[33]Itisoneofthechieffailingsofclassicaleconomythatithasneversucceeded，bymeansofitsanalysisofcommodities，and，inparticular，oftheirvalue，indiscoveringthatformunderwhichvaluebecomesexchange—value。
EvenAdamSmithandRicardo，thebestrepresentativesoftheschool，treattheformofvalueasathingofnoimportance，ashavingnoconnexionwiththeinherentnatureofcommodities。Thereasonforthisisnotsolelybecausetheirattentionisentirelyabsorbedintheanalysisofthemagnitudeofvalue。Itliesdeeper。Thevalue—formoftheproductoflabourisnotonlythemostabstract，butisalsothemostuniversalform，takenbytheproductinbourgeoisproductionandstampsthatproductionasaparticularspeciesofsocialproduction，andtherebygivesititsspecialhistoricalcharacter。
IfthenwetreatthismodeofproductionasoneeternallyfixedbyNatureforeverystateofsociety，wenecessarilyoverlookthatwhichisthedifferentiaspecificaofthevalue—form，andconsequentlyofthecommodity—form，andofitsfurtherdevelopments，money—form，capital—form，&c。Weconsequentlyfindthateconomists，whoarethoroughlyagreedastolabour—timebeingthemeasureofthemagnitudeofvalue，havethemoststrangeandcontradictoryideasofmoney，theperfectedformofthegeneralequivalent。Thisisseeninastrikingmannerwhentheytreatofbanking，wherethecommonplacedefinitionsofmoneywillnolongerholdwater。Thisledtotheriseofarestoredmercantilesystem（Ganilh，&c。），whichseesinvaluenothingbutasocialform，orrathertheunsubstantialghostofthatform。OnceforallImayherestate，thatbyclassicalPoliticalEconomy，Iunderstandthateconomywhich，sincethetimeofW。Petty，hasinvestigatedtherealrelationsofproductioninbourgeoissocietyincontradistinctiontovulgareconomy，whichdealswithappearancesonly，ruminateswithoutceasingonthematerialslongsinceprovidedbyscientificeconomy，andthereseeksplausibleexplanationsofthemostobtrusivephenomena，forbourgeoisdailyuse，butfortherest，confinesitselftosystematisinginapedanticway，andproclaimingforeverlastingtruths，thetriteideasheldbytheself—complacentbourgeoisiewithregardtotheirownworld，tothemthebestofallpossibleworlds。
[34]\"Leseconomistesontunesingulieremanieredeproceder。Iln’yapoureuxquedeuxsortesd’institutions，cellesdel’artetcellesdelanature。
Lesinstitutionsdelafeodalitesontdesinstitutionsartificiellescellesdelabourgeoisiesontdesinstitutionsnaturelles。Ilsressemblentenceciauxtheologiens，quieuxaussietablissentdeuxsortesdereligions。
Toutereligionquin’estpaslaleur，estuneinventiondeshommestandisqueleurproprereligionestuneemanationdeDieu—Ainsiilyaeudel’histoire，maisiln’yenaplus。\"（KarlMarx。MiseredelaPhilosophie。
ReponsealaPhilosophiedelaMisereparM。Proudhon，1847，p。113。）TrulycomicalisM。Bastiat，whoimaginesthattheancientGreeksandRomanslivedbyplunderalone。Butwhenpeopleplunderforcenturies，theremustalwaysbesomethingathandforthemtoseize;theobjectsofplundermustbecontinuallyreproduced。ItwouldthusappearthatevenGreeksandRomanshadsomeprocessofproduction，consequently，aneconomy，whichjustasmuchconstitutedthematerialbasisoftheirworld，asbourgeoiseconomyconstitutesthatofourmodernworld。OrperhapsBastiatmeans，thatamodeofproductionbasedonslaveryisbasedonasystemofplunder。Inthatcasehetreadsondangerousground。IfagiantthinkerlikeAristotleerredinhisappreciationofslavelabour，whyshouldadwarfeconomistlikeBastiatberightinhisappreciationofwage—labour？IseizethisopportunityofshortlyansweringanobjectiontakenbyaGermanpaperinAmerica，tomywork，\"ZurKritikderPol。Oekonomie，1859。