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12\"Owing
to
the
fact
that
money,
when
serving
as
the
standard
of
price,
appears
under
the
same
reckoning
names
as
do
the
prices
of
commodities,
and
that
therefore
the
sum
of
￡3
17s.
10
1\/2d.
may
signify
on
the
one
hand
an
ounce
weight
of
gold,
and
on
the
other,
the
value
of
a
ton
of
iron,
this
reckoning
name
of
money
has
been
called
its
mint-price.
Hence
there
sprang
up
the
extraordinary
notion,
that
the
value
of
gold
is
estimated
in
its
own
material,
and
that,
in
contradistinction
to
all
other
commodities,
its
price
is
fixed
by
the
State.
It
was
erroneously
thought
that
the
giving
of
reckoning
names
to
definite
weights
of
gold,
is
the
same
thing
as
fixing
the
value
of
those
weights.\"
(Karl
Marx,
l.c.,
p.
52.)
13See
\"Theorien
von
der
Masseinheit
des
Geldes\"
in\"Zur
Kritik
der
Pol
Oekon.
&c.,\"
p.
53,
seq.
The
fantastic
notions
about
raising
or
lowering
the
mint-price
of
money
by
transferring
to
greater
or
smaller
weights
of
gold
or
silver,
the
names
already
legally
appropriated
to
fixed
weights
of
those
metals;
such
notions,
at
least
in
those
cases
in
which
they
aim,not
at
clumsy
financial
operations
against
creditors,
both
public
and
private
but
at
economic
quack
remedies,
have
been
so
exhaustively
treated
by
Wm.
Petty
in
his
\"Quantulumcunque
concerning
money:
To
the
Lord
Marquis
of
Halifax,
1682,\"that
even
his
immediate
followers,
Sir
Dudley
North
and
John
Locke,
not
to
mention
later
ones,
could
only
dilute
him.
\"If
the
wealth
of
a
nation\"
he
remarks,
\"could
be
decupled
by
a
proclamation,
it
were
strange
that
such
proclamations
have
not
long
since
been
made
by
our
Governors.\"
(l.c.,
p.
36.)
14\"Ou
bien,
il
faut
consentir
à
dire
qu'une
valeur
d'un
million
en
argent
vaut
plus
qu'une
valeur
égale
en
marchandises.\"
[\"Or
indeed
it
must
be
admitted
that
a
million
in
money
is
worth
more
than
an
equal
value
in
commodities\"](Le
Trosne,
l.c.,
p.
919),
which
amounts
to
saying
\"qu'une
valeur
vaut
plus
qu'une
valeur
égale.\"
[\"that
one
value
is
worth
more
than
another
value
which
is
equal
to
it.\"]
15Jerome
had
to
wrestle
hard,
not
only
in
his
youth
with
the
bodily
flesh,
as
is
shown
by
his
fight
in
the
desert
with
the
handsome
women
of
his
imagination,
but
also
in
his
old
age
with
the
spiritual
flesh.
\"I
thought,\"
he
says,
\"I
was
in
the
spirit
before
the
Judge
of
the
Universe.\"
\"Who
art
thou\"
asked
a
voice.
\"I
am
a
Christian.\"
\"Thou
liest,\"
thundered
back
the
great
Judge,
\"thou
art
nought
but
a
Ciceronian.\"
16\"ec
se
tou
...
puros
t'antameeibesqai
panta,jhsin
d'Hracleitos,
cai
pur
apantwn,
woper
crusou
crhmata
cai
crhmatwn
crusos.\"
[\"As
Heraclitus
says,
all
things
are
exchanged
for
fire
and
fire
for
all
things,
as
wares
are
exchanged
for
gold
and
gold
for
wares.\"]
(F.
Lassalle:\"Die
Philosophie
Herakleitos
des
Dunkeln.\"
Berlin,
1858,
Vol.I,
p.
222.)
Lassalle
in
his
note
on
this
passage,
p.
224,
n.
3.,erroneously
makes
gold
a
mere
symbol
of
value.
17
Note
by
the
Institute
of
Marxism-Leninism
in
the
Russian
edition.
—
In
his
letter
of
November
28,
1878,
to
N.F.
Danielson
(Nikolai-on)
Marx
proposed
that
this
sentence
be
corrected
to
read
as
follows:
\"And,
as
a
matter
of
fact,
the
value
of
each
single
yard
is
but
the
materialised
form
of
a
part
of
the
social
labour
expended
on
the
whole
number
of
yards.\"An
analogous
correction
was
made
in
a
copy
of
the
second
German
edition
of
the
first
volume
of
\"Capital\"
belonging
to
Marx;
however,
not
in
his
handwriting.
18\"Toute
vente
est
achat.\"
[\"Every
sale
is
a
purchase.\"](Dr.
Quesnay:
\"Dialogues
sur
le
Commerce
et
les
Travaux
des
Artisans.\"
Physiocrates
ed.
Daire
I.
Partie,
Paris,
1846,
p.
170),or
as
Quesnay
in
his
\"Maximes
générales\"
puts
it,
\"Vendre
est
acheter.\"
[\"To
sell
is
to
buy.\"]
19\"Le
prix
d'une
marchandise
ne
pouvant
être
payé
que
par
le
prix
d'une
autre
marchandise\"
(Mercier
de
la
Rivière:\"L'Ordre
naturel
et
essentiel
des
sociétés
politiques.\"
[\"The
price
of
one
commodity
can
only
be
paid
by
the
price
of
another
commodity\"]
Physiocrates,
ed.
Daire
II.
Partie,
p.
554.)
20\"Pour
avoir
cet
argent,
il
faut
avoir
vendu,\"
[\"In
order
to
have
this
money,
one
must
have
made
a
sale,\"]
l.c.,
p.
