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An ounce of gold, which to-day buys thirty ounces of silver, was once bartered for sixteen ounces. All the antecedents that determine the ratio of exchange in an actual instance are never ascertained. In many actual instances, however, there have been disclosed features common to them. But the aspects, common or individual, are operative mainly as they determine the states of mind of the two parties to a transaction. In other words, psychical elements are involved; and the business man succeeds or fails in part by reason of his greater or less knowledge of psychical facts and principles. These facts and principles are not those ultimate facts and principles which are discerned by a few gifted and devoted students; for those profounder truths are as little likely as the doctrines of the Calculus of Variations to become the possession of many minds.
(Typographical errors above are due to OCR software and don't occur in the book.)
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