\"Intheestimationofthatpaper，myviewthateachspecialmodeofproductionandthesocialrelationscorrespondingtoit，inshort，thattheeconomicstructureofsociety，istherealbasisonwhichthejuridicalandpoliticalsuperstructureisraisedandtowhichdefinitesocialformsofthoughtcorrespond;thatthemodeofproductiondeterminesthecharacterofthesocial，political，andintellectuallifegenerally，allthisisverytrueforourowntimes，inwhichmaterialinterestspreponderate，butnotforthemiddleages，inwhichCatholicism，norforAthensandRome，wherepolitics，reignedsupreme。Inthefirstplaceitstrikesoneasanoddthingforanyonetosupposethatthesewell—wornphrasesaboutthemiddleagesandtheancientworldareunknowntoanyoneelse。Thismuch，however，isclear，thatthemiddleagescouldnotliveonCatholicism，northeancientworldonpolitics。
Onthecontrary，itisthemodeinwhichtheygainedalivelihoodthatexplainswhyherepolitics，andthereCatholicism，playedthechiefpart。
Fortherest，itrequiresbutaslightacquaintancewiththehistoryoftheRomanrepublic，forexample，tobeawarethatitssecrethistoryisthehistoryofitslandedproperty。Ontheotherhand，DonQuixotelongagopaidthepenaltyforwronglyimaginingthatknighterrantrywascompatiblewithalleconomicformsofsociety。
[35]\"ObservationsoncertainverbaldisputesinPol。Econ。，particularlyrelatingtovalueandtodemandandsupply\"Lond。，1821，p。16。
[36]S。Bailey，l。c。，p。165。
[37]Theauthorof\"Observations\"andS。BaileyaccuseRicardoofconvertingexchange—valuefromsomethingrelativeintosomethingabsolute。Theoppositeisthefact。Hehasexplainedtheapparentrelationbetweenobjects，suchasdiamondsandpearls，inwhichrelationtheyappearasexchange—values，anddisclosedthetruerelationhiddenbehindtheappearances，namely，theirrelationtoeachotherasmereexpressionsofhumanlabour。IfthefollowersofRicardoanswerBaileysomewhatrudely，andbynomeansconvincingly，thereasonistobesoughtinthis，thattheywereunabletofindinRicardo’sownworksanykeytothehiddenrelationsexistingbetweenvalueanditsform，exchange—value。
ChapterTwoKarlMarxCapitalVolumeOnePartI:
CommoditiesandMoneyCHAPTERTWO:
EXCHANGE
Itisplainthatcommoditiescannotgotomarketandmakeexchangesoftheirownaccount。Wemust，therefore，haverecoursetotheirguardians，whoarealsotheirownersCommoditiesarethings，andthereforewithoutpowerofresistanceagainstman。Iftheyarewantingindocilityhecanuseforce;inotherwords，hecantakepossessionofthem。[1]Inorderthattheseobjectsmayenterintorelationwitheachotherascommodities，theirguardiansmustplacethemselvesinrelationtooneanother，aspersonswhosewillresidesinthoseobject，andmustbehaveinsuchawaythateachdoesnotappropriatethecommodityoftheother，andpartwithhisown，exceptbymeansofanactdonebymutualconsent。Theymusttherefore，mutuallyrecogniseineachothertherightsofprivateproprietors。
Thisjuridicalrelation，whichthusexpressesitselfinacontract，whethersuchcontractbepartofadevelopedlegalsystemornot，isarelationbetweentwowills，andisbutthereflexoftherealeconomicrelationbetweenthetwo。Itisthiseconomicrelationthatdeterminesthesubject—mattercomprisedineachsuchjuridicalact。[2]
Thepersonsexistforoneanothermerelyasrepresentativesof，and，therefore。asownersof，commodities。Inthecourseofourinvestigationweshallfind，ingeneral，thatthecharacterswhoappearontheeconomicstagearebutthepersonificationsoftheeconomicrelationsthatexistbetweenthem。
