Ever since Adam Smith fell into my hands in early manhood I have had a strong predilection for political economy. My conviction during the brothers' war that proper management of the currency of the confederacy was indispensable to the success of our cause initiated me into an earnest study of the science of money. And later intense interest in the greenback question, and afterwards the silver question, added to the impetus. The longer I observed the more plainly I saw a few private persons controlling the coinage, the greenbacks, and the national bank currency of purpose to monopolize government credit, and also fix the interest rate and the price level, at any particular time, as suited their selfish interests. The remedy became clear,--government must retake and fulfil all its money functions. Especially must it keep the country supplied with a volume of money which never becomes either redundant or contracted. How to do this properly brought up the question, What is money? What is it that makes a sheep, or cow, or coin, or piece of paper, money? For the true answer to this question is the very beginning and foundation of all monetary science. I took up Ricardo again, who, with a solitary exception mentioned a little farther on, had, from the time I turned into him during my study of the confederate currency, of all the economists by profession, showed to me the best understanding of the real nature of money; and of course John Stuart Mill, Jevons, Carl Marx, and others of less note, were examined. The result confirmed Ricardo in his primacy; although I felt that the true nature of money was assumed--rather vaguely--by him, and not clearly expressed as it ought to be. I believed myself familiar with all the important work of Calhoun. Somehow I had overlooked his contributions to this subject. A few brief quotations from the more unimportant of these I found in certain American books, which made me read the pertinent speeches.[51] It was a most inexpressible surprise to me to find that he had perfected Ricardo. Briefly stated, this is the true doctrine according to Calhoun. It is not legal-tender laws, nor is it intrinsic value, which makes even gold go as money. Well, what is it? Calhoun was not the first to answer it, for others had given the true answer; but they ran away from it as soon as they made it. He divined the full satisfactoriness of the true answer, which he demonstrated to be true by a method as nearly mathematical as the case admits of. And he lightens up what was dark before by showing that that is money, and good money, whatever it may be,--gold, silver, paper, property, what not,--which the government receives in payment of its dues. The practice of the government,--not laws, nor the market value of different materials of money,--this is the great thing. If the United States should refuse to receive gold for its dues, that would so greatly lessen the demand for gold as money that the