Footnotes[1]Thequestion？Whydoesnotmoneydirectlyrepresentlabour—time，sothatapieceofpapermayrepresent，forinstance，xhours’labour，isatbottomthesameasthequestionwhy，giventheproductionofcommodities，mustproductstaketheformofcommodities？Thisisevident，sincetheirtakingtheformofcommoditiesimpliestheirdifferentiationintocommoditiesandmoney。Or，whycannotprivatelabour？labourfortheaccountofprivateindividuals？betreatedasitsopposite，immediatesociallabour？IhaveelsewhereexaminedthoroughlytheUtopianideaof\"labour—money\"inasocietyfoundedontheproductionofcommodities（l。c。，p。61，seq。）。OnthispointIwillonlysayfurther，thatOwen’s\"labour—money，\"forinstance，isnomore\"money\"thanaticketforthetheatre。Owenpre—supposesdirectlyassociatedlabour，aformofproductionthatisentirelyinconsistentwiththeproductionofcommodities。Thecertificateoflabourismerelyevidenceoftheparttakenbytheindividualinthecommonlabour，andofhisrighttoacertainportionofthecommonproducedestinedforconsumption。
ButitneverentersintoOwen’sheadtopre—supposetheproductionofcommodities，andatthesametime，byjugglingwithmoney，totrytoevadethenecessaryconditionsofthatproduction。
[2]Savagesandhalf—civilisedracesusethetonguedifferently。CaptainParrysaysoftheinhabitantsonthewestcoastofBaffin’sBay:\"Inthiscase（hereferstobarter）theylickedit（thethingrepresentedtothem）twicetotheirtongues，afterwhichtheyseemedtoconsiderthebargainsatisfactorilyconcluded。\"Inthesameway，theEasternEsquimauxlickedthearticlestheyreceivedinexchange。IfthetongueisthususedintheNorthastheorganofappropriation，nowonderthat，intheSouth，thestomachservesastheorganofaccumulatedproperty，andthataKaffirestimatesthewealthofamanbythesizeofhisbelly。ThattheKaffirsknowwhattheyareaboutisshownbythefollowing:atthesametimethattheofficialBritishHealthReportof1864disclosedthedeficiencyoffat—formingfoodamongalargepartoftheworking—class，acertainDr。Harvey（not，however，thecelebrateddiscovererofthecirculationoftheblood），madeagoodthingbyadvertisingrecipesforreducingthesuperfluousfatofthebourgeoisieandaristocracy。
[3]SeeKarlMarx:\"ZurKritik，&c。\"\"TheorienvonderMasseinheitdesGelda，\"p。53，seq。
[4]\"Wherevergoldandsilverhavebylawbeenmadetoperformthefunctionofmoneyorofameasureofvaluesidebyside，ithasalwaysbeentried，butinvain，totreatthemasoneandthesamematerial。Toassumethatthereisaninvariableratiobetweenthequantitiesofgoldandsilverinwhichagivenquantityoflabour—timeisincorporated，istoassumeinfact，thatgoldandsilverareofoneandthesamematerial，andthatagivenmassofthelessvaluablemetal，silver，isaconstantfractionofagivenmassofgold。FromthereignofEdwardIII。tothetimeofGeorgeII。，ThehistoryofmoneyinEnglandconsistsofonelongseriesofperturbationscausedbytheclashingofthelegallyfixedratiobetweenThevaluesofgoldandsilver，withthefluctuationsintheirrealvalues。Atonetimegoldwastoohigh，atanother，silver。Themetalthatforthetimebeingwasestimatedbelowitsvalue，waswithdrawnfromcirculation，matedandexported。Theratiobetweenthetwometalswasthenagainalteredbylaw，butthenewnominalratiosooncameintoconflictagainwiththerealone。
