Who loves to raise capital
1 This seemed all the more necessary as even the section of F. Lassalle's work against Schulze-Delitzsch, in which he declares to give "the spiritual quintessence" of my development on these subjects, contains significant misunderstandings. En passant. If F. Lassalle has borrowed all the general theoretical propositions of his economic work, e.g. about the historical character of capital, about the connection between the relations of production and the mode of production, etc. etc., almost literally, down to the terminology I created, from my writings, and without any indication of the source, this procedure was probably determined by considerations of propaganda. Of course, I'm not talking about its detailed designs and uses that I have nothing to do with.
2 See my work "On Criticism etc.", p.39.
3 The broad-mouthed carnivores of the German vulgar economy scold style and representation in one step. Nobody can judge the literary shortcomings of "Capital" more strictly than I myself. Nevertheless, for the benefit and pleasure of these gentlemen and their audience, I will quote here an English and a Russian judgment. The Saturday Review, which is quite hostile to my views, said in its advertisement for the first German edition: The presentation “gives even the driest economic questions its own charm”. The SP. Wdomosti"(St.-Petersburger Zeitung) notes in its number of April 20, 1872:" The presentation, with the exception of a few overly special parts, is characterized by general comprehensibility, clarity and, despite the scientific level of the subject, unusual liveliness. In this respect the author ... not even remotely resembles the majority of German scholars who ... write their books in such dark and dry language that ordinary mortals' heads crack. "The readers of the temporary German-national-liberals Professor literature, however, cracks something completely different from the head.
4 “Le Capital. Par Karl Marx ', translation by M. J. Roy, completely checked by the author, Paris, Lachâtre. This translation contains considerable changes and additions to the text of the second German edition, especially in the last part of the book.
5 At the quarterly meeting of the Manchester Chamber of Commerce held this afternoon, there was a lively discussion on the issue of free trade. A resolution was passed in the sense that "they have waited 40 years in vain for other nations to follow the example of free trade given by England, and the Chamber now believes the time has come to change this point of view." The resolution was rejected by a majority of only one vote, with a ratio of 21 for and 22 against. (Evening Standard, Nov. 1, 1886.)
6Karl Marx, "On the Critique of Political Economy", Berlin 1859, p. 3.
7 “Desire includes need; it is the appetite of the mind, and as natural as hunger is to the body ... most (things) are of value in satisfying the needs of the mind. "(Nicholas Barbon, "A Discourse on Coining the New Money Lighter. In answer to Mr. Locke's Considerations etc. ", London 1696, pp. 2, 3.)
8 "Things have an intrinsic vertue" (Barbon's specific term for use value), "which is the same everywhere, like that of the magnet to attract iron" (l.c. p.6). The magnet's property of attracting iron only became useful as soon as the magnetic polarity had been discovered by means of it.
9 "The natural worth of every thing consists in its suitability to satisfy necessary needs or to serve the comforts of human life."John Locke, "Some Considerations on the Consequences of the Lowering of Interest," 1691, in "Works," edit. Lond. 1777, v. II, p.28.) In the 17th century we still often find "Worth" for use value and "Value" for exchange value among English writers, entirely in the spirit of a language that loves to express the immediate matter in Germanic and the reflected matter in Romance .
10 In bourgeois society the fictio juris prevails that every person as a buyer of goods has an encyclopedic knowledge of goods.
11 "Value consists in the exchange relationship that exists between one thing and another, between the quantity of one product and that of another." (Le Trosne, "De l'Intérêt Social", [in] "Physiocrates", éd. Daire, Paris 1846, p.889.)
12 "Nothing can have an internal exchange value" (N. Barbon, l.c. p.6), or how butler says:
“The value of a thing
is just as much as it will bring in. "
13 “One sort of goods are as good as another, if the value be equal. There is no difference or distinction in things of equal value ... One hundred pounds worth of lead or iron, is of as great a value as one hundred pounds worth of silver and gold. «(N. Barbon, l.c. p.53 and 7.)
14 Note to the 2nd edition: "The value of them (the necessaries of life) when they are exchanged the one for another, is regulated by the quantity of labor necessarily required, and commonly taken in producing them." As soon as they are exchanged for one another, it is determined by the amount of labor required and usually used for their production. "(" Some Thoughts on the Interest of Money in general, and particularly in the Public Funds, etc. ", London, p. 36-37.) This strange anonymous writing from the previous century has no date. However, its content shows that it was published under George II, around 1739 or 1740.
15 "All products of the same kind really only form one mass, the price of which is determined generally and regardless of the particular circumstances." (Le Trosne, l.c. p.893.)
16 K. Marx, l.c. p.6.
17 Note to the 4th edition - I put in the brackets because omitting them very often gave rise to the misunderstanding that every product that is consumed by anyone other than the producer counts as a commodity for Marx. - F. E.
18 l.c. p.12, 13 and passim.
19 “All phenomena of the universe, be they caused by the hand of man or by the general laws of physics, are not actual new creations, but merely a transformation of matter. Composition and separation are the only elements that the human mind finds again and again in analyzing the idea of reproduction; and it is the same with the reproduction of value "(use-value, although here in his polemic against the physiocrats himself Verri does not quite know what kind of value he is talking about)" and of wealth when earth, air and water meet in the fields turn into grain, or even when the deposit of an insect is turned into silk by the hand of man, or some metal particles arrange themselves to form a repeater clock. "(Pietro Verri," Meditazioni sulla Economia Politica "- first printed 1771 - in the edition of the Italian economists by Custodi, Parte Moderna, t. XV, p. 21, 22.)
20 Cf. Hegel, Philosophy of Law, Berlin 1840, p.250, § 190.
21 The reader must pay attention to the fact that we are not talking about the wages or the value that the worker receives for about a working day, but about the value of the commodities in which his working day is objectified. The category of wages does not yet exist at all on this level of our representation.
22 Note to the 2nd edition. To prove "that labor alone is the final and real measure by which the value of all commodities can be estimated and compared at all times," says . A. Smith: “Equal quantities of labor must have the same value for the worker himself at all times and in all places. In his normal state of health, strength and activity and with the average degree of skill he may possess, he must always give the same portion of his calm, his freedom and his happiness. "(" Wealth of Nations ", b. I, Ch. V, [p. 104/105].) On the one hand, A. Smith confuses here (not everywhere) the determination of value by the quantity of labor expended in the production of the commodity with the determination of commodity values by the value of labor and therefore seeks to prove it that equal quantities of labor always have the same value. On the other hand, he suspects that work, insofar as it is represented in the value of the goods, is only considered to be the expenditure of labor power, but again regards this expenditure as merely a sacrifice of rest, freedom and happiness, not also as a normal activity in life. However, he has the modern wage worker in mind. - The anonymous predecessor of A. Smith quoted in Note 9 says much more accurately: “A man spent a week producing this commodity ... and someone who gives him another object in exchange cannot correctly estimate what is really equivalent than by calculating what costs him as much labor and time. This actually means the exchange of the labor that one person has spent on an object in a certain time for the labor of another. At the same time related to another subject. "(" Some Thoughts on the Interest of Money in general etc. ", p.39.) - 〈On the 4th edition: The English language has the advantage of having two different words for this to have two different aspects of work. The work that creates use values and is qualitatively determined is called work, as opposed to labor; the work that creates value and is only measured quantitatively is called labor, as opposed to work. See note on engl. Translation, p. 14. - F.E.}
23 The few economists who, like S. Bailey, have dealt with the analysis of the form of value could not come to any result, firstly because they confuse value form and value, secondly because, under the raw influence of the practical citizen, they of from the outset, focus exclusively on quantitative determinacy. "The disposition of quantity ... makes value." ("Money and its Vicissitudes," Lond. 1837, p. 11.) Author S. Bailey.
