Labour, productive and unproductive, 14; three kinds of, as factors in making for the value of a commodity, 15; labour not a standard of value, 18. Laughlin, Prof. J. L., quoted, 46. Medium of exchange, the, 164. Mexican exchange, 120. Mill, John Stuart, quoted, 6, 14, 18, 31, 36, 76. Money loaners, 103, 200. Money, definition of, 21; F. A. Walker's comprehensive definition, _ib._; paper money and coin, 22 _sqq._; functions and requirements of, 25; money as 'a medium of exchange,' 'a measure of value,' and 'a standard of deferred payments,' _ib._; Professor Walker's substitution for the term 'measure of value,' 'common denominator of value,' 26; money as 'a store of value,' _ib._; qualities necessary to a money material, 27; invariable value, 28; fluctuations in money value, 30; J. S. Mill on the purchasing power of money, 32; the _Encyclopædia Britannica_ quoted, 35; money demand and supply, 36; money actual and money in forms of credit, 38; an invariable money value, 40; a change of money value, a robbery, 42; F. A. Walker, on decreasing money value, 44; a flexible or elastic currency, need of, 45; money in all countries a creature of the law, 53. Money in the United States, 125; greenbacks, national bank-notes, silver and gold certificates, treasury notes, currency certificates, 126; gold coin, silver coin, 128; national bank-notes wrong in principle, 129; no means to-day of meeting either the increasing demand for money expanding population and commerce bring, or the sudden demand that a failure of credit may bring, 133; results, _ib._; some proposed changes in our monetary system, 137; free coinage of silver, 138; erroneous views confuted, 139; 'greenback' or fiat money proposals, 146; increase of the issue of national bank-notes a mere makeshift, 147; divorce of our money from that of other countries only mode of controlling it and making it honest, 150; a new monetary system, 151; standard of value, 158; medium of exchange, 164; the national banks as a distributing agency, 167; complete control of the money volume, 177; merits of plan considered, 181; an invariable standard of value, _ib._; a cheap, convenient, and elastic medium of exchange, _ib._; prevention of panics, _ib._; repression of excessive speculation and its reaction, 183, 184; plan wholly American, 186; objections answered, 187; conclusion, 196. Money system, our, some proposed changes in, 137. Money value, 29. Monetary systems, existing, 51; the gold standard, 54; Gresham's law, 57; the silver standard, 65; bi-metallism, 67; paper money, 71; J. S. Mill on inconvertible paper, 76. New monetary system, a, 151-180.