543.
21As
before
remarked,
the
actual
producer
of
gold
or
silver
forms
an
exception.
He
exchanges
his
product
directly
for
another
commodity,
without
having
first
sold
it.
22\"Si
l'argent
représente,
dans
nos
mains,
les
choses
que
nous
pouvons
désirer
d'acheter,
il
y
représente
aussi
les
choses
que
nous
avons
vendues
pour
cet
argent.\"
[\"If
money
represents,
in
our
hands,
the
things
we
can
wish
to
buy,
it
also
represents
the
things
we
have
sold
to
obtain
that
money\"](Mercier
de
la
Rivière,
l.c.,
p.
586.)
23\"Il
y
a
donc
...
quatre
termes
et
trois
contractants,
dont
l'un
intervient
deux
fois\"
[\"There
are
therefore
...
four
terms
and
three
contracting
parties,
one
of
whom
intervenes
twice\"]
(Le
Trosne,
l.c.,
p.
909.)
24Self-evident
as
this
may
be,
it
is
nevertheless
for
the
most
part
unobserved
by
political
economists,
and
especially
by
the\"Free-trader
Vulgaris.\"
25See
my
observations
on
James
Mill
in
\"Zur
Kritik,
&c.,\"pp.
74-76.
With
regard
to
this
subject,
we
may
notice
two
methods
characteristic
of
apologetic
economy.
The
first
is
the
identification
of
the
circulation
of
commodities
with
the
direct
barter
of
products,
by
simple
abstraction
from
their
points
of
difference;
the
second
is,
the
attempt
to
explain
away
the
contradictions
of
capitalist
production,
by
reducing
the
relations
between
the
persons
engaged
in
that
mode
of
production,
to
the
simple
relations
arising
out
of
the
circulation
of
commodities.The
production
and
circulation
of
commodities
are
however,phenomena
that
occur
to
a
greater
or
less
extent
in
modes
of
production
the
most
diverse.
If
we
are
acquainted
with
nothing
but
the
abstract
categories
of
circulation,
which
are
common
to
all
these
modes
of
production,
we
cannot
possibly
know
anything
of
the
specific
points
of
difference
of
those
modes,nor
pronounce
any
judgment
upon
them.
In
no
science
is
such
a
big
fuss
made
with
commonplace
truisms
as
in
Political
Economy.
For
instance,
J.
B.
Say
sets
himself
up
as
a
judge
of
crises,
because,
forsooth,
he
knows
that
a
commodity
is
a
product.
26Translator's
note.
—
This
word
is
here
used
in
its
original
signification
of
the
course
or
track
pursued
by
money
as
it
changes
from
hand
to
hand,
a
course
which
essentially
differs
from
circulation.
27Even
when
the
commodity
is
sold
over
and
over
again,a
phenomenon
that
at
present
has
no
existence
for
us,
it
falls,when
definitely
sold
for
the
last
time,
out
of
the
sphere
of
circulation
into
that
of
consumption,
where
it
serves
either
as
means
of
subsistence
or
means
of
production.
28\"Il
(l'argent)
n'a
d'autre
mouvement
que
celui
qui
lui
est
imprimé
par
les
productions.\"
[\"It\"
(money)
\"has
no
other
motion
than
that
imparted
to
it
by
the
products\"]
(Le
Trosne,l.c.,
p.
885.)
29\"Ce
sont
les
productions
qui
le
(l'argent)
mettent
en
mouvement
et
le
font
circuler
...
La
célérité
de
son
mouvement(c.
de
l'argent)
supplée
à
sa
quantité.
Lorsqu'il
en
est
besoin
il
ne
fait
que
glisser
d'une
main
dans
l'autre
sans
s'arrêter
un
instant.\"
[\"It
is
products
which
set
it\"
(money)
\"in
motion
and
make
it
circulate
...
The
velocity
of
its\"
(money's)
\"motion
supplements
its
quantity.
When
necessary,
it
does
nothing
but
slide
from
hand
to
hand,
without
stopping
for
a
moment\"]
(Le
Trosne,
l.c..
pp.
915,
916.)
30\"Money
being
...
the
common
measure
of
buying
and
selling,
everybody
who
hath
anything
to
sell,
and
cannot
procure
chapmen
for
it,
is
presently
apt
to
think,
that
want
of
money
in
the
kingdom,
or
country,
is
the
cause
why
his
goods
do
not
go
off;
and
so,
want
of
money
is
the
common
cry;
which
is
a
great
mistake...
What
do
these
people
want,
who
cry
out
for
money
...
The
farmer
complains
...
he
thinks
that
were
more
money
in
the
country;
he
should
have
a
price
for
his
goods.Then
it
seems
money
is
not
his
want,
but
a
price
for
his
corn
and
cattel,
which
he
would
sell,
but
cannot...
Why
cannot
he
get
a
price
...
(1)
Either
there
is
too
much
corn
and
cattel
in
the
country,
so
that
most
who
come
to
market
have
need
of
selling,as
he
hath,
and
few
of
buying;
or
(2)
There
wants
the
usual
vent
abroad
by
transportation...,
or
(3)
The
consumption
fails,
as
when
men,
by
reason
of
poverty,
do
not
spend
so
much
in
their
houses
as
formerly
they
did;
wherefore
it
is
not
the
increase
of
specific
money,
which
would
at
all
advance
the
farmer's
goods,but
the
removal
of
any
of
these
three
causes,
which
do
truly
keep
down
the
market...
The
merchant
and
shopkeeper
want
money
in
the
same
manner,
that
is,
they
want
a
vent
for
the
goods
they
deal
in,
by
reason
that
the
markets
fail\"
...
[A
nation]
\"never
thrives
better,
than
when
riches
are
tost
from
hand
to
hand.\"(Sir
Dudley
North:
\"Discourses
upon
Trade,\"
Lond.
