In former chapters, we have seen that the value of a good is determined by the marginal utility which depends on it: in the same way this secondary value will be determined by the marginal utility which depends on the things obtained in exchange for the good. This being so, the _amount_ of this exchange value will depend on two things: (1) on the objective value, or price, of the goods—which determines what or how many things can be got for them: (2) on the existing state of the owner’s want and provision—which determines what place the satisfactions, obtainable from the goods got in exchange, have in his scale of living. For instance: the use to me of the one riding horse which I can just afford may be quite definite, as giving me a pleasant form of exercise. But its subjective _exchange_ value depends (1) on the sum of money I could get for him, and (2) what part this sum of money plays in my scale of living. And here we come in sight of the decisive distinction between subjective and objective exchange value. The objective exchange value of the horse is the same to every one; the subjective exchange value varies from person to person according to the previous state of his wants and resources. An article in a poor man’s house which he can, in case of need, sell for 20/ has a very different importance to him from what a similar article has to a rich man—20/ is a large part of a £50 wage, but a very small proportion of a £1000 income. The necessity of drawing this distinction lies in the fact that Money has _no_ subjective value other than its exchange value. As the tool of exchange the only use to which we can put it is to part with it. It is one of the virtues of a good money that it is never “used,” say, as a metal, but passes from hand to hand without question in satisfaction of debt. And yet, as a pound note in a man’s pocket is the temporary form of so much bread, meat, lodging, clothes, etc., it is clear that the pound note to the working man has just the marginal utility which these things have. To use Wieser’s terse expression: The exchange value of money is the anticipated use value of the things it buys. CHAPTER IX FROM SUBJECTIVE TO OBJECTIVE VALUE