39. All merchandize has the two essential properties of money, to measure and to represent all value: and in this sense

These two properties of serving as a common measure of all value, and of being a representative pledge of all other commodities of equal value, comprehend all that constitute the essence and use of what is called money; and it follows from the details which I have just now given, that all merchandize is, in some respect, money; and participates more or less, according to its particular nature, of these two essential properties. All is more or less proper to serve as a common measure, in proportion as it is more or less in general use, of a more similar quality, and more easy to be divided into aliquot parts. All is more or less applicable for the purpose of a general pledge of exchange, in proportion as it is less susceptible of decay or alteration in quantity or quality.