If the commodities MP and L, into which M is transformed to perform
 its function of money-capital, of capital-value destined to be retransformed
 into productive capital — if those commodities are to be bought or paid
 for on different terms, so that M — C represents a series of purchases
 and payments, then a part of M performs the act M — C, while another part
 persists in the form of money and does not serve to perform simultaneous
 or successive acts of M — C until such time as the conditions of this process
 itself may determine. This part is only temporarily withheld from circulation,
 in order to go into action, perform its function, in due time. This storing
 of it is then in its turn a function determined by its circulation and
 intended for circulation. Its existence as a fund for purchase and payment,
 the suspension of its movement, the interrupted state of its circulation,
 will then constitute a state in which money exercises one of its functions
 as money-capital. As money-capital; for in this case the money temporarily
 remaining at rest is itself a part of money-capital M (of M' minus m, equal
 to M), of that portion of the value of commodity-capital which is equal
 to P, to that value of productive capital from which the circuit starts.
 On the other hand all money withdrawn from circulation has the form of
 a hoard. Money in the form of a hoard therefore becomes here a function
 of money-capital, just as in M — C the function of money as a means of
 purchase or payment becomes a function of money-capital. This is so because
 capital-value exists here in the form of money, because the money state
 here is a state in which industrial capital finds itself at one of its
 stages and which is prescribed by the interconnections within the circuit.
 At the same time it is here proved true once more that money-capital within
 the circuit of industrial capital performs no other functions than those
 of money and that these money-functions assume the significance of capital-functions
 only by virtue of their interconnections with the other stages of this
 circuit.