[84] Benjamin Franklin, “Remarks and Facts Relative to the American Paper Money,” 1764, p. 348, l. c. “At this very time, even the silver money in England is obliged to the legal tender for part of its value; that part which is the difference between its real weight and its denomination. Great part of the shillings and sixpences now current are by wearing become 5, 10, 20, and some of the sixpences even 50 per cent., too light. For this difference between the real and the nominal you have no intrinsic value. You have not so much as paper, you have nothing. It is the legal tender, with the knowledge that it can easily be repassed for the same value, that makes three-pennyworth of silver pass for a sixpence.”
[85] Berkeley, l. c., p. 5-6. “Whether the denominations being retained, although the bullion were gone ... might not nevertheless ... a circulation of commerce (be) maintained?”
[86] “Non solo i metalli ricchi son segni delle cose ...; ma vicendevolmente le cose ... sono segni dell’oro e dell’argento.” (A. Genovesi, “Lezioni di Economia Civile,” 1765. p. 281 in Custodi, Parte Mod. 1. VIII.) (“Not only are precious metals tokens of things, but vice versa, things are tokens of gold and silver.”)
[87] Petty. “Gold and silver are universal wealth.” (Political Arithmetic, l. c., p. 242.)
[88] E. Misselden. “Free Trade, or the Means to Make Trade Flourish,” etc., London, 1622. “The natural matter of Commerce is Merchandise, which Merchants from the end of Trade have stiled Commodities. The Artificiall matter of Commerce is Money, which hath obtained the title of sinewes of warre and of State.... Money, though it be in nature and time after Merchandise, yet forasmuch as it is now in use become the chiefe.” (p. 7.) He compares his own treatment of merchandise and money with the manner of “Old Jacob, who, blessing his Grandchildren, crost his hands, and laide his right hand on the yonger, and his left hand on the elder.” (l. c.) Boisguillebert, “Dissert. sur la Nature Des Richesses,” etc. “Voilà donc l’esclave du commerce devenu son maître.... La misère des peuples ne vient que de ce qu’on a fait un maître, ou plutôt un tyran de ce qui était un esclave.” (p. 395, 399.)
[89] Boisguillebert, l. c. “On a fait une idole de ces métaux (l’or et l’argent) et laissant là, l’objet et l’intention pour lesquels ils avaient été appelés dans le commerce, savoir, pour y servir de gages dans l’échange et la tradition réciproque, on les a presque quittés de ce service pour en former des divinités, aux quelles on a sacrifié et sacrifie toujours plus de biens et de besoins précieux et même d’hommes, que jamais l’aveugle antiquité n’en immola à ces fausses divinités,” etc. (l. c., p. 395.)
[90] In the first halt of the perpetuum mobile, i. e., in the suspension of the function of money as a medium of circulation, Boisguillebert at once suspects its independent existence from commodities. Money, he says, must be “in constant motion, it can be money only by being mobile, but as soon as it becomes motionless all is lost.” (“Dans un mouvement continuel, ce qui ne peut être que tant qu’il est meuble, mais sitôt qu’il devient immeuble tout est perdu.” (“Le Détail de la France,” p. 231.) What he overlooks is that this halt constitutes the condition of its movement. What he really wants is that the value form of commodities should appear merely in the transitory form of their change of matter, but should never become an end in itself.
[91] “ ... The more the stock ... is ... encreased in wares, the more it decreaseth in treasure.” (E. Misselden, l. c., p. 23.)
[92] l. c., p. 11-13 passim.
[93] Petty, “Political Arith.,” l. c., p. 196 (1899 edition, v. I, p. 269. Transl.)