Inourowntimes，theslightandtransientfallinthevalueofgoldcomparedwithsilver，whichwasaconsequenceofTheIndo—Chinesedemandforsilver，producedonafarmoreextendedscaleinFrancethesamephenomena，exportofsilver，anditsexpulsionfromcirculationbygold。Duringtheyears1855，1856and1857，theexcessinFranceofgold—importsovergold—exportsamountedto£41，580，000，whiletheexcessofsilver—exportsoversilver—importswas£14，704，000。Infact，inthosecountriesinwhichbothmetalsarelegallymeasuresofvalue，andthereforebothlegaltendersothateveryonehastheoptionofpayingineithermetal，themetalThatriseinvalueisatapremium，and，likeeveryothercommodity，measuresitspriceintheover—estimatedmetalwhichaloneserveinrealityasThestandardofvalue。Theresultofallexperienceandhistorywithregardtothisequationissimplythat，wheretwocommoditiesperformbylawthefunctionsofameasureofvalue，inpracticeonealonemaintainsthatposition。\"
（KarlMarx，l。c。，pp。52，53。）
[5]Thepeculiarcircumstance，thatwhiletheounceofgoldservesinEnglandastheunitofthestandardofmoney，thepoundsterlingdoesnotformanaliquotpartofit，hasbeenexplainedasfollows:\"Ourcoinagewasoriginallyadaptedtotheemploymentofsilveronly，hence，anounceofsilvercanalwaysbedividedintoacertainadequatenumberofpiecesofcoin，butasgoldwasintroducedatalaterperiodintoacoinageadaptedonlytosilver，anounceofgoldcannotbecoinedintoanaliquotnumberofpieces。\"Maclaren，\"ASketchoftheHistoryoftheCurrency。\"London，1858，p。16。
[6]WithEnglishwriterstheconfusionbetweenmeasureofvalueandstandardofprice（standardofvalue！isindescribable。Theirfunctions，aswellastheirnames，areconstantlyinterchanged。
[7]Moreover，ithasnotgeneralhistoricalvalidity。
[8]ItisthusthatthepoundsterlinginEnglishdenoteslessthanone—thirdofitsoriginalweight;thepoundScot，beforetheunion，only1—36th;
theFrenchlivre，1—74th;theSpanishmaravedi，lessthan1—1，000th;andthePortuguesereiastillsmallerfraction。
[9]\"Lemonetelequalioggisonoideal）sonolepiûantiched’ogninazione，etuttefuronountemporeal），epercheeranorealiconessesicontava\"
（Galiani:Dellamoneta，l。c。，p。153。）
[10]DavidUrquhartremarksinhis\"FamiliarWords\"onthemonstrosity（！）thatnow—a—daysapound（sterling），whichistheunitoftheEnglishstandardofmoney，isequaltoaboutaquarterofanounceofgold。\"Thisisfalsifyingameasure，notestablishingastandard。\"Heseesinthis\"falsedenomination\"
oftheweightofgold，asineverythingelse。thefalsifyinghandofcivilisation。
[11]WhenAnacharsiswasaskedforwhatpurposestheGreeksusedmoney，hereplied，\"Forreckoning。\"（Ashen。Deipn。1。iv。49v。2。ed。Schweighauser，1802。）
[12]\"Owingtothefactthatmoney，whenservingasthestandardofprice，appearsunderthesamereckoningnamesasdothepricesofcommodities，andthatthereforethesumof£317s。101/2d。maysignifyontheonehandanounceweightofgold，andontheother，thevalueofatonofiron，thisreckoningnameofmoneyhasbeencalleditsmint—price。Hencetherespranguptheextraordinarynotion，thatthevalueofgoldisestimatedinitsownmaterial，andthat，incontradistinctiontoallothercommodities，itspriceisfixedbytheState。Itwaserroneouslythoughtthatthegivingofreckoningnamestodefiniteweightsofgold，isthesamethingasfixingthevalueofthoseweights。\"（KarlMarx，l。c。，p。52。）
[13]See\"TheorienvonderMasseinheitdesGeldes\"in\"ZurKritikderPollOekon。