1691,pp.
11-15,
passim.)
Herrenschwand's
fanciful
notions
amount
merely
to
this,
that
the
antagonism,
which
has
its
origin
in
the
nature
of
commodities,
and
is
reproduced
in
their
circulation,can
be
removed
by
increasing
the
circulating
medium.
But
if,on
the
one
hand,
it
is
a
popular
delusion
to
ascribe
stagnation
in
production
and
circulation
to
insufficiency
of
the
circulating
medium,
it
by
no
means
follows,
on
the
other
hand,
that
an
actual
paucity
of
the
medium
in
consequence,
e.g.,
of
bungling
legislative
interference
with
the
regulation
of
currency,
may
not
give
rise
to
such
stagnation.
31\"There
is
a
certain
measure
and
proportion
of
money
requisite
to
drive
the
trade
of
a
nation,
more
or
less
than
which
would
prejudice
the
same.
Just
as
there
is
a
certain
proportion
of
farthings
necessary
in
a
small
retail
trade,
to
change
silver
money,
and
to
even
such
reckonings
as
cannot
be
adjusted
with
the
smallest
silver
pieces....
Now,
as
the
proportion
of
the
number
of
farthings
requisite
in
commerce
is
to
be
taken
from
the
number
of
people,
the
frequency
of
their
exchanges:as
also,
and
principally,
from
the
value
of
the
smallest
silver
pieces
of
money;
so
in
like
manner,
the
proportion
of
money[gold
and
silver
specie]
requisite
in
our
trade,
is
to
be
likewise
taken
from
the
frequency
of
commutations,
and
from
the
bigness
of
the
payments.\"
(William
Petty,
\"A
Treatise
of
Taxes
and
Contributions.\"
Lond.
1667,
p.
17.)
The
Theory
of
Hume
was
defended
against
the
attacks
of
J.
Steuart
and
others,
by
A.
Young,
in
his
\"Political
Arithmetic,\"
Lond.
1774,
in
which
work
there
is
a
special
chapter
entitled
\"Prices
depend
on
quantity
of
money,
at
p.
112,
sqq.
I
have
stated
in
\"Zur
Kritik,&c.,\"
p.
149:
\"He
(Adam
Smith)
passes
over
without
remark
the
question
as
to
the
quantity
of
coin
in
circulation,
and
treats
money
quite
wrongly
as
a
mere
commodity.\"
This
statement
applies
only
in
so
far
as
Adam
Smith,
ex
officio,
treats
of
money.
Now
and
then,
however,
as
in
his
criticism
of
the
earlier
systems
of
Political
Economy,
he
takes
the
right
view.\"The
quantity
of
coin
in
every
country
is
regulated
by
the
value
of
the
commodities
which
are
to
be
circulated
by
it....
The
value
of
the
goods
annually
bought
and
sold
in
any
country
requires
a
certain
quantity
of
money
to
circulate
and
distribute
them
to
their
proper
consumers,
and
can
give
employment
to
no
more.
The
channel
of
circulation
necessarily
draws
to
itself
a
sum
sufficient
to
fill
it,
and
never
admits
any
more.\"(\"Wealth
of
Nations.\"
Bk.
IV.,
ch.
1.)
In
like
manner,
ex
officio,he
opens
his
work
with
an
apotheosis
on
the
division
of
labour.Afterwards,
in
the
last
book
which
treats
of
the
sources
of
public
revenue,
he
occasionally
repeats
the
denunciations
of
the
division
of
labour
made
by
his
teacher,
A.
Ferguson.
32\"The
prices
of
things
will
certainly
rise
in
every
nation,as
the
gold
and
silver
increase
amongst
the
people,
and
consequently,
where
the
gold
and
silver
decrease
in
any
nation,
the
prices
of
all
things
must
fall
proportionately
to
such
decrease
of
money.\"
(Jacob
Vanderlint:
\"Money
Answers
all
Things.\"
Lond.
1734,
p.
5.)
A
careful
comparison
of
this
book
with
Hume's
\"Essays,\"
proves
to
my
mind
without
doubt
that
Hume
was
acquainted
with
and
made
use
of
Vanderlint's
work,which
is
certainly
an
important
one.
The
opinion
that
prices
are
determined
by
the
quantity
of
the
circulating
medium,was
also
held
by
Barbon
and
other
much
earlier
writers.
\"No
inconvenience,\"
says
Vanderlint,
\"can
arise
by
an
unrestrained
trade,
but
very
great
advantage;
since,
if
the
cash
of
the
nation
be
decreased
by
it,
which
prohibitions
are
designed
to
prevent,those
nations
that
get
the
cash
will
certainly
find
everything
advance
in
price,
as
the
cash
increases
amongst
them.
And...
our
manufactures,
and
everything
else,
will
soon
become
so
moderate
as
to
turn
the
balance
of
trade
in
our
favour,
and
thereby
fetch
the
money
back
again.\"
(l.c..
pp.
43,
44.)
33That
the
price
of
each
single
kind
of
commodity
forms
a
part
of
the
sum
of
the
prices
of
all
the
commodities
in
circulation,
is
a
self-evident
proposition.
But
how
use-values
which
are
incommensurable
with
regard
to
each
other,
are
to
be
exchanged,
en
masse
for
the
total
sum
of
gold
and
silver
in
a
country,
is
quite
incomprehensible.
If
we
start
from
the
notion
that
all
commodities
together
form
one
single
commodity,
of
which
each
is
but
an
aliquot
part,
we
get
the
following
beautiful
result:
The
total
commodity
=
x
cwt.
of
gold;
commodity
A=
an
aliquot
part
of
the
total
commodity
=
the
same
aliquot
part
of
x
cwt.
of
gold.
