“I have given you a brief explanation of our money system before I pointed out any defects in _your_ system, or, before comparing it with yours. I have adopted this mode of procedure all through my explanations for the reason that the masses of your people, or, at least, those who have but a narrow mental view, always accuse a person who points out some defects of their institutions as being a destructionist. They say he tears down, but does not build up; he is considered _de_structive but not _con_structive. For this reason, as well as for the fact of following the natural method of instruction, I have first built up, constructed what I believe to be an immeasurably more just and simple monetary system than yours is. In contemplating a system of money, or medium of exchange, let us always keep in mind that money, as such, is not wealth; but that its only function, its only usefulness is to facilitate commerce and trade. Now let us compare our money with your money. Let us put aside as much as possible of our prejudice while we are making this comparison. First, then, let us enumerate the several features that a _just_ and _convenient_ medium of exchange (money) must possess, and upon what basis such a system of money must rest. “1. It must be made out of the cheapest, most convenient and durable material. “2. It must afford the greatest security to the taker. “3. It must eliminate all credit from trade and commerce. “4. It must maintain the most unvarying uniformity in its purchasing power. “5. It must least be obtainable by any other means than by productive labor and by voluntary gift. “6. In volume, it must be always practically equal to the value of the negotiable wealth which it represents, and must increase and diminish in the same ratio as the wealth does. “7. It must not admit of being monopolized so as to make the drawing of interest possible. “8. It must be least liable of being counterfeited. “9. It must give the person who possesses a large quantity of it, no advantage or special privileges over him who has less of it. “10. The money must be such that the _payee_ (the person to whom money is to be paid) may _accept_ or refuse the _money_, instead of the _actual wealth_ which the money represents. “11. It must, in its circulation, preserve a financial equilibrium with other parts of the world, and in proper quantities must naturally return to its place of redemption. “12. It must be most directly issued to the individual--man, woman, and child--who performs the productive labor which produced the wealth which the money represents.