Whatchieflydistinguishesacommodityfromitsowneristhefact，thatitlooksuponeveryothercommodityasbuttheformofappearanceofitsownvalue。Abornlevellerandacynic，itisalwaysreadytoexchangenotonlysoul，butbody，withanyandeveryothercommodity，bethesamemorerepulsivethanMaritornesherself。Theownermakesupforthislackinthecommodityofasenseoftheconcrete，byhisownfiveandmoresenses。
Hiscommoditypossessesforhimselfnoimmediateuse—value。Otherwise，hewouldnotbringittothemarket。Ithasuse—valueforothers;butforhimselfitsonlydirectuse—valueisthatofbeingadepositoryofexchange—value，and，consequently，ameansofexchange。[3]Therefore，hemakesuphismindtopartwithitforcommoditieswhosevalueinuseisofservicetohim。Allcommoditiesarenon—use—valuesfortheirowners，anduse—valuesfortheirnon—owners。Consequently，theymustallchangehands。Butthischangeofhandsiswhatconstitutestheirexchange，andthelatterputstheminrelationwitheachotherasvalues，andrealisesthemasvalues。Hencecommoditiesmustberealisedasvaluesbeforetheycanberealisedasuse—values。
Ontheotherhand，theymustshowthattheyareuse—valuesbeforetheycanberealisedasvalues。Forthelabourspentuponthemcountseffectively，onlyinsofarasitisspentinaformthatisusefulforothers。Whetherthatlabourisusefulforothers，anditsproductconsequentlycapableofsatisfyingthewantsofothers，canbeprovedonlybytheactofexchange。
Everyownerofacommoditywishestopartwithitinexchangeonlyforthosecommoditieswhoseuse—valuesatisfiessomewantofhis。Lookedatinthisway，exchangeisforhimsimplyaprivatetransaction。Ontheotherhand，hedesirestorealisethevalueofhiscommodity，toconvertitintoanyothersuitablecommodityofequalvalue，irrespectiveofwhetherhisowncommodityhasorhasnotanyuse—valuefortheowneroftheother。
Fromthispointofview，exchangeisforhimasocialtransactionofageneralcharacter。Butoneandthesamesetoftransactionscannotbesimultaneouslyforallownersofcommoditiesbothexclusivelyprivateandexclusivelysocialandgeneral。
Letuslookatthematteralittlecloser。Totheownerofacommodity，everyothercommodityis，inregardtohisown，aparticularequivalent，andconsequentlyhisowncommodityistheuniversalequivalentforalltheothers。Butsincethisappliestoeveryowner，thereis，infact，nocommodityactingasuniversalequivalent，andtherelativevalueofcommoditiespossessesnogeneralformunderwhichtheycanbeequatedasvaluesandhavethemagnitudeoftheirvaluescompared。Sofar，therefore，theydonotconfronteachotherascommodities，butonlyasproductsoruse—values。
IntheirdifficultiesourcommodityownersthinklikeFaust:\"ImAnfangwardieThat。\"Theythereforeactedandtransactedbeforetheythought。
Instinctivelytheyconformtothelawsimposedbythenatureofcommodities。
Theycannotbringtheircommoditiesintorelationasvalues，andthereforeascommodities，exceptbycomparingthemwithsomeoneothercommodityastheuniversalequivalent。Thatwesawfromtheanalysisofacommodity。
Butaparticularcommoditycannotbecometheuniversalequivalentexceptbyasocialact。Thesocialactionthereforeofallothercommodities，setsaparttheparticularcommodityinwhichtheyallrepresenttheirvalues。
Therebythebodilyformofthiscommoditybecomestheformofthesociallyrecogniseduniversalequivalent。Tobetheuniversalequivalent，becomes，bythissocialprocess，thespecificfunctionofthecommoditythusexcludedbytherest。Thusitbecomes梞oney。\"Illiunumconsiliumhabentetvirtutemetpotestatemsuambestiaetradunt。Etnequispossitemereautvendere，nisiquihabetcharacteremautnomenbestiaeautnumerumnominisejus。\"
（Apocalypse。）
