Excerpt from The Fundamental Problem in Monetary Science
In monetary science, at the present stage of its development, the fundamental problem is to determine what is in good money the quality that constitutes its goodness. Monetary problems do not stop at the physical qualities of the material of which money is made: as whether it should be light or heavy, yellow, white, or red, or whether it should be divisible, cognizable, and generally acceptable. These are questions which belong rather to the more elementary consideration of convenient and sound currency. Good money has its foundation laid much deeper, and the determination of its nature has the most wide-reaching influence. Money is used as a measure of value not only at the same time and place, but continuously through the course of time. It is also a store of value over short or long periods, being so used not only by those who keep or hoard it, but by those who part with it v, on terms of future restitution. The primary quality in good money has therefore been almost universally; recognized to be stability of value.
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