&c。，\"p。53，seq。Thefantasticnotionsaboutraisingorloweringthemint—priceofmoneybytransferringtogreaterorsmallerweightsofgoldorsilver，thenamesalreadylegallyappropriatedtofixedweightsofthosemetals;suchnotions，atleastinthosecasesinwhichtheyaim，notatclumsyfinancialoperationsagainstcreditors，bothpublicandprivatebutateconomicquackremedies，havebeensoexhaustivelytreatedbyWm。
Pettyinhis\"Quantulumcunqueconcerningmoney:TotheLordMarquisofHalifax，1682，\"thatevenhisimmediatefollowers，SirDudleyNorthandJohnLocke，nottomentionlaterones，couldonlydilutehim。\"Ifthewealthofanation\"heremarks，\"couldbedecupledbyaproclamation，itwerestrangethatsuchproclamationshavenotlongsincebeenmadebyourGovernors。\"
（l。c。，p。36。）
[14]\"Oubien，ilfautconsentiràdirequ’unevaleurd’unmillionenargentvautplusqu’unevaleurégaleenmerchandises。\"（LeTroene，l。c。，p。919），whichamountstosaying\"qu’unevaleurvautplusqu’unevaleurégale。\"
[15]Jeromehadtowrestlehard，notonlyinhisyouthwiththebodilyflesh，asisshownbyhisfightinthedesertwiththehandsomewomenofhisimagination，butalsoinhisoldagewiththespiritualflesh。\"Ithought，\"hesays，\"IwasinthespiritbeforetheJudgeoftheUniverse。\"\"Whoartthou？\"
askedavoice。\"IamaChristian。\"\"Thouliest，\"thunderedbackthegreatJudge，\"thouartnoughtbutaCiceronian。\"
[16]xxx？（F。Lassalle:``DiePhilosophieHerakleitosdesDunkeln。\"Berlin，1858，Vol。I，p。222。）Lassalleinhisnoteonthispassage，p。224，n。
3。，erroneouslymakesgoldameresymbolofvalue。
[17]NotebytheInstituteofMarxism—LeninismintheRussianedition。？InhisletterofNovember28，1878，toN。F。Danielson（Nikolai？on）
Marxproposedthatthissentencebecorrectedtoreadasfollows:\"And，asamatteroffact，thevalueofeachsingleyardisbutthematerialisedformofapartofthesociallabourexpendedonthewholenumberofyards。\"
AnanalogouscorrectionwasmadeinacopyofthesecondGermaneditionofthefirstvolumeof\"Capital\"belongingtoMarx;however，notinhishandwriting。
[18]\"Touteventeestachat。\"（Dr。Quesnay:\"DialoguessurleCommerceetlesTravauxdesArtisans。\"Physiocratesed。DaireI。Partie，Paris，1846，p。
170），orasQuesnayin—his\"Maximesgénérales\"putsit，\"Vendreestacheter。\"
[19]\"Leprixd’unemerchandisenepouvantêtrepayéqueparleprixd’uneautremarchandise\"（MercierdelaRiviere:\"L’Ordrenatureletessentieldesociétéspolitiques。\"Physiocrates，ed。DaireII。Partie，p。554。）
[20]\"Pouravoircetargent，ilfautavoirvendu，\"l。c。，p。543。
[21]Asbeforeremarked，theactualproducerofgoldorsilverformsanexception。
Heexchangeshisproductdirectlyforanothercommodity，withouthavingfirstsoldit。
[22]\"Sil’argentreprésente，dansnosmains，leschosesquenouspouvonsdésirerd’acheter，ilyreprésenteaussileschosesquenousavonsvenduespourcetargent。\"（MercierdelaRivière，l。c。，p。
586。）
[23]\"Ilyadonc……quatretermesettrotscontractants，dontl’unintervientdeuxfoist\"（LeTrosne，l。c。，p。909。）
[24]Self—evidentasthismaybe，itisneverthelessforthemostpartunobservedbypoliticaleconomists，andespeciallybythe\"Free—traderVulgaris。\"
[25]SeemyobservationsonJamesMillin\"ZurKritik，&c。，\"pp。74—76。
