remains in the country. It is ready at hand for all enterprises. It does not take part in that equalization of precious metal with other states which immediately produces importation of foreign goods and the outflow of money, if there is a superfluity of money and consequent rise of prices. Consequently, if the circulating power of currency is limited to the country of issue, the circulating medium becomes an inner bond of unity for that country, and a means by which it maintains its social form, since it shuts the country off from the great competition of the world’s markets. A country that is industrially strong and equal to any competitive enterprise would not need this means. It would rather be sure that it would increase the strength of its essential form in the variability of exchange, and in the developments of reciprocal dependence.
Georg Simmel.
- University of Berlin.
(To be continued.)
