Thefirstspontaneouslyevolvedformofwealthconsistsofanoverplusorexcessofproducts,i。e。oftheportionofproductswhicharenotdirectlyrequiredasuse—values,orelseofthepossessionofproductswhoseuse—valueliesoutsidetherangeofmerenecessity。Whenconsideringthetransitionfromcommoditytomoney,wesawthatataprimitivestageofproductionitisthisoverplusorexcessofproductswhichreallyformsthesphereofcommodityexchange。Superfluousproductsbecomeexchangeableproductsorcommodities。Theadequateformofthissurplusisgoldandsilver,thefirstforminwhichwealthasabstractsocialwealthiskept。
Itisnotonlypossibletostorecommoditiesintheformofgoldandsilver,i。e。,inthematerialshapeofmoney,butgoldandsilverconstitutewealthinpreservedform。Everyuse—valuefulfilsitsfunctionwhileitisbeingconsumed,thatisdestroyed,buttheuse—valueofgoldasmoneyistorepresentexchange—value,tobetheembodimentofuniversallabour—timeasanamorphousrawmaterial。Asamorphousmetalexchange—valuepossessesanimperishableform。Goldorsilverasmoneythusimmobilisedconstitutesahoard。
Inthecaseofnationswithpurelymetalliccurrency,suchastheancients,hoardingbecomesauniversalpracticeextendingfromtheindividualtotheState,whichguardsitsStatehoard。InAsiaandEgypt,duringtheirearlyperiod,thesehoardswereinthecustodyofkingsandpriestsandservedmainlyasevidenceoftheirpower。InGreeceandRomethecreationofStatehoardsbecameaprincipleofpublicpolicy,forexcesswealthinthisformisalwayssafeandcanbeusedatanymoment。Therapidtransferofsuchhoardsbyconquerorsfromonecountrytoanotherandtheirsuddeneffusioninpartintothesphereofcirculationarecharacteristicsoftheeconomyofantiquity。
Asmaterialisedlabour—timegoldisapledgeforitsownmagnitudeofvalue,and,sinceitistheembodimentofuniversallabour—time,itscontinuousfunctionasexchange—valueisvouchedforbytheprocessofcirculation。Thesimplefactthatthecommodity—ownerisabletoretainhiscommoditiesintheformofexchange—value,ortoretaintheexchange—valueascommodities,makestheexchangeofcommodities,inordertorecoverthemtransformedintogold,thespecificmotiveofcirculation。ThemetamorphosisofcommoditiesC——Mtakesplaceforthesakeoftheirmetamorphosis,forthepurposeoftransformingparticularphysicalwealthintogeneralsocialwealth。Changeofform——insteadofexchangeofmatter——becomesanendinitself。Exchange—value,whichwasmerelyaform,isturnedintothecontentofthemovement。Commoditiesremainwealth,thatiscommodities,onlywhiletheykeepwithinthesphereofcirculation,andtheyremaininthisliquidstateonlyinsofarastheyossifyintosilverandgold。Theyremainliquidasthecrystallisationoftheprocessofcirculation。Butgoldandsilverestablishthemselvesasmoneyonlyinsofarastheydonotfunctionasmeansofcirculation。Theybecomemoneyasnon—meansofcirculation。Thewithdrawalofcommoditiesfromcirculationintheformofgoldisthustheonlymeansofkeepingthemcontinuouslyincirculation。
Theownerofcommoditiescanrecoverasmoneyfromcirculationonlyasmuchasheputintoitintheformofcommodities。Lookedatfromthestandpointofthecirculationofcommodities,thefirstconditionofhoardingisconstantselling,theincessantthrowingofcommoditiesintocirculation。
Ontheotherhand,moneyasamediumofcirculationconstantlydisappearsintheprocessofcirculationitself,sinceitisallthetimebeingrealisedinuse—valuesanddissolvedinephemeralenjoyments。Itmust,therefore,bewithdrawnfromthestreamofcirculation;inotherwordscommoditiesmustberetainedinthefirststageoftheirmetamorphosisinordertopreventmoneyfromfunctioningasmeansofpurchase。Theownerofcommoditieswhohasnowbecomeahoarderofmoneymustsellasmuchaspossibleandbuyaslittleaspossible,asevenoldCatopreached——patremfamiliasvendacem,nonemacemesse。[Theheadofthefamilyshouldbeeagertosell,noteagertobuy。CatoTheElder,Dererustica。——Ed。]
