as they have in some other actions indicative of advance,--that
they will erelong understand the impropriety of attempting to measure
value by means of merchandise, that is, by a means that is subject to
variations of quantity,--a conclusion that may not appear obvious in
this aspect, but it will be readily understood that in commerce a
variable measure is absurd in theory and intolerable in practice. Yet
this is precisely parallel with using gold, or any other article of
merchandise, as a measure of value.

The elements of currency are value, a commercial relation derived from
persons, and quantity, a property of things derived heretofore from the
precious metals or their representatives. But this quantity is
inconstant, and to use an inconstant quantity as a measure, is absurd.
The quantity of the currency may, however, be rendered constant, both
positively and relatively, by deriving it wholly from persons,--that is,
by giving it an invariable quantitative relation to the population: a
rule that is both simple and easy of practice, because value is already
nominated and numerated, and the population is already sufficiently well
known. The divisions of the currency should be the simplest possible,
that is, binary, and the definitions of the parts should be as simple as
those of coins.

With regard to the legal-tender currency, so called, it serves well for
temporary use,--much better, indeed, than any of its predecessors; and
as long as its promises are ignored, and as long as its quantity is not
increased faster than the increase of the population, it is practically
a value-currency, resting on its own inherent right of use, with the
exception of the limitation defined by the law of legal tender.

One of the duties of the National Government is to supply the people
with a currency. That this is to be used is sufficiently obvious; and
that, being intended for use, and authorized by law, it has the right of
use, is equally obvious; there is, therefore, little need of a law of
legal tender to give it that right. Accordingly, however affirmative
such laws may be in form, their intention is not so much to bestow as to
withhold.

That the currencies of the world have great defects is so well known
that the statement of the fact would be superfluous, except as
introductory to an attempt to ascertain the nature of those defects, and
to propose an adequate remedy,--an attempt suggested by the rapidity
with which the peopl