Moneyisacrystalformedofnecessityinthecourseoftheexchanges，wherebydifferentproductsoflabourarepracticallyequatedtooneanotherandthusbypracticeconvertedintocommodities。Thehistoricalprogressandextensionofexchangesdevelopsthecontrast，latentincommodities，betweenuse—valueandvalue。Thenecessityforgivinganexternalexpressiontothiscontrastforthepurposesofcommercialintercourse，urgesontheestablishmentofanindependentformofvalue，andfindsnorestuntilitisonceforallsatisfiedbythedifferentiationofcommoditiesintocommoditiesandmoney。Atthesamerate，then，astheconversionofproductsintocommoditiesisbeingaccomplished，soalsoistheconversionofonespecialcommodityintomoney。[4]
Thedirectbarterofproductsattainstheelementaryformoftherelativeexpressionofvalueinonerespect，butnotinanother。ThatformisxCommodityA=yCommodityB。Theformofdirectbarterisxuse—valueA
=yuse—valueB。[5]ThearticlesAandBinthiscasearenotasyetcommodities，butbecomesoonlybytheactofbarter。Thefirststepmadebyanobjectofutilitytowardsacquiringexchange—valueiswhenitformsanon—use—valueforitsowner，andthathappenswhenitformsasuperfluousportionofsomearticlerequiredforhisimmediatewants。Objectsinthemselvesareexternaltoman，andconsequentlyalienablebyhim。Inorderthatthisalienationmaybereciprocal，itisonlynecessaryformen，byatacitunderstanding，totreateachotherasprivateownersofthosealienableobjects，andbyimplicationasindependentindividuals。Butsuchastateofreciprocalindependencehasnoexistenceinaprimitivesocietybasedonpropertyincommon，whethersuchasocietytakestheformofapatriarchalfamily，anancientIndiancommunity，oraPeruvianIncaState。Theexchangeofcommodities，therefore，firstbeginsontheboundariesofsuchcommunities，attheirpointsofcontactwithothersimilarcommunities，orwithmembersofthelatter。Sosoon，however，asproductsoncebecomecommoditiesintheexternalrelationsofacommunity，theyalso，byreaction，becomesoinitsinternalintercourse。Theproportionsinwhichtheyareexchangeableareatfirstquiteamatterofchance。Whatmakesthemexchangeableisthemutualdesireoftheirownerstoalienatethem。Meantimetheneedforforeignobjectsofutilitygraduallyestablishesitself。Theconstantrepetitionofexchangemakesitanormalsocialact。
Inthecourseoftime，therefore，someportionatleastoftheproductsoflabourmustbeproducedwithaspecialviewtoexchange。Fromthatmomentthedistinctionbecomesfirmlyestablishedbetweentheutilityofanobjectforthepurposesofconsumption，anditsutilityforthepurposesofexchange。
Itsuse—valuebecomesdistinguishedfromitsexchange—value。Ontheotherhand，thequantitativeproportioninwhichthearticlesareexchangeable，becomesdependentontheirproductionitself。Customstampsthemasvalueswithdefinitemagnitudes。
Inthedirectbarterofproducts，eachcommodityisdirectlyameansofexchangetoitsowner，andtoallotherpersonsanequivalent，butthatonlyinsofarasithasuse—valueforthem。Atthisstage，therefore，thearticlesexchangeddonotacquireavalue—formindependentoftheirownuse—value，oroftheindividualneedsoftheexchangers。Thenecessityforavalue—formgrowswiththeincreasingnumberandvarietyofthecommoditiesexchanged。Theproblemandthemeansofsolutionarisesimultaneously。
Commodity—ownersneverequatetheirowncommoditiestothoseofothers，andexchangethemonalargescale，withoutdifferentkindsofcommoditiesbelongingtodifferentownersbeingexchangeablefor，andequatedasvaluesto，oneandthesamespecialarticle。Suchlast—mentionedarticle，bybecomingtheequivalentofvariousothercommodities，acquiresatonce，thoughwithinnarrowlimits，thecharacterofageneralsocialequivalent。Thischaractercomesandgoeswiththemomentarysocialactsthatcalleditintolife。
