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Modern Economic Problems - Economics Volume II by Frank Albert Fetter
page 52 of 580 (08%)
money by some writers that deny the title of money to everything else.

§ 2. #Alternative uses of the money-good.# Let us consider the
problem of money-value as it would present itself if only one kind of
commodity money were in use. This doubtless was in large measure,
if not entirely, the case for a time in early societies after one
material had proved itself to be the best suited for the purpose. The
history of many kinds of money may, we have seen, be traced back to
a point where they were not money, but commodities with a direct
value-in-use. Such were ornaments, shells, furs, feathers, salt,
cattle, fish, game, and tobacco. Each of these materials has, in each
situation, a value which is the reflection of its power to appeal
to choice. Now, if to the commodity-use is added the money-use, this
increases the demand for that good. No new theory is required to
explain the value of a commodity as it gradually acquires the added
use of a medium of trade. The money use is one that works no physical
or visible change in goods except a slight unavoidable abrasion, and
at any time a person receiving a piece of commodity money may retain
it for its use-value, as food, ornament, tool, or weapon, or may
retain it for a time and then spend it as money. This case of value is
no more difficult than that of anything else having two or more uses.
For example, cattle are used for milk, for meat, and as beasts of
burden. Each of these uses is logically independent as a cause
of value, yet all are mutually related, the value of cattle to a
particular person being determined by the consideration of all the
uses united into one scale of varying gratification.

§ 3. #Money as a valuable tool.# Money is often, by a figure of
speech, called a tool. A tool is a piece of material taken into the
hand to apply force to other things, to shape them or move them.
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