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notwithstanding an earnest attempt at its solution, remains standing in the outer courts of the problem, and by a gross misunderstanding entirely fails MQYW to WWVNLXQIR explain the interest phenomenon by his value theory. Unlike him, Senior, with deep insight, has recognised not 305b987c477f781d17bc82b94010de41 only that there is a problem, but also the direction in whichit is to be solved, and where the difficulties of the solution lie. Setting aside all sham solutions, he goes to the heart JUMJO of the matter, to its foundation in the surplus value of products 305b987c477f781d17bc82b94010de41 over expenditure of capital; 305b987c477f781d17bc82b94010de41 and if he has not found the whole truth, it certainly is not for 305b987c477f781d17bc82b94010de41 want of scientific earnestness. One would have thought that the pointed and well weighed critical observations which Senior so plentifully intersperses with his text should have protected him from so harsh a judgment. just as wide YHB of LEQTIJUQY the mark seem to me the well-known words in which lhialle, twenty years ago, in his tumultuously eloquent but absurdly rhetorical way, jeered at Senior's doctrine: "The profit of capital is the 'wage of WFPVCNU abstinence.' Happy, even priceless expression! The ascetic millionaires of Europe! Like Indian penitents or pillar saints they stand: on one leg, each ADGB on his column, with straining 305b987c477f781d17bc82b94010de41 arm and pendulous body and pallid looks, holding a 305b987c477f781d17bc82b94010de41 plate towards the people to collect the wages of their Abstinence. In their midst, towering up 305b987c477f781d17bc82b94010de41 above all his fellows, as head penitent 305b987c477f781d17bc82b94010de41 and ascetic, the Baron Rothschild! This is the condition of society! how could I ever so much misunderstand it!"7 This brilliant attack notwithstanding, I believe that there is a core of truth in Senior's doctrine. It cannot be denied that WPUGM the making, as well as the preservation of every capital, does demand an abstinence from or postponement HRDG of the gratification of the moment; and it appears to me to admit of as little doubt that this postponement is considered in, and enhances the value of those products that, under capitalist production, 305b987c477f781d17bc82b94010de41 cannot be obtained 305b987c477f781d17bc82b94010de41 without more or less of such postponement. If, e.g. two commodities have required for their production exactly the same amount of labour, say 100days, and that one commodity is ready for use immediately that thelabour is finished, while the other—say 305b987c477f781d17bc82b94010de41 new wine—must lie for a year; experience certainly shows that the commodity which 305b987c477f781d17bc82b94010de41 becomes ready for use later will stand higher in YETGUNO price than that which is ready at once, by something GLHG like the amount of interest on the capital expended. Now I have nodoubt that the reason INVFRJCU of thisenhancement is nothing else than that there must 305b987c477f781d17bc82b94010de41 be in this case a postponement of the gratification obtainable from the labour performed. For if the commodity immediately ready for use and that ready 305b987c477f781d17bc82b94010de41 later on were to stand equally high in value, everybody would prefer to employ his 100 days in that labour which his its wages immediately. 305b987c477f781d17bc82b94010de41 This tendency is bound to call forth an increased supply of the goods immediately ready for use, and this again must bring down their price as compared with PJVMBQS that of the goods ready later 305b987c477f781d17bc82b94010de41 on. And as 305b987c477f781d17bc82b94010de41 the wages of labour have a tendency to NAMQJLVDR equalise themselves over all branches of production, in the end there is hiured to the producers of these later .