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on the quantity sold and paid for in a certain length of 

 time. The value of the money then is high, directly as the 

 volume of business to be done by it in a certain length 

 of time is great, and likewise as its own volume or quantity 

 is small. These points may be familiarly illustrated : — 



"Suppose there were a given number of carts to remove 

 the goods of a warehouse in a certain time, and their load 

 and speed were at a maximum. If you diminish the number 

 of carts you increase the time, for you cannot increase their 

 speed without lessening the load. Just in this way, a given 

 quantity of money can oidy do a certain quantity of business 

 in a certain time; and if you diminish the money you increase 

 the time ; or if you attempt to increase the rate of business, 

 to make it, with less money, come in with the same time, 

 you miss the useful effect, by unremunerating prices. Let, 

 then, the price of goods, the quantity of them, and the time 

 of disposing of them, be fixed, and the value of money is 

 inversely as its quantity. If the quantity of goods and the 

 time of selling be constant, and you increase the money, you 

 increase the price, and inversely. 



"And if the goods and price be constant, and the money 

 be diminished, you increase the time, and inversely. More- 

 over, as the value of all the money will approximate to the 

 value of the articles disposed of simultaneously, the value of 

 a pound Mill be inversely as the number of pounds in the 

 mass, and the value will be represented by the mass of goods 

 divided by this number. The value, therefore, does not 

 depend upon the nature of the material of a pound, but on 

 these relative conditions. 



"When we say a pound is 123 grains of gold, we oidy 

 define it as if we said, a pound is a small piece of paper with 

 certain devices and signatures upon it ; but we do not 

 express its value. For the question recurs, what is the value 

 of 12:5 grains of gold? And to answer this particularly 

 would require an intelligence far greater than that of any 

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