12 



human being; for it would require to know the detail of the 

 transactions which, on an average, take place while the mass 

 of money is used once. 



"But in the abstract, it is easily expressed by the terms of 

 its conditions, into which the value of the material does not 

 enter. 



" Sec. II. It is desirable to keep the value of money equa- 

 ble. As long as the wants of the nation are equable, they 

 must be equably suppbed, or destitution and suffering ensue ; 

 and, to prevent this evil, as far as possible, is the supreme 

 object of the social institution. To afford plenty, in some 

 seasons the operations of Deity favour the exertions of the 

 people, and at other seasons they appear unfavourable. But 

 to make the best of the mean course of nature, the operations 

 of art should be in no event intermitted, and in the adverse 

 seasons there is the greater need of increased activity. But 

 there can be only equable activity so far as there is an equable 

 commerce; and this can only be obtained by an equable 

 supply of money. If this be equable, and there happen a 

 deficient production of any species of goods, the scarce article 

 may immediately rise in price, and tend to force a greater sup- 

 ply from all sources, without materially deranging the relations 

 of commerce by lowering the prices of other articles and 

 retarding their production. There may be then, only a 

 smaller debverance of the scarce article, but an equal deh- 

 verance of the rest. And the scarcity, though imposing the 

 nescessity of greater frugality, may be tolerable. The pres- 

 sure, under a natural scarcity, no system of currency could 

 wholly prevent : it can only mitigate it. But a reduction of 

 the quantity of money will bring on a pressure and loss under 

 any circumstances ; because exchanges can then only go on 

 more slowly, or by a reduction of price. 



"To express this arithmetically: let c be for commodities; 

 p, the price of them; m, the unhoarded money; t, the 

 unit of time of selling the goods. Then there is a constant 