This
is
stated
in
all
seriousness
by
Montesquieu:
\"Si
l'on
compare
la
masse
de
l'or
et
de
l'argent
qui
est
dans
le
monde
avec
la
somme
des
marchandises
qui
s'y
vend
il
est
certain
que
chaque
denrée
ou
marchandise,
en
particulier,
pourra
être
comparée
à
une
certaine
portion
de
la
masse
entière.
Supposons
qu'il
n'y
ait
qu'une
seule
denrée
ou
marchandise
dans
le
monde,
ou
qu'il
n'y
ait
qu'une
seule
qui
s'achète,
et
qu'elle
se
divise
comme
l'argent:
Cette
partie
de
cette
marchandise
répondra
à
une
partie
de
la
masse
de
l'argent;la
moitié
du
total
de
l'une
à
la
moitié
du
total
de
l'autre,&c....
L'établissement
du
prix
des
choses
dépend
toujours
fondamentalement
de
la
raison
du
total
des
choses
au
total
des
signes.\"
[\"If
one
compares
the
amount
of
gold
and
silver
in
the
world
with
the
sum
of
the
commodities
available,
it
is
certain
that
each
product
or
commodity,
taken
in
isolation,
could
be
compared
with
a
certain
portion
of
the
total
amount
of
money.Let
us
suppose
that
there
is
only
one
product,
or
commodity,in
the
world,
or
only
one
that
can
be
purchased,
and
that
it
can
be
divided
in
the
same
way
as
money:
a
certain
part
of
this
commodity
would
then
correspond
to
a
part
of
the
total
amount
of
money;
half
the
total
of
the
one
would
correspond
to
half
the
total
of
the
other
&c.
...
the
determination
of
the
prices
of
things
always
depends,
fundamentally,
on
the
relation
between
the
total
amount
of
things
and
the
total
amount
of
their
monetary
symbols\"]
(Montesquieu,
l.c.
t.
III,
pp.
12,
13.)
As
to
the
further
development
of
this
theory
by
Ricardo
and
his
disciples,
James
Mill,
Lord
Overstone,
and
others,
see
\"Zur
Kritik,
&c.,\"
pp.140-146,
and
p.
150,
sqq.
John
Stuart
Mill,
with
his
usual
eclectic
logic,
understands
how
to
hold
at
the
same
time
the
view
of
his
father,
James
Mill,
and
the
opposite
view.
On
a
comparison
of
the
text
of
his
compendium,
\"Principles
of
Pol.Econ.,\"
with
his
preface
to
the
first
edition,
in
which
preface
he
announces
himself
as
the
Adam
Smith
of
his
day
—
we
do
not
know
whether
to
admire
more
the
simplicity
of
the
man,
or
that
of
the
public,
who
took
him,
in
good
faith,
for
the
Adam
Smith
he
announced
himself
to
be,
although
he
bears
about
as
much
resemblance
to
Adam
Smith
as
say
General
Williams,of
Kars,
to
the
Duke
of
Wellington.
The
original
researches
of
Mr.
J.
S.
Mill
which
are
neither
extensive
nor
profound,
in
the
domain
of
Political
Economy,
will
be
found
mustered
in
rank
and
file
in
his
little
work,
\"Some
Unsettled
Questions
of
Political
Economy,\"
which
appeared
in
1844.
Locke
asserts
point
blank
the
connexion
between
the
absence
of
value
in
gold
and
silver,
and
the
determination
of
their
values
by
quantity
alone.
\"Mankind
having
consented
to
put
an
imaginary
value
upon
gold
and
silver
...
the
intrinsic
value,
regarded
in
these
metals,
is
nothing
but
the
quantity.\"
(\"Some
Considerations,\"
&c.,
1691,
Works
Ed.
1777,
Vol.
II.,
p.
15.)
34It
lies
of
course,
entirely
beyond
my
purpose
to
take
into
consideration
such
details
as
the
seigniorage
on
minting.
I
will,however,
cite
for
the
benefit
of
the
romantic
sycophant,
Adam
Muller,
who
admires
the
\"generous
liberality\"
with
which
the
English
Government
coins
gratuitously,
the
following
opinion
of
Sir
Dudley
North:
\"Silver
and
gold,
like
other
commodities,have
their
ebbings
and
flowings.
Upon
the
arrival
of
quantities
from
Spain
...
it
is
carried
into
the
Tower,
and
coined.
Not
long
after
there
will
come
a
demand
for
bullion
to
be
exported
again.
If
there
is
none,
but
all
happens
to
be
in
coin,
what
thenMelt
it
down
again;
there's
no
loss
in
it,
for
the
coining
costs
the
owner
nothing.
Thus
the
nation
has
been
abused,
and
made
to
pay
for
the
twisting
of
straw
for
asses
to
eat.
If
the
merchant
were
made
to
pay
the
price
of
the
coinage,
he
would
not
have
sent
his
silver
to
the
Tower
without
consideration,
and
coined
money
would
always
keep
a
value
above
uncoined
silver.\"(North,
l.c.,
p.
18.)
North
was
himself
one
of
the
foremost
merchants
in
the
reign
of
Charles
II.
35\"If
silver
never
exceed
what
is
wanted
for
the
smaller
payments
it
cannot
be
collected
in
sufficient
quantities
for
the
larger
payments
...
the
use
of
gold
in
the
main
payments
necessarily
implies
also
its
use
in
the
retail
trade:
those
who
have
gold
coin
offering
them
for
small
purchases,and
receiving
with
the
commodity
purchased
a
balance
of
silver
in
return;
by
which
means
the
surplus
of
silver
that
would
otherwise
encumber
the
retail
dealer,
is
drawn
off
and
dispersed
into
general
circulation.
