By Frederick Engels Karl Marx
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Extra info for Collected Works, Vol. 28: Marx: 1857-1861
And even this tautology, which Dad� � � It to demonstrate with his table, is not directly expressf h el�u\�"IOn shows rather that: from 1 2 April to 1 3 September 1 855 t Il. ut 144 million [francs]iII�0� . a �e commerCIal pap(rs Its portfoho rose by about 1 0 1 mr43 ml'ITIOn . 1e commercial papers discounted . The movement the two movements founders on this total result of the over five montill. als other A more precise comparison of the figures rev discrepancies . 25 � � � - - . � '. � : 't. � / .
If the amount of the BILLS presented for DISCOUNT were identical with the "requirements of circulation", strictly speaking of money circulation, the circulation of notes [its volume] would be determined by the amount of the bills of exchange discounted. But these movements, so far from being on average proportional to each other, often bear an inverse relationship. The amount of the bills of exchange discounted and its fluctuations express the requirements of credit, while the amount of money in circulation depends on quite different factors.
This is the case with any orgamc entity . [ M- 1 3] (c) Lastly, Exchange and Circulation Circulation itself is only a definite moment of exchange, or it is also exchange regarded in its totality. Since exchange is only a mediating moment linking production and distribution (which is determined by production) with consumption; since consumption moreover itself appears as a moment of production, exchange is obviously also comprised in production as one of its moments. Firstly, it is clear that the exchange of activities and capacities which takes.