24 Note on the 2nd edition. One of the first economists who, after William Petty, saw through the nature of value, the famous Franklin, says: "Since trade is nothing at all but the exchange of one labor for another labor, the value of all things is most correctly appraised in labor." ("The Works of B. Franklin, etc.," edited by Sparks, Boston 1836, v. II, p.267.) Franklin is not aware that in appraising the value of all things "in work" he is of abstracted from the diversity of the exchanged works - and thus reduced them to the same human work. What he doesn't know, however, he says. He speaks first of "the one work", then "of the other work", and finally of "work" without any further designation as the substance of the value of all things.
25 In a certain way, people are like goods. Since he is born neither with a mirror nor as a Fichtean philosopher: I am I, man is first reflected in another person. Only through the relationship to the person Paul as his equals does the person Peter relate to himself as a person. With this, however, Paul also applies to him skin and hair, in his Pauline corporeality, as a manifestation of the human genus.
26 The expression "value" is used here, as happened occasionally earlier in places, for a quantitatively determined value, that is, for the quantity of value.
27 Note to the 2nd edition. This incongruence between the magnitude of value and its relative expression has been exploited by vulgar economics with the usual acuteness. For example: "Admit that A falls because B, with which it is exchanged, rises, although in the meantime no less work is being expended on A, and your general value principle falls to the ground ... If it is admitted that, because the value from A rises relative to B, the value of B falls relative to A, the ground has been cut away from under one's feet, whereupon Ricardo puts forward his great proposition that the value of a commodity is always determined by the quantity of labor incorporated into it; for if a change in the cost of A changes not only its own value in relation to B with which it is exchanged, but also the value of B in relation to that of A, although there has been no change in that required for the production of B Labor quantum, then not only the doctrine that assures that the quantity of labor expended on an article regulates its value, but also the doctrine that the cost of production of an article regulates its value. "(J. Broadhurst," Political Economy " , London 1842, p. 11, 14.)
Mr. Broadhurst might as well say: Just look at the numbers 10/20, 10/50, 10/100 etc. The number 10 remains unchanged, and yet its proportional size, its size relative to the denominators 20, 50, 100, is constantly decreasing. So the great principle that the size of an integer such as 10 is "regulated" by the number of units it contains falls to the ground.
28 With such reflective determinations, it is a thing of its own. This person is only king, for example, because other people behave as subjects to him. Conversely, they believe that they are subjects because he is king.
29 Note on the 2nd edition F.L.A. Ferrier (sous-inspecteur des douanes), "You Gouvernement considéré dans ses rapports avec le commerce", Paris 1805, and Charles Ganilh, "Des Systèmes d'Économie Politique", 2ème éd., Paris 1821.
30 Note to the 2nd ed. E.g. in Homer the value of a thing is expressed in a number of different things.
31 One speaks therefore of the coat value of the linen when its value in coats, of its grain value when it is represented in grain, etc. Every such expression means that it is its value that appears in the use values of coat, grain, etc. "Since the value of every commodity describes its relationship in exchange, we can describe it as ... grain value, cloth value, depending on the commodity with which it is compared; and therefore there are a thousand different kinds of values, as many as there are goods, and all are equally real and equally nominal. ”(“ A Critical Dissertation on the Nature, Measures, and Causes of Value; chiefly in reference to the writings of Mr. Ricardo and his followers. By the Author of Essays on the Formation, etc. of Opinions ", London 1825, p.39.) S. Bailey, the author of this anonymous work, which made a lot of noise in England of its time, imagines to have destroyed all definitions of value by this reference to the motley relative expressions of the same commodity value. The fact that, in spite of his own narrow-mindedness, he had sounded out sore spots in Ricardo's theory, proved the irritability with which the Ricardo's school attacked him, e.g. in the Westminster Review.
32 In fact, one can in no way see from the form of general direct exchangeability that it is an opposing commodity form, just as inseparable from the form of non-direct exchangeability as the positivity of one magnetic pole from the negativity of the other. One may therefore imagine that one can imprint the stamp of immediate interchangeability on all goods at the same time, just as one may imagine that one can make all Catholics popes. For the petty bourgeoisie, who sees the nec plus ultra of human freedom and individual independence in commodity production, it would of course be very desirable to be free of the abuses associated with this form, namely the non-direct interchangeability of commodities. The illustration of this Philistine utopia is Proudhon's socialism, which, as I have shown elsewhere, does not even have the merit of originality, but was much better developed long before him by Gray, Bray and others. This does not prevent such wisdom from becoming rampant in certain circles under the name of "science". Never has a school thrown the word "science" around more than Proudhon's, because
»Where terms are missing,
a word comes in at the right time ”.
33 One remembers that China and the tables began to dance when all the rest of the world seemed to stand still - pour encourager les autres.
34 Note to the 2nd edition. With the ancient Teutons, the size of a morning of land was calculated after a day's work and therefore the morning's daily work (also day tub) (jurnale or jurnalis, terra jurnalis, jornalis or diurnalis). Mannwerk, Mannskraft, Mannsmaad, Mannshauet etc. named. See Georg Ludwig von Maurer, "Introduction to the History of the Mark, Court, etc. Constitution", Munich 1854, p. 129 sq.
35 Note to the 2nd edition. Therefore, when Galiani says: Value is a relationship between people - "La Ricchezza è una ragione tra due persone" - he should have added; Relationship hidden under a material cover. (Galiani, "Della Moneta", p.221, t.III of Custodi's collection of the "Scrittori Classici Italiani di Economia Politica", Parte Moderna, Milano 1803.)
36 »What should one think of a law that can only be enforced through periodic revolutions? It is a law of nature based on the unconsciousness of those involved. "(Friedrich Engels," Outlines for a Critique of Political Economy "in" Deutsch-Französische Jahrbücher ", edited by Arnold Ruge and Karl Marx, Paris 1844.)
