who comes along. Ask any one of these fellows who tells you that the Marxian theory of Value has been exploded, to state the new and correct theory of Value that has taken its place and you will find that he cannot state a theory that you or I or any other man can understand. He will either admit he is floored, or else he will emit a dense fog of words. I challenge any one of them to state a theory of value that he himself can understand, let alone make any one else understand.
Now the Marxian theory of Value can be clearly stated so that you and I can understand it. But let us begin with surplus-value. This theory of surplus-value is simply the scientific formulation of the fact that workingmen had been conscious of in a vague way long before Karl Marx's day, the fact that the workingman don't get a fair deal, that he don't get all he earns. This fact had been formulated as long ago as 1821 by the unknown author of a letter to Lord John Russell on "The Source and Remedy of the National Difficulties." In this letter the very phrases "surplus produce" and "surplus labor" are used. You will find that Marx refers to this letter in a note on page 369 (Humboldt edition, 644 Kerr edition) of the