Withregardtothissubject，wemaynoticetwomethodscharacteristicofapologeticeconomy。Thefirstistheidentificationofthecirculationofcommoditieswiththedirectbarterofproducts，bysimpleabstractionfromtheirpointsofdifference;thesecondis，theattempttoexplainawaythecontradictionsofcapitalistproduction，byreducingtherelationsbetweenthepersonsengagedinthatmodeofproduction，tothesimplerelationsarisingoutofthecirculationofcommodities。Theproductionandcirculationofcommoditiesarehowever，phenomenathatoccurtoagreaterorlessextentinmodesofproductionthemostdiverse。Ifweareacquaintedwithnothingbuttheabstractcategoriesofcirculation，whicharecommontoallthesemodesofproduction，wecannotpossiblyknowanythingofthespecificpointsofdifferenceofthosemodes，norpronounceanyjudgmentuponthem。InnoscienceissuchabigfussmadewithcommonplacetruismsasinPoliticalEconomy。Forinstance，J。B。Saysetshimselfupasajudgeofcrises，because，forsooth，heknowsthatacommodityisaproduct。
[26]Translator’snote。？Thiswordishereusedinitsoriginalsignificationofthecourseortrackpursuedbymoneyasitchangesfromhandtohand，acoursewhichessentiallydiffersfromcirculation。
[27]Evenwhenthecommodityissoldoverandoveragain，aphenomenonthatatpresenthasnoexistenceforus，itfalls，whendefinitelysoldforthelasttime，outofthesphereofcirculationintothatofconsumption，whereitserveseitherasmeansofsubsistenceormeansofproduction。
[28]\"Il（l’argent）n’ad’autremouvementqueceluiquiluiestimprimé
parlesproductions。\"（LeTrosne，l。c。，p。885。）
[29]\"Cesontlesproductionsquile（I’argent）mettentenmouvementetlefontcirculer……Lacéléritèdesonmouvement（sc。del’argent）suppléeàsaquantité。Lorsqu’ilenestbesoin。ilnefaitqueglisserd’unemaindansl’autresanss’arrêteruninstant。\"（LeTrosne，l。c……pp。915，916。）
[30]\"Moneybeing……thecommonmeasureofbuyingandselling，everybodywhohathanythingtosell，andcannotprocurechapmenforit，ispresentlyapttothink，thatwantofmoneyinthe。kingdom，orcountry，isthecausewhyhisgoodsdonotgooff;andso，wantofmoneyisthecommoncry;whichisagreatmistake……Whatdothesepeoplewant，whocryoutformoney？……Thefarmercomplains……hethinksthatweremoremoneyinthecountry;
heshouldhaveapriceforhisgoods。Thenitseemsmoneyisnothiswant，butapriceforhiscornandcattel，whichhewouldsell，butcannot……
Whycannothegetaprice？……（1）Eitherthereistoomuchcornandcattelinthecountry，sothatmostwhocometomarkethaveneedofselling，ashehash，andfewofbuying;or（2）Therewantstheusualventabroadbytransportation……，or（3）Theconsumptionfails，aswhenmen，byreasonofpoverty，donotspendsomuchintheirhousesasformerlytheydid;
whereforeitisnottheincreaseofspecificmoney，whichwouldatalladvancethefarmer’sgoods，buttheremovalofanyofthesethreecauses，whichdotrulykeepdownthemarket……Themerchantandshopkeeperwantmoneyinthesamemanner，thatis，theywantaventforthegoodstheydealin，byreasonthatthemarketsfail\"……[Anation]\"neverthrivesbetter，thanwhenrichesaretostfromhandtohand。\"（SirDudleyNorth:
\"DiscoursesuponTrade，\"Lond。1691，pp。11—15，passim。）Herrenschwand’sfancifulnotionsamountmerelytothis，thattheantagonism，whichhasitsorigininthenatureofcommodities，andisreproducedintheircirculation，canberemovedbyincreasingthecirculatingmedium。Butif，ontheonehand，itisapopulardelusiontoascribestagnationinproductionandcirculationtoinsufficiencyofthecirculatingmedium，itbynomeansfollows，ontheotherhand，thatanactualpaucityofthemediuminconsequence，e。g。，ofbunglinglegislativeinterferencewiththeregulationofcurrency，maynotgiverisetosuchstagnation。
[31]\"Thereisacertainmeasureandproportionofmoneyrequisitetodrivethetradeofanation，moreorlessthanwhichwouldprejudicethesame。
