登陆注册
5186300000041

第41章 MONEY OR SIMPLE CIRCULATION(22)

Let us assume that £14million is the amount of gold required for the circulation of commodities and that the State throws 210million notes each called £1into circulation:these 210million would then stand for a total of gold worth £14million.The effect would be the same as if the notes issued by the State were to represent a metal whose value was one-fifteenth that of gold or that each note was intended to represent one-fifteenth of the previous weight of gold.This would have changed nothing but the nomenclature of the standard of prices,which is of course purely conventional,quite irrespective of whether it was brought about directly by a change in the monetary standard or indirectly by an increase in the number of paper notes issued in accordance with a new lower standard.As the name pound sterling would now indicate one-fifteenth of the previous quantity of gold,all commodity-prices would be fifteen times higher and 210million pound notes would now be indeed just as necessary as 14million had previously been.The decrease in the quantity of gold which each individual token of value represented would be proportional to the increased aggregate value of these tokens.The rise of prices would be merely a reaction of the process of circulation,which forcibly placed the tokens of value on a par with the quantity of gold which they are supposed to replace in the sphere of circulation.

One finds a number of occasions in the history of the debasement of currency by English and French governments when the rise in prices was not proportionate to the debasement of the silver coins.The reason was simply that the increase in the volume of currency was not proportional to its debasement;in other words,if the exchange-value of commodities was in future to be evaluated in terms of the lower standard of value and to be realised in coins corresponding to this lower standard,then an inadequate number of coins with lower metal content had been issued.This is the solution of the difficulty which was not resolved by the controversy between Locke and Lowndes.The rate at which a token of value --whether it consists of paper or bogus gold and silver is quite irrelevant --can take the place of definite quantities of gold and silver calculated according to the mint-price depends on the number of tokens in circulation and by no means on the material of which they are made.The difficulty in grasping this relation is due to the fact that the two functions of money --as a standard of value and a medium of circulation --are governed not only by conflicting laws,but by laws which appear to be at variance with the antithetical features of the two functions.As regards its function as a standard of value,when money serves solely as money of account and gold merely as nominal gold,it is the physical material used which is the crucial factor.

Exchange-values expressed in terms of silver,or as silver prices,look of course quite different from exchange-values expressed in terms of gold,or as gold prices.On the other hand,when it functions as a medium of circulation,when money is not just imaginary but must be present as a real thing side by side with other commodities,its material is irrelevant and its quantity becomes the crucial factor.Although whether it is a pound of gold,of silver or of copper is decisive for the standard measure,mere number makes the coin an adequate embodiment of any of these standard measures,quite irrespective of its own material.But it is at variance with common sense that in the case of purely imaginary money everything should depend on the physical substance,whereas in the case of the corporeal coin everything should depend on a numerical relation that is nominal.

The rise or fall of commodity-prices corresponding to an increase or decrease in the volume of paper notes --the latter where paper notes are the sole medium of circulation --is accordingly merely a forcible assertion by the process of circulation of a law which was mechanically infringed by extraneous action;i.e.,the law that the quantity of gold in circulation is determined by the prices of commodities and the volume of tokens of value in circulation is determined by the amount of gold currency which they replace in circulation.The circulation process will,on the other hand,absorb or as it were digest any number of paper notes,since,irrespective of the gold title borne by the token of value when entering circulation,it is compressed to a token of the quantity of gold which could circulate instead.

同类推荐
  • 法界宗莲花章

    法界宗莲花章

    本书为公版书,为不受著作权法限制的作家、艺术家及其它人士发布的作品,供广大读者阅读交流。汇聚授权电子版权。
  • The Strength of the Strong

    The Strength of the Strong

    本书为公版书,为不受著作权法限制的作家、艺术家及其它人士发布的作品,供广大读者阅读交流。汇聚授权电子版权。
  • 弥勒菩萨所问本愿经

    弥勒菩萨所问本愿经

    本书为公版书,为不受著作权法限制的作家、艺术家及其它人士发布的作品,供广大读者阅读交流。汇聚授权电子版权。
  • 分别经

    分别经

    本书为公版书,为不受著作权法限制的作家、艺术家及其它人士发布的作品,供广大读者阅读交流。汇聚授权电子版权。
  • 陶真人内丹赋

    陶真人内丹赋

    本书为公版书,为不受著作权法限制的作家、艺术家及其它人士发布的作品,供广大读者阅读交流。汇聚授权电子版权。
热门推荐
  • 虞美人:遗世而独立

    虞美人:遗世而独立

    七岁那年,我随母亲进宫参见窦太后。那时正是春日,花红柳绿宴浮桥,皇宫里的风景,果然是与外面不同的。窦太后很喜欢我,每次进宫都会赏赐我些东西,衣袖一挥,便有宫娥宦官站成两排,手捧托盘鱼贯而出。翠玉华盖,香车宝马,漆盒银盘,总是晃得人睁不开眼睛。七岁的我,却早已习惯这样的繁华。
  • 少年游之一寸相思