But
if
there
is
as
much
silver
as
will
transact
the
small
payments
independent
of
gold,
the
retail
trader
must
then
receive
silver
for
small
purchases;
and
it
must
of
necessity
accumulate
in
his
hands.\"
(David
Buchanan;\"Inquiry
into
the
Taxation
and
Commercial
Policy
of
Great
Britain.\"
Edinburgh,
1844,
pp.
248,
249.)
36The
mandarin
Wan-mao-in,
the
Chinese
Chancellor
of
the
Exchequer,
took
it
into
his
head
one
day
to
lay
before
the
Son
of
Heaven
a
proposal
that
secretly
aimed
at
converting
the
assignats
of
the
empire
into
convertible
bank-notes.
The
assignats
Committee,
in
its
report
of
April,
1854,
gives
him
a
severe
snubbing.
Whether
he
also
received
the
traditional
drubbing
with
bamboos
is
not
stated.
The
concluding
part
of
the
report
is
as
follows:
—
\"The
Committee
has
carefully
examined
his
proposal
and
finds
that
it
is
entirely
in
favour
of
the
merchants,
and
that
no
advantage
will
result
to
the
crown.\"
(\"Arbeiten
der
Kaiserlich
Russischen
Gesandtschaft
zu
Peking
über
China.\"
Aus
dem
Russischen
von
Dr.
K.
Abel
und
F.
A.
Mecklenburg.
Erster
Band.
Berlin,
1858,
p.
47
sq.)
In
his
evidence
before
the
Committee
of
the
House
of
Lords
on
the
Bank
Acts,
a
governor
of
the
Bank
of
England
says,
with
regard
to
the
abrasion
of
gold
coins
during
currency:
\"Every
year
a
fresh
class
of
sovereigns
becomes
too
light.
The
class
which
one
year
passes
with
full
weight,
loses
enough
by
wear
and
tear
to
draw
the
scales
next
year
against
it.\"
(House
of
Lords'
Committee,
1848,
n.
429.)
37The
following
passage
from
Fullarton
shows
the
want
of
clearness
on
the
part
of
even
the
best
writers
on
money,
in
their
comprehension
of
its
various
functions:
\"That,
as
far
as
concerns
our
domestic
exchanges,
all
the
monetary
functions
which
are
usually
performed
by
gold
and
silver
coins,
may
be
performed
as
effectually
by
a
circulation
of
inconvertible
notes
paying
no
value
but
that
factitious
and
conventional
value
they
derive
from
the
law
is
a
fact
which
admits,
I
conceive,
of
no
denial.
Value
of
this
description
may
be
made
to
answer
all
the
purposes
of
intrinsic
value,
and
supersede
even
the
necessity
for
a
standard,
provided
only
the
quantity
of
issues
be
kept
under
due
limitation.\"
(Fullerton:
\"Regulation
of
Currencies,\"London,
1845,
p.
21.)
Because
the
commodity
that
serves
as
money
is
capable
of
being
replaced
in
circulation
by
mere
symbols
of
value,
therefore
its
functions
as
a
measure
of
value
and
a
standard
of
prices
are
declared
to
be
superfluous!
38From
the
fact
that
gold
and
silver,
so
far
as
they
are
coins,or
exclusively
serve
as
the
medium
of
circulation,
become
mere
tokens
of
themselves,
Nicholas
Barbon
deduces
the
right
of
Governments
\"to
raise
money,\"
that
is,
to
give
to
the
weight
of
silver
that
is
called
a
shilling
the
name
of
a
greater
weight,such
as
a
crown;
and
so
to
pay
creditors
shillings,
instead
of
crowns.
\"Money
does
wear
and
grow
lighter
by
often
telling
over...
It
is
the
denomination
and
currency
of
the
money
that
men
regard
in
bargaining,
and
not
the
quantity
of
silver...'Tis
the
public
authority
upon
the
metal
that
makes
it
money.\"
(N.Barbon,
l.c.,
pp.
29,
30,
25.)
39\"Une
richesse
en
argent
n'est
que
...
richesse
en
productions,
converties
en
argent.\"
[\"Monetary
wealth
is
nothing
but
...
wealth
in
products,
transformed
into
money\"](Mercier
de
la
Rivière,
l.c.)
\"Une
valeur
en
productions
n'a
fait
que
changer
de
forme.\"
[\"A
value
in
the
form
of
products,which
has
merely
changed
its
form.\"]
(Id.,
p.
486.)
40\"'Tis
by
this
practice'
they
keep
all
their
goods
and
manufactures
at
such
low
rates.\"
(Vanderlint,
l.c.,
pp.
95,
96.)
41\"Money
...
is
a
pledge.\"
(John
Bellers:
\"Essays
about
the
Poor,
Manufactures,
Trade,
Plantations,
and
Immorality,\"Lond.,
1699,
p.
13.)
42A
purchase,
in
a
\"categorical\"
sense,
implies
that
gold
and
silver
are
already
the
converted
form
of
commodities,
or
the
product
of
a
sale.
43Henry
III.,
most
Christian
king
of
France,
robbed
cloisters
of
their
relics,
and
turned
them
into
money.
It
is
well
known
what
part
the
despoiling
of
the
Delphic
Temple,
by
the
Phocians,
played
in
the
history
of
Greece.
Temples
with
the
ancients
served
as
the
dwellings
of
the
gods
of
commodities.They
were
\"sacred
banks.\"
With
the
Phoenicians,
a
trading
people
par
excellence,
money
was
the
transmuted
shape
of
everything.
It
was,
therefore,
quite
in
order
that
the
virgins,who,
at
the
feast
of
the
Goddess
of
Love,
gave
themselves
up
to
strangers,
should
offer
to
the
goddess
the
piece
of
money
they
received.
