I have said above that it has been demonstrated
that there is no analogy between fixing by law the ratio
that gold money shall bear to silver money and fixing the
money prices of commodities ; but if I am met with the
answer that gold and silver are commodities like all
others, and that their price must be governed, accordingly,
by the cost of their production, I must reply that those
two metals are no doubt commodities, but that neither
gold nor silver, both being fuU money in the same
country, can possibly be priced each in terms of the
other; and though undoubtedly like all others in their



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essence as commodities, yet they differ from all others
in their accidents. Every one, bimetallist or mono-
metallist, must admit that both or either of them are
differently conditioned from all other commodities ;
namely, in these four ways following : —

First. — They are the measures of all commodities, and
are measured by them. Of no other commodities can
this be affirmed.
Second. — It is of little importance to the world
(though of great importance to the producer) whether
the production of these measuring metals is greater or
less. It is of the greatest importance to the woi-ld, as
well as to the producer, whether other commodities (or
almost all of them) are produced or not.
If no more wheat is produced, it is a world-wide
calamity, immediate in its effect.
If no more gold and silver is produced the world is
not visibly or immediately the worse. Circulation will
be gradually contracted as wear and tear of the existing
stock goes on, and prices wiU gradually and imper-
ceptibly fall ; but the hindrance to trade, though certain,
is necessarily slow.
