I have hardly been able to find time to write this letter, I am so busily engaged.—I am serving on a committee.I expected ere this to see you in England; I hope nothing has occurred to prevent you from putting your good intention into execution, as I fully depend on the meeting which I have so long desired.I presented the petition you sent me, and advocated its prayer with the best reasons I could offer, but neither the House nor the Reporters paid much attention to me. I am sure you will not say so.These are all the remarks I have to offer against any of the passages in your lectures; in favor of them I could make many, but that is unnecessary. In all this I saw good reason to concur. Postmark, Bath 7 July 1821.At the meeting of the Political Economy Club on 25 June (when Malthus’s question ‘Can there be a Glut of commodities?’ was discussed) Ricardo had proposed for consideration at the next meeting the query ‘Whether Machinery has a tendency to diminish the demand for labour?’ Owing to Ricardo’s absence from the next two meetings, the discussion was deferred till 4 Feb. 1822. I do not object to accounting for the low value of gold in particular countries, but I say it is not material to an enquiry into a general measure of value, particularly if it be itself objected to as forming any element in that measure.Suppose a farmer to have a certain quantity of cattle and implements and a hundred quarters of wheat; that he expends this wheat in supporting a certain quantity of labour, and that the result is 110 qI have said that the value of most commodities is made up of labour and profits: If this be so, you observe, “it is as clear as the sun that the variable wages which command the same quantity of labour must be of the same value, I have lost no time in answering your letter, for I am just now warm in the subject, and cannot do better than disburthen myself on paper.As you express some interest in the discussion going on between Malthus and myself I send you 2 more letters.A commodity produced in two years with the same quantity of labour that another is produced in one is more valuable than the commodity produced in one, and a commodity produced with the labour of one man for 52 weeks is more valuable than a commodity produced by the labour of 52 men for one week.

I shall then have a little more leisure by the saving at least of my daily journeying from here to town and back and I may probably avail myself of that increased leisure to treat you at greater length with my lucubrations, not worth much at best, than I can now do; for even now I am called off by Mrs. Tooke and our gardener for my opinion and sanction to improvements and other operations with a view to winter work here; this being one of the few opportunities I dined at my neighbor Murray’s two days ago (where by the way I met Belzoni)Your Letter from the neighborhood of Ledbury reminds me of a flying tour I made through that Country, Sydney Smith’s performances in the Edingburgh Review are all very well; but, it is a shame, that he should dissipate his powerful understanding in disjointed performances, which cannot cost him any effort, and will never add to his reputation.

for Corfe Castle, one of the trustees of the British Museum.Thomas Love Peacock, the novelist, was Mill’s colleague as Assistant Examiner at the East India House.Mill had been promoted First Assistant Examiner of India Correspondence. I am also ready to admit that your money measure will measure exactly the quantity of labour and profits together of which commodities are composed, but so will my money measure.

I was obliged to say a few words, and did not fail to say something in favor of the importance of secret suffrage.Hume, as you may suppose, is highly gratified at the reception which he every where meets with—he has struck out in a new line, and will continue to be highly prized, till he has a few more competitors.

Place / Charing Cross / London’.

I find it very difficult to get any very accurate information of the variation in the relative value of gold and silver in the places where I have been. 9d. But, I think there must be some fallacy in his reasoning—The points, that I doubt about are 1I do not venture to give any decided opinion at present as I really have run over his book so hastily, that I am not He refers several times to a work of Mr. Torrens on the production of Wealth, is it worth reading?I am glad to see he has abandoned his mean measure of What he says of Blake’s notion is very just—“it has an air of contradiction not removed by shewing, that the main cause of high prices was a great demand.”I thank You for the account you sent me of the number of dividends in the funds—I fully expected the numbers would have been greater.
All general reasoning I apprehend is in favor of my view of this question, for why should some agree to go without any wages while others were most liberally rewarded. Although he adds, ‘j’aurai occasion de revenir sur mes rapports avec M. Ricardo’, no more is to be found in the published memoirs; see Sismondi gives some account of his discussion with Ricardo at Geneva in an article ‘Sur la balance des consommations avec les productions’, in Say wrote of himself: ‘Je n’ai presque jamais été content de ma conversation. Mr. Sismondi was there and our conversation turned entirely on Politics and Political Economy. You say, “if it requires a capital of £1000 to set the muscles of the mason in motion who builds me a house, and if it also requires £1000 to set fermentation, purification and all the other processes in motion which produce me a cask of wine, is it not plain that both the house and the cask of wine cost the same quantity of labour, if they are produced in the same time? Our journey has been an uncommonly prosperous one, for we have all enjoyed perfect health, and have met with few or no difficulties.


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