of value is delivered except against a corresponding note, necessarily the sum of notes is covered by the sum of the objects of value. The calculation is perfectly equal, it is exact to a second of labor time, and there is not a superior employee in the Office of the Public Debt who, however appalled by his own duties, could in this calculation make the slightest error. What more could be desired?
In modern capitalist society each industrial capitalist produces on his own account what he likes, how he likes, and as much as he likes. The quantity socially demanded is for him an unknown magnitude, and he does not know the quality of the objects demanded any more than their quantity. That which to-day cannot be supplied quickly enough may to-morrow be in excess of the demand. Ultimately demand is satisfied in some fashion, ill or well, and generally production is definitely regulated by the objects demanded. How is the reconciliation of this contradiction effected? By competition. And how does that arrive at this solution? Simply by depreciating below their labor value the commodities which are by reason of their quality or quantity useless or unnecessary, in the present state of the demand of society, and in making the producers feel, in this explicit fashion, that they have manufactured articles absolutely useless or unnecessary, or that they have manufactured a superfluity of otherwise useful articles. From that two things follow:
First, the continual deviation of the price of commodities in relation to the value of commodities is the necessary condition by which alone the value of commodities can exist. It is only by the fluctuations of competition, and following that, of the price of commodities, that the law of value realizes itself in the