Parsimonyisthenegativepre—conditionofhoarding,justasindustryisitspositivepre—condition。Thesmallertheproportionthatiswithdrawnfromcirculationasanequivalentforthecommodities[thrownintoit]
consistingofparticularcommoditiesoruse—values,thelargertheproportionthatconsistsofmoneyorexchange—value。[6]Theappropriationofwealthinitsgeneralformthereforeimpliesrenunciationofthematerialrealityofwealth。Hencethemotivepowerofhoardingisavarice,whichdesiresnotcommoditiesasuse—values,butexchange—valueasacommodity。Soastotakepossessionofsuperfluouswealthinitsgeneralform,particularneedsmustbetreatedasluxuriesandsuperfluities。Forinstance,in1593theCortessentapetitiontoPhilipII,whichamongothermatterscontainsthefollowingpassage:
\"TheCortesofValladolidrequestedYourMajestyin1586
nottopermitthefurtherimportationintothiskingdomofcandles,glassware,jewellery,knivesandsimilararticlescomingfromabroad,which,thoughtheyareofnousetohumanlife,havetobeexchangedforgold,asthoughtheSpaniardswereIndians。\"
Thehoarderofmoneyscornstheworldly,temporalandephemeralenjoymentsinordertochaseaftertheeternaltreasurewhichcanbetouchedneitherbymothsnorbyrust,andwhichiswhollycelestialandwhollymundane。
Intheabove—quotedworkMisseldenwrites:\"ThegeneralremotecauseofourwantofmoneyisthegreatexcesseofthisKingdominconsumingtheCommoditiesofForreineCountries,whichprovetousdiscommodities,inhinderingusofsomuchtreasure,whichotherwisewouldbeebroughtin,inlieuofthosetoyes……Wee……consumeamongstus,thatgreatabundanceoftheWinesofSpaine,ofFrance,oftheRhene,oftheLevant……theRaisinsofSpaine,theCorintsoftheLevant,theLawnesandCambricksofHannaults……theSilkesofItalie,theSugersandTobacooftheWestIndies,theSpicesoftheEastIndies:Allwhichareofnonecessetieuntous,andyetareboughtwithreadymony。\"[7]
Wealthintheshapeofgoldandsilverisimperishablebecauseexchange—valueisrepresentedbyanindestructiblemetalandespeciallybecausegoldandsilverarepreventedfromfunctioningasmeansofcirculationandthusfrombecomingamerelytransientmonetaryaspectofcommodities。Theperishablecontentisthussacrificedtothenonperishableform。
\"SupposethatMoneybetaken（bymeansofTaxation）fromonewhospendeththesame……insuperfluouseatinganddrinking,oranyotherperishingCommodity;andthesametransferredtoonethatbestowethitonCloaths。Isay,thateveninthiscasetheCommonwealthhathsomelittleadvantage;becauseCloathsdonotaltogetherperishsosoonasMeatsandDrinks。ButifthesamebespentinFurnitureofHouses,theadvantageisyetalittlemore,ifinBuildingofhousesyetmore;
ifinimprovingofLands,workingofMines,Fishing,etc。yetmore;butmostofall,inbringingGoldandSilverintotheCountry;becausethosethingsarenotonlynotperishable,butareesteemedforWealthatalltimesandeverywhere;whereasotherCommodities[whichareperishable,orwhosevaluedependsupontheFashion;orwhicharecontingentlyscarceandplentiful,]areWealth,butprohicetnunc。\"[Ataparticularplaceandaparticulartime。——Ed。][8]
Anoutwardexpressionofthedesiretowithdrawmoneyfromthestreamofcirculationandtosaveitfromthesocialmetabolismistheburyingofit,sothatsocialwealthisturnedintoanimperishablesubterraneanhoardwithanentirelyfurtiveprivaterelationshiptothecommodity—owner。
