In general. Transition from value to money (I, 13) (14). Product 
of exchange itself (I, 14) I, 15, 17. 


The 3 determinations of money VII, 35, 36 (Bailey). 


(1) Money as measure 

The denomination of paper money in terms of gold and silver, 
whether it is legally convertible or not, implies that it must be 
exchangeable for the quantity of gold or silver which it represents. 
As soon as it is no longer thus exchangeable, it is depreciated, with 
or without legal convertisitity (Notebook I, pp. 8, 9). Gold and silver 
as money of account do not express any value, but merely 
fractional parts of their own substance. Their title is not that of a 
value: they constitute their own denominator (l.c., p. 9). (Hence 
nominally undepreciable.) Falls and rises in the value of gold and 
silver (Notebook I, 10) (VH, 29). On the denomination of values 
directly in labour time (I, 11, 12; 18, 19). 

Translation of the commodity into money in the head. Money as 
money of account, as means of exchange (I, 13). Money or account 


422 Index to the 7 Notebooks 


(Steuart VII, 26, 27) (Gouge VII, 27) (VII, 30, 31) (32, 33, 34). 
Bailey (VII, 36). Müller (.c.). The Economist (VII, 38). 

Assignats (VII, 35). Livres de compte? in France (Garnier, l.c.). 
Money as measure needs no constancy of value, only quantity 
(Bailey VII, 36). Urquhart VII, 55. Gray (VII, 57). Fullarton VII, 
61. 


[M-24] (2) Money as means of exchange or simple circulation (I, 14, 
15, 16) (17). Steuart (VII, 26). 

Coin (English sirver roxens I, 18). (Montanari VII, 27). Circula- 
tion and stanparp (VII, 29). Subsidiary coins (VII, 36, 37) (ibid., 
38). (Hodgskin VII, 39.) 

Privilege of money to circulate at all times (VII, 49). 

Circulation leading back to itself, in distinction from simple 
money circulation. Example (The Economist VII, 25). General 
remarks on this (VII, 29). 

Value of money. J. St. Mill VII, 56. 

J. Mill’s theory VII, 57, 58. Ricardo VII, 59. 

A mere Rise in prices is not sufficient to create a DEMAND FOR 
additional Money (VII, 59. Fullarton). 

Contradiction between money as means of circulation and 
equivalent (VII, 61). The English definition of when money is no 
longer full-weight (l.c.). Quantity of money in circulation deter- 
mined (VII, 61). 

The proportions in which the different metals serve as money in 
England (VU, 52) (The Economist). 

M—C is easier to perform than C—M (52, VII, Corbet). 


(3) Money as money (Cf. I, 17) (21) (23) (VI, 28). Equivalent 
(Steuart VII, 25 bottom). Bailey VII, 35, 36. Hoarpine (VII, 38). 
Petition of the Cortes (VII, 44) (VII, 46). 

(Gold and silver as utensus. Jacob VII, 59.) Ibid. Fullarton (VII, 
59, 60). 

Money for payments and (Corbet VII, 52). 

Dissolving effect of money (Free Trade” VII, 59). 


[M-25] (4) The precious metals as the material of money. Montanari. 
Fantasies about the “invention” of money (VII, 27). 
Bailey (VII, 36). Copper, silver, gold (Buchanan VII, 37). 


a Livres of account.— Ed. 
b [E. Misselden,] Free Trade. Or, the Meanes to Make Trade Florish, p. 21.— Ed. 


Second Draft 423 


Newman (VII, 47). Galiani (VII, 49). Depreciation of copper in 
Rome (VII, 35). 
Depreciation of different kinds of money. Morrison VII, 55. 


(5) The law of appropriation, as it appears in simple circulation 


[M-26] (6) Transition from money to capital