Lawson began his articles by accusing certain persons and putting up bluffs; a mode of argument which he soon found was not convincing. He now perceives that the fault lies in the System, and that at the bottom of the System lies the subject of Money. The whole series of transactions which, he alleges, have in the course of a few years taken several thousand millions out of the pockets of the masses and transferred them into those of a few cunning and unscrupulous operators, hung upon this single question: Shall the Government of the United States exercise its Regalia of Money or not? Mr. Lawson keeps up the interest of his readers by promising them a remedy for the disorders he describes. Should the remedy not include the regulation of Money, I hazard nothing in predicting that it will prove an entire failure and delusion. What is the Regalia