silver are wealth in preserved form. While every use-value performs its service as such by being consumed i. e., destroyed, the use-value of gold as money consists in its being the bearer of exchange value, in embodying universal labor-time as a shapeless raw material. As shapeless metal, exchange value posseses an indestructible form. Gold or silver thus brought to rest as money, forms a hoard. Among nations with an exclusively metallic circulation, such as the ancients were, hoarding is practiced universally from the individual to the state which guards its state hoard. In more ancient times, in Asia and Egypt, these hoards under the protection of kings and priests appear rather as a mark of their power. In Greece and Rome it was part of public policy to accumulate state hoards as the safest and most available form of surplus. The quick transfer of such hoards by conquerors from one country to another and the sudden outpour of a part of these hoards into the general circulation constitute a peculiar feature of ancient economy.
As the incarnation of labor-time gold is a pledge for its own value, and since it is the embodiment of universal labor-time, the process of circulation pledges gold its constant role of exchange value. Owing to the mere fact that the owner of commodities can retain his commodity in the form of exchange value or retain the exchange-value as a commodity, the exchange of commodities for the purpose of retaining them in the transformed shape of gold becomes circulation's own motive. The metamorphosis C—M takes place for the sake of the metamorphosis, i. e., in order to transform it from
