第11章

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。