Utility Then Is Not The Measure Of

The Farmer And Manufacturer Can No More Live Without Profit Than The Labourer Without Wages.

It Has Therefore Been Justly Observed That However Honestly The Coin Of A Country May Conform To Its Standard, Money Made Of Gold And Silver Is Still Liable To Fluctuations In Value, Not Only To Accidental, And Temporary, But To Permanent And Natural Variations, In The Same Manner As Other Commodities.

Possessing Utility, Commodities Derive Their Exchangeable Value From Two Sources: From Their Scarcity, And From The Quantity Of Labour Required To Obtain Them.

But A Rise In The Wages Of Labour Would Not Equally Affect Commodities Produced With Machinery Quickly Consumed, And Commodities Produced With Machinery Slowly Consumed.

Whether A Bank Lent One Million, Ten Million, Or A Hundred Millions, They Would Not Permanently Alter The Market Rate Of Interest; They Would Alter Only The Value Of The Money They Issued.