DoctorBernier,whospentsometimeatAurangzeb\'scourtatDelhi,relatesthatmerchants,especiallynon—Moslemheathens,inwhosehandsnearlytheentirecommerceandallmoneyareconcentrated——secretlyburytheirmoneydeepintheground,\"beingheldinthralltothebeliefthatthemoneytheyhideduringtheirlifetimewillservetheminthenextworldaftertheirdeath\"。[9]
Incidentally,insofarasthehoarderofmoneycombinesasceticismwithassiduousdiligenceheisintrinsicallyaProtestantbyreligionandstillmoreaPuritan。
\"Itcannotbedeniedthatbuyingandsellingarenecessarypractices,whichcannotbedispensedwithandmaysurelybeusedinaChristianmanner,especiallyasregardsthingsthatservenecessityandhonour;forthuscattle,wool,corn,butter,milkandothergoodswereboughtandsoldbythepatriarchs。ThesearegiftsofGod,whichHeproducesfromthesoilanddividesamongmen。Butforeigntrade,whichbringsmerchandisefromCalicutandIndiaandotherplaces——merchandisesuchasprecioussilksandjewelleryandspices,whichareusedonlyfordisplayandservenoneed——anddrainsmoneyfromthecountryandthepeople,shouldnotbepermittedifwehadagovernmentandprinces。ButIdonotwanttowriteofthisnow,forIconsiderthatintheendwhenwehavenomoremoney,itwillhavetobeabandoned,andfineryandgluttonyaswell;forallwritingandpreachingwillbeinvainuntilwearecompelledbynecessityandpoverty。\"[10]
Eveninadvancedbourgeoissocietieshoardsofmoneyareburiedattimesofupheavalinthesocialmetabolicprocess。Thisisanattempttosavesocialcohesion——forthecommodity—ownerthiscohesionisrepresentedbythecommodityandtheadequateembodimentofthecommodityismoney——initscompactformfromthesocialmovement。Thesocialsinewsofthingsareburiedalongsidethebodywhosesinewstheyare。
Ifthehoardwerenotconstantlyintensionwithcirculation,itwouldnowsimplybeaheapofuselessmetal,itsmonetarysoulwouldhavedisappearedandnothingbutburnt—outashesofcirculation,itscaputmortuum,wouldremain。Money,i。e。,exchange—valuewhichhasassumedanindependentexistence,isbynaturetheembodimentofabstractwealth;but,ontheotherhand,anygivensumofmoneyisaquantitativelyfinitemagnitudeofvalue。Thequantitativedelimitationofexchange—valueconflictswithitsqualitativeuniversality,andthehoarderregardsthelimitationasarestriction,whichinfactbecomesalsoaqualitativerestriction,i。e,thehoardisturnedintoamerelylimitedrepresentationofmaterialwealth。Moneyastheuniversalequivalentmaybedirectlyexpressed,aswehaveseen,intermsofanequation,inwhichitformsonesidewhiletheothersideconsistsofanendlessseriesofcommodities。Thedegreeinwhichtherealisationofexchange—valueapproachessuchaninfiniteseries,inotherwordshowfaritcorrespondstotheconceptofexchange—value,dependsonitsmagnitude。Afterall,movementofexchange—valueassuch,asanautomaton,canonlybeexpansionofitsquantitativelimits。Butinpassingonesetofquantitativelimitsofthehoardnewrestrictionsaresetup,whichinturnmustbeabolished。Whatappearsasarestrictionisnotaparticularlimitofthehoard,butanylimitationofit。Theformationofhoardsthereforehasnointrinsiclimits,noboundsinitself,butisanunendingprocess,eachparticularresultofwhichprovidesanimpulseforanewbeginning。Althoughthehoardcanonlybeincreasedbybeingpreserved,ontheotherhanditcanonlybepreservedbybeingincreased。
Moneyisnotjustanobjectofthepassionforenrichment,itistheobjectofit。Thisurgeisessentiallyaurisacrafames。
[Theaccursedgreedforgold。——Ed。]Thepassionforenrichmentbycontrastwiththeurgetoacquireparticularmaterialwealth,i。e。,use—values,suchasclothes,jewellery,herdsofcattle,etc。,becomespossibleonlywhengeneralwealthassuchisrepresentedbyaspecificthingandcanthusberetainedasaparticularcommodity。Moneythereforeappearsbothastheobjectandthesourceofthedesireforriches。[11]Theunderlyingreasonisinfactthatexchange—valueassuchbecomesthegoal,andconsequentlyalsoanexpansionofexchange—value。Avariceclingstothehoardanddoesnotallowmoneytobecomeamediumofcirculation,butgreedforgoldpreservesthemonetarysoulofthehoardandmaintainsitinconstanttensionwithcirculation。
Theactivitywhichamasseshoardsis,ontheonehand,thewithdrawalofmoneyfromcirculationbyconstantlyrepeatedsales,andontheother,simplepilingup,accumulation。Itisindeedonlyinthesphereofsimplecirculation,andspecificallyintheformofhoards,thataccumulationofwealthassuchtakesplace,whereastheotherso—calledformsofaccumulation,asweshallseelater,arequiteimproperly,andonlybyanalogywithsimpleaccumulationofmoney,regardedasaccumulation。
Allothercommoditiesareaccumulatedeitherasuse—values,andinthiscasethemanneroftheiraccumulationisdeterminedbythespecificfeaturesoftheiruse—value。Storingofcorn,forexample,requiresspecialequipment;
collectingsheepmakesapersonashepherd;accumulationofslavesandlandnecessitatesrelationsofdominationandservitude,andsoon。Unlikethesimpleactofpilingthingsup,theformationofstocksofparticulartypesofwealthrequiresspecialmethodsanddevelopsspecialtraitsintheindividual。Orwealthintheshapeofcommoditiesmaybeaccumulatedasexchange—value,andinthiscaseaccumulationbecomesacommercialorspecificallyeconomicoperation。Theoneconcernedinitbecomesacornmerchant,acattle—dealer,andsoforth。Goldandsilverconstitutemoneynotastheresultofanyactivityofthepersonwhoaccumulatesthem,butascrystalsoftheprocessofcirculationwhichtakesplacewithouthisassistance。Heneeddonothingbutputthemaside,pilingonelotuponanother,acompletelysenselessactivity,whichifappliedtoanyothercommoditywouldresultinitsdevaluation。[12]
Ourhoarderisamartyrtoexchange—value,aholyasceticseatedatthetopofametalcolumn。Hecaresforwealthonlyinitssocialform,andaccordinglyhehidesitawayfromsociety。Hewantscommoditiesinaforminwhichtheycanalwayscirculateandhethereforewithdrawsthemfromcirculation。Headoresexchange—valueandheconsequentlyrefrainsfromexchange。Theliquidformofwealthanditspetrification,theelixiroflifeandthephilosophers\'stonearewildlymixedtogetherlikeanalchemist\'sapparitions。Hisimaginaryboundlessthirstforenjoymentcauseshimtorenounceallenjoyment。Becausehedesirestosatisfyallsocialrequirements,hescarcelysatisfiesthemosturgentphysicalwants。Whileclingingtowealthinitsmetalliccorporealitythehoarderreducesittoamerechimaera。
Buttheaccumulationofmoneyforthesakeofmoneyisinfactthebarbaricformofproductionforthesakeofproduction,i。e。,thedevelopmentoftheproductivepowersofsociallabourbeyondthelimitsofcustomaryrequirements。
Thelessadvancedistheproductionofcommodities,themoreimportantishoarding——thefirstforminwhichexchange—valueassumesanindependentexistenceasmoney——anditthereforeplaysanimportantroleamongancientnations,inAsiauptonow,andamongcontemporaryagrariannations,whereexchange—valuehasnotyetpenetratedallrelationsofproduction。Before,however,examiningthespecificeconomicfunctionthathoardingfulfilsinrelationtometalliccurrency,letusnoteanotherformofhoarding。
