As a matter of fact, the property kept pace with what we were pleased to call our money. As the money depreciated, property appreciated; as the money appreciated, property depreciated. The moment property began to fall speculation ceased. There is but little speculation upon a falling market. The stocks and bonds, based simply upon ideas, became worthless, the collaterals became dust and ashes. At the close of the war, when the Government ceased to be such a vast purchaser and consumer, many of the factories had to stop. When the crash came the men stopped digging ore; they stopped felling the forest; the fires died out in the furnaces; the men who had stood in the glare of the forge were in the gloom of want. There was no employment for them. The employer could not sell his product; business stood still, and then came what we call the hard times. Our wealth was a delusion and illusion, and we simply came back to reality. Too many men were doing nothing, too many men were traders, brokers, speculators. There were not enough producers of the things needed; there were too many producers of the things no one wished. There needed to be a re-distribution of men. Many remedies have been proposed, and chief among these is the remedy of fiat money. Probably no subject in the world is less generally understood than that of money. So many false definitions have been given, so many strange, conflicting theories have been advanced, that it is not at all surprising that men have come to imagine that money is something that can be created by law. The definitions given by the hard-money men themselves have been used as arguments by those who believe in the power of Congress to create wealth. We are told that gold is an instrumentality or a device to facilitate exchanges. We are told that gold is a measure of value. Let us examine these definitions. "_Gold is an instrumentality or device to facilitate exchanges._" That sounds well, but I do not believe it. Gold and silver are commodities. They are the products of labor. They are not instrumentalities; they are not devices to facilitate exchanges; they are the things exchanged for something else; and other things are exchanged for them. The only device about it to facilitate exchanges is the coining of these metals. Whenever the Government or any government certifies that in a certain piece of gold or silver there are a certain number of grains of a certain fineness, then he who gives it knows that he is not giving too much, and he who receives, that he is receiving enough, so that I will change the definition to this: The _coining_ of the precious metals is a device to facilitate exchanges. The precious metals themselves are property; they are merchandise; they are commodities, and whenever one commodity is exchanged for another it is barter, and gold is the last refinement of barter. The second definition is: "_Gold is the measure of value_."