It is possible, however, to frame a hypothetical case in which, barring temporary emergencies, the money-use will add nothing to the value of money, and in which the whole value of money will come from the value of the commodity chosen as the standard of values. Assume that the standard of value is defined as a dollar, which is further defined as 23.22 grains of pure gold. Assume, however, that no gold is coined. Let the circulating money be made of paper. Let this paper be redeemable, not in gold, but in silver, at the market ratio, on the day of redemption, of silver to gold. This will mean that varying quantities of silver will be given by the redeeming agencies for paper, but always just that amount required to procure 23.22 grains of gold. Let us assume, further, that the government issues paper money freely on receipt of the same amount of silver. Assume, further, that the government bears the charges which the friction of such a system would entail, by opening numerous centres of issue and redemption, by providing insurance against fluctuations in the ratio of silver to gold for a reasonable time before issue and after redemption, meeting transportation charges, brokerage fees, etc. In such a case, the standard of value would not be used as money at all. It would have no greater value than it would if it were not the standard of value--abstracting from the fact that in the one case it might be used in its uncoined form as a substitute for money more freely than in the other. In any case, it would form no part of the quantity of money. Its whole value would come from its commodity significance. The value of the paper money, however, would be tied absolutely to the value of gold. As gold rose in value, the paper money would rise in value, and vice versa. The quantity of money would be absolutely irrelevant as affecting its value. The quantity of silver would be likewise irrelevant. The causation as between quantity of money and value of money would be exactly the reverse of that asserted by the quantity theory. A high value of money would mean lower prices. With lower prices, less money would be needed to carry on the business of the country. Paper would then be superabundant. But in that case, paper would rapidly be sent in for redemption, and the quantity of money would be reduced.[128] The value of money would control the quantity of money. The standard of value, which was not the medium of exchange, would control the value of money, and so the level of prices, in so far as the level of prices is controlled from the money side.