10 



demand for money will be great, because there is a constant 

 desire in all those who hold goods to transfer them in ex- 

 change for the greatest amount of money. The time can be 

 short oidy when a great many goods are sold simultaneously, 

 requiring a large sum of money to pay for them. The same 

 goods might be sold at the same price with a smaller amount, 

 but it would recpiire a longer time. In that case, a small 

 quantity only of goods could be sold and paid for at once, the 

 rest would have to wait until the money engaged had been 

 released and become avadable in paying for others; or, if 

 they did not wait in this way, they must be all sold together 

 at a less price. 



"The length of time, as far as it is undetermined by natural 

 causes, such as the length of the seasons, &c. is the mean, 

 between what it would be by the desire of sellers to get the 

 highest price, and their desire to have the briskest business. 

 By tliis aim at a maximum effect, a given quantity of money 

 is only available for a certain quantity of business. The 

 rapidity of business has a limit both in the rate of the sea- 

 sons and in the abilities, &c. of the people. And they who 

 wish to make the best of their business will not attempt to 

 force this limit; but with a slower business will endeavour to 

 turn over the greatest amount of money by what they do 

 transact. 



"At the same time there is a constant tendency to bring all 

 the cash of the country into use, and employ it in buying 

 and selling ; a portion will doubtless be hoarded ; but allow- 

 ing a margin for this, the tendencies we have adverted to will 

 insure that the price of all the commodities sold simul- 

 taneously, multiplied into their quantity, will be equal to the 

 amount of money. If, therefore, we have a given quantity 

 of money, the price will depend on the quantity of goods 

 sold and paid for simultaneously, and the quantity of goods 

 sold and paid for simultaneously at the price, will depend 



