6937. PRICE, Basis of.—
The adequate
price of a thing depends on the capital and labor
necessary to produce it. In the term capital,
I mean to include science, because capital as
well as labor has been employed to acquire it.
Two things requiring the same capital and
labor, should be of the same price. If a gallon
of wine requires for its production the same
capital and labor with a bushed of wheat, they
should be expressed by the same price, derived
from the application of a common measure to
them.—
To J. W. Eppes. Washington ed. vi, 233.
Ford ed., ix, 406.
(M.
1813)
