...principles of Monetary Science. And when he says, that " money cannot, of itself, perform any paj t of the office of capital, since it can afford no assistance...of contributing to production in the same degree." It is just paving the way for the admission of the doctrines of Law, that a paper currency may be based...

...wholly unused to reflect on the subject, is supposed to be synonymous with money. * * * Money is no more synonymous with capital than it is with wealth....itself perform any part of the office of capital. Capital is precisely that part of a person's possession, whatever it be, which he designs to employ...

...this misapprehension, would be to repeat what has been said in the introductory chapter. Money is no more synonymous with capital than it is with wealth....things, is capable of contributing to production in the eame degree. What capital does for production, is to afford the shelter, protection, tools and materials...

...supposition only cherished by " persons wholly unused to reflect on the subject." He adds : — " Money is no more synonymous with capital than it is with wealth....since it can afford no assistance to production." These are startling assertions. That money can afford no assistance to production is, we cannot help...

...this misapprehension, would be to repeat what has been said in the introductory chapter. Money is no more synonymous with capital than it is with wealth....of contributing to production in the same degree." Now, deferring for the present enquiring what the meaning of production is, we see that Mr. Mill says...

...that Smith enumerates exchange, or purchase, as one species of production. Now Mr. Mill says * — " anything which is susceptible of being exchanged for...capable of contributing to production in the same degree " as money, and also ' — " bank notes, bills of exchange and cheques circulate as money, and perform...

...according to the interpretation which it may legitimately bear. He states that money in itself cannot perform any part of the office of capital, since it can afford no assistance to production ; that to do this, it must be exchanged for other things; and that anything which is susceptible of...

...this misapprehension would be to repeat what has been said in the introductory chapter. Money is no more synonymous with capital than it is with wealth....since it can afford no assistance to production.' He himself substantially contradicts this in other parts of the work ; but place beside the foregoing...

..."anything which has purchasing power." Again, in observing that money is not the whole of capital, he says, "Anything which is susceptible of being exchanged...of contributing to production in the same degree." Therefore, without inquiring into the meaning of production, Mill says that if bank notes can be exchanged...

...once that Smith enumerates exchange, or imrcJiase, as one species of production. Now Mill says2 — "anything which is susceptible of being exchanged...capable of contributing to production in the same degree " as money, and also3 — "bank notes, bills of exchange, and cheques circulate as money, and perform...