V A L V A L 45 YALS, or VALS-LES-BAINS, a village of France, in the department of Ardeche, with a population of 2186 in 1886, is noted chiefly for its alkaline waters, which are similar to those of Vichy (see vol. xvi. p. 435). Within the com mune, which in 1886 had a population of 3911, paper is manufactured to a small extent, and some silk is spun. VALTELLINA, or VALTELLIXE, the upper valley of the Adda, in the extreme north of Italy (province of Sondrio), derives its name from Teglio, the former capital, not far from Tirano (Val di Teglio, Val Teglina ; Germ., Veltlin), and has a length, from Bormio to the Lake of Como, of about 68 miles. The chief town is Sondrio (4014 inhabit ants in 1881), other important places being Tirano (3119) and Morbegno (3240). Near Bormio (Germ., Worms) there are some frequented mineral springs (sulphur and lime), known in Pliny s time, and efficacious in diseases of the skin. There are several other baths in the side valleys, such as Santa Caterina (chalybeate), Masino, and Le Prese (sulphur). The highest points in the ranges enclosing the valley are the Piz Zupo (13,121 feet) in the Bernina group and the Konigsspitze (12,645 feet) in the Ortler district; the Monte della Disgrazia (12,074 feet) is the highest peak comprised entirely within the water -basin of the valley. Three well-marked Alpine passes are traversed by good carriage -roads the Stelvio Pass or Stilfserjoch (9046 feet, the highest carriage-road in Europe) from Bormio to Meran in the Adige valley, the Bernina Pass (7628 feet) from Tirano to Samaden in the Upper Engadine, and the Aprica Pass (4049 feet) from Tirano to the Val Camonica and the Lake of Iseo. The main valley is traversed from end to end by a magnificent carriage-road constructed by the Austrian Government in 1820-25. A railway from Colico, on the Lake of Como, to Sondrio (27 miles) was opened in 1884, and is being pushed on towards Tirano. The population is wholly Italian -speaking and Roman Catholic, the valley being in the diocese of Como. The shrine of the Madonna of Tirano (founded 1520) annually attracts a large number of pilgrims. The valley, particu larly in its lower portion, is extremely fertile ; and of late years vigorous measures have been taken to prevent the damage caused by the frequent inundations of the Adda. Chestnuts, vines, mulberry trees, and fig trees abound; and there are many picturesquely-situated churches, castles, and villages. The chief articles exported are wine and honey. The wine is largely consumed in north Italy and Switzer land, the best varieties being Grumello, Sassella, and Montagna. About 20,000 Ib weight of honey is annually sent abroad. Politically the whole valley belongs to the kingdom of Italy, except the side valley of Poschiavo (Puschlav), which belongs to the Swiss canton of the Grisons (Graubiinden). The political history of Valtellina is made up of the histories of three districts, (1) the "free community" of Poschiavo (first mentioned as such in 1200-01) ; (2) the county of Bormio (first mentioned as a county in 1347) ; and (3) Valtellina proper, ex tending from the defile of the Serra di Morignone on the east to the Lake of Como on the west. After the defeat of the Lombards (774) these three districts were given by Charlemagne to the abbey of St Denis near Paris, which never seems to have exercised its rights. In 824 Lothair L, confirming an earlier donation made by Charlemagne, gave the churches of Poschiavo and Bormio to the bishop of Como. Bormio was in 1205 won by the men of Como, who in 1006 had received one-half of Valtellina from the emperor, and by 1114 they were masters of the entire valley. They retained Bormio till 1300, when it freed itself; but in 1336 it belonged to the bishop of Chur. In 1335 the Visconti, lords (later dukes) of Milan, became lords of Como, and therefore of Valtellina. In 1350 they seized on Bormio and Poschiavo, the latter being won back by the bishop of Chur in 1394, and again lost to the Visconti in 1435. As early as 1360 the men of Rhsetia made in cursions into Valtellina under the pretext that it had formed part of ancient Rhretia. This idea was confirmed in 1404, when, in return for kind treatment received during his exile, Mastino Vis conti (son of Barnabo) gave to the bishop of Chur his share of the Milanese, including Poschiavo, Bormio, and Valtellina. Relying on this donation, the men of the Three Leagues of Rhsetia (best known by the name of one, Graubtinden) invaded the valley in 1486-87, Poschiavo becoming in 1486 permanently a member (not a subject land) of the Gottcshausbund. This donation served too as the excuse for seizing, in 1512, on Bormio and Valtellina, which were harshly ruled as "subject bailiwicks." Under the governor at Sondrio there were four "podestas" for the three divisions of Valtellina (Morbegno and Traona, Sondrio, and Tirano), besides one at Teglio and one at Bormio. Mastino Visconti s donation was solemnly confirmed in 1516 by the emperor Maximilian I. In 1530 the bishop of Chur was forced to sell to the Three Leagues for a small sum his title to these two districts. At the time of the Reformation Poschiavo became Protestant. The other two districts clung to the old faith and came under the influence of Carlo Bor- romeo, who, when founding in 1579 his "Collegium Helveticum " at Milan for Swiss students for the priesthood, reserved for A T al- tellina six out of the forty-two places. Valtellina was extremely important to the Hapsburgs as affording the direct route between their possessions of the Milanese and Tyrol. Hence a great struggle, into which religious questions and bribery largely entered, took place between Austria and Spain on one side and France and Venice on the other. In 1603 Fuentes, the Spanish governor of the Milanese, built a fortress (of which traces still remain) close to the Lake of Como and at the entrance to the valley, in order to overawe it. The religious conflicts in Graubiinden led to reprisals in the "sub ject land" of Valtellina. In 1620 (19th July-4th August) the Spanish and Romanist faction (headed by the Planta family) massacred a great number of Protestants in the valley, 350 to 600 according to different accounts ( Veltliner Mord}. For the next twenty years the valley was the scene of great strife, being held by the Spaniards (1620, 1621-23, 1629-31, 1637-39), by the French (1624-26, 1635-37), and by the pope (1623, 1627). At length George Jenatsch, a former pastor, who had been the active and unscrupulous leader of the Protestant party, became a Romanist (1635) in order to free the land from the French by aid of the Spaniards (1637), who finally (1639) gave it back to its old masters on condition that the Protestants were excluded from the valley. In this way the local struggles of Valtellina came to be mixed ip with the Thirty Years War. In 1797 Bormio and Valtellina were annexed to the Cisalpine republic, in 1805 to the kingdom of Italy (of which Napoleon was king), and in 1815 (despite the remon strances of the Rhffitian leagues) to the kingdom of Lombardo- Venetia, held by the emperor of Austria. In 1859 they became, like the rest of Lombardy, part of the kingdom of united Italy. Poschiavo followed the fortunes of the "Gotteshausbund." It became (after 1798) part of the canton Rhretia of the Helvetic republic, and in 1803 of the canton of the Graubiinden or Grisons, which was then first received a full member of the Swiss Con federation. See G. Leonhardi, Das Veltlin and Das Poschiavinolhal (1859); Romegialli, Storia della Valtellina (1834-39, 5 vols.) ; C. von Moor, Geschichte von Ciirratien (1870-74); P. C. von Planta, Die curriiUschen Herrschaften in der Feiidalzeit (1881); Coxe, Travels in Switzerland, &c. (4th ed., 1801; Letters 74-78); Henne-Am Rhyn, Geschichte des Schweizervolkes (18(55) ; L. von Ranke, History of the Popes, bk. vii. ; and H. Reinliardt, "Das Veltliner Mord," in Geschichts- freund (vol. xl., 1885). VALUE. In most departments of economic theory it is convenient to use as the basis of the exposition the opinions of J. S. Mill, not only because he has embodied in his treatise in a remarkable manner nearly everything of importance from the theoretical standpoint in the work of his predecessors, but also because most of the recent advances in economic science have been made by way of criticism or development of his views. This observation is especially true of the theory of value. In this subject Mill had digested the mass of previous learning with such effect that he commences his treatment with the remark : " Happily there is nothing in the laws of value which remains for the present or any future writer to clear up ; the theory of the subject is complete. The only difficulty to be overcome is that of so stating it as "to solve by anticipation the chief perplexities which occur in applying it." Curiously enough this part of economic theory was the first to receive at the hands of Jevons and others serious modification, the nature and need for which can, however, only be properly understood after a preliminary examina tion of the old orthodox position. As regards the question of definition, Mill starts with the distinction somewhat loosely drawn by Adam Smith between value in use and value in exchange. When we say that a thing possesses a certain value in use, we say in Value in use and in ex
change.