lustasthereisacertainproportionoffarthingsnecessaryinasmallretailtrade，tochangesilvermoney，andtoevensuchreckoningsascannotbeadjustedwiththesmallestsilverpieces……Now，astheproportionofthenumberoffarthingsrequisiteincommerceistobetakenfromthenumberofpeople，thefrequencyoftheirexchanges:asalso，andprincipally，fromthevalueofthesmallestsilverpiecesofmoney;soinlikemanner，theproportionofmoney[goldandsilverspecie]requisiteinourtrade，istobelikewisetakenfromthefrequencyofcommutations，andfromthebignessofthepayments。\"（WilliamPetty，\"ATreatiseofTaxesandContributions。\"
Lond。1667，p。17。）TheTheoryofHumewasdefendedagainsttheattacksofJ。Steuartandothers，byA。Young，inhis\"PoliticalArithmetic，\"Lond;
1774，inwhichworkthereisaspecialchapterentitled\"Pricesdependonquantityofmoney，atp。112，sqq。Ihavestatedin\"ZurKritik，&c。，\"
p。149:\"He（AdamSmith）passesoverwithoutremarkthequestionastothequantityofcoinincirculation，andtreatsmoneyquitewronglyasamerecommodity。\"ThisstatementappliesonlyinsofarasAdamSmith，exofficio，treatsofmoney。Nowandthen，however，asinhiscriticismoftheearliersystemsofPoliticalEconomy，hetakestherightview。\"ThequantityofcoinineverycountryisregulatedbythevalueofthecommoditieswhicharetobecirculatedbyIt……Thevalueofthegoodsannuallyboughtandsoldinanycountryrequiresacertainquantityofmoneytocirculateanddistributethemtotheirproperconsumers，andcangiveemploymenttonomore。Thechannelofcirculationnecessarilydrawstoitselfasumsufficienttofillit，andneveradmitsanymore。\"（\"WealthofNations。\"
Bk。IV。，ch。1。）Inlikemanner，exofficio，heopenshisworkwithanapotheosisonthedivisionoflabour。Afterwards，inthelastbookwhichtreatsofthesourcesofpublicrevenue，heoccasionallyrepeatsthedenunciationsofthedivisionoflabourmadebyhisteacher，A。Ferguson。
[32]\"Thepricesofthingswillcertainlyriseineverynation，asthegoldandsilverincreaseamongstthepeople，andconsequently，wherethegoldandsilverdecreaseinanynation，thepricesofallthingsmustfallproportionatelytosuchdecreaseofmoney。\"（JacobVanderlint:\"MoneyAnswersallThings。\"
Lond。1734，p。5。）AcarefulcomparisonofthusbookwithHume’s\"Essays，\"
provestomymindwithoutdoubtthatHumewasacquaintedwithandmadeuseofVanderlint’swork，whichiscertainlyanimportantone。Theopinionthatpricesaredeterminedbythequantityofthecirculatingmedium，wasalsoheldbyBarbonandothermuchearlierwriters。\"Noinconvenience，\"
saysVanderlint，\"canarisebyanunrestrainedtrade，butverygreatadvantage;
since，ifthecashofthenationbedecreasedbyit，whichprohibitionsaredesignedtoprevent，thosenationsthatgetthecashwillcertainlyfindeverythingadvanceinprice，asthecashincreasesamongstthem。And……ourmanufactures，andeverythingelse，willsoonbecomesomoderateastoturnthebalanceoftradeinourfavour，andtherebyfetchthemoneybackagain。\"（l。c……pp。43，44。）
[33]Thatthepriceofeachsinglekindofcommodityformsapanofthesumofthepricesofallthecommoditiesincirculation，isaself—evidentproposition。Buthowuse—valueswhichareincommensurablewithregardtoeachother，aretobeexchanged，enmasseforthetotalsumofgoldandsilverinacountry，isquiteincomprehensible。Ifwestartfromthenotionthatallcommoditiestogetherformonesinglecommodity，ofwhicheachisbutanaliquotpart，wegetthefollowingbeautifulresult:Thetotalcommodity=xcwt。ofgold;commodityA=analiquotpartofthetotalcommodity=thesameliquotpartofxcwt。ofgold。ThisisstatedinallseriousnessbyMontesquieu:\"Sil’oncomparelamassedel’oretdel’argentquiestdanslemondeaveclasommedesmerchandisesquiyventilestcenainquechaquedenréeoumerchandise，enpaniculier，pourraêtrecomparéeàunecertaineportiondelamasseentière。
