Locke further said:
The value of money in any one country, is the present quantity of the current money in that country, in proportion to the present trade.
The historian, Hume, says:
It is not difficult to perceive that it is the total quantity of the money in circulation, in any country, which determines what portion of that quantity shall exchange for a certain portion of the goods or commodities of that country.
It is the proportion between the circulating money and the commodities in the market which determines the price.
Fichte says:
The amount of money current in a state represents everything that is purchasable on the surface of the state. If the quantity of purchasable articles increases while the quantity of money remains the same, the value of the money increases in the same ratio; if the quantity of money increases, while the quantity of purchasable articles remains the same, the value of money decreases in the same ratio.
James Mill, in his treatise on political economy, says:
And again, in whatever degree, therefore, the quantity of money is increased or diminished, other things remaining the same, in that same proportion the value of the whole, and of every part, is reciprocally diminished or increased.
John Stuart Mill (Political Economy) says: