MONEY, CREDIT, CURRENCY
SINCE Webster, as a rule, was not disposed toward the creation of general hypotheses and theories, very little is to be found in his works dealing with the doctrines of value, the "laws" of markets and of supply and demand. With respect to value, he often appeared to incline toward a labor theory in the Ricardian rather than the. Marxian sense. He distinguished between "marketable and intrinsic value"1 and between monopolistic and competitive price, explaining that the latter was determined by the natural forces of supply and demand. In one of his lesser speeches, he advanced a conception of a pure market in which only one price could prevail for the same grade of commodity at the same time, foreshadowing somewhat the Jevonian analysis. Webster's finest contributions to the economics of exchange lay in his profuse verbal expositions on the problems of money, credit, currency, banking, trade and tariff. A study of these extensive commentaries constitutes the subject matter of Part III of this dissertation, which is divided into five chapters; first, money, credit, and currency; second, banking; third, international trade; fourth, tariff views from 1814 to 1828; and fifth, tariff views after 1828.
Money and "credit in some form as its substitute" were held to be the "universal representative" found in every ad-____________________