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LONDON sAvILL, EDwARDS AND Co., PRINTERs, CHANDos STREET, COVENT GARDEN.

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CHAPTER VII. Of Money.

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§ 1. PURPoses of a Circulating Medium . . . . ... 3

2. Gold and Silver, why fitted for those purposes . . . . 5 3. Money a mere contrivance for facilitating exchanges,

which does not affect the laws of Value . . . . . . 8

CHAPTER VIII. Of the Value of Money, as dependent on Demand and Supply.

§ 1. Value of Money, an ambiguous expression . . . . . . 11 2. The value of money depends, caeteris paribus, on its quantity . . . . . . . . . . . . . . . . . 12 3. – together with the rapidity of circulation . . . . . . 17 4. Explanations and limitations of this principle . . . . . 19

CHAPTER IX. Of the Value of Money, as dependent on

Cost of Production. § 1. The value of money, in a state of freedom, conforms to the value of the bullion contained in it . . . . . . . . 23 2. — which is determined by the cost of production . . . . 26

3. This law, how related to the principle laid down in the

preceding chapter . 28 quantity, is a matter of arbitrary regulation . . . . . 75

2. If regulated by the price of bullion, an inconvertible

currency might be safe, but not expedient . . . . . 78

3. Examination of the doctrine that an inconvertible currency

is safe if representing actual property . . . . . . . 80

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... — not in a vent for exports, nor in the gains of merchants

. Indirect benefits of commerce, economical and moral; still

greater than the direct .

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Demand . . . . • •

. Influence of cost of carriage on international values

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The substitution of money for barter makes no difference

in exports and imports, nor in the law of international

values . . . . . . . . . . . . . . . . .

The preceding theorem further illustrated . . . . . .
The precious metals, as money, are of the same value, and
distribute themselves according to the same law, with
the precious metals as a commodity . . . . . .
International payments of a non-commercial character

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