VALUE OF GOLD 
IQ 
desirability of paying for more accommodation. The 
marginal purchase is the increase or decrease which 
some one is only just persuaded to make; and the 
elasticity of demand comes in because greater cheap- 
ness of the coin vw persuade people or govern- 
ments to go further _n their purchases of it, and 
persuade them to go much further or only a little 
further according to circumstances. Possible econo- 
mies in use and the competition of available sub- 
stitutes plav ‘ust t4e same art as they do in regard 
to ordiner commodities. Demand is checked by 
the rise ¢ v~"~ inst = in the case of other 
things. 
The supply side of the problem of the value of the 
precious meta’: = ore anomalous than the 
demand side. 
Gold and silver are produced like other things, 
because the producers want to get money. But it 
is just as true here as elsewhere that people only 
want money in order to buy other things with it, so 
that their real aim is the acquisition of these other 
things and services. Thus though they produce gold 
in exchange for money, which may be gold, or based 
on gold, they are reallv exchanging it for other commo- 
dities and services. There ic nothing mysterious 
about the way gold comes from the sources of supply 
into the hands of the people, ~ither as currency or as 
other things made of gold. It is exchanged for 
commodities and services just like coal or any other 
mineral. The workers earn bread and meat and 
other things bh their labour in producing it just like 
workers in ther industries. The owners of the 
machinerv em~'~ 1 obtain profits and with these 
profits t- (138 WILel Ih want in just the 
same wr Wners ov _chinery employed in 
other wey. ww owners « the mines or other 
sources <f "sometimes live in luxury in Park 
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