Inturnsandtransientlyitattachesitselffirsttothisandthentothatcommodity。Butwiththedevelopmentofexchangeitfixesitselffirmlyandexclusivelytoparticularsortsofcommodities，andbecomescrystallisedbyassumingthemoney—form。Theparticularkindofcommoditytowhichitsticksisatfirstamatterofaccident。Neverthelesstherearetwocircumstanceswhoseinfluenceisdecisive。Themoney—formattachesitselfeithertothemostimportantarticlesofexchangefromoutside，andtheseinfactareprimitiveandnaturalformsinwhichtheexchange—valueofhomeproductsfindsexpression;orelseitattachesitselftotheobjectofutilitythatforms，likecattle，thechiefportionofindigenousalienablewealth。Nomadracesarethefirsttodevelopthemoney—form，becausealltheirworldlygoodsconsistofmoveableobjectsandarethereforedirectlyalienable;
andbecausetheirmodeoflife，bycontinuallybringingthemintocontactwithforeigncommunities，solicitstheexchangeofproducts。Manhasoftenmademanhimself，undertheformofslaves，serveastheprimitivematerialofmoney，buthasneverusedlandforthatpurpose。Suchanideacouldonlyspringupinabourgeoissocietyalreadywelldeveloped。Itdatesfromthelastthirdofthe17thcentury，andthefirstattempttoputitinpracticeonanationalscalewasmadeacenturyafterwards，duringtheFrenchbourgeoisrevolution。
Inproportionasexchangeburstsitslocalbonds，andthevalueofcommoditiesmoreandmoreexpandsintoanembodimentofhumanlabourintheabstract，inthesameproportionthecharacterofmoneyattachesitselftocommoditiesthatarebyNaturefittedtoperformthesocialfunctionofauniversalequivalent。Thosecommoditiesarethepreciousmetals。
Thetruthofthepropositionthat，\"althoughgoldandsilverarenotbyNaturemoney，moneyisbyNaturegoldandsilver，\"[6]isshownbythefitnessofthephysicalpropertiesofthesemetalsforthefunctionsofmoney。[7]Uptothispoint，however，weareacquaintedonlywithonefunctionofmoney，namely，toserveastheformofmanifestationofthevalueofcommodities，orasthematerialinwhichthemagnitudesoftheirvaluesaresociallyexpressed。Anadequateformofmanifestationofvalue，afitembodimentofabstract，undifferentiated，andthereforeequalhumanlabour，thatmaterialalonecanbewhoseeverysampleexhibitsthesameuniformqualities。Ontheotherhand，sincethedifferencebetweenthemagnitudesofvalueispurelyquantitative，themoneycommoditymustbesusceptibleofmerelyquantitativedifferences，mustthereforebedivisibleatwill，andequallycapableofbeingreunited。GoldandsilverpossessthesepropertiesbyNature。
Theuse—valueofthemoney—commoditybecomestwo—fold。Inadditiontoitsspecialuse—valueasacommodity（gold，forinstance，servingtostopteeth，toformtherawmaterialofarticlesofluxury，&c。），itacquiresaformaluse—value，originatinginitsspecificsocialfunction。
Sinceallcommoditiesaremerelyparticularequivalentsofmoney，thelatterbeingtheiruniversalequivalent，they，withregardtothelatterastheuniversalcommodity，playthepartsofparticularcommodities。[8]
Wehaveseenthatthemoney—formisbutthereflex，thrownupononesinglecommodity，ofthevaluerelationsbetweenalltherest。Thatmoneyisacommodity[9]isthereforeanewdiscoveryonlyforthosewho，whentheyanalyseit，startfromitsfullydevelopedshape。Theactofexchangegivestothecommodityconvertedintomoney，notitsvalue，butitsspecificvalue—form。Byconfoundingthesetwodistinctthingssomewritershavebeenledtoholdthatthevalueofgoldandsilverisimaginary。[10]Thefactthatmoneycan，incertainfunctions，bereplacedbymeresymbolsofitself，gaverisetothatothermistakennotion，thatitisitselfameresymbol。Neverthelessunderthiserrorlurkedapresentimentthatthemoney—formofanobjectisnotaninseparablepartofthatobject，butissimplytheformunderwhichcertainsocialrelationsmanifestthemselves。
