at the natural valuation determined for it by the general demand and supply of gold and silver throughout the whole world. The bills of Mutual Banks act merely as a medium of exchange: they do not and cannot pretend to be measures or standards of value. The medium of exchange is one thing; the measure of value is another; and the standard of value still another. The dollar is the measure of value. Silver and gold, at a certain degree of fineness, are the standard of value. The bill of a Mutual Bank is a bill of exchange, drawn by all the members of the mutual banking company upon themselves, indorsed and accepted by themselves, payable at sight, but only in services and products. The members of theConsidered from this point of view, the price of commodities is regulated, not. in the labor expended in their production, but by the distress and want of the laboring class. There is no device of the political economists so infernal as the one which ranks labor as a commodity, varying in value according to supply and demand. Neither is there any device so unphilosophical; since the ratio of the supply of labor to the demand for it is unvarying: for every producer is also a consumer, and rightfully, to the precise extent of the amount of his products; the laborer who saves up his wages being, so far as society is concerned, and in the long run, a consumer of those wages. The supply and demand for labor