22 June 1801

Polit. Economy

Analysis

5

In the case of all articles of intrinsic use, the quantity of use capable of

being made of a given mass of any sort of article, encreases with and in

proportion to the quantity Thrice[?] the quantity of corn administered in the

way of food. twice[?] the quantity, quality being alike will keep alive for a

given time, twice the number of human creatures /people/ or other animals: and

excepting the same may be said even of articles of subservient use.

But of money this can not be said. The only use it is applicable to - the only

it is of is in the way of exchange The value of it does not always encrease in

proportion to its quantity. In a certain sense /certain cer/ it might with more

propriety even be said to be inversely as its quantity: that is /for/ the value

of any part of the mass is inversely as the quantity of the whole. The value of

the quantity of money given in exchange for other things in the compass of a

year is always equal to that of the quantity of those things given in exchange

for money in the compass of the same year. If in each of two years the quantity

of things given in exchange for money has been the same, while in the latter of

the two the quantity of money given in exchange for the things has been twice as

great as in the former, half or any other part of the mass of money has in the

latter been worth but half as much as the same part was worth in the former.