Lecture I

These things are very difficult, and one must make very complicated national economic assumptions - which I naturally do not presuppose with you - if one wants to prove them scientifically; but they can be proved quite scientifically. But I would rather give you a concrete example of what I mean. You see, I once got to know a strange kind of money myself - I think I have already spoken of it here once. This strange kind of money consisted in Goethe letters and Goethe manuscripts. I got to know a gentleman, no, several, who were actually quite clever as financiers. They began to buy Goethe letters and Goethe manuscripts cheaply in the fifties, sixties, seventies and eighties. You didn't have to pay much for them then. Now they had them. Now came the time when everything had already been bought up, when due to circumstances, the description of which would lead too far, Goethe letters and Goethe manuscripts acquired a great value. These letters and manuscripts were sold. That was a strange money, the value of which increased considerably in about thirty to forty years. I was assured even by one of the gentlemen who did that, that no stock exchange papers have fructified so, for a time, as Goethe letters. They were the best paper, and they had actually taken on a money character. One got a great deal for them. Now think what that depended on. It depended on the fact that constellations had occurred that were completely independent of the first coming into being. It's not true that when Goethe wrote his letters, these letters were perhaps worth a great deal to the recipient. Nobody bought them. They were not money at that time. You couldn't buy bread for them. Mr. von Loeper, who bought Goethe letters in the fifties, could buy a lot of bread in 1895 for these Goethe letters. They were like good money. The way in which ordinary money stands inside in the economic organism is also not different than this standing inside was with the Goethe letters. The value of these pieces of paper, on which Goethe's letters were written, was based on a social process, on a social process, on what had happened in connection with Goethe's personality from the fifties to the nineties. One has to know the social organism well if one wants to judge these strange processes, where something that at a certain time does not need to be worth anything special in the economic process becomes valuable.