Neither a state nor a bank ever have had unrestricted power of issuing paper money without abusing that power.

Gold, on the contrary, though of little use compared with air or water, will exchange for a great quantity of other goods.

Possessing utility, commodities derive their exchangeable value from two sources: from their scarcity, and from the quantity of labour required to obtain them.

In the same manner if any nation wasted part of its wealth, or lost part of its trade, it could not retain the same quantity of circulating medium which it before possessed.

There is no way of keeping profits up but by keeping wages down.

It has therefore been justly observed that however honestly the coin of a country may conform to its standard, money made of gold and silver is still liable to fluctuations in value, not only to accidental, and temporary, but to permanent and natural variations, in the same manner as other commodities.

The demand for money is regulated entirely by its value, and its value by its quantity.