In dealing with this question the economists, following their usual course, have rushed beyond the limits of their science; they have appealed to physics, to mechanics, to history, etc.; they have talked of all things, but have given no answer. The precious metals, they have said, by their scarcity, density, and incorruptibility, are fitted to serve as money in, a degree unapproached by other kinds of merchandise. In short, the economists, instead of replying to the economic question put to them, have set themselves to the examination of a question of art. They have laid great stress on the mechanical adaptation of gold and silver for the purpose of money; but not one of them has seen or understood the economic reason which gave to the precious metals the privilege they now enjoy. Now, the point that no one has noticed is that, of all the various articles of merchandise, gold and silver were the first whose value was determined. In the patriarchal period, gold and silver still were bought and sold in ingots, but already with a visible tendency to superiority and with a marked preference. Gradually sovereigns took possession of them and stamped them with their seal; and from this royal consecration was born money,--that is, the commodity par excellence; that which, notwithstanding all commercial shocks, maintains a determined proportional value, and is accepted in payment for all things. That which distinguishes specie, in fact, is not the durability of the metal, which is less than that of steel, nor its utility, which is much below that of wheat, iron, coal, and numerous other substances, regarded as almost vile when compared with gold; neither is it its scarcity or density, for in both these respects it might be replaced, either by labor spent upon other materials, or, as at present, by bank notes representing vast amounts of iron or copper. The distinctive feature of gold and silver, I repeat, is the fact that, owing to their metallic properties, the difficulties of their production, and, above all, the intervention of public authority, their value as merchandise was fixed and authenticated at an early date. I say then that the value of gold and silver, especially of the part that is made into money, although perhaps it has not yet been calculated accurately, is no longer arbitrary; I add that it is no longer susceptible of depreciation, like other values, although it may vary continually nevertheless. All the logic and erudition that has been expended to prove, by the example of gold and silver, that value is essentially indeterminable, is a mass of paralogisms, arising from a false idea of the question, ab ignorantia elenchi.