to the same class.[1] None of these writers takes a one-sided view of money, but treat it in its various aspects; the treatment, however, is mechanical, without an attempt to establish an organic connection either between these various aspects themselves, or between them and the combined system of economic categories. They fall, therefore, into the error of confusing money as distinguished from medium of circulation with capital or even with commodity, although they are forced elsewhere to differentiate it from both.[2] When gold, e. g., is shipped abroad, it practically means that capital is sent abroad, but the same thing takes place when iron, cotton, grain, or any other commodity is exported. Both are capital and are distinguished not as capital, but as money and commodity. The function of gold as the international medium of exchange springs, therefore,
- ↑ Tooke's most important work besides the "History of Prices" which his co-worker Newmarch published in six volumes, is "An Inquiry into the Currency Principle, the Connection of the Currency with Prices" etc., 2nd edition, London, 1844. Wilson's book we have already quoted. Finally there is to be mentioned John Fullarton's "On the Regulation of Currencies," 2d edition, London, 1845.
- ↑ "We ought to . . . distinguish . . . between gold . . . as merchandise, i. e. as capital, and gold. . . as currency" (Tooke, "An Inquiry into the Currency Principle, etc." p. 10). "Gold and silver may be counted upon to realize on their arrival nearly the exact sum required to be provided. . . gold and silver possess an infinite advantage over all other description of merchandize . . . from the circumstance of being universally in use as money. . . It is not in tea, coffee, sugar or indigo that debts, whether foreign or domestic, are