37 Note on the 2nd edition. Ricardo is also not without his Robinsonade. “As the owner of the goods, he immediately lets the original fisherman and the original hunter exchange fish and game, in proportion to the working hours represented in these exchange values. On this occasion he falls into the anachronism that primeval fishermen and primeval hunters consulted the annuity tables available on the London Stock Exchange in 1817 to calculate their working instruments. The 'parallelograms of Herr Owen' seem to be the only form of society that he knew apart from the bourgeois one. "(Karl Marx," Zur Critique etc. ", p.38, 39.)
38 Note on the 2nd edition. “There has been a ridiculous prejudice in recent times that the form of natural common property is specifically Slavic, even exclusively Russian. It is the original form that we can prove in the Romans, Teutons and Celts, but of which a whole sample card with manifold specimens can still be found among the Indians, even if in ruins. A closer study of the Asiatic, especially Indian, forms of common property would show how different forms of natural common property result in different forms of its dissolution. Thus, for example, the various original types of Roman and Germanic private property can be derived from various forms of Indian common property. "(Karl Marx," On Critique etc. ", p. 10.)
39 The inadequacy of Ricardo's analysis of the magnitude of value - and it is the best - will be seen in the third and fourth books of this work. As for value in general, however, classical political economy nowhere expressly and with clear consciousness differentiates labor, as it is in value, from the same labor, in so far as it is represented in the use value of its product. Of course, it actually makes the difference, as it looks at the work quantitatively at one time and qualitatively at the other. But it does not occur to her that a mere quantitative difference in labor presupposes its qualitative unity or equality, that is, its reduction to abstract human labor. Ricardo, for example, agrees with Destutt de Tracy when he says: "Since it is certain that our physical and mental faculties alone are our original wealth, the use of these faculties, a certain kind of work, is our original treasure; it is always this usage that creates all those things that we call wealth ... Moreover, it is certain that all those things represent only the work that created them, and if they have a value, or even two different values so they can only have this from the "(the value)" of the work from which they arise. "(Ricardo," The principles of Pol. Econ. ", 3rd ed., Lond. 1821, p.334.A4) We are only suggesting that Ricardo attributes its own deeper meaning to Destutt. Destutt does indeed say, on the one hand, that all things that make up wealth "represent the labor that created it," but on the other hand, that they derive their "two different values" (use value and exchange value) from the "value of labor." receive. It falls into the flatness of vulgar economy, which presupposes the value of one commodity (here labor) in order to subsequently determine the value of the other commodities. Ricardo reads it in such a way that both use value and exchange value represent work (not the value of work). But he himself so little distinguishes the twofold character of the work, which is represented twice, that in the whole chapter: "Value and Riches, their Distinctive Properties" he has to laboriously grapple with the trivialities of a J. B. Say. In the end he is therefore quite astonished that Destutt harmonizes with himself on work as a source of value and yet on the other hand with Say on the concept of value.
40 It is one of the fundamental flaws of classical political economy that it never succeeded in analyzing the commodity, and more particularly the commodity value, of finding the form of value that makes it exchange value. It is precisely in its best representatives, like A. Smith and Ricardo, that it treats the form of value as something quite indifferent or something external to the nature of the commodity itself. The reason is not only that the analysis of the magnitude of value completely absorbs their attention. It lies deeper. The value form of the labor product is the most abstract, but also the most general form of the bourgeois mode of production, which is thereby characterized as a special kind of social production and thus at the same time historically. If one therefore provides them for the eternal natural form of social production, one necessarily overlooks the specifics of the value form, i.e. the commodity form, further developed the money form, capital form, etc. the most motley and contradicting ideas of money, that is, of the finished form of the general equivalent. This is particularly evident when dealing with banking, for example, where the common definitions of money are no longer sufficient. In contrast, a restored mercantile system (Ganilh, etc.) emerged, which only sees the social form in value, or rather only its insubstantial appearance. - To note it once and for all, by classical political economy I mean all economics since W. Petty, which explores the internal context of bourgeois production relations in contrast to vulgar economy, which only hangs around within the apparent context, for a plausible understanding of the The coarsest phenomena, so to speak, and bourgeois household needs, the material long since supplied by scientific economics is constantly being re-chewed, but otherwise is limited to systematizing the bourgeois production agents' banal and complacent ideas of their own best world, pedantizing them and proclaiming them as eternal truths .
41 “The economists operate in a strange way. There are only two kinds of institutions for them, artificial and natural. The institutions of feudalism are artificial, those of the bourgeoisie natural. In this they resemble the theologians, who also differentiate between two kinds of religions. Any religion that is not theirs is a human invention, while their own religion is a revelation from God. - So there has been a story, but there is no more. "(Karl Marx," Misère de la Philosophie. Response à la Philosophy de la Misère de M. Proudhon ", 1847, p. 113). Mr. Bastiat is really funny who imagines that the ancient Greeks and Romans only lived from robbery. But if one lives from robbery for many centuries, there must always be something to be robbed or the object of the robbery must continually reproduce itself. It therefore seems that the Greeks and Romans also had a production process, that is, an economy which formed the material basis of their world just as much as the bourgeois economy formed that of the world today. Or does Bastiat mean that a mode of production based on slave labor rests on a system of robbery? He then places himself on dangerous ground. If a thought giant like Aristotle erred in his appraisal of slave labor, why should a dwarf economist like Bastiat get right in his appraisal of wage labor? - I take this opportunity to raise an objection which I received when my work »Zur Critique der Pol. Oekonomie ”, 1859, made by a German-American newspaper, should be dismissed briefly. It said, according to my opinion, that the particular mode of production and the relations of production corresponding to it each time, in short, "the economic structure of society is the real basis upon which a legal and political superstructure rises and to which certain forms of social consciousness correspond," that "the mode of production of the material life determines the social, political and spiritual life process in general "- all of this is true for today's world, where material interests, but neither for the Middle Ages, where Catholicism, nor for Athens and Rome, where politics reigned. First of all, it is strange that anyone should like to assume that these world-famous sayings about the Middle Ages and the ancient world have remained unknown to anyone. So much is clear that the Middle Ages could not live from Catholicism and the ancient world from politics. Conversely, the way in which they won their lives explains why politics played the main role there, Catholicism here. Incidentally, it takes little acquaintance, e.g. with the history of the Roman Republic, to know that the history of landed property is its secret history. On the other hand, Don Quixote has already atoned for the error that he believed the traveling knighthood to be compatible with all economic forms of society.
42 “Value is a property of things, riches of man. Value, in this sense, necessarily implies exchanges, riches do not. "(" Observations on some verbal disputes in Pol. Econ., Particularly relating to value, and to supply and demand ", Lond. 1821, p. 16.)
43 "Riches are the attribute of man, value is the attribute of commodities. A man or a community is rich, a pearl or a diamond is valuable ... A pearl or a diamond u valuable as a pearl or diamond. "(S. Bailey, l.c. p.165 sq.)
