coin would depreciate and drop out of circulation. Nothing--not the precious metals, not diamonds of the first water, not radium, not the bills of the best bank, not greenbacks, not treasury notes can maintain themselves as money if the government will not receive it. This is the first half of the subject. Calhoun adds the other by showing that whatever the government makes money, its volume can always be kept of the proper quantity,--which proper quantity varies with the needs of commerce,--so as to avoid the too much or too little. His illustration from the treasury notes of North Carolina, which could not be a legal tender under the federal constitution, but which circulated briskly and buoyantly and stayed at par for many years, because they were received without discount by the State, and also because their volume was kept within bounds, will yet greatly help the cause of honest money. In the achievement just told Calhoun not only excelled the economists of his day, but he is yet in advance of all of the present except Del Mar,[52]--the only economist who has excelled Ricardo in divining the essence of money. These two alone explain clearly and fully why it is that bankers keep such tenacious grip upon the money function of government--they thereby so shape its practice that their wares shall be money, with all the incidents of profit therefrom, and no others shall. Del Mar never quotes him; and I almost know he has never studied his views upon this subject. America will yet have a "rational money," a term which Prof. Frank Parsons has happily chosen as the name of his invaluable book.[53] To win it she must fight many battles with the money power. When this war of the people is waging by the people for the people, the doctrine of Calhoun will be the banner of the right. After the sordid money oligarchy is overthrown and the United States is blessed with a people's money, that benign deliverance will add prodigiously to the fame of Calhoun. My space does not admit of telling you how deeply Calhoun loathed the spoils system. That must be borne in mind, and taken into account in any true estimate of him as a statesman.