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