ified; and we
are in danger of adopting all the false measures which you took when I
made you an absolute king. We should go still further. Just as in money
we see the sign of wealth, we see also in paper money the sign of money;
and thence conclude that there is a very easy and simple method of
procuring for everybody the pleasures of fortune.

B. But you will not go so far as to dispute that cash is the _measure_
of values?

F. Yes, certainly, I do go as far as that, for
that is precisely where the illusion lies. It has become customary to
refer the value of everything to that of cash. It is said, this is
_worth_ five, ten, or twenty francs, as we say this _weighs_ five, ten,
or twenty grains; this _measures_ five, ten, or twenty yards; this
ground _contains_ five, ten, or twenty acres; and hence it has been
concluded, that cash is the _measure_ of _values_.

B. Well, it appears as if it was so.

F. Yes, it appears so, and it is this I complain of, and not of the
reality. A measure of length, size, surface, is a quantity agreed upon,
and unchangeable. It is not so with the value of gold and silver. This
varies as much as that of corn, wine, cloth, or labour, and from the
same causes, for it has the same source and obeys the same laws. Gold is
brought within our reach, just like iron, by the labour of miners, the
advances of capitalists, and the combination of merchants and seamen. It
costs more or less, according to the expense of its production,
according to whether there is much or little in the market, and whether
it is much or little in request; in a word, it undergoes the
fluctuations of all other human productions. But one circumstance is
singular, and gives rise to many mistakes. When the value of cash
varies, the variation is attributed by language to the other productions
for which it is exchanged. Thus, let us suppose that all the
circumstances relative to gold remain the same, and that the corn
harvest has failed. The price of corn will rise. It will be said, "The
quarter of corn, which was worth twenty francs, is now worth thirty;"
and this will be correct, for it is the value of the corn which has
varied, and language agrees with the fact. But let us reverse the
supposition: let us suppose that all the circumstances relative to corn
remain the same, and that half of all the gold in existence is swallowed
up; this time it is the price of gold which will rise. It would seem
that we ought to say,--"This