43a\"Gold,
yellow,
glittering,
precious
gold!
Thus
much
of
this,
will
make
black
white;
foul,
fair;
Wrong,
right;
base,
noble;
old,
young;
coward,
valiant.
...
What
this,
you
gods
Why,
this
Will
lug
your
priests
and
servants
from
your
sides;
Pluck
stout
men's
pillows
from
below
their
heads;
This
yellow
slave
Will
knit
and
break
religions;
bless
the
accurs'd;
Make
the
hoar
leprosy
ador'd;
place
thieves,
And
give
them
title,
knee
and
approbation,
With
senators
on
the
bench;
this
is
it,
That
makes
the
wappen'd
widow
wed
again:
...
Come
damned
earth,
Though
common
whore
of
mankind.\"
(Shakespeare:
Timon
of
Athens.)
43b\"Money!
Nothing
worse
in
our
lives,
so
current,
rampant,
so
corrupting.
Money
—
you
demolish
cities,
root
men
from
their
homes,
you
train
and
twist
good
minds
and
set
them
on
to
the
most
atrocious
schemes.
No
limit,
you
make
them
adept
at
every
kind
of
outrage,
every
godless
crimes
—
money!\"
(Sophocles,
Antigone.)
44\"The
desire
of
avarice
to
draw
Pluto
himself
out
of
the
bowels
of
the
earth.\"
(The
Deipnosophists,
VI,
23,
Athenaeus)
45\"Accrescere
quanto
più
si
può
il
numero
de'venditori
d'ogni
merce,
diminuere
quanto
più
si
puo
il
numero
dei
compratori,
questi
sono
i
cardini
sui
quali
si
raggirano
tutte
le
operazioni
di
economia
politica.\"
[\"These
are
the
pivots
around
which
all
the
measures
of
political
economy
turn:
the
maximum
possible
increase
in
the
number
of
sellers
of
each
commodity,
and
the
maximum
possible
decrease
in
the
number
of
buyers\"]
(Verri,
l.c.,
p.
52.)
46\"There
is
required
for
carrying
on
the
trade
of
the
nation
a
determinate
sum
of
specifick
money
which
varies,
and
is
sometimes
more,
sometimes
less,
as
the
circumstances
we
are
in
require....
This
ebbing
and
flowing
of
money
supplies
and
accommodates
itself,
without
any
aid
of
Politicians....The
buckets
work
alternately;
when
money
is
scarce,
bullion
is
coined;
when
bullion
is
scarce,
money
is
melted.\"
(Sir
D.North,
l.c.,
Postscript,
p.
3.)
John
Stuart
Mill,
who
for
a
long
time
was
an
official
of
the
East
India
Company,
confirms
the
fact
that
in
India
silver
ornaments
still
continue
to
perform
directly
the
functions
of
a
hoard.
The
silver
ornaments
are
brought
out
and
coined
when
there
is
a
high
rate
of
interest,and
go
back
again
when
the
rate
of
interest
falls.
(J.
S.
Mill's
Evidence
\"Reports
on
Bank
Acts,\"
1857,
2084.)
According
to
a
Parliamentary
document
of
1864
on
the
gold
and
silver
import
and
export
of
India,
the
import
of
gold
and
silver
in
1863
exceeded
the
export
by
￡19,367,764.
During
the
8
years
immediately
preceding
1864,
the
excess
of
imports
over
exports
of
the
precious
metals
amounted
to
￡109,652,917.During
this
century
far
more
than
￡200,000,000
has
been
coined
in
India.
47The
following
shows
the
debtor
and
creditor
relations
existing
between
English
traders
at
the
beginning
of
the
18th
century.
\"Such
a
spirit
of
crudity
reigns
here
in
England
among
the
men
of
trade,
that
is
not
to
be
met
with
in
any
other
society
of
men,
nor
in
any
other
kingdom
of
the
world.\"
(\"An
Essay
on
Credit
and
the
Bankrupt
Act,\"
Lond.,
1707,
p.
2.)
48It
will
be
seen
from
the
following
quotation
from
my
book
which
appeared
in
1859,
why
I
take
no
notice
in
the
text
of
an
opposite
form:
\"Contrariwise,
in
the
process
in
M—C,the
money
can
be
alienated
as
a
real
means
of
purchase,
and
in
that
way,
the
price
of
the
commodity
can
be
realised
before
the
use-value
of
the
money
is
realised
and
the
commodity
actually
delivered.
This
occurs
constantly
under
the
every
day
form
of
prepayments.
And
it
is
under
this
form,
that
the
English
government
purchases
opium
from
the
ryots
of
India....In
these
cases,
however,
the
money
always
acts
as
a
means
of
purchase....
Of
course
capital
also
is
advanced
in
the
shape
of
money....
This
point
of
view,
however,
does
not
fall
within
the
horizon
of
simple
circulation.\"
(\"Zur
Kritik,
&c.,\"
pp.
119,120.)
49The
monetary
crisis
referred
to
in
the
text,
being
a
phase
of
every
crisis,
must
be
clearly
distinguished
from
that
particular
form
of
crisis,
which
also
is
called
a
monetary
crisis,
but
which
may
be
produced
by
itself
as
an
independent
phenomenon
in
such
a
way
as
to
react
only
indirectly
on
industry
and
commerce.
The
pivot
of
these
crises
is
to
be
found
in
moneyed
capital,
and
their
sphere
of
direct
action
is
therefore
the
sphere
of
that
capital,
viz.,
banking,
the
stock
exchange,
and
finance.
50\"The
sudden
reversion
from
a
system
of
credit
to
a
system
of
hard
cash
heaps
theoretical
fright
on
top
of
the
practical
panic;
and
the
dealers
by
whose
agency
circulation
is
affected,shudder
before
the
impenetrable
mystery
in
which
their
own
economic
relations
are
involved\"
(Karl
Marx,
l.c.,
p.