44 The author of The Observations and S. Bailey accuse Ricardo of having transformed exchange value from something only relative into something absolute. Vice versa. He reduced the pseudo-relativity that these things, diamonds and pearls, for example, possess as exchange values to the true relationship hidden behind the appearance, to their relativity as mere expressions of human labor. If the Ricardians answer the Bailey roughly but not harshly, it is only because they did not find any information in Ricardo himself about the intrinsic connection between value and value form or exchange value.
45 In the twelfth century, so called for by his piety, these goods often included very delicate things. A French poet of that time lists among the goods that were found at Landit's market, besides clothing, shoes, leather, farm implements, hides, etc., also "femmes folles de leur corps".
46 Proudhon derives his ideal of justice, the 'justice éternelle', from the legal relationships corresponding to the production of goods, which incidentally also provides the comforting proof for all philistines that the form of production of goods is just as eternal as justice. Then, conversely, he wants to remodel real commodity production and the real law corresponding to it in accordance with this ideal. What would one think of a chemist who, instead of studying the real laws of metabolism and solving certain tasks on the basis of them, wanted to remodel metabolism through the "eternal ideas" of "naturalité" and "affinité"? One knows more about "usury" when one says that it contradicts the "justice éternelle" and the "équité éternelle" and the "mutualité éternelle" and other "vérités éternelles" than the Church Fathers knew when they said it contradict the »grâce éternelle«, the »foi éternelle«, the »volonté éternelle de dieu«?
47 “For the use of every good is twofold. - One is peculiar to the thing as such, the other not, like a sandal, serving as a shoe and being interchangeable. Both are utility values of the sandal, because whoever exchanges the sandal with what is lacking, e.g. food, uses the sandal as a sandal. But not in their natural use. Because it is not there because of the exchange. "(Aristotle," De Rep. ", 1. I, c. 9.)
48 Then judge the cleverness of petty-bourgeois socialism, which seeks to perpetuate the production of goods and at the same time to abolish the "antithesis of money and commodity", that is, money itself, because it is only in this antithesis. One could just as easily abolish the Pope and allow Catholicism to exist. For more information on this, see my paper »Zur Critique der Pol. Economy ", p.61 sqq.
49 As long as two different everyday objects are not exchanged, but, as we often find with savages, a chaotic mass of things is offered as an equivalent for a third one, the immediate product exchange itself only takes place in its vestibule.
50 Karl Marx, l.c. p.135. "The metals ... are money by nature." (Galiani, "Della Moneta" in Custodi's collection, Parte Moderna, t. III, p. 137.)
51 More details about this in my work just quoted, section: "The noble metals".
52 "Money is the general commodity." (Verri, l.c. p.16.)
53 »Silver and gold per se, which we can call precious metals in general, are in ... values ... rising and falling ... commodities ... The precious metal can then be assigned a higher value, if a lower value Weight of it buys a larger amount of the product or make of the country etc. "([S. Clement,]" A Discourse of the General Notions of Money, Trade, and Exchange, as they stand in relations to each other. By a Merchant ", Lond. 1695, p. 7.)" Silver and gold, minted or unminted, are used as a yardstick for all other things, but are no less a commodity than wine, oil, tobacco, cloth or fabrics. "([ J. Child,] “A Discourse Concerning Trade, and that in particular of the East Indies, etc.”, London 1689, p.2.) “The wealth and wealth of the kingdom cannot, strictly speaking, be limited to money, nor can gold and silver are excluded as goods. "([Th. Papillon,]" The East India Trade a Most Profitable Trade ", London 1677, p.4.)
54 “Gold and silver have value as metals before they are money.” (Galiani, lc [p. 72.]) Locke says: “The general agreement of men placed silver because of its qualities which made it suitable for money , an imaginary value. ”[John Locke,“ Some Considerations etc. ”, 1691, in“ Works ”, ed. 1777, v. II, p. 15.] On the other hand, Law: "How could different nations give any thing an imaginary value ... or how could this imaginary value have been preserved?" But how little he himself understood of the thing: "Silver exchanged itself for its use-value that it had, that is, according to its real value; because it was designated as money, it received an additional value (une valeur additionnelle). "(Jean Law," Considérations sur le numéraire et le commerce "in E. Daires Édit. of the" Économistes Financiers du XVIII. siècle ", p.469, 470.)
55 “Money is their” (the goods) “sign.” (V. de Forbonnais, “Éléments du Commerce”, Nouv. Édit. Leyde 1766, t. II, p. 143.) “As a sign it is used by the Were dressed. "(Lcp155.)" Money is a symbol for a cause and represents it. "(Montesquieu," Esprit des Lois ", Oeuvres, Lond. 1767, t. II, p.3.)" Money is not a mere sign, for it is wealth itself; it does not represent the values, it is their equivalent. "(Le Trosne, lcp910.)" If one considers the concept of value, the thing itself is only seen as a sign, and it counts not as itself, but as something it is worth. '(Hegel, lcp100.) Long before the economists, the jurists gave impetus to the idea of money as a mere symbol and the only imaginary value of noble metals, in the sycophant service of the royal power, whose right to counterfeit coins they had throughout the Middle Ages based on the traditions of the Roman Empire and the money concepts of the Pandects. "Nobody can and must have doubts," says her docile pupil, Philip of Valois, in a decree of 1346, "that only Us and Our Royal Majesty ... the coin business, the production, the quality, the stock and all that Regulations concerning coins, to put them into circulation in such a way and at such a price as We like it and we will. "It was Roman legal dogma that the emperor decreed the value of money. It was expressly forbidden to treat money as a commodity. "But no one should be allowed to buy money, because created for general use, it must not be a commodity." A good discussion of this by G. F. Pagnini, "Saggio sopra il giusto pregio delle cose," 1751, in Custodi, Parte Moderna, t. II. In the second part of the text in particular, Pagnini polemicizes against the lawyers.
56 “If one can bring an ounce of silver from the interior of Peru to London in the same time it would take to produce a bushel of grain, then one is the natural price of the other; if he can now extract two ounces of silver instead of the one by mining new and more productive mines with the same effort, the grain will be just as cheap at a price of 10 shillings per bushel as it was before at a price of 5 shillings, caeteris paribus. "( William Petty, "A Treatise of Taxes and Contributions," Lond. 1667, p. 31.)
57 After Professor Roscher teaches us: "The wrong definitions of money can be divided into two main groups: those who consider it more and those who consider it less than a commodity," a motley catalog of writings on the monetary system follows , whereby not even the remotest insight into the real history of the theory shines through, and then the moral: "It cannot be denied, moreover, that most recent economists have the peculiarities that distinguish money from other commodities" (that is, more or less than Ware?), "Have not kept an eye on enough ... In this respect, the semi-mercantilistic reaction of Ganilh etc. is not entirely unfounded." (Wilhelm Röscher, "The Basics of National Economy", 3rd ed., 1858, p.207- 210.) More - less - not enough - to that extent - not quite! What definitions! And such eclectic professorial driveliness is what Herr Roscher modestly baptizes "the anatomical-physiological method" of political economy! He owes one discovery, however, namely that money is "a pleasant commodity."
