Suchaconceptbelongstotheregimeofhandicraftandpettytrade，anditisfrom，orthrough，theeraofhandicraftthatithascomedowntothepresent。6*Itfitsintotheschemeofhandicraft，anditislessfullyinconsonancewiththefactsoflifeinanyothersituationthanthatofhandicraft。Associatedwiththesystemofhandicraft，asitscorrelate，wasthesystemofpettytrade；andasthedifferentiationofoccupationswascarriedtoahighdegree，purchaseandsalecametoprevailverygenerally，andthecommunityacquiredacommercialcomplexionandcommercialhabitsofthought。Underthesecircumstancesthenaturalrightofownershipcametocompriseanextremefreedomandfacilityinthedisposalofproperty。Thewholesequenceofgrowthofthisnaturalrightis，ofcourse，tobetakeninconnectionwiththegeneralgrowthofindividualrightsthatculminatedintheeighteenth-centurysystemofNaturalLiberty。

　　HowfartheEnglisheconomicdevelopmentistobeaccountedthechieforfundamentalfactorinthegeneralgrowthofnaturalrightsisaquestionthatcannotbetakenuphere。Theoutcome，sofarasitimmediatelytouchesthepresenttopic，wasthatbythetimeoftheindustrialrevolutionafairlyconsistentstandardizationofeconomiclifehadbeenreachedintermsofworkmanshipandprice。ThewritingsofAdamSmithandhiscontemporariesbearwitnesstothis。Andthiseighteenth-centurystandardizationstandsoverasthedominanteconomicinstitutionoflatertimes。7*Such，inoutline，seemtobethehistoricalantecedentsandthespiritualbasisofthemoderninstitutionofproperty，andthereforeofbusinessenterpriseasitprevailsinthepresent。8*

　　Thissketchofthegenesisofthemoderninstitutionofpropertyandofmodernbusinessprinciplesmayseemdubioustothosewhoareinclinedtogiveitamoresubstantialcharacterthanthatofahabitofthought，-thatistosay，thosewhostilladheretothedoctrineofnaturalrightswithsomethingoftheeighteenth-centurynaivete。ButwhatevermaybeacceptedastheulteriorgroundsofthatculturalmovementwhichculminatedinthesystemofNaturalLiberty，itisplainthattheindustrialandcommercialexperienceofwesternEurope，andprimarilyofEngland，fromthefifteenthtotheeighteenthcentury，hadmuchtodowiththeoutcomeofthemovementinsofarasnaturallibertytoucheseconomicmatters。Itisasanoutcomeofthisrecentlypastphaseofeconomicdevelopmentthatwehaveincorporatedinthelaw，equity，andcommonsenseofto-day，thesepeculiarlyfreeandfinalpropertyrightsandobligations，thatistosay，thosepeculiarprinciplesthatcontrolcurrentbusinessandindustry。WeowetotheeighteenthcenturyaveryfulldiscretIonandfreeswinginallpecunIarymatters。Ithasgivenfreedomofcontract，togetherwithsecurityandeaseofcreditengagements，wherebythecompetitiveorderofbusinesshasbeendefinitivelyinstalled。9*

　　Thesubject-matteraboutwhichthismodernpecuniarydiscretionturns，withallitsfreedomandinviolabilityofcontract，ismoneyvalues。Accordinglythereunderliesallpecuniarycontracts。anassumptionthattheunItofmoneyvaluedoesnotvary。Inviolabilityofcontractsinvolvesthisassumption。Itisacceptedunquestioninglyasapointofdepartureinallbusinesstransactions。Inthemakingandenforcementofcontractsitisafundamentalpointoflawandusagethatmoneydoesnotvary。10*Capitalizationaswellascontractsaremadeinitsterms，andtheplansofthebusinessmenwhocontrolindustrylooktothemoneyunitasthestablegroundofalltheirtransactions。Notoriously，businessmenarejealousofanyattempttochangethevalueorlessenthestabilityofthemoneyunit，whichgoestoshowhowessentialaprincipleinbusinesstrafficistheputativeinvariabilityofthemoneyunit。11*

　　Usagefortifiedbylawdecidesthatwhenpricesvarythevariationisheldtooccurinthevalueofthevendiblecommodities，notinthevalueofthemoneyunit，sincemoneyisthestandardofvalue。Thereis，ofcourse，nointentionheretoquestiontheposition，familiartoalleconomists，thatfluctuationsinthecourseofpricesmayaswellbeduetovariationonthepartofthemoneymetalsastoavariationonthepartofthearticleswhosepricesfluctuate。Insofarasthedistinctionsomadebetweenvariationsintheoneortheothermemberofavalueratiohasameaning-whichitisnotalwaysclearthatithas-itdoesnottouchtheargument。Itisamatterofcommonnotoriety，whichhasalsohadthebenefitofreiteratedstatisticalproof，that，asmeasured，forinstance，intermsoflivelihoodoroflabor，thevalueofmoneyhasvariedincontinentlythroughoutthecourseofhistory。

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