A constantly increasing trade between the nations of the earth has made a common standard of value more and more important, while the ever-increasing refinement in the exchange of commodities among the peoples of the earth has made a single standard absolutely essential. Experience has wrought the change, and now the entire commercial world has gold as its standard of value. It is interesting to observe how gold because of its peculiar fitness, as compared with any other commodity, was finally selected and adopted as the world's standard of value. If we were to study for months for the purpose of ascertaining what the characteristics of the world's standard of value should be, we would define the characteristics of gold as particularly distinguished from any other metal or thing. _First_: Gold has by far a greater stability of value than any other substance. It is very doubtful whether there is a perceptible change, at least any such change of value, as could be agreed upon. It is so small. _Second_: Gold has portability, or the facility of transportation from one part of the country to the other, or from one nation to the other, that makes it desirable as compared with any other metal, that is to be thought of for a standard of value. For example, the same value in silver weighs thirty times as much. _Third_: The divisibility of gold at the mint into convenient pieces for trade and commerce is all that can be desired. _Fourth_: It has, practically speaking, perfect durability. It will not corrode, or waste away, except by wear, and waste by wear is now largely obviated by the use of some representative, such as our gold certificate. _Fifth_: Gold possesses homogeneity or perfect uniformity of structure and material. _Sixth_: Gold possesses cognizability, or can be readily known or recognized. It was undoubtedly all these inherent qualities, these prerequisites that led to those legislative enactments which have during the last hundred years singled out this yellow metal as the most fit arbiter of the world's trade. The first legislative act that seemed to lead to this ultimate decision of the world was passed by the House of Commons in 1774, but not until 1816 was the law passed that definitely settled the question of the standard of value for Great Britain. The very same law passed in that year, now nearly one hundred years ago, remains in force to this day.