Supposonsqu’iln’yaitqu’uneseuledenréeoumarchandisedanslemonde，ouqu’iln’yaitqu’uneseulequis’achète，etqu’ellesedivisecommel’argent:Cettepanicdecettemarchandiserépondraàunepartiedelamaseedel’argent;lamoitiédutotaldel’unealamoitiédutotaldel’autre，&c……I’établissementduprixdeschosesdépendtonjoursfondamentalementdelaraisondutotaldeschosesautotaldessignes。\"（Montesquieu，l。c。t。III，pp。
12，13。）AstothefurtherdevelopmentofthistheorybyRicardoandhisdisciples，JamesMill，LordOverstone，andothers，see\"ZurKritik，&c。，\"
pp。140—146，andp。150，sqq。JohnStuartMill，withhisusualeclecticlogic，understandshowtoholdatthesametimetheviewofhisfather，JamesMill，andtheoppositeview。Onacomparisonofthetextofhiscompendium，\"PrinciplesofPollEcon。，\"withhisprefacetothefirstedition，inwhichprefaceheannounceshimselfastheAdamSmithofhisday？wedonotknowwhethertoadmiremorethesimplicityoftheman，orthatofthepublic，whotookhim，ingoodfaith，fortheAdamSmithheannouncedhimselftobe，althoughhebearsaboutasmuchresemblancetoAdamSmithassayGeneralWilliams，ofKars，totheDukeofWellington。TheoriginalresearchesofMr。J。S。Millwhichareneitherextensivenorprofound，inthedomainofPoliticalEconomy，willbefoundmusteredinrankandfileinhislittlework，\"SomeUnsettledQuestionsofPoliticalEconomy，\"whichappearedin1844。Lockeassertspointblanktheconnexionbetweentheabsenceofvalueingoldandsilver，andthedeterminationoftheirvaluesbyquantityalone。
\"Mankindhavingconsentedtoputanimaginaryvalueupongoldandsilver……theintrinsicvalue，regardedinthesemetals，isnothingbutthequantity。\"
（\"SomeConsiderations，\"&c。，1691，WorksEd。1777，Vol。II。，p。15。）
[34]Itliesofcourse，entirelybeyondmypurposetotakeintoconsiderationsuchdetailsastheseigniorageonminting。Iwill，however，citeforthebenefitoftheromanticsycophant，AdamMuller，whoadmiresthe\"generousliberality\"withwhichtheEnglishGovernmentcoinsgratuitously，thefollowingopinionofSirDudleyNorth:\"Silverandgold，likeothercommodities，havetheirebbingsandflowings。UponthearrivalofquantitiesfromSpain……itiscarriedintotheTower，andcoined。Notlongaftertherewillcomeademandforbulliontobeexportedagain。Ifthereisnone，butallhappenstobeincoin，whatthen？Meltitdownagain;there’snolossinit，forthecoiningcoststheownernothing。Thusthenationhasbeenabused，andmadetopayforthetwistingofstrawforassestoeat。Ifthemerchantweremadetopaythepriceofthecoinage，hewouldnothavesenthissilvertotheTowerwithoutconsideration，andcoinedmoneywouldalwayskeepavalueaboveuncoinedsilver。\"（North，l。c。，p。18。）NorthwashimselfoneoftheforemostmerchantsinthereignofCharlesII。
[35]\"Ifsilverneverexceedwhatiswantedforthesmallerpaymentsitcannotbecollectedinsufficientquantitiesforthelargerpayments……theuseofgoldinthemainpaymentsnecessarilyimpliesalsoItsuseintheretailtrade:thosewhohavegoldcoinofferingthemforsmallpurchases，andreceivingwiththecommoditypurchasedabalanceofsilverinreturn;