126.)
\"The
poor
stand
still,
because
the
rich
have
no
money
to
employ
them,
though
they
have
the
same
land
and
hands
to
provide
victuals
and
clothes,
as
ever
they
had;
...which
is
the
true
riches
of
a
nation,
and
not
the
money.\"
John
Bellers,
Proposals
forRaising
a
College
of
Industry,
London,
1696,
p3.
51he
following
shows
how
such
times
are
exploited
by
the\"amis
du
commerce.\"
\"On
one
occasion
(1839)
an
old
grasping
banker
(in
the
city)
in
his
private
room
raised
the
lid
of
the
desk
he
sat
over,
and
displayed
to
a
friend
rolls
of
bank-notes,saying
with
intense
glee
there
were
￡600,000
of
them,
they
were
held
to
make
money
tight,
and
would
all
be
let
out
after
three
o'clock
on
the
same
day.\"
(\"The
Theory
of
Exchanges.The
Bank
Charter
Act
of
1844.\"
Lond.
1864,
p.
81).
The
Observer,
a
semi-official
government
organ,
contained
the
following
paragraph
on
24th
April,
1864:
\"Some
very
curious
rumours
are
current
of
the
means
which
have
been
resorted
to
in
order
to
create
a
scarcity
of
banknotes....
Questionable
as
it
would
seem,
to
suppose
that
any
trick
of
the
kind
would
be
adopted,
the
report
has
been
so
universal
that
it
really
deserves
mention.\"
52\"The
amount
of
purchases
or
contracts
entered
upon
during
the
course
of
any
given
day,
will
not
affect
the
quantity
of
money
afloat
on
that
particular
day,
but,
in
the
vast
majority
of
cases,
will
resolve
themselves
into
multifarious
drafts
upon
the
quantity
of
money
which
may
be
afloat
at
subsequent
dates
more
or
less
distant....
The
bills
granted
or
credits
opened,
to
day,
need
have
no
resemblance
whatever,
either
in
quantity,amount
or
duration,
to
those
granted
or
entered
upon
to
morrow
or
next
day,
nay,
many
of
today's
bills,
and
credits,when
due,
fall
in
with
a
mass
of
liabilities
whose
origins
traverse
a
range
of
antecedent
dates
altogether
indefinite,
bills
at
12,
6,
3
months
or
1
often
aggregating
together
to
swell
the
common
liabilities
of
one
particular
day....\"
(\"The
Currency
Theory
Reviewed;
in
a
Letter
to
the
Scottish
People.\"
By
a
Banker
in
England.
Edinburgh,
1845,
pp.
29,
30
passim.)
53As
an
example
of
how
little
ready
money
is
required
in
true
commercial
operations,
I
give
below
a
statement
by
one
of
the
largest
London
houses
of
its
yearly
receipts
and
payments.Its
transactions
during
the
year
1856,
extending
to
many
millions
of
pounds
sterling,
are
here
reduced
to
the
scale
of
one
million.
54\"The
course
of
trade
being
thus
turned,
from
exchanging
of
goods
for
goods,
or
delivering
and
taking,
to
selling
and
paying,
all
the
bargains
...
are
now
stated
upon
the
foot
of
a
Price
in
money.\"
(\"An
Essay
upon
Publick
Credit.\"
3rd
Ed.Lond.,
1710,
p.
8.)
55\"L'argent
...
est
devenu
le
bourreau
de
toutes
choses.\"Finance
is
the
\"alambic,
qui
a
fait
évaporer
une
quantité
effroyable
de
biens
et
de
denrées
pour
faire
ce
fatal
précis.\"\"L'argent
déclare
la
guerre
à
tout
le
genre
humain.\"
[\"Money
...
has
become
the
executioner
of
all
things.\"
Finance
is
the\"alembic
that
evaporates
a
frightful
quantity
of
goods
and
commodities
in
order
to
obtain
this
fatal
extract.\"
\"Money
[...]declares
war
[...]
on
the
whole
human
race\"]
(Boisguillebert:\"Dissertation
sur
la
nature
des
richesses,
de
l'argent
et
des
tributs.\"
Edit.
Daire.
Economistes
financiers.
Paris,
1843,
t.
i.,pp.
413,
419,
417.)
56\"On
Whitsuntide,
1824,\"
says
Mr.
Craig
before
the
Commons'
Committee
of
1826,
\"there
was
such
an
immense
demand
for
notes
upon
the
banks
of
Edinburgh,
that
by
11
o'clock
they
had
not
a
note
left
in
their
custody.
They
sent
round
to
all
the
different
banks
to
borrow,
but
could
not
get
them,
and
many
of
the
transactions
were
adjusted
by
slips
of
paper
only;
yet
by
three
o'clock
the
whole
of
the
notes
were
returned
into
the
banks
from
which
they
had
issued!
It
was
a
mere
transfer
from
hand
to
hand.
\"Although
the
average
effective
circulation
of
bank-notes
in
Scotland
is
less
than
three
millions
sterling,
yet
on
certain
pay
days
in
the
year,every
single
note
in
the
possession
of
the
bankers,
amounting
in
the
whole
to
about
￡7,000,000,
is
called
into
activity.
On
these
occasions
the
notes
have
a
single
and
specific
function
to
perform,
and
so
soon
as
they
have
performed
it,
they
flow
back
into
the
various
banks
from
which
they
issued.
(See
John
Fullarton,
\"Regulation
of
Currencies.\"
Lond.
1845,
p.
86,note.)
In
explanation
it
should
be
stated,
that
in
Scotland,
at
the
date
of
Fullarton's
work,
notes
and
not
cheques
were
used
to
withdraw
deposits.
