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 depreciation
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 medium
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.