Inthissenseeverycommodityisasymbol，since，insofarasitisvalue，itisonlythematerialenvelopeofthehumanlabourspentuponit。[11]Butifitbedeclaredthatthesocialcharactersassumedbyobjects，orthematerialformsassumedbythesocialqualitiesoflabourundertherégimeofadefinitemodeofproduction，aremeresymbols，itisinthesamebreathalsodeclaredthatthesecharacteristicsarearbitraryfictionssanctionedbytheso—calleduniversalconsentofmankind。Thissuitedthemodeofexplanationinfavourduringthe18thcentury。Unabletoaccountfortheoriginofthepuzzlingformsassumedbysocialrelationsbetweenmanandman，peoplesoughttodenudethemoftheirstrangeappearancebyascribingtothemaconventionalorigin。
Ithasalreadybeenremarkedabovethattheequivalentformofacommoditydoesnotimplythedeterminationofthemagnitudeofitsvalue。Therefore，althoughwemaybeawarethatgoldismoney，andconsequentlydirectlyexchangeableforallothercommodities，yetthatfactbynomeanstellshowmuch10lbs。，forinstance，ofgoldisworth。Money，likeeveryothercommodity，cannotexpressthemagnitudeofitsvalueexceptrelativelyinothercommodities。Thisvalueisdeterminedbythelabour—timerequiredforitsproduction，andisexpressedbythequantityofanyothercommoditythatcoststhesameamountoflabour—time。[12]Suchquantitativedeterminationofitsrelativevaluetakesplaceatthesourceofitsproductionbymeansofbarter。Whenitstepsintocirculationasmoney，itsvalueisalreadygiven。Inthelastdecadesofthe17thcenturyithadalreadybeenshownthatmoneyisacommodity，butthisstepmarksonlytheinfancyoftheanalysis。Thedifficultylies，notincomprehendingthatmoneyisacommodity，butindiscoveringhow，why，andbywhatmeansacommoditybecomesmoney。[13]
Wehavealreadyseen，fromthemostelementaryexpressionofvalue，xcommodityA=ycommodityB，thattheobjectinwhichthemagnitudeofthevalueofanotherobjectisrepresented，appearstohavetheequivalentformindependentlyofthisrelation，asasocialpropertygiventoitbyNature。Wefollowedupthisfalseappearancetoitsfinalestablishment，whichiscompletesosoonastheuniversalequivalentformbecomesidentifiedwiththebodilyformofaparticularcommodity，andthuscrystallisedintothemoney—form。Whatappearstohappenis，notthatgoldbecomesmoney，inconsequenceofallothercommoditiesexpressingtheirvaluesinit，but，onthecontrary，thatallothercommoditiesuniversallyexpresstheirvaluesingold，becauseitismoney。Theintermediatestepsoftheprocessvanishintheresultandleavenotracebehind。Commoditiesfindtheirownvaluealreadycompletelyrepresented，withoutanyinitiativeontheirpart，inanothercommodityexistingincompanywiththem。Theseobjects，goldandsilver，justastheycomeoutofthebowelsoftheearth，areforthwiththedirectincarnationofallhumanlabour。Hencethemagicofmoney。Intheformofsocietynowunderconsideration，thebehaviourofmeninthesocialprocessofproductionispurelyatomic。Hencetheirrelationstoeachotherinproductionassumeamaterialcharacterindependentoftheircontrolandconsciousindividualaction。Thesefactsmanifestthemselvesatfirstbyproductsasageneralruletakingtheformofcommodities。
Wehaveseenhowtheprogressivedevelopmentofasocietyofcommodity—producersstampsoneprivilegedcommoditywiththecharacterofmoney。Hencetheriddlepresentedbymoneyisbuttheriddlepresentedbycommodities;onlyitnowstrikesusinitsmostglaringform。
Footnotes[1]Inthe12thcentury，sorenownedforitspiety，theyincludedamongstcommoditiessomeverydelicatethings。ThusaFrenchpoetoftheperiodenumeratesamongstthegoodstobefoundinthemarketofLandit，notonlyclothingshoes，leather，agriculturalimplements，&c。，butalso\"femmesfollesdeleurcorps。\"