bywhichmeansthesurplusofsilverthatwouldotherwiseencumbertheretaildealer，isdrawnoffanddispersedintogeneralcirculation。Butifthereisasmuchsilveraswilltransactthesmallpaymentsindependentofgold，theretailtradermustthenreceivesilverforsmallpurchases;anditmustofnecessityaccumulateinhishands。\"（DavidBuchanan;\"InquiryintotheTaxationandCommercialPolicyofGreatBritain。\"Edinburgh，1844，pp。248，249。）
[36]ThemandarinWan—mao—in，theChineseChancelloroftheExchequer，tookitintohisheadonedaytolaybeforetheSonofHeavenaproposalthatsecretlyaimedatconvertingtheassignatsoftheempireintoconvertiblebank—notes。TheassignatsCommittee，initsreportofApril，1854，giveshimaseveresnubbing。Whetherhealsoreceivedthetraditionaldrubbingwithbamboosisnotstated。Theconcludingpartofthereportisasfollows:？\"TheCommitteehascarefullyexaminedhisproposalandfindsthatitisentirelyinfavourofthemerchants，andthatnoadvantagewillresulttothecrown。\"（\"ArbeitenderKaiserlichRussischenGesandtschaftzuPekingüberChina。\"AusdemRussischenvonDr。K。AbelundF。A。Mecklenburg。
ErsterBand。Berlin，1858，p。47sq。）InhisevidencebeforetheCommitteeoftheHouseofLordsontheBankActs，agovernoroftheBankofEnglandsays，withregardtotheabrasionofgoldcoinsduringcurrency:\"Everyyearafreshclassofsovereignsbecomestoolight。Theclasswhichoneyearpasseswithfullweight，losesenoughbywearandteartodrawthescalesnextyearagainstit。\"（HouseofLords’Committee，1848，n。429。）
[37]ThefollowingpassagefromFullartonshowsthewantofclearnessonthepanofeventhebestwritersonmoney，intheircomprehensionofitsvariousfunctions:\"That，asfarasconcernsourdomesticexchanges，allthemonetaryfunctionswhichareusuallyperformedbygoldandsilvercoins，maybeperformedaseffectuallybyacirculationofinconvertiblenotespayingnovaluebutthatfactitiousandconventionalvaluetheyderivefromthelawisafactwhichadmits，Iconceive，ofnodenial。Valueofthisdescriptionmaybemadetoanswerallthepurposesofintrinsicvalue，andsupersedeeventhenecessityforastandard，providedonlythequantityofissuesbekeptunderduelimitation。\"（Fullerton:\"RegulationofCurrencies，\"
London，1845，p。21。）Becausethecommoditythatservesasmoneyiscapableofbeingreplacedincirculationbymeresymbolsofvalue，thereforeitsfunctionsasameasureofvalueandastandardofpricesaredeclaredtobesuperfluous！
[38]Fromthefactthatgoldandsilver，sofarastheyarecoins，orexclusivelyserveasthemediumofcirculation，becomemeretokensofthemselves，NicholasBarbondeducestherightofGovernments\"toraisemoney，\"thatis，togivetotheweightofsilverthatiscalledashillingthenameofagreaterweight，suchasacrown;andsotopaycreditorsshillings，insteadofcrowns。\"Moneydoeswearandgrowlighterbyoftentellingover……Itisthedenominationandcurrencyofthemoneythatmenregardinbargaining，andnotthequantityofsilver……’Tisthepublicauthorityuponthemetalthatmakesitmoney。\"（N。Barbon，l。c。，pp。29，30，25。）
[39]\"Unerichesseenargentn’estque……richesseenproductions，convertiesenargent。\"（MercierdelaRivière，l。c。）\"Unevaleurenproductionsn’afaitquechangerdeforme。\"（Id。，p。486。）
[40]\"’Tisbythispractice’theykeepalltheirgoodsandmanufacturesatsuchlowrates。\"（Vanderlint，l。c。，pp。95，96。）
[41]\"Money……isapledge。\"（JohnBellers:\"EssaysaboutthePoor，Manufactures，Trade，Plantations，andImmorality，\"Lond。，1699，p。13。）
