105
Geldmenge und Wtmrenjtreise.
des immer eine entsprechende Zunahme, jede Verminderung
des im Umlaufe befindlichen Geldes immer
whal they are hoarding, or at least keeping by them as a reserve
for future contingencies. The supply of money, in short, is all the
money in circulation at the time.*‘ — ,,The demand of money, again,
consists of all the goods offered for sale. Every seller of goods is
(I buyer of money, and the goods he brings with him constitute his
demand. .4s the whole of the goods in the market compose
the demand for money, so the whole of the money, constitutes
the demand for goods.^^ — „The money and the
goods are seeking each other for the purpose of being
exchanged. They are reciprocally supply and demand
me another. p. 299: iffhe value of money, other things
being the same, varies inversely as its quantity, every increase oj
quantity lowering the value and every diminution raising it, in a
ratio exactly equivalent^ — „The whole of the goods being in any
case exchanged for the whole of the money which comes into the
market to be laid out, they will sell for less or more of it, exactly
according as less or more is brought^ p. 300: „The proposition
u Inch we have laid down respecting the dependence of general prices
upon the quantity of money in circulation, must be understood as
applying only to a state of things in which money, that is gold or
silicr, IS the exclusive instrument of exchange, and actually passes
from hand to hand at every purchase, credit in any of its shapes
being unknown.^^ p. 301: „That an increase of the quanf
^ nt **f money raises prices, and a diminution lowers
them, IS the most elementary proposition in the theory
of curren ey, and without it we should have no key to
af the other.** Ch. XII.: ,,t)lher things being the
saint, an increase of the money in circulation raises
prices, a diminution lowers them.** B. III. Ch. 22. p.381:
