In  stating  that  commodities  are  produced  by  two
instruments,  Labour  and  Capital,  .of  which  the  last
is  the  result  of  labour,  we,  in  effect,  mean,  that  com-»
modities  are  produced  by  two  quantities  of  labour,
differently  circumstanced .;  the  one,  immediate  labour,)
that  which  is  applied  at  once  by  the  hand  of  the
labourer ;  the  other,  hoarded  labour,  that  which  has
been  the  result  of  former  labour,  and  either  is
applied  in  aid  of  the  immediate  labour,  or  is  the
subject-matter  upon  which  it  is  bestowed.
Of  these  two  species  of  labour,  two  things  are  to
be  observed :  First,  that  they  are  not  always  paid
according  to  the  same  rate ;  that  is,  the  payment
of  the  one  does  not  rise  when  that  of  the  other  rises,
or  fall  when  that  of  the  other  falls  :  And,  secondly,
that  they  do  not  always  contribute  to  the  production
of  all  commodities  in  equal  proportions.
If  there  were  any  two  species  of  labour,  the  wages
of  which  did  not  rise  and  fall  in  the  same  proportion,
md  which,   contributing  to   the  production   of  all


76  CHAP.    Ill — INTEllCHA^GE.
commodities,  did  not  contribute  to  them  all  in  equal
degrees,  this  circumstance,  of  their  not  contributing
in  equal  degrees,  would  create  a  difference  in  ex-
changeable values,  as  often  as  any  fluctuation  took
place  in  the  rate  of  wages.
