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of this kind from all other objects。 But it gives us no information
regarding the rational possibility of such a thing as money is。 Yet we
see thus much by the definition： （1） that the alienation in this
mode of human intercommunication and exchange is not viewed as a gift；
but is intended as a mode of reciprocal acquisition by an onerous
contract； and （2） that it is regarded as a mere means of carrying on
commerce； universally adopted by the people； but having no value as
such of itself； in contrast to other things as mercantile goods or
wares which have a particular value in relation to special wants
existing among the people。 It therefore represents all exchangeable
things。
A bushel of corn has the greatest direct value as a means of
satisfying human wants。 Cattle may be fed by it； and these again are
subservient to our nourishment and locomotion； and they even labour in
our stead。 Thus； by means of corn； men are multiplied and supported；
who not only act again in reproducing such natural products； but
also by other artificial products they can come to the relief of all
our proper wants。 Thus are men enabled to build dwellings； to
prepare clothing； and to supply all the ingenious comforts and
enjoyments which make up the products of industry。 On the other
hand； the value of money is only indirect。 It cannot be itself
enjoyed； nor be used directly for enjoyment； it is； however； a means
towards this； and of all outward things it is of the highest utility。
We may found a real definition of money provisionally upon these
considerations。 It may thus be defined as the universal means of
carrying on the industry of men in exchanging intercommunications with
each other。 Hence national wealth； in so far as it can be acquired
by means of money； is properly only the sum of the industry or applied
labour with which men pay each other； and which is represented by
the money in circulation among the people。
The thing which is to be called money must； therefore； have cost
as much industry to produce it； or even to put it into the hands of
others； as may be equivalent to the industry or labour required for
the acquisition of the goods or wares or merchandise； as natural or
artificial products； for which it is exchanged。 For if it were
easier to procure the material which is called money than the goods
that are required； there would be more money in the market than
goods to be sold； and because the seller would then have to expend
more labour upon his goods than the buyer on the equivalent； the money
coming in to him more rapidly； the labour applied to the preparation
of goods and industry generally； with the industrial productivity
which is the source of the public wealth； would at the same time
dwindle and be cut down。 Hence bank notes and assignations are not
to be regarded as money； although they may take its place by way of
representing it for a time； because it costs almost no labour to
prepare them； and their value is based merely upon the opinion
prevailing as to the further continuance of the previous possibility
of changing them into ready money。 But on its being in any way found
out that there is not ready money in sufficient quantity for easy
and safe conversion of such notes or assignations； the opinion gives
way； and a fall in their value becomes inevitable。 Thus the industrial
labour of those who work the gold and silver mines in Peru and Mexico…
especially on account of the frequent failures in the application of
fruitless efforts to discover new veins of these precious metals… is
probably even greater than what is expended in the manufacture of
goods in Europe。 Hence such mining labour； as unrewarded in the
circumstances； would be abandoned of itself； and the countries
mentioned would in consequence soon sink into poverty； did not the
industry of Europe； stimulated in turn by these very metals；
proportionally expand at the same time so as constantly to keep up the
zeal of the miners in their work by the articles of luxury thereby
offered to them。 It is thus that the concurrence of industry with
industry； and of labour with labour； is always maintained。
But how is it possible that what at the beginning constituted only
goods or wares； at length became money？ This has happened wherever a
sovereign as great and powerful consumer of a particular substance；
which he at first used merely for the adornment and decoration of
his servants and court； has enforced the tribute of his subjects in
this kind of material。 Thus it may have been gold； or silver； or
copper； or a species of beautiful shells called cowries； or even a
sort of mat called makutes； as in Congo； or ingots of iron； as in
Senegal； or Negro slaves； as on the Guinea Coast。 When the ruler of
the country demanded such things as imposts； those whose labour had to
be put in motion to procure them were also paid by means of them；
according to certain regulations of commerce then established； as in a
market or exchange。 As it appears to me； it is only thus that a
particular species of goods came to be made a legal means of
carrying on the industrial labour of the subjects in their commerce
with each other； and thereby forming the medium of the national
wealth。 And thus it practically became money。
The rational conception of money； under which the empirical
conception is embraced； is therefore that of a thing which； in the
course of the public permutation or exchange of possessions
（permutatio publica）； determines the price of all the other things
that form products or goods… under which term even the sciences are
included； in so far as they are not taught gratis to others。 The
quantity of it among a people constitutes their wealth （opulentia）。
For price （pretium） is the public judgement about the value of a
thing； in relation to the proportionate abundance of what forms the
universal representative means in circulation for carrying on the
reciprocal interchange of the products of industry or labour。* The
precious metals； when they are not merely weighed but also stamped
or provided with a sign indicating how much they are worth； form legal
money； and are called coin。
*Hence where commerce is extensive neither gold nor copper is
specially used as money； but only as constituting wares； because there
is too little of the first and too much of the second for them to be
easily brought into circulation； so as at once to have the former in
such small pieces as are necessary in payment for particular goods and
not to have the latter in great quantity in case of the smallest
acquisitions。 Hence silver… more or less alloyed with copper… is taken
as the proper material of money and the measure of the calculation
of all prices in the great commercial intercommunications of the
world； and the other metals… and still more non…metalic substances…
can only take its place in the case of a people of limited commerce。
According to Adam Smith： 〃Money has become； in al