[2]ProudhonbeginsbytakinghisidealofJustice，of\"justiceéternelle，\"
fromthejuridicalrelationsthatcorrespondtotheproductionofcommodities:
thereby，itmaybenoted，heproves，totheconsolationofallgoodcitizens，thattheproductionofcommoditiesisaformofproductionaseverlastingasjustice。Thenheturnsroundandseekstoreformtheactualproductionofcommodities，andtheactuallegalsystemcorrespondingthereto，inaccordancewiththisideal。Whatopinionshouldwehaveofachemist，who，insteadofstudyingtheactuallawsofthemolecularchangesinthecompositionanddecompositionofmatter，andonthatfoundationsolvingdefiniteproblems，claimedtoregulatethecompositionanddecompositionofmatterbymeansofthe\"eternalideas，\"of\"naturalité\"and\"affinité\"？Dowereallyknowanymoreabout\"usury，\"whenwesayitcontradicts\"justiceéternelle，\"équitééternelle\"mutualité
éternelle，\"andothervéritéséternellethanthefathersofthechurchdidwhentheysaiditwasincompatiblewith’—grâceéternelle，\"\"foiéternelle，\"and\"lavolontééternelledeDieu\"？
[3]\"Fortwo—foldistheuseofeveryobject……Theoneispeculiartotheobjectassuch，theotherisnot，asasandalwhichmaybeworn，andisalsoexchangeable。Bothareusesofthesandal，forevenhewhoexchangesthesandalforthemoneyorfoodheisinwantof，makesuseofthesandalasasandal。Butnotinitsnaturalway。Forithasnotbeenmadeforthesakeofbeingexchanged。\"（Aristoteles，\"DeRep。\"l。i。c。9。）
[4]Fromthiswemayformanestimateoftheshrewdnessofthepetit—bourgeoissocialism。which，whileperpetuatingtheproductionofcommodities，aimsatabolishingthe\"antagonism\"betweenmoneyandcommodities，andconsequently，sincemoneyexistsonlybyvirtueofthisantagonism，atabolishingmoneyitself。WemightjustaswelltrytoretainCatholicismwithoutthePope。
Formoreonthispointseemywork，\"ZurKritikderPol。Oekon。\"，p。61，sq。
[5]Solongas，insteadoftwodistinctuse—valuesbeingexchanged，achaoticmassofarticlesareofferedastheequivalentofasinglearticle，whichisoftenthecasewithsavages，eventhedirectbarterofproductsisinitsfirstinfancy。
[6]KarlMarx，l。c。，p。135。\"Imetalli……naturalmentemoneta。\"（Galiani，\"Dellamoneta\"inCustodi’sCollection:ParteModernat。iii。）
[7]Forfurtherdetailsonthissubjectseeinmyworkcitedabove，thechapteron\"Thepreciousmetals。\"
[8]\"Ildanaroèlamerceuniversale\"（Verri，l。c。，p。16）。
[9]\"Silverandgoldthemselves（whichwemaycallbythegeneralnameofbullion）
are……commodities……risingandfallingin……value……Bullion，then，maybereckonedtobeofhighervaluewherethesmallerweightwillpurchasethegreaterquantityoftheproductormanufactureofthecountrey，\"&c。
（\"ADiscourseoftheGeneralNotionsofMoney，Trade，andExchanges，asTheyStandinRelationeachtoother。\"ByaMerchant。Lond。，1695，p。7。）
\"Silverandgold，coinedoruncoined，thoughtheyareusedforameasureofallotherthings，arenolessacommoditythanwine，oil，tobacco，cloth，orstuffs。\"（\"ADiscourseconcerningTrade，andthatinparticularoftheEastIndies，\"&c。London，1689，p。2。）\"Thestockandrichesofthekingdomcannotproperlybeconfinedtomoney，noroughtgoldandsilvertobeexcludedfrombeingmerchandise。\"（\"TheEast—IndiaTradeaMostProfitableTrade。\"London，1677，p。4。）
[10]\"L’oroel’argentohannovalorecomemetallianterioreall’essermoneta。\"
