[84] Price has already been defined (pp. 214, 215) to be the quantity of labour which the possessor of a thing is willing to take for it. It is best to consider the price to be that fixed by the possessor, because the possessor has absolute power of refusing sale, while the purchaser has no absolute power of compelling it; but the effectual or market price is that at which their estimates coincide.
[85] The two first of these variables are included in the x, and the two last in they, of the formula given at p. 162 of "Unto This Last," and the four are the radical conditions which regulate the price of things on first production; in their price in exchange, the third and fourth of these divide each into two others, forming the Four which are stated at p. 186 of "Unto This Last."
[86] This "greater ease" ought to be allowed for by a diminution in the times of the divided work; but as the proportion of times would remain the same, I do not introduce this unnecessary complexity into the calculation.
[87] Compare "Unto This Last," p. 177, et seq.
III.
THE CURRENCY-HOLDERS AND STORE-HOLDERS. THE DISEASE OF DESIRE.
It will be seen by reference to the last paper that our present task is to examine the relation of holders of store to holders of currency; and of both to those who hold neither. In order to do this, we must determine on which side we are to place substances such as gold, commonly known as bases of currency. By aid of previous definitions the reader will now be able to understand closer statements than have yet been possible.
The currency of any country consists of every document acknowledging debt which is transferable in the country.