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It is known that Lowe was forced to abandon this method during
ReplyDeletehis French Scam and to ensure that pledged money trading
company. The failure of the enterprise in no way undermined the theory of money
as collateral, which made this enterprise possible, but which
equally responsible for the possibility of any interpretation of the money
even opposite conceptions of law. And when in 1726
set the stable metallic monetary system,
a Deposit is requested at the very substance of money. Commodity price
metal, which is represented by money, provides the ability
money to exchange. Turgot criticized Lowe for what he believed
"money is only a sign of wealth, the credibility of which
based on the seal of the Emperor. This seal serves here only for
in order to certify the weight and fineness of money. Therefore, in
the quality of the goods the money is not familiar, but the General measure of other
goods... the Price of gold gives him uncommon and not a bad thing,
it was used at the same time and as a product and as
measure -- both of these use support it the price of"<$FT u r g
o. Seconde lettre a l abbe de Cice, 1749 (CEuvres, ed. Schelle,
t. I< p. 146--147).>. Lowe, along with his supporters not
confronts his lifetime as a genius -- or careless --
predecessor of paper money. Like his opponents, he
defines money as a pledge. However, he believes that they will
better off (both more fully and more consistently)
extraneous to the substance of the money commodity; it
opponents, however, believe that they will be better secured
(more reliable and less subject to speculation) metal
representing the material reality of money.
The discrepancy Lowe with his critics concerns only the distance between
things given and what is taken on bail. In one case
the money freed themselves from all commodity-value,
but provided external costs are those "through
what is" exchange of goods<$FL a w. Considerations sur le
numeraire, p. 472 et seq.>, in the other case money, carrying in themselves
itself price are that "by which", and that "for what"
exchange of wealth. But in one and in another case
money allows you to set the price of things thanks to a certain
relative proportion between the resources and a certain capacity
to get them to turn.