[42]Apurchase。ina\"categorical\"sense，impliesthatgoldandsilverarealreadytheconvertedformofcommodities，ortheproductofasale。
[43]HenryIII。，mostChristiankingofFrance，robbedcloistersoftheirrelics，andturnedthemintomoney。ItiswellknownwhatpartthedespoilingoftheDelphicTemple，bythePhocians，playedinthehistoryofGreece。Templeswiththeancientsservedasthedwellingsofthegodsofcommodities。Theywere\"sacredbanks。\"WiththePhoenicians，atradingpeopleparexcellence，moneywasthetransmutedshapeofeverything。Itwas，therefore，quiteinorderthatthevirgins，who，atthefeastoftheGoddessofLove，gavethemselvesuptostrangers，shouldoffertothegoddessthepieceofmoneytheyreceived。
[43a]\"Gold，yellow，glittering，preciousgold！
Thusmuchofthis，willmakeblackwhite，foul，fair;
Wrong，right;base，noble;old，young;coward，valiant……Whatthis，yougods？Why，thisWilllugyourpriestsandservantsfromyoursides;
Pluckstoutmen’spillowsfrombelowtheirheads;
ThisyellowslaveWillknitandbreakreligions;blesstheaccurs’d;
Makethehoarleprosyador’d;placethieves，Andgivethemtitle，kneeandapprobation;
Withsenatorsonthebench，thisisit;
Thatmakesthewappen’dwidowwedagain:……Comedamnedearth，Thoughcommonwhoreofmankind。\"
（Shakespeare:TimonofAthens。）[43b]（Sophocles，Antigone。）
[44]\"ThedesireofavaricetodrawPlutohimselfoutofthebowelsoftheearth。\"
（TheDeipnosophistst，VI，23，Athenaeus）
[45]\"Accrescerequantopiùsipuòilnumerode’venditorid’ognimerce，diminuerequantopiùsipuoilnumerodeicompratori，quest）
sonoicardinisuiqualisiraggiranotutteleoperazionidieconomiapolitica。\"
（Verri，l。c。，p。52。）
[46]\"Thereisrequiredforcarryingonthetradeofthenationadeterminatesumofspecifickmoneywhichvaries，andissometimesmore，sometimesless，asthecircumstancesweareinrequire……Thisebbingandflowingofmoneysuppliesandaccommodatesitself，withoutanyaidofPoliticians……Thebucketsworkalternately;whenmoneyisscarce，bullioniscoined;whenbullionisscarce，moneyismelted。\"（SirD。North，l。c。，Postscript，p。3。）JohnStuartMill，whoforalongtimewasanofficialoftheEastIndiaCompany，confirmsthefactthatinIndiasilverornamentsstillcontinuetoperformdirectlythefunctionsofahoard。Thesilverornamentsarebroughtoutandcoinedwhenthereisahighrateofinterest，andgobackagainwhentherateofinterestfalls。（1。S。Mill’sEvidence\"ReportsonBankActs，\"1857，2084。）AccordingtoaParliamentarydocumentof1864
onthegoldandsilverimportandexportofIndia，theimportofgoldandsilverin1863exceededtheexportby£19，367，764。Duringthe8yearsimmediatelypreceding1864，theexcessofimportsoverexportsofthepreciousmetalsamountedto£109，652，917。Duringthiscenturyfarmorethan£200，000，000hasbeencoinedinIndia。
[47]ThefollowingshowsthedebtorandcreditorrelationsexistingbetweenEnglishtradersatthebeginningofthe18thcentury。\"SuchaspiritofcrudityreignshereinEnglandamongthemenoftrade，thatisnottobemetwithinanyothersocietyofmen，norinanyotherkingdomoftheworld。\"
（\"AnEssayonCreditandtheBankruptAct，\"Lond。，[48]Itwillbeseenfromthefollowingquotationfrommybookwhichappearedin1859，whyItakenonoticeinthetextofanoppositeform:\"Contrariwise，intheprocessinM？C，themoneycanbealienatedasarealmeansofpurchase，andinthatway，thepriceofthecommoditycanberealisedbeforetheuse—valueofthemoneyisrealisedandthecommodityactuallydelivered。