_Readings_.--De Lugo, _De Just. et Jure_, 22, nn. 1, 2, 5, 6, 9, 16,
17. For buying and selling and the frauds incident thereto, Paley,
_Moral Philosophy_, bk. iii., p. 1, c. vii.
SECTION V.--_Of Usury_.
1. We must distinguish _use value_ and _market value_. The use value
of an article of property is the esteem which the owner has of it from
every other point of view except as a thing to sell. Thus a man values
his overcoat on a journey as a protection from cold and rain. A book
is valued that was held in the dying hand of a parent. This is use
value. The market value of an article is the estimate of society,
fixing the rate of exchange between that and other articles, so much
of one for so much of another, _e.g._, between mahogany and cedar
wood, considered as things to sell.
2. Answering to this twofold value is a twofold exchange, _private
exchange_, which regards use value; and _commercial exchange_, which
is founded on market value. If I part with my watch to a sailor for
carrying me across an arm of the sea where there is no public ferry,
that is private exchange. If I pay the ordinary fare where there is a
public ferry, that is commercial exchange.
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