（Galiani，l。c。）Lockesays，\"Theuniversalconsentofmankindgavetosilver，onaccountofitsqualitieswhichmadeitsuitableformoney，animaginaryvalue。\"Law，ontheotherhand。\"Howcoulddifferentnationsgiveanimaginaryvaluetoanysinglething……orhowcouldthisimaginaryvaluehavemaintaineditself？\"Butthefollowingshowshowlittlehehimselfunderstoodaboutthematter:\"Silverwasexchangedinproportiontothevalueinuseitpossessed，consequentlyinproportiontoitsrealvalue。
Byitsadoptionasmoneyitreceivedanadditionalvalue（unevaleuradditionnelle）\"。
（JeanLaw:\"Considérationssurlenuméraireetlecommerce\"
inE。Daire’sEdit。of\"EconomistesFinanciersduXVIIIsiècle，\"
p。470。）
[11]\"L’Argenten（desdenrées）estlesigne。\"（V。deForbonnais:\"ElementsduCommerce，Nouv。Edit。Leyde，1766，\"t。II。，p。143。）\"Commesigneilestattireparlesdenrées。\"（l。c。，p。155。）\"L’argentestunsigned’unechoseetlareprésente。\"（Montesquieu:\"EspritdesLois，\"
（Oeuvres，Lond。1767，t。II，p。2。）\"L’argentn’estpassimplesigne，carilestlui—memerichesse，ilnereprésentepaslesvaleurs，illeséquivaut。\"（LeTrosne，l。c。，p。910。）\"Thenotionofvaluecontemplatesthevaluablearticleasameresymbol—thearticlecountsnotforwhatitis，butforwhatitisworth。\"（Hegel，l。c。，p。100。）Lawyersstartedlongbeforeeconomiststheideathatmoneyisameresymbol，andthatthevalueofthepreciousmetalsispurelyimaginary。Thistheydidinthesycophanticserviceofthecrownedheads，supportingtherightofthelattertodebasethecoinage，duringthewholeofthemiddleages，bythetraditionsoftheRomanEmpireandtheconceptionsofmoneytobefoundinthePandects。
\"Qu’aucunpuissenidoivefairedoute，\"saysanaptscholaroftheirsPhilipofValois，inadecreeof1346，\"queànousetànotremajesté
royalen’appartiennentseulement……lemestier，lefait，l’état，laprovisionettoutel’ordonnancedesmonnaies，dedonnertelcours，etpourtelprixcommeilnousplaitetbonnoussemble。\"ItwasamaximoftheRomanLawthatthevalueofmoneywasfixedbydecreeoftheemperor。
Itwasexpresslyforbiddentotreatmoneyasacommodity。\"Pecuniasveronulliemerefaserit，naminusupublicoconstitutasoportetnonessemercem。\"
SomegoodworkonthisquestionhasbeendonebyG。F。Pagnini:\"Saggiosoprailgiustopregiodellecose，1751\";Custodi\"ParteModerna，\"t。II。
InthesecondpartofhisworkPagninidirectshispolemicsespeciallyagainstthelawyers。
[12]\"IfamancanbringtoLondonanounceofSilveroutoftheEarthinPeru，inthesametimethathecanproduceabushelofCorn，thentheoneisthenaturalpriceoftheother;now，ifbyreasonofnewormoreeasierminesamancanprocuretwoouncesofsilveraseasilyasheformerlydidone，thecornwillbeascheapattenshillingsthebushelasitwasbeforeatfiveshillings，caeterisparibus。\"WilliamPetty。\"ATreatiseofTaxesandContributions。\"Lond。，1667，p。32。
[13]ThelearnedProfessorRoscher，afterfirstinformingusthat\"thefalsedefinitionsofmoneymaybedividedintotwomaingroups:thosewhichmakeitmore，andthosewhichmakeitless，thanacommodity，\"givesusalongandverymixedcatalogueofworksonthenatureofmoney，fromwhichitappearsthathehasnottheremotestideaoftherealhistoryofthetheory;
andthenhemoralisesthus:\"Fortherest，itisnottobedeniedthatmostofthelatereconomistsdonotbearsufficientlyinmindthepeculiarities—thatdistinguishmoneyfromothercommodities\"（itisthen，afterall，eithermoreorlessthanacommodity！）……’Sofar，thesemi—mercantilistreactionofGanilhisnotaltogetherwithoutfoundation。\"（WilhelmRoscher:\"DieGrundlagenderNationaloekonomie，\"3rdEdn。1858，pp。207—210。）More！less！
notsufficiently！sofar！notaltogether！Whatclearnessandprecisionofideasandlanguage！AndsucheclecticprofessorialtwaddleismodestlybaptisedbyMr。Roscher，\"theanatomico—physiologicalmethod\"ofPoliticalEconomy！Onediscoveryhowever，hemusthavecreditfor，namely，thatmoneyis\"apleasantcommodity。\"