58 The question why money does not directly represent working time itself, so that, for example, a paper note represents x working hours, arises quite simply from the question of why, on the basis of commodity production, the work products must be presented as commodities, because the depiction of the commodity closes their doubling into commodities and money commodities. Or why private work cannot be treated as directly social work, as its opposite. I have extensively discussed the shallow utopianism of "labor money" on the basis of commodity production elsewhere, (l.c. p.61 sqq.) Here it should be noted that Owen's "labor money", for example, is just as little "money" as, say, a theater brand. Owen directly presupposes socialized labor, a form of production that is diametrically opposed to the production of goods. The work certificate only states the producer's individual share in the community work and his individual entitlement to that part of the community product intended for consumption. But it does not occur to Owen to presuppose the production of commodities and still want to circumvent the necessary conditions by messing around with money.
59 The savage or semi-savage needs the tongue differently. Captain Parry, for example, remarks from the residents of the west coast of Baffinsbay: "In this case" (when exchanging products) "... they licked it" (what was offered) "twice with their tongue, after which they concluded the deal as satisfactorily In the case of the Eastern Eskimos, the trader licked the article every time it received it. If the tongue is the organ of appropriation in the north, it is no wonder that the belly is considered an organ of accumulated property in the south and that the Kaffir values a man's wealth after his fat paunch. The Kaffirs are utterly shy men, because while the official British health report of 1864 complains about the deficiency of a large part of the working class in fat-forming substances, a Dr. Harvey, who, however, did not find the blood circulation, made his fortune in the same year with puff recipes that promised to drive the bourgeoisie and aristocracy off the superfluous burden of fat.
60 See Karl Marx, "On Critique etc.", "Theories of the Unit of Measure of Money", p.53 sqq.
61 Note to the 2nd edition »Where gold and silver legally exist side by side as money, i.e. as a measure of value. The vain attempt has always been made to treat them as one and the same matter. If one assumes that the same labor-time must invariably be objectified in the same proportion of silver and gold, then one assumes in fact that silver and gold are the same matter and that a certain mass of the less valuable metal, silver, is an unchangeable fraction of a certain one Gold mass forms. From the Edward III government up to the time of George II the history of the English monetary system runs itself into a continuous series of disturbances, arising from the collision between the legal determination of the value ratio of gold and silver and their actual fluctuations in value. Sometimes gold was valued too highly, sometimes silver. The underestimated metal was withdrawn from circulation, remelted and exported. The value ratio of the two metals was then changed again by law, but the new face value soon came into the same conflict with the real value ratio as the old one. - In our own time, the very weak and temporary fall in the value of gold for silver, as a result of the Indo-Chinese demand for silver, has produced the same phenomenon on the greatest scale in France, the export of silver and its expulsion from circulation by gold. During the years 1855, 1856, and 1857 the surplus of gold imports into France over gold exports from France was £ 4,158,000,000, while the surplus of silver exports over silver imports was 34,704,000A5 Lbs. In fact, in countries where both metals are legal measures of value, therefore both must be accepted in payment, but each can pay in silver or gold as desired, the increasing value of the metal carries a premium and, like any other commodity, measures its price in that overestimated metal, while the latter alone serves as a measure of value. All historical experience in this area is simply reduced to the fact that where two commodities legally provide the function of the measure of value, in fact only one asserts its place as such. "(Karl Marx, l.c. p.52, 53.)
62 Note to the 2nd edition. The peculiarity that the ounce of gold in England as a unit of the monetary measure is not divided into aliquot parts can be explained as follows: 'Our coinage was originally only adapted to the use of silver - therefore an ounce of silver can always be used be divided into a certain aliquot number of coins; but since gold was only introduced into a coinage at a later time, which was only adapted to silver, an ounce of gold cannot be minted into an aliquot number of coins. "(Maclaren," History of the Currency ", London 1858, p 16.)
63 Note to the 2nd edition. In English writings, the confusion about the measure of value and the standard of value is unspeakable. The functions, and therefore their names, are constantly being confused.
64 It is also not of general historical validity.
65 Note to the 2nd edition. This is how the English pound denotes less than a third of its original weight, the Scottish pound before the Union only 1/36, the French livre 1/74 the Spanish maravedi less than 1/1000, the Portuguese Rei has an even smaller proportion.
66 Note on the 2nd edition. “The coins, whose names are only ideal today, are the oldest among all nations; they were all once real, and it was precisely because they were real that one expected them. "(Galiani," Della Moneta ", l.c. p.153.)
67 Note to the 2nd edition. Mr. David Urquhart remarks in his "Familiar Words" about the outrageous (!) That nowadays a pound (£ St.), the unit of the English measure of money, is roughly equal 1/4 Ounce of gold is: "This is a forgery of a measure and not the establishment of a standard." [P. 105.] In this "false name" of the weight of gold, like everywhere else, he finds the falsifying hand of civilization.
68 Note to the 2nd edition. "When Anacharsis was asked what the Hellenes need the money for, he replied: for arithmetic." (Athens [aeus], "Deipn.", 1. IV, 49, v. 2 [p . 120], ed. Schweighäuser, 1802.)
69 Note on the 2nd edition »Because the goldA6 as a yardstick for prices appears in the same arithmetic name as the commodity prices, e.g. an ounce of gold as well as the value of a ton of iron in 3 pounds sterling 17 shillings. 10 1/2 d. is expressed, one has called this his arithmetic name his coin price. The strange idea arose as if gold (or silver) was valued in its own material and, unlike all commodities, received a fixed price from the state. The calculation names of certain gold weights were fixed in order to fix the value of these weights. "(Karl Marx, l.c. p.52.)
70 Cf. “Theories of the Unit of Measure of Money” in “On the Critique of the Pol. Oekon. etc. ", p.53 sqq. The fantasies about raising or lowering the "coin price", which consists in transferring the legal money names for legally fixed parts by weight of gold or silver to larger or smaller parts by weight by the state and accordingly also for example 1/4 Ounce of gold instead of 20, in future 40 shillings. to shape - these fantasies, in so far as they are aimed not at unskillful financial operations against state and private creditors, but as economic "miracle cures," Petty treated so exhaustively in "Quantulumcunque concerning Money." To the Lord Marquis of Halifax, 1682 «that already his immediate successors. Sir Dudley North and John Locke, not to mention later ones, could only flatter him. "If the wealth of a nation," he says, "could be increased tenfold by an ordinance, it would be strange that our governments have not long since passed such ordinances."
71 "Or one must admit that a million is worth more in money than an equivalent value in goods" (Le Trosne, l.c. p.919), that is, "that one value is worth more than another of the same value."
72 If Jerome had a lot to wrestle with material flesh in his youth, as his desert fight with beautiful images of women shows, then in old age he did with spiritual flesh. "I believed myself," he says, for example, "in the spirit before the world judge." "Who are you?" Asked a voice. "I am a Christian." "You are lying," thundered the world judge. "You are only a Ciceronian!"
73 "But everything becomes out of ... fire, said Heraclitus, and fire out of everything, just as goods are made of gold and gold is made of goods." (F. Lassalle, "Die Philosophie Herakleitos des Dunkeln", Berlin 1858, vol , p.222.) Lassalle's note on this point, p.224, n.3, incorrectly declares the money to be a mere mark of value.
74 "Every sale is a purchase" (Dr. Quesnay, "Dialogues sur le Commerce et les Travaux des Artisans," [in] "Physiocrates," éd. Daire, I. Partie, Paris 1846, p. 170), or how Quesnay in his "Maximes Générales" says: "Selling is buying."
75 "The price of one commodity can only be paid with the price of another commodity." (Mercier de la Rivière, "L'Ordre naturel et essentiel des sociétés politiques", [in] "Physiocrates", éd. Daire, Partie II , p.554.)
76 "In order to have this money one must have sold it." (L.c. p.543.)
77 The exception, as previously noted, is the gold resp. Silver producer who exchanges his product without having sold it first.
78 "If the money in our hand represents the things we may wish to buy, it also represents the things we have sold for that money" (Mercier de la Rivière, l.c. p.586.)
79 "Accordingly, there are four endpoints and three contractual partners, one of which intervenes twice." (Le Trosne, l.c. p.909.)
80 Note on the 2nd edition. As palpable as this phenomenon is, it is nevertheless mostly overlooked by political economists, namely by the free trader vulgaris.
81 Compare my remarks on James Mill, "On Criticism, etc.," p. 74-76. Two points here are characteristic of the method of economistic apologetics. First, the identification of the circulation of goods and the immediate exchange of products through a simple abstraction of their differences. Second, the attempt to deny the contradictions of the capitalist process of production by dissolving the relations of its agents of production into the simple relations that arise from the circulation of commodities. But commodity production and commodity circulation are phenomena which belong to the most varied modes of production, albeit to different extents and dimensions. So one does not yet know anything about the differentia specifica of these modes of production and therefore cannot judge them if one only knows the abstract categories of commodity circulation that are common to them. In no other science than political economy is there so much self-importance with elementary commonality. E.g. J. B. Say dares to judge crises because he knows that the commodity is a product.
82 Even if the commodity is sold again and again, a phenomenon that does not yet exist for us here, with the last definitive sale it falls from the sphere of circulation into that of consumption, in order to serve here as food or as a means of production.
83 "It" (money) "has no movement other than that which is given to it by the products" (Le Trosne, l.c. p.885.)
84 "It is the products that" set it (money) "in motion and make it circulate ... Its quantity is supplemented by the speed of its" (i.e., money) "movement. If necessary, it only slides from one hand to the other without lingering for a moment. "(Le Trosne, l.c. p.95, 916.)
85 "Because money ... is the general measure of buying and selling, anyone who has something to sell, cannot find a buyer, is at once inclined to think that lack of money in the kingdom or in the country is to blame, if so his goods do not find a market; hence the shouting everywhere about the lack of money, which, however, is a big mistake ... What do these people who are crying out for money need? ... The tenant complains ... he thinks that if there was more money in the country, he could get a price for his goods ... So he doesn't seem to lack money, but a price for his grain and cattle that he wants to sell but can't ... Why can't he get a price? ... 1. Either there is too much grain and cattle in the country, so that most of the people who come to the market need to sell, but only a few buy, or 2. the usual sales stagnate through exports ... or 3 Consumption will decrease if, for example, people no longer spend as much on their household as they used to due to poverty. Therefore it is not the increase in money per se that would have a favorable effect on the tenant's goods, but the elimination of one of these three causes that really hold the market down ... Merchant and shopkeeper need money in the same way, that is, because the Markets stall, they lack the sale of the goods they trade ... A nation never thrives better than when the riches pass quickly from hand to hand. "(Sir Dudley North," Discourses upon Trade, "Lond. 1691, p. 11-15 passim.) Herrenschwand's swindles all amount to the fact that the contradictions arising from the nature of the commodity and therefore appearing in the commodity circulation can be eliminated by increasing the means of circulation. From the popular illusion, which ascribes stagnation in the production and circulation process to a lack of means of circulation, it by no means follows that a real lack of means of circulation, e.g. as a result of official bungling with the "regulation of currency", cannot in turn cause stagnations.
86 “There is a certain measure and proportion of the money required to keep a nation's trade going; more or less would do him harm. Just like you would in a small retail shop? Amount of farthings is necessary to change the silver coins and to make payments that cannot be made with the smallest silver coins ... Just like the numerical ratio of the farthings necessary in trade to the number of buyers, the frequency of their purchases and above all depends on the value of the smallest silver coin, the ratio of the money (gold and silver coins) necessary for our trade is similarly determined by the frequency of exchanges and the amount of payments. "(William Petty," A Treatise on Taxes and Contributions, London 1667, p. 17. Humean theory was defended against J. Steuart and others by A. Young in his Political Arithmetic, London. 1774, where a separate chapter: "Prices depend on quantity of money," p. 112 sqq. I remark "On the Critique, etc.", p. 149: "He (A. Smith) tacitly eliminates the question of the quantity of the circulating coin by completely wrongly treating the money as a mere commodity." This only applies insofar as A. Smith treats the money ex officio. Occasionally, however, e.g. in the criticism of the earlier systems of the Pol.Economically, he says the right thing: “The amount of minted money is regulated in every country by the value of the commodities, the circulation of which it has to mediate ... The value of the goods bought and sold annually in a country requires a certain amount Money in order to circulate them and to distribute them to their actual consumers, however, cannot create any use for more money. The channel of circulation necessarily attracts a sum sufficient to fill it, but never absorbs a larger one. "(" Wealth of Nations ", [vol. III,] 1. IV, ch. I. [p. 87, 89.]) A. Smith opens his work ex officio with an apotheosis of the division of labor. Afterwards, in the last book on Sources of State Income, he occasionally reproduces A. Ferguson's, his teacher, denunciation of the division of labor.
87 “The prices of things will certainly rise in every country as the amount of gold and silver among the people increases; consequently, if gold and silver decrease in a country, the prices of all commodities must fall in accordance with such a decrease in money. "(Jacob Vanderlint," Money answers all things, "Lond. 1734, p. 5.) More detailed comparison between Vanderlint and Hume's Essays leaves me in no doubt that, by the way, Hume V. knew and used important writing. The view that the mass of the means of circulation determines prices, even among Barbon and much older writers. “No inconvenience,” says Vanderlint, “can result from unhindered trade, but only very great benefits, because if the nation's cash supply is reduced by it, which the prohibition measures are supposed to prevent, then the nations to which the cash flows will be safe find that all things rise in price as the amount of cash they grow increases. And ... our manufactured products and all other goods soon become so cheap that the trade balance turns back in our favor, and as a result the money flows back to us. "(L.c. p.43, 44.)
