105 
Geldmenge und Wtmrenjtreise. 
des immer eine entsprechende Zunahme, jede Ver 
minderung 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, con 
stitutes 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 quan- 
f ^ 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: