"It is this universal value which utterly unfits gold for an internal money. Our currency must not be "concerned in foreign commerce," for foreign commerce is barter—manufactured articles in exchange for raw material,—and even if gold enters into the transaction, it is as a commodity, and not as a money, for our mint coinage is not recognised by the foreigner. The very first essential of a money is, that it shall have no value in the eyes of other nations, for its prime object is, that it shall remain at home, to fructify trade, facilitate exchanges, furnish the till and the purse, pay wages and housekeeping expenses, and, finally, to give the subject the wherewithal to pay the taxes the State and the Municipality demand of him."
January 1, 1970