The demand for money is equivalent to the sum of the demands for all
other things whatsoever, for it is through a demand first made on money
that all the wants of man are satisfied. The demand for money is
instant, constant, and unceasing and is always at a maximum. If any man
wants a pair of shoes, or a suit of clothes, he does not make his demand
first on the shoemaker, or clothier. No man except a beggar makes a
demand directly for food, clothes, or any other article. Whether it be
to obtain clothing, food, or shelter--whether the simplest necessity or
the greatest luxury of life--it is on money that the demand is first
made. As this rule operates throughout the entire range of commodities
it is manifest that the demand for money equals at least the united
demands for all other things.
While population remains stationary, the demand for money will remain
the same. As the demand for one article becomes less, the demand for
some other which shall take its place becomes greater. The demand for
money therefore must ever be as pressing and urgent as the needs of man
are varied, incessant, and importunate.