57
Note
by
the
Institute
of
Marxism-Leninism
in
the
Russian
edition:
Apparently
a
slip
of
the
pen.
When
writing
inverse
the
author
evidently
meant
direct.
58To
the
question,
\"If
there
were
occasion
to
raise
40
millions
p.
a.,
whether
the
same
6
millions
(gold)
...
would
suffice
for
such
revolutions
and
circulations
thereof,
as
trade
requires,\"
Petty
replies
in
his
usual
masterly
manner,
\"I
answer
yes:
for
the
expense
being
40
millions,
if
the
revolutions
were
in
such
short
circles,
viz.,
weekly,
as
happens
among
poor
artisans
and
labourers,
who
receive
and
pay
every
Saturday,then
40\/52
parts
of
1
million
of
money
would
answer
these
ends,
but
if
the
circles
be
quarterly,
according
to
our
custom
of
paying
rent,
and
gathering
taxes,
then
10
millions
were
requisite.
Wherefore,
supposing
payments
in
general
to
be
of
a
mixed
circle
between
one
week
and
13,
then
add
10
millions
to
40\/52,
the
half
of
which
will
be
5,
so
as
if
we
have
5millions
we
have
enough.\"
(William
Petty:
\"Political
Anatomy
of
Ireland.\"
1672,
Edit.:
Lond.
1691,
pp.
13,
14.)
59Hence
the
absurdity
of
every
law
prescribing
that
the
banks
of
a
country
shall
form
reserves
of
that
precious
metal
alone
which
circulates
at
home.
The
\"pleasant
difficulties\"
thus
self-created
by
the
Bank
of
England,
are
well
known.
On
the
subject
of
the
great
epochs
in
the
history
of
the
changes
in
the
relative
value
of
gold
and
silver,
see
Karl
Marx,
l.c.,
p.
136
sq.Sir
Robert
Peel,
by
his
Bank
Act
of
1844,
sought
to
tide
over
the
difficulty,
by
allowing
the
Bank
of
England
to
issue
notes
against
silver
bullion,
on
condition
that
the
reserve
of
silver
should
never
exceed
more
than
one-fourth
of
the
reserve
of
gold.
The
value
of
silver
being
for
that
purpose
estimated
at
its
price
in
the
London
market.
Added
in
the
4th
German
edition.
—
[We
find
ourselves
oncemore
in
a
period
of
serious
change
in
the
relative
values
of
gold
and
silver.
About
25
years
ago
the
ratio
expressing
the
relative
value
of
gold
and
silver
was
15-1\/2:1;
now
it
is
approximately
22:1,
and
silver
is
still
constantly
falling
as
against
gold.
This
is
essentially
the
result
of
a
revolution
in
the
mode
of
production
of
both
metals.
Formerly
gold
was
obtained
almost
exclusively
by
washing
it
out
from
gold-bearing
alluvial
deposits,
products
of
the
weathering
of
auriferous
rocks.
Now
this
method
has
become
inadequate
and
has
been
forced
into
the
background
by
the
processing
of
the
quartz
lodes
themselves,
a
way
of
extraction
which
formerly
was
only
of
secondary
importance,although
well
known
to
the
ancients
(Diodorus,
III,
12-14)(Diodor's
v.
Sicilien
\"Historische
Bibliothek,\"
book
III,
12-14.Stuttgart
1828,
pp.
258-261).
Moreover,
not
only
were
new
huge
silver
deposits
discovered
in
North
America,
in
the
Western
part
of
the
Rocky
Mountains,
but
these
and
the
Mexican
silver
mines
were
really
opened
up
by
the
laying
of
railways,
which
made
possible
the
shipment
of
modern
machinery
and
fuel
and
in
consequence
the
mining
of
silver
on
a
very
large
scale
at
a
low
cost.
However
there
is
a
great
difference
in
the
way
the
two
metals
occur
in
the
quartz
lodes.
The
gold
is
mostly
native,but
disseminated
throughout
the
quartz
in
minute
quantities.The
whole
mass
of
the
vein
must
therefore
be
crushed
and
the
gold
either
washed
out
or
extracted
by
means
of
mercury.Often
1,000,000
grammes
of
quartz
barely
yield
1-3
and
very
seldom
30-60
grammes
of
gold.
Silver
is
seldom
found
native,however
it
occurs
in
special
quartz
that
is
separated
from
the
lode
with
comparative
ease
and
contains
mostly
40-90%silver;
or
it
is
contained,
in
smaller
quantities,
in
copper,
lead
and
other
ores
which
in
themselves
are
worthwhile
working.From
this
alone
it
is
apparent
that
the
labour
expended
on
the
production
of
gold
is
rather
increasing
while
that
expended
on
silver
production
has
decidedly
decreased,
which
quite
naturally
explains
the
drop
in
the
value
of
the
latter.
This
fall
in
value
would
express
itself
in
a
still
greater
fall
in
price
if
the
price
of
silver
were
not
pegged
even
to-day
by
artificial
means.
But
America's
rich
silver
deposits
have
so
far
barely
been
tapped,
and
thus
the
prospects
are
that
the
value
of
this
metal
will
keep
on
dropping
for
rather
a
long
time
to
come.A
still
greater
contributing
factor
here
is
the
relative
decrease
in
the
requirement
of
silver
for
articles
of
general
use
and
for
luxuries,
that
is
its
replacement
by
plated
goods,
aluminium,etc.
One
may
thus
gauge
the
utopianism
of
the
bimetallist
idea
that
compulsory
international
quotation
will
raise
silver
again
to
the
old
value
ratio
of
1:15-1\/2.
It
is
more
likely
that
silver
will
forfeit
its
money
function
more
and
more
in
the
markets
of
the
world.
—
F
E.]
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