Ricardo (reply to Bosanquet) says: The value of money in any country is determined by the amount existing. * * * That commodities would rise or fall in price in proportion to the increase or diminution of money, I assume as a fact that is incontrovertible. * * * Ricardo further says: There can exist no depreciation in money but from excess; however debased a coinage may become, it will preserve its mint value; that is to say, it will pass in circulation for the intrinsic value of the bullion which it ought to contain, provided it be not in too great abundance. In this case Ricardo's illustration is the supposed case of a country actually using one million gold pieces each containing 100 grains. He maintains that they would be of the same purchasing power, if the Government took out 1 grain, or even 50 grains, the quantity remaining the same, but that if, from the grains so deducted, an additional number of pieces were struck, a corresponding depreciation would result. William Huskisson ("The Depreciation of the Currency," 1819), says: If the quantity of gold in a country whose currency consists of gold should be increased in any given proportion, the quantity of other articles and the demand for them remaining the same, the value of any given commodity measured in the coin of that country would be increased in the same proportion. Sir James Graham says: The value of money is in the inverse ratio of its quantity; the supply of commodities remaining the same. Torrens, in his work on Political Economy, says: Gold is a commodity governed, as all other commodities are governed, by the law of supply and demand. If the value of all other commodities, in relation to gold, rises and falls as their quantities diminish or increase, the value of gold in relation to commodities must rise and fall as its quantity is diminished or increased. Wolowski says: The sum total of the precious metals is reckoned at 50 milliards, one-half gold and one-half silver. If, by a stroke of the pen, they suppress one of these metals in the monetary service, they double the demand for the other metal, to the ruin of all debtors. Cernuschi says: The purchasing power of money is in direct proportion to the volume of money existing. Prof. Francis A. Walker, in his work on "Money" (page 57), says: The value of money in any country is determined by the amount existing. Its [money's] power of acquisition depends not on its substance, but on its quantity. [Paulus, author of the Pandects, sixth century.] Professor De Colange, in the American Cyclopedia of Commerce, article on "Money," says: The rate at which money exchanges for other things is determined by its quantity. * * *