Goldandsilverarticles,quiteirrespectiveoftheiraestheticproperties,canbeturnedintomoney,sincethematerialofwhichtheyconsististhematerialofmoney,justasgoldcoinsandgoldbarscanbetransformedintosucharticles。Sincegoldandsilverarethematerialofabstractwealth,theiremploymentasconcreteuse—valuesisthemoststrikingmanifestationofwealth,andalthoughatcertainstagesofproductionthecommodity—ownerhideshistreasures,heisimpelledtoshowtoothercommodity—ownersthatheisarichman,wheneverhecansafelydoso。Hebedeckshimselfandhishousewithgold。[13]InAsia,andIndiainparticular,wheretheformationofhoardsdoesnotplayasubordinatepartinthetotalmechanismofproduction,asitdoesinbourgeoiseconomy,butwherethisformofwealthisstillconsideredafinalgoal,goldandsilverarticlesareinfactmerelyhoardsinanaestheticform。ThelawinmediaevalEnglandtreatedgoldandsilverarticlessimplyasakindoftreasure—hoard,sincetheroughlabourappliedtothemaddedlittletotheirvalue。Theywereintendedtobethrownagainintocirculationandthefinenessofthemetalofwhichtheyweremadewasthereforespecifiedinthesamewayasthatofcoin。Thefactthatincreasingwealthleadstoanincreaseduseofgoldandsilverintheformofluxuryarticlesissuchasimplematterthatancientthinkers[14]clearlyunderstoodit,whereasmoderneconomistsputforwardtheincorrectpropositionthattheuseofsilverandgoldarticlesincreasesnotinproportiontotheriseinwealthbutinproportiontothefallinthevalueofpreciousmetals。ThereisthereforealwaysaflawintheirotherwiseaccurateexplanationsregardingtheuseofCalifornianandAustraliangold,foraccordingtotheirviewstheincreasedemploymentofgoldasrawmaterialisnotjustifiedbyacorrespondingfallinitsvalue。AsaresultofthefightbetweentheAmericancoloniesandSpainandtheinterruptionofminingbyrevolutions,theaverageannualoutputofpreciousmetalsdecreasedbymorethanone—halfbetween1810and1830。TheamountofcoincirculatinginEuropedecreasedbyalmostone—sixthin1829ascomparedwith1809。Althoughtheoutputthusdecreasedandthecostsofproduction（providedtheychangedatall）
increased,neverthelessanexceptionallyrapidriseintheuseofpreciousmetalsasarticlesofluxurytookplaceinEnglandevenduringthewarandonthecontinentfollowingtheTreatyofParis。Theiruseincreasedwiththegrowthofwealthingeneral。[15]Itmayberegardedasagenerallawthattheconversionofgoldandsilvercoinintoluxurygoodspredominatesintimesofpeace,whiletheirreconversionintobarsandalsointocoinonlypredominatesinturbulentperiods。[16]Howconsiderableaproportionofthegoldandsilverstockexistsintheshapeofluxuryarticlescomparedwiththeamountusedasmoneyisshownbythefactthatin,accordingtoJacob,theratiowasas2to1inEngland,whileinEuropeasawholeandAmerica,25percentmorepreciousmetalwasusedinluxurygoodsthanincoins。
Wehaveseenthatthecirculationofmoneyismerelyamanifestationofthemetamorphosisofcommodities,orofthetransformationwhichaccompaniesthesocialmetabolism。Thetotalquantityofgoldincirculationmustthereforeperpetuallyincreaseordecreaseinaccordancewiththevaryingaggregatepriceofthecommoditiesincirculation,thatisinaccordance,ontheonehand,withthevolumeoftheirmetamorphoseswhichtakeplacesimultaneouslyand,ontheotherhand,withtheprevailingvelocityoftheirtransformation。
Thisisonlypossibleprovidedthattheproportionofmoneyincirculationtothetotalamountofmoneyinagivencountryvariescontinuously。Thankstotheformationofhoardsthisconditionisfulfilled。Ifpricesfallorthevelocityofcirculationincreases,thenthemoneyejectedfromthesphereofcirculationisabsorbedbythereservoirsofhoarders;ifpricesriseorthevelocityofcirculationdecreases,thenthesehoardsopenandapartofthemstreamsbackintocirculation。Thesolidificationofcirculatingmoneyintohoardsandtheflowingofthehoardsintocirculationisacontinuouslychangingandoscillatingmovement,andtheprevalenceoftheoneortheothertrendissolelydeterminedbyvariationsinthecirculationofcommodities。
