XIII.: Money alters its value by slow degrees.

43. It is very manifest, that many commodities are subject to considerable variations in their prices, from natural causes; as dearth, plenty, &c. and the prices of others, may be enhanced or debased by artificial methods, by taxing them, or by a change of fashion, &c. But money being universally coveted, and its vent in no wise depending upon fashion; its value, in respect of other things, will be, as before observed, in proportion to the whole quantities of the one and the other in the market; that is, in a reciprocal proportion to the whole quantity of money in circulation. If one commodity be cried down, another will arise in its stead; and people will, according to their means, part with their money for such things, and in such proportion too, as they like best, notwithstanding any laws to the contrary. Buyers and sellers must be left free to make their own bargains; and there are natural causes that regulate the market.

But money is less subject to a sudden rise or fall of its value, than other commodities, and is therefore so far the safest treasure for hoarding; because its value is greatly affected by settled establishments of revenues, rents, stipends, &c. and it must have time also to penetrate throughout the whole community. Yet nevertheless, an increase or decrease of money will operate as surely, though by slower and more insensible degrees, as an increase or decrease of any commodity.