmustbe’completelynugatoryandineffectual，’77
ThedoctrinecommontothewholeschoolledM’Cullochtoconclusionswhichbecameafterwardsnotoriousenoughtorequireawordofnotice。Torrens，likeRicardo，speaksofcapitalas’accumulatedlabour，’butmakesagreatpointofobservingthat，althoughthisistrue，thecaseisradicallychangedinadevelopedstateofsociety。
Thevalueofthingsnolongerdependsuponthelabour，butupontheamountofcapitalemployedintheirproduction。78This，indeed，mayseemtobethemostnaturalwayofstatingtheacceptedprinciple。M’Cullochrepliesthatthechangemakesnodifferenceintheprinciple，79inasmuchascapitalbeing’accumulatedlabour，’valueisstillproportionedtolabour，thoughinatransubstantiatedshape。M’CullochsupposedthatbycarryingoutthisprinciplesystematicallyhewassimplifyingRicardoandbringingthewholescienceintounity。Allquestions，whetherofvalueinexchange，oroftherateofwages，canthenbereducedtocomparingthesimpleunitcalledlabour。BothMillandM’Cullochregardcapitalasakindoflabour，sothatthingsmaybeproducedbycapitalalone，’withouttheco-operationofanyimmediatelabour’80——aresultwhichcanhardlyberealisedwiththediscoveryofaperpetualmotion。So，again，thevalueofajointproductisthe’sum’ofthesetwovalues。81Allvalue，therefore，canberegardedasproportionedtolabourinoneofitstwostates。M’Cullochadvancedtoanunfortunateconclusion，whichexcitedsomeridicule。ThoughRicardoandTorrens82rejectedit，itwasacceptedbyMillinhissecondedition。83Winekeptinacaskmightincreaseinvalue。Couldthatvaluebeascribedto’additionallabouractuallylaidout’?M’Cullochgallantlyassertedthatitcould，though’labour’certainlyhastobeinterpretedinanon-naturalsense。84Notonlyiscapitallabour，butfermentationislabour，orhowcanwesaythatallvalueisproportionedtolabour?Thisisonlyworthnoticeasapatheticillustrationofthemisfortunesofatheoristriddenbyadogmaofhisowncreation。Anotherconclusionismoreimportant。The’realvalue’
ofanythingismeasuredbythelabourrequiredtoproduceit。Nothing’againismoreobvious’thanthatequallabourimpliesthe’samesacrifice’inallstatesofsociety。85Itmightseemtofollowthatthevalueofanythingwasmeasuredbythelabourwhichitwouldcommand。Thisdoctrine，however，thoughmaintainedbyMalthus，was，accordingtoM’Culloch，apestilentheresy，firstexplodedbyRicardo’ssagacity。86Thingsexchange