Thehoardsthusactaschannelsforthesupplyorwithdrawalofcirculatingmoney,sothattheamountofmoneycirculatingascoinisalwaysjustadequatetotheimmediaterequirementsofcirculation。Ifthetotalvolumeofcirculationsuddenlyexpandsandthefluidunityofsaleandpurchasepredominates,sothatthetotalamountofpricestoberealisedgrowsevenfasterthandoesthevelocityofcirculationofmoney,thenthehoardsdwindlevisibly;
wheneveranabnormalstagnationprevailsinthemovementasawhole,thatiswhentheseparationofsalefrompurchasepredominates,thenthemediumofcirculationsolidifiesintomoneytoaremarkableextentandthereservoirsofthehoardersarefilledfarabovetheiraveragelevel。
Incountrieswhichhavepurelymetalliccurrencyorareatanearlystageofdevelopmentofproduction,hoardsareextremelyfragmentedandscatteredthroughoutthecountry,whereasinadvancedbourgeoiscountriestheyareconcentratedinthereservoirsofbanks。Hoardsmustnotbeconfusedwithreservefundsofcoin,whichformaconstituentelementofthetotalamountofmoneyalwaysincirculation,whereastheactiverelationofhoardandmediumofcirculationpresupposesthatthetotalamountofmoneydecreasesorincreases。Aswehaveseen,goldandsilverarticlesalsoactbothaschannelsforthewithdrawalofpreciousmetalsandlatentsourcesofsupply。
Underordinarycircumstancesonlytheformerfunctionplaysanimportantroleintheeconomyofmetalliccurrency。[17]
FOOTNOTES[1。]\"Notonlyarepreciousmetalstokensofthings……butalternativelythings……arealsotokensofgoldandsilver。\"A。Genovesi,LezionidiEconomiaCivile,1765,inCustodi,ParteModerna,t。VIII,p。281
[2。]Goldandsilverare\"universalwealth\"。Petty,PoliticalArithmetick,p。242
[3。]E。Misselden,FreeTrade,ortheMeanstoMakeTradeFlorish,London,1622。\"ThenaturalmatterofCommerceisMerchandize,whichMerchantsfromtheendofTradehavestiledCommodities。TheArtificiallmatterofCommerceisMoney,whichhathobtainedthctitleofsinewesofWarreandofState……
Money,thoughitbeinnatureandtimeafterMerchandize,yetforasmuchasitisnowinusebecomethechiefe\"（p。7）。Hecomparesthepositionofcommodityandmoneywiththatofthedescendentsof\"OldJacob\",who\"blessinghisGrandchildren,crosthishands,andlaidehisrighthandontheyonger,andhislefthandontheelder\"（I。c。）。Boisguillebert,Dissertationsurianaturedesrichesses。\"Thustheslaveofcommercehasbecomeitsmaster……Themiseryofthepeoplesisduetothefactthattheslavehasbeenturnedintoamasterorratherintoatyrant\"（pp。
395,399）。
[4。]\"Thesemetals（goldandsilver）havebeenturnedintoidols,anddisregardingthegoalandpurposetheywereintendedtofulfilincommerce,i。e。,toserveastokensinexchangeandreciprocaltransfer,theywereallowedtoabandonthisservicealmostentirelyinordertobetransformedintodivinitiestowhommoregoods,importantneedsandevenhumanbeingsweresacrificedandcontinuetobesacrificed,thanwereeversacrificedtothefalsedivinitieseveninblindantiquity……:\'（Boisguillebcrt,o。p。
cit……p。395）
[5。]Boisguillebertsuspectsthatthefirstimmobilisationoftheperpetuummobile,i。e。,thenegationofitsfunctionasthemediumofcirculation,willimmediatelyrenderitindependentinrelationtocommodities。Money,hesays,mustbe\"inconstantmotion,whichisonlythecasesolongasitmoves,butassoonasitbecomesimmobileallislost\"（Boisguillebert,LedétaildelaFrance,p。213）。Whatheoverlooksisthatthisinactivityistheprerequisiteofitsmovement。Whatheactuallywantsisthatthevalueformofcommoditiesshouldbeaquiteinsignificantaspectoftheirmetabolism,butshouldneverbecomeanendinitself。
[6。]\"Themorethestock……is……encreasedinwares,themoreitdecreasethintreasure。\"E。Misselden,op。cit。,p。23
[7。]E。Misselden,op。cit。,pp。11—13passim。
[8。]Petty,PoliticalArithmetick,p。196
[9。]FrancoisBernier,VoyagescontenantladescriptiondesétatsduGrandMogol,Pariseditionof1830,t。1,cf。pp。312—14
