On the causes and consequences of the present monetary crisis |  | Author: Causes
Publisher: General Books LLC
Category: Book
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Media: Paperback
Pages: 48
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Dimensions (in): 9 x 6 x 0.1
ISBN: 021773572X
Dewey Decimal Number: 332
EAN: 9780217735728
ASIN: 021773572X
Publication Date: August 17, 2009
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Product Description
Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: CHAPTER II. ON THE MONETARY LAWS. It is singular to observe how much the introduction of money has deceived the ablest men, and complicated the most simple affairs. We look constantly at the money, and not at the transaction, which the money is merely the instrument of facilitating. Take a familiar example:A. sells a horse for money, and with that money buys a carriage; what A. really does is to exchange a horse for a carriage, and the money which has availed him for the purpose still exists to do a similar office for any other person, just as a yard having been used to measure one piece of cloth is available to measure another. In proceeding to discuss the Monetary Laws we shall suppose money or currency, (for in the sense in which we use the two words they are synonymous,) as we did national wealth, to be divided into three portions, and describe its ordinary uses, observing as before that though these uses necessarily blend one with another, they are sufficiently distinct for practical purposes. The first division or use of money, and perhapsthe most important, is to pay the labourer whilst occupied in producing, whether it be corn, manufactures, or other articles. The money so paid in wages to the labourer goes from him to the petty shopkeeper, for the purchase of food or of some portion of the " resting stock;" from the shopkeeper it goes to the wholesale dealer; from the wholesale dealer it finds its way back to the employer of labour or producer; and from him again to the labourer. This exchange of labour for produce, which money merely facilitates, lies at the root of almost every trading or commercial enterprise. The great extent to which the money rate of wages necessarily affects the purchase of produce, and thereby enables the labourer to consume more o...
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