Lecture I

There you have a circulation of capital. There you have the transfer to another individuality. Whoever does not consider himself capable of transferring his capital to another individuality, transfers it to a corporation of the spiritual organization, which may not use it itself, which in turn will transfer it to an individual or to a group of people, to an association. There you bring everything that is produced by the means of production into the social flow, into a real social circulation. That which circulates in this way in the social organism, which is in a perpetual circulation, has a permanent value, even though it is always changing. But it has a permanent value because what is worn out must be replaced again. If you read in national economic books today why gold is so well suited for money, you will find all kinds of beautiful properties of gold; first, that it is popular with all people, second, that it is durable, does not wear out, does not oxidize, and so on. All these beautiful properties have this ideal good, which circulates as a means of production. The future cover for the money notes will be, if in the economic organism, not in the state organism the money is created, the money is administered, will circulate, the cover will be the capital goods not accumulating in the private property, it will be the means of production, which can be really fructified in the economic process.