[10。]DoctorMartinLuther,BuchervomKaufhandelundWucher,1524。Lutherwritesinthesamepassage:\"GodhasbroughtitaboutthatweGermansmustthrustourgoldandsilverintoforeigncountriesmakingalltheworldrichwhileweourselvesremainbeggars。EnglandwouldsurelyhavelessgoldifGermanyrefusedtotakehercloth,andtheKingofPortugal,too,wouldhaveless,ifwerefusedtotakehisspices。Ifyoucalculatehowmuchmoneyisextracted,withoutneedorcausefromtheGermanterritoriesduringonefairatFrankfurt,youwiliwonderhowitcomesaboutthatevenasinglefarthingisstillleftinGermany。Frankfurtisthesilverandgolddrainthroughwhicheverythingthatarisesandgrows,thatismintedorstruckhereflowsoutofthecountry;ifthisholewerepluggedonewouldnothearthepresentcomplaintthatthereiseverywhereunmitigateddebtsandnomoney,thattheentirecountryandallthetownsaredespoiltbyusury。Butnevermindthingswillneverthelesscontinueinthisway:
weGermanshavetoremainGermans,wedonotdesistunlesswehaveto。\"
Intheabove—quotedworkMisseldenwantsgoldandsilvertoberetainedatalleventswithintheboundsofChristendom:\"Theotherforreineremotecausesofthewantofmoney,aretheTradesmaintainedoutofChristendometoTurky,PersiaandtheEastIndies,whichtradesaremaintainedforthemostpartwithreadymoney,yetinadifferentmannerfromthetradesofChristendomewithinitselfe。ForalthoughthetradeswithinChristendomearedrivenwithreadymonies,yetthosemoniesarestillcontainedandcontinuedwithintheboundsofChristendome。Thereisindeedeafluxusandrefluxus,afloodandebbeofthemoniesofChristendometradedwithinitselfe;forsometimesthereismoreinonepartofChristendome,sometimesthereislesseinanother,asoneCountreywantethandanotheraboundeth:Itcomethandgoeth,andwirlethabouttheCircleofChristendome,butisstillcontainedwithinthecompassethereof。ButthemoneythatistradedoutofChristendomeintothepartsaforesaidiscontinuallyissuedoutandneverreturnethagaine。
[11。]\"Butfrommoneyfirstspringsavarice……thisgrowsbystagesintoakindofmadness,nolongermerelyavaricebutapositivehungerforgold。\"（Plinius,Historianaturalis,L。XXXIII,C。III。）
[12。]Horace,therefore,knowsnothingofthephilosophyofhoardingtreasures,whenhesays（Satir。L。II,Satir。III）:\"Ifamanweretobuyharps,andsoonasboughtweretopilethemtogether,thoughfeelingnointerestintheharporanyMuse;if,thoughnocobbler,hedidthesamewithshoes,knivesandlasts;withships\'sails,thoughsetagainstatrader\'slife——everyonewouldcallhimcrazyandmad,andrightlytoo。Howdiffersfromthesethemanwhohoardsupsilverandgold,thoughheknowsnothowtousehisstore,andfearstotouchitasthoughhallowed？\"[Horace,Satires,Epistles,ArsPoetica,London,1942,p。163。]
Mr。Seniorknowsmoreaboutthesubject:
\"Moneyseemstobetheonlyobjectforwhichthedesireisuniversal;anditisso,becausemoneyisabstractwealth。Itspossessormaysatisfyatwillhisrequirementswhatevertheymaybe。\"Principesfondamentauxdel\'économiepolitique,traduitparleComteJeanArrivabene,Paris,1836,p。221
[TheEnglishpassageistakenfromSeniorPoliticalEconomy,1850,p。27]。AndStorchaswell:\"Asmoneyrepresentsallotherformsofwealth,oneneedsonlytoaccumulateitinordertoobtainallotherkindsofwealththatexistonearth\"（op。cit。,t。II,p。135）
[13。]HowlittletheinnermanoftheindividualownerofcommoditieshaschangedevenwhenhehasbecomecivilisedandturnedintoacapitalistisforinstanceprovedbyaLondonrepresentativeofaninternationalbankinghousewhodisplayedaframed£100,000noteasanappropriatefamilycoatofarms。Thepointinthiscaseisthederisoryandsuperciliousairwithwhichthenotelooksdownuponcirculation。