Sections 1 MONEY OR SIMPLE CIRCULATION. 2 In the above series of equations iron, wheat, coffee, potash, etc. 3 By the same process by which commodities express their values in gold prices, they turn gold… 4 The same exchange values are now estimated in greater or smaller quantities of gold than… 5 The difference between exchange value and price appears to be merely nominal or, as Adam… 6 The process by which gold has become the measure of value and exchange value has been turned… 7 An historical process which, as we shall explain later, was determined by the nature of… 8 We transform commodities into money of account, in our mind, on paper, in conversation,… 9 Owing to the fact that money, when serving as the standard of price, appears under the same… 10 B. 11 At the time of the accession of William III., the English mint-price of an ounce of silver… 12 It was just in the order of things that Bishop BERKELEY, the representative of a mystical… 13 Steuart speaks here simply of the part money plays in circulation as the standard of price… 14 The period of the suspension of cash payments by the Bank of England was hardly more… 15 In the last words the hazy conception of the ideal money measure melts away and its real… 16 Labor-time being the intrinsic measure of value, why should there be another external… 17 But it remained for Mr. 18 If we look at it from the extreme end of the first commodity, C―M―C represents its… 19 C―M or sale: commodity C enters the process of circulation not only as a particular… 20 In the sale C―M, as well as in the purchase M―C, two commodities, entities of exchange value… 21 So far we have considered C―M as sale, as the conversion of commodity into money. 22 Within the process of circulation gold appears in everybody’s hands as the result of sale C―M. 23 Coming back now to C―M―C, or to circulation as a whole, it is apparent that it contains the… 24 The two transactions M―C and C―M appear here merely as links of one chain, because a… 25 Now, if we consider the result of C―M―C, it comes down to mere interchange of matter, C―C. 26 Mill restores the balance by turning the process of circulation into direct barter and then… 27 Money passes into the hands of the seller in the same transaction in which the commodity… 28 The circulation of commodities C―M―C in its elementary form is completely described in the… 29 Since owners of commodities give the products of their individual labor the appearance of… 30 We have seen that money realizes simultaneously a certain number of prices in the variegated… 31 The circulation of money implies the circulation of commodities; money circulates… 32 If the total price of the commodities in circulation rises, but in a smaller ratio than the… 33 The law, that with a given rapidity of circulation of money and a given total sum of prices… 34 For 100 pounds or 1200 ounces troy of 22 carat gold one can get £4,672-1/2 or gold… 35 The circulation of money is a movement through the outside world, and the sovereign, though… 36 But the fictitious importance of gold due to its function, comes in conflict with its real… 37 The contradiction between gold as coin and gold as standard of price becomes also one… 38 That being the case, gold coins could not circulate at all were not their circulation… 39 If we consider how immense the volume of the daily retail trade in a country like England… 40 Relatively worthless things, such as paper, can consequently perform the function of symbols… 41 The token of value, say paper, which plays the part of coin, is the token of a quantity of… 42 Our presentation has shown that the coin form of gold as a token of value differentiated… 43 How many reams of paper cut up into bills can circulate as money? 44 The interference of the state which issues paper money as legal tender―and we are treating… 45 In the history of the debasement of money in England and France by their governments, we… 46 In the case of the circulation of tokens of value all laws pertaining to the circulation of… 47 In the form C―M―C the two extreme members are commodities of the same value, but… 48 Let us now consider for a moment the commodity gold when it is in a state of rest, and plays… 49 Gold separates itself as money from the process of circulation whenever a commodity… 50 The primitive form of wealth is that of a surplus or superabundance, i. 51 The owner of commodities can receive money from circulation only in return for a commodity… 52 In the form of gold and silver, wealth is indestructible, both because exchange value is… 53 In times of disturbance in the process of the social interchange of matter, the burying of… 54 To sum up, the activity by which hoards are built up resolves itself into withdrawal of… 55 Quite apart from their aesthetic properties, silver and gold commodities are convertible… 56 We have seen that the circulation of money is but the manifestation of the metamorphoses of… 57 The two forms which have so far distinguished money from the circulating medium are those of… 58 All the forms in which gold develops into money, are but the unfolding of potentialities… 59 Seller and buyer become creditor and debtor. 60 In this form of sale the commodity completes its change of position; it circulates while it… 61 As the universal means of payment money becomes the universal commodity of all contracts, at… 62 The sum total of prices made up by all the purchases and sales taking place at the same… 63 In so far as the payments mutually balance as positive and negative quantities, no money… 64 Payments, in their turn, require the formation of reserve funds, the accumulation of money… 65 We have seen that a change in the values of gold and silver does not affect their function… 66 While the general measures of weight of the precious metals served as their original… 67 In the international circulation of commodities, gold and silver appear not as mediums of… 68 Like home circulation, international circulation requires a constantly changing quantity of… 69 Gold and silver, in their capacity of money, being by conception universal commodities,… 70 4. 71 The great importance of metals in general in the direct process of production is due to the… 72 We have seen that gold and silver are unable to fulfill the requirements which they are… 73 In ancient Asia the ratio of gold to silver was 6 to 1 or 8 to 1; the latter ratio prevailed… 74 As the universal thirst for gold prompted nations and princes in the sixteenth and… 75 Ricardo, though wrong in the application he makes of it, remarks somewhere that even in… 76 Under certain assumptions, an increase or decrease in the quantity either of the metallic… 77 Every scientific inquiry into the relation between the volume of the circulating medium and… 78 The characteristic method of antiquity of suddenly transferring hoarded treasures from one… 79 “The dearness of everything,” 80 In the sixteenth and seventeenth centuries the prices of commodities increased in Europe… 81 This value of theirs is determined by the proportion between their own volume and that of… 82 SIR JAMES STEUART opens his inquiry into the nature of coin and money with an elaborate… 83 It is characteristic of nations with an “historical” 84 In the nineteenth century, inquiries into the nature of money were not prompted directly by… 85 To begin with, Ricardo determines the value of gold and silver, like that of all other… 86 When Ricardo suddenly gets off the straight path of his presentation and takes the very… 87 The same process would take place if the sum total of the prices of the commodities in… 88 their real value and nominal value agree, “the aggregate currency consisting of metal and of… 89 His first proposition was as follows: the volume of metallic currency is normal when it is… 90 Just as in the former case the output of gold, so now the import or export of gold and, with… 91 With what violence to actual facts Ricardo has to explain them in the sense of his abstract… 92 In the same manner, Ricardo maintained, with reference to Napoleon’s Continental System and… 93 At the very time when Ricardo first formulated his theory of money, and the Bullion… 94 “By value of money, is here to be understood the proportion in which it exchanges for other… 95 In whatever degree, therefore, the quantity of money is increased or diminished, other… 96 The whole wisdom of Mill resolves itself into a series of arbitrary and absurd assumptions. 97 The commercial crises of the nineteenth century, namely, the great crises of 1825 and 1836,… 98 The most general and most palpable phenomenon in commercial crises is the sudden, general… 99 Should a rise of prices happen to coincide with a contracted currency, and a fall of prices… 100 After Hume’s theory or the abstract opposition to the monetary system was thus developed to…
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