    少年游之一寸相思

    一卷山河图,开启一段江湖传奇。一个是妙手飞贼,正教弃徒,大道千条偏直行的愚者;一个是候府公子,风华无双,任性凉薄无羁束的恶魔;一卷山河图,一场江湖交易,千金酬,万里行,琴歌相和;一记娑罗梦,一笔前尘旧债,初心劫,黄泉引,生死与共。“我以前觉得世人多愚,执于一些无益的情感,反受其累。现在才明白是什么滋味,哪怕你成了这样,我依然不想放手。”
  • 都市最强雇佣兵

    都市最强雇佣兵

    三年前,他是令人闻风丧胆的佣兵之王死神镰刀,三年后,他回归都市,依然霸气凌天。这个世界太危险,既然选择要做强者,他必须要保持自己的狼性。而事实上,无论走到哪里,他始终是一匹吃肉的狼,他无所不能,所向披靡。
  • 地狱之眼

    地狱之眼

    考古学家伯林汉先生准备将一具埃及的木乃伊捐献给大英博物馆,但在木乃伊进行展出的时候,他却离奇失踪了,除了一枚埃及十八王朝的圣甲虫宝饰,没有留下任何的线索,而他的失踪也关系到一份丰厚遗嘱的归属问题,在人们试图从那具封存千年的木乃伊身上寻找伯林汉先生失踪的线索时,却发现触碰的真相将会引发出一系列难以想象的灾难和阴谋……
  • 红绡帐内:香妃不承宠

    红绡帐内:香妃不承宠

    传说中,她死而复生,便异香附体;传说中,她是红颜祸水。传说中,她是处子,然而带着守宫砂的她却神奇般的有了身孕,也惹来…他是西夏至高无上的君王,她是他手中的一枚棋子。夜夜恩宠,他许她今生今世不离首,到头来,换得的却是他送她的一把铡刀,让魂飞魄去,再难聚首。可再相见,一碗孟婆汤,她不识君,他亦不识她,只如何再续前缘……题记:十世的轮回,许你千回百转,悬棺起,红绡帐内:香妃不承宠。--情节虚构,请勿模仿
  • 宠妻无度:总裁追妻日常

    宠妻无度:总裁追妻日常

    总裁慕袭阳从未想过日常生活中会出现小说里的情节,这个被点穴的美女就这样突如其来的闯进了自己的生命,打乱自己所有的节奏,让自己的心仿佛戴上了枷锁,捆绑在这个莫名其妙的女人身上。家境殷实,从小便是他人瞩目对象的玉儿从未想过一次追星葬送了全家人的性命,从此蜜罐里的生活变成了仇恨和打拼,摸索碰壁,崎岖前行,生命给她开了一个最大的玩笑,还好给她送来了慕袭阳,从此,前路尽管艰难,但是却不孤独。她是他的奇迹,他是她的救赎,我们相遇在最好的年华,一起扶持成长,一起创建属于我们的未来。这是爱情,亦是人生。
  • 赵氏万年

    赵氏万年

    赵恪宴偶然来到这个世界,成为大夏赵氏的一名老祖,如今的赵家正面临着一场危机,赵恪宴不想死,他要带着赵家向上走。千年赵氏,风雨飘摇,他要让赵氏更上一层楼,命传千古,儿郎俱在,赵氏万年!
  • 大数据修仙

    大数据修仙

    冯君身为985的双学位,毕业就失业了,在都市中艰难打拼,偏偏还放不下架子,他的处境可想而知。直到有一天,他和手机被雷劈了,猛然发现,原来自己可以化身数据,进入app中。化身数据进入app中能做什么?能做的太多了,尽情想像吧……慢着,手机银行的存款?住手,那个不能乱改!当然,这并不仅仅是全部,然后他还发现,自己居然可以自由进入仙侠位面……让我们跟随冯君,踏上奇妙的修仙之旅,“落花时节又逢君”,这话可不是白说的……
  • 星际芭比

    星际芭比

    安若素最后悔的就是手残,指尖一点,进入黑洞,步入未来。一觉醒来,不知是自己变小了,还是周围变大了。新的世界,手掌空间,开创美食。能跑路,能卖萌,会撩也受撩,寻找饲主,加油飞奔。“饲主大大,你能看见我没,不要踩着我哦。”饲主抿抿嘴,手捧着安若素,心里感觉暖暖的,软软的。小萌新一个,不喜勿喷,么么哒。
  • 风雨人生

    风雨人生

    我出生在河北农村一个贫寒的家庭,自四岁起就一直过着饥寒交迫的生活。我过早地体会到生活的艰辛,和母亲一起承担着生活的重负。虽然家境贫寒,但我一直感受着母亲给予我们兄妹的关怀和爱护,母亲的爱是我童年最温暖的回忆。