{"product_id":"2940012400918","title":"THE CHARMED SEA - A Tale","description":"Proofed and corrected from the scanned original edition.  \u003cbr\u003e\u003cbr\u003e*****\u003cbr\u003e\u003cbr\u003eSUMMARY OF THE PRINCIPLES ILLUSTRATED IN THIS VOLUME.\u003cbr\u003e\u003cbr\u003eIn exchanging commodities for one another directly, i. e. in the way of barter, much time is lost, and trouble incurred before the respective wants of the exchanging parties can be supplied. This trouble and waste may be avoided by the adoption of a medium of exchange; that is, a commodity generally agreed upon, which, in order to effect an exchange between two other commodities, is first received in exchange for the one, and then given in exchange for the other.\u003cbr\u003e\u003cbr\u003eThis commodity is money. The great requisites in a medium of exchange are, that it should be—\u003cbr\u003e\u003cbr\u003e... what all sellers are willing to receive;\u003cbr\u003e\u003cbr\u003e... capable of division into convenient portions; portable, from including great value to small bulk;\u003cbr\u003e\u003cbr\u003e... indestructible, and little liable to fluctuations of value.\u003cbr\u003e\u003cbr\u003eGold and silver unite these requisites in an unequalled degree, and have also the desirable quality of beauty. Gold and silver have there-tore formed the principal medium of exchange hitherto adopted: usually prepared, by an appointed authority, in the form most suitable for the purposes of exchange, in order to avoid the inconvenience of ascertaining; the value of the medium on every occasion of purchase.\u003cbr\u003e\u003cbr\u003eWhere the supply of money is left unrestricted, its exchangeable value will he ultimately determined, like that of all other commodities, by the cost of production.\u003cbr\u003e\u003cbr\u003eWhere the supply is restricted, its exchangeable value depends on the proportion of the demand to the supply.\u003cbr\u003e\u003cbr\u003eIn the former case, it retains its character of a commodity, serving as a standard of value in preference to other commodities only in virtue of its superior natural requisites to that object.\u003cbr\u003e\u003cbr\u003e“In the latter case, it ceases to be a commodity, and becomes a mere ticket of transference, or arbitrary sign of value: and then, the natural requisites above described become of comparatively little importance.\u003cbr\u003e\u003cbr\u003eThe quality by which money passes from hand to hand with little injury enables it to compensate inequalities of supply by the slackened or accelerated speed of its circulation.\u003cbr\u003e\u003cbr\u003eThe rate of circulation serves as an index of the state of supply; and therefore tends, where no restriction exists, to an adjustment of the supply to the demand.\u003cbr\u003e\u003cbr\u003eWhere restriction exists, the rate of circulation indicates the degree of derangement introduced among the elements of exchangeable value, but Las no permanent influence in its rectification.","brand":"Leila's Books","offers":[{"title":"Default Title","offer_id":47157179777264,"sku":"2940012400918","price":2.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/2940012400918_p0.jpg?v=1763568508","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/2940012400918","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}