Now, is it
possible to reconstruct the series from which money seems to have
been detached, and, consequently, restore the latter to its true
principle?
In dealing with this question the economists, following their
usual course, have rushed beyond the limits of their science;
they have appealed to physics, to mechanics, to history, etc.;
they have talked of all things, but have given no answer. The
precious metals, they have said, by their scarcity, density, and
incorruptibility, are fitted to serve as money in, a degree
unapproached by other kinds of merchandise. In short, the
economists, instead of replying to the economic question put to
them, have set themselves to the examination of a question of
art. They have laid great stress on the mechanical adaptation of
gold and silver for the purpose of money; but not one of them has
seen or understood the economic reason which gave to the precious
metals the privilege they now enjoy.
Now, the point that no one has noticed is that, of all the
various articles of merchandise, gold and silver were the first
whose value was determined.
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