88 It goes without saying that every single type of commodity, through its price, forms an element of the sum total of all commodities in circulation. But how mutually incommensurable use values are to be exchanged en masse with the gold or silver mass located in a country. Is completely incomprehensible. If one disappears the world of commodities into a single total commodity, of which each commodity only forms an aliquot part, then the nice arithmetic example comes out: total commodity = x cent. Gold. Goods A = aliquot of the total goods = the same aliquot of x Ztr. Gold. To be honest with Montesquieu: If one compares the mass of gold and silver in the world with the sum of the existing commodities, one can certainly compare every single product or commodity with a certain amount of money. Let us assume for a moment that there is only one single product or one single commodity in the world or that only one is bought and that it is just as divisible as money: a certain part of this commodity will then correspond to part of the mass of money: half of the totality of the commodities of half of the total mass of money, etc. ... the determination of commodity prices basically always depends on the ratio of the total amount of goods to the total amount of money tokens. "(Montesquieu, lc, t. III, p. 12, 13 .) On the further development of this theory by Ricardo, his pupil James Mill, Lord Overstone etc. see "On Critique etc.", p. 140-146, and p. 150 sqq. Mr. J. St. Mill knows how to use the eclectic logic with which he is familiar, to be of the opinion of his father J. Mill and at the same time to be the opposite. If one compares the text of his compendium: »Princ. of Pol. Econ. ”, With the preface (first edition), in which he announces himself as Adam Smith of the present, one does not know what more to admire, the naivety of the man or that of the public who buy him in good faith took as Adam Smith, to whom he behaved roughly as General Williams Kars von Kars to the Duke of Wellington. The original research of Mr. J. St. Mill in the area of the Pol. You can find all of them lined up in a row in his 1844 pamphlet: "Some Unsettled Questions of Political Economy." Locke directly expresses the connection between the worthlessness of gold and silver and the determination of their value by quantity. "Since people have agreed to give gold and silver an imaginary value ... the intrinsic value one sees in these metals is nothing but their quantity." ("Some Considerations etc.", 1691, [in] " Works ", ed. 1777, vol. II, p. 15.)
89 Of course, it is completely beyond my purpose to deal with details such as Schlagschatz and the like. In relation to the romantic sycophant Adam Muller, however, who admires “the great liberality” with which “the English government coins free of charge”, Sir Dudley North's judgment: “Like other goods, silver and gold have their ebb and flow. When a cargo arrives from Spain ... it is brought to the tower and minted. Not long after that, demand for bars for export arises. If there are none, but everything happened to be minted, what then? It will be melted down again; this means no loss as the coins do not cost the owner anything. But the nation has the damage, because it pays for the straw used to feed donkeys to be braided beforehand. If the merchant "(North was himself one of the greatest merchants in Charles II's time)" had to pay a price for coins, he would not, without thinking, send his silver to the Tower, and minted money would always be have a higher value than unminted silver. "(North, lcp18.)
90 »If there is never more silver money than is needed for the smaller payments, it cannot be accumulated in sufficient quantities for larger payments ... The use of gold for large payments necessarily includes its use in the retail trade: whoever has gold coins , also uses it for smaller purchases and receives the remainder in silver with the purchased goods; in this way the surplus of silver, which would otherwise be a burden on the retailer, is withdrawn from him and returned to the general circulation. But if there is enough silver available that the small payments can be made independently of gold, the retailer will receive silver for small purchases, which will then necessarily accumulate with him. "(David Buchanan," Inquiry into the Taxation and Commercial Policy of Great Britain ", Edinburgh 1844, p.248, 249.)
91 The finance mandarist Wan-mao-in allowed himself to submit a project to the Son of Heaven, which covertly aimed at transforming the Chinese imperial assignees into convertible banknotes. In the report of the Assignat Committee of April 1854, his head was properly washed. It is not reported whether he also received the obligatory costume bamboo blows. "The committee," it reads at the end of the report, "has carefully considered his project and finds that everything in it is aimed at the merchants' advantage and nothing is advantageous for the crown." China. "From the Russian by Dr. K. Abel and FA Mecklenburg. First volume. Berlin 1858, p.54.) A" Governor "of the Bank of England, as a witness before the" House of Lord's Committee "(via" Bankacts "):" Every year a fresh class of sovereigns "(this is not political, but the sovereign is the name of the Pfd. St.)" becomes too easy. The class that passes the one year as fully important loses enough through wear and tear to turn the scales against itself in the next year. "(H. o. Lords' Committee 1848, n. 429.)
92 Note on the 2nd edition. How unclear even the best writers on monetary affairs grasp the various functions of money is shown, for example, by the following passage from Fullarton: As far as our domestic exchange is concerned, all monetary functions that are usually fulfilled by gold or silver coins can be just as effective through a circulation of not redeemable notes that have no other value than that artificial and negotiated value they have been given by law - a fact which I think cannot be denied. A value of this kind could be made subservient to all the purposes of an intrinsic value and even make the need for a standard of value superfluous, as long as the quantity of its expenditure is kept within the appropriate limits. "(Fullarton," Regulation of Currencies ", 2nd ed. , London 1845, p.21.) Because the money commodity can be replaced by mere tokens of value in circulation, it is superfluous as a measure of values and a measure of prices!
From the fact that gold and silver, as coins or in their exclusive function as means of circulation, become symbols of themselves, Nicholas Barbon derives the right of governments to "raise money", that is to say, for example, the name of a quantity of silver called a penny to give a larger amount of silver, such as thalers, and thus repay the creditors groschen instead of thalers. "Money is used up and becomes easier when it is counted many times ... It is the name and the rate of the money that people pay attention to in the trade, and not the amount of silver ... It is the state authority that turns metal into money." . «(N. Barbon, lcp29, 30, 25.)
94 "Wealth in money is nothing more than ... Wealth in products that have been converted into money." (Mercier de la Rivière, lcp573.) "A value in the form of products has only changed form" (ib ., p.486.)
95 "By this measure they keep all their goods and products so low in price." (Vanderlint, l.c. p.95, 96.)
96 "Money is a pledge." (John Bellers, "Essays about the Poor, Manufactures, Trade, Plantations, and Immorality," Lond. 1699, p, 13.)
97 Purchase in the categorical sense presupposes gold or silver as a transformed form of the commodity or as a product of sale.
98 Henry III, the most Christian king of France, steals their relics from monasteries etc. in order to silver them. It is well known what role the robbery of the Delphic temple treasures by the Phocaeans played in Greek history. As is well known, the temples were the residence of the god of goods for the ancients. They were "holy banks". The Phoenicians, a trading people par excellence, regarded money as the alienated form of all things. It was therefore in order for the virgins who gave themselves to strangers at the festivals of the goddess of love to sacrifice the money received as a reward to the goddess.
"Gold! precious, shimmering, red gold!
So much of that makes black white ugly beautiful;
Badly good, old young, cowardly brave, lowly noble.
... you gods! why this? why this, gods;
Ha! this attracts you the priest from the altar;
Tear off the sleep pillow for the half-recovered;
Yes, this red slave loosens and binds
Consecrated gang; bless the accursed;
He makes the leprosy lovely; honor the thief
And gives him rank, bent knee, and influence
In the Council of Senators; this leads
The elderly widow of suitors too;
... damn metal,
You mean whore of the people. "
(Shakespeare, "Timon of Athens".)
"Because there is no so shameful evil as the value of the money,
Man grow up: the cities themselves can do this
To break, this drives men out of court and hearth;
This instructs and inverts the noble mind
Righteous men to pursue nefarious deeds,
Show mortals the ways of wicked cunning,
And forms it for every god-hated work. "
101 "Avarice hopes to draw Pluton himself from the interior of the earth." (Athens [aeus], "Deipnos".)
102 "To increase the number of sellers of every commodity as much as possible, to reduce the number of buyers as much as possible, these are the pivotal points around which all measures of political economy revolve." (Verri, l.c. p.52, 53.)
In order to conduct trade, every nation needs a certain amount of specifick money, which changes and is sometimes larger, sometimes smaller, as the situation demands ... These ebbs and flows of money regulate themselves without any help from the politicians ... The buckets work alternately: when money is scarce, bars are minted; when bars are scarce, coins are melted down. "(Sir D. North, l.c. [Postscript,] p.3.) John Stuart Mill, a long-time official in the East India Company, confirms that in India silver jewelry still functions directly as a treasure. The silver trinkets are brought to bear when there is a high rate of interest; they migrate back when the interest rate falls ”. (J. St. Mills Evidence [in] "Repts. On Bankacts", 1857, n. 2084, 2101.) According to a parliamentary document of 1864 on gold and silver imports and exports in India, in 1863 imports of gold and silver exceeded the export of about £ 19367764 in the last eight years before 1864 the excess of imports over the export of precious metals was £ 109652917. During this century well over £ 2,000,000,000 were minted in India.
104 Luther differentiates between money as a means of purchase and a means of payment. "Make a twin out of the Schadewacht, which I cannot pay for here and cannot buy there." (Martin Luther, "To the pastors, to preach against usury", Wittenberg 1540.)
105 On the debtor and creditor relationships among English traders at the beginning of the 18th century: "Here in England there is such a spirit of cruelty among traders as is to be found in no other human society and in no other country in the world." "An Essay on Credit and the Bankrupt Act", Lond. 1707, p.2.)
106 Note on the 2nd edition. From the following quotation, borrowed from my work published in 1859, one can see why I do not consider an opposite form in the text: “Conversely, in the process G - W, money can be dispensed as a real means of purchase and the price of Commodities are realized in this way before the use value of money is realized or the commodity is sold. This takes place, for example, in the everyday form of prenumeration. Or in the form in which the English government buys the opium of the ryots in India ... However, money only works in the already known form of means of purchase ... Capital is of course also advanced in the form of money ... But this point of view does not fall within the horizon of simple circulation. " p. 119, 120.)
107 The money crisis, as defined in the text as a special phase of every general production and trade crisis, must be distinguished from the special type of crisis, which is also called the money crisis, but which can occur independently, so that it only has a negative impact on industry and trade works. These are crises, the center of movement of which is money-capital, and therefore banks, stock exchanges, and finance are their immediate spheres. (Note from M. on the 3rd edition)
108 "This sudden change from the credit system to the monetary system adds theoretical horror to practical panic: and the agents of circulation shudder at the impenetrable secret of their own circumstances." (Karl Marx, lcp 126) "The poor have no work because the rich have no money to employ, even though they own the same land and labor as before, to have food and clothes made; but these form the true wealth of a nation and not money. "(John Bellers," Proposals for Raising a Colledge of Industry ", London. 1696, p.3, 4.)
How such moments are exploited by the "amis du commerce": "On one occasion" (1839) "an old greedy banker" (of the City) "lifted the lid of the desk at which he was sitting in his private room and opened it a friend made bundles of banknotes; with heartfelt pleasure he said that there were £ 600,000 which had been withheld in order to make money scarce, and which were all brought into circulation after 3 o'clock on the same day. "([H. Roy,]" The Theory of the Exchanges. The Bank Charter Act of 1844 ", London. 1864, p. 81.) The semi-official body, The Observer, noted on April 24, 1864:" Some very strange rumors are circulating about the funds used with the intent of creating a shortage in banknotes ... As questionable as it may seem to suppose that any such tricks could be used, the news about them was so widespread that it was indeed being used must mention. "
110 “The volume of sales or contracts made during a given day does not affect the amount of money in circulation that day, but in the great majority of cases it will dissolve into multiple pulls of bills of exchange on the amount of money that is on later, more or less distant days ...The bills of exchange or credits opened today need not have any resemblance in number, amount or term to those which were granted or taken out for tomorrow or the day after tomorrow; rather, many of today's bills of exchange and loans, when due, coincide with a set of liabilities, the origins of which are spread over a number of prior, completely indefinite dates. Bills of exchange with a term of 12, 6, 3 or 1 month often come together in such a way that they increase the liabilities that are due on a certain day ... "(" The Currency Theory Reviewed; a letter to the Scotch people. By a Banker in England ", Edinburgh 1845, p. 29, 30 passim.)
111 As an example of how little real money goes into actual trading operations, here is the scheme of one of London's largest trading houses (Morrison, Dillon & Co.) about its annual money receipts and payments. His transactions in 1856, which amounted to many millions of pounds sterling, are reduced to the one million scale.
- What kind of cell phones do billionaires use
- Where is Harry Potter now
- Is there a way to index quickly
- Why create an invoice as a freelancer
- When will Ed Sheeran be making new music
- Where can I buy real crocodile wallets
- Can I make Nda my goal in life?
- How do the Chinese perceive North Koreans
- What chemical kills spiders
- What makes a person especially smart a programmer
- What's your rating of Petaluma CA.
- Box8 is food good
- Should a thyroid patient avoid eating mushrooms
- How many Strava Premium users are there
- Which radio show has the most episodes
- Is the healthcare industry ready for the IoT?
- Why did the early man need tools
- How does Rapido work
- What fear leads us to sabotage ourselves
- There are Korean vocaloids
- Why should I hire a defense attorney?
- What is the full form of SECC
- What is the parent class of ArrayList
- Are lonely pairs of sigma bonds