ABSTRACT
Gold is a material and a ware; gold, at the same time, is money: the thing that buys and the thing that is bought is one. The money reform theory is built up oil the assumption that the currency is governed by the flow of money, not by the flow of goods; it will not admit that it might be practical also to make use of production in controlling the forces of price formation, Now money itself should really be considered as a ware. An enhancement of the value of money, and so of the gold serving as money, is brought about by the supply of goods growing in excess of the supply of money: either owing to over-production or underconsumption. All the gold of all the world is always ready to come to the rescue of the currency of the last and smallest country that adopts the interest standard of currency.
