36 
Capitel 11. 
Die vorstehende Theorie scheint mir in mehrfacher 
Beziehung mangelhaft zu sein. 
credit of Great Britain, London 1802, deutsch von Jacob, Halle 
1803. p. 43, 52—66, 357, 438—439. 
Ricardo, The high price of bullion a proof of the depre 
ciation of banknotes, London 1809 (Works ed. M’Culloch London 
1871 p. 284 — 285): ,,The value of the circulating medium of 
every country bears some proportion to the value of the commodities 
which it circulates. In some countries this proportion is much 
greater than in others, and varies, on some occasions, in the same 
country. It depends upon the rapidity of circulation, upon 
the degree of confidence and credit existing between traders, and, 
above all, on the judicious operations of banking. In England so 
many means of economizing the use of circulating me 
dium have been adopted, that its value, compared with the value 
of the commodities which it circulates, is probably {during a period 
of confidence) reduced to as small a proportion as is practicable'^ 
J. S. Mill, Princ. of pol. econ. B. Ill, Ch. VII, § 3, p. 300: 
,,If we assume the quantity of goods on sale, and the number 
of times those goods are resold, to be fixed quantities, the value of 
money will depend upon its quantity, together with the average 
number of times that each piece changes hands in the 
process". — ,,The amount of goods and of transactions being the 
same, the value of money is inversely as its quantity multiplied by 
what is called the rapidity of circulation". ,,If each piece 
of money changes hands on an average ten times ivhile goods are 
sold to the value of a million sterling, it is evident that the money 
required to circulate those goods is 100000 iß." Cap. XI: ,,Of 
credit, as a substitute for money". 
11 au I (7. A. 1863) p. 324, 325. 
Roscher, I (11. A. 1868) § 123.