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Page § 4. The law of values which holds between two countries and two commodities, holds of any greater number132 5. Effect of improvements in production on international values136 6. The preceding theory not complete140 7. International values depend not solely on the quantities demanded, but also on the means of production available in each country for the supply of foreign markets142 8. The practical result little affected by this additional element147 9. The cost to a country of its imports, on what circumstances dependent150 Chapter XIX. Of Money, considered as an Imported Commodity. § 1. Money imported in two modes; as a commodity, and as a medium of exchange154 2. As a commodity, it obeys the same laws of value as other imported commodities155 3. Its value does not depend exclusively on its cost of production at the mines158 Chapter XX. Of the Foreign Exchanges. § 1. Purposes for which money passes from country to country as a medium of exchange160 2. Mode of adjusting international payments through the exchanges160 3. Distinction between variations in the exchanges which are self-adjusting, and those which can only be rectified through prices166 Chapter XXI. Of the Distribution of the Precious Metals through the Commercial World. § 1. The substitution of money for barter makes no difference in exports and imports, nor in the law of international values169 2. The preceding theorem further illustrated173 3. The precious metals, as money, are of the same value, and distribute themselves according to the same law, with the precious metals as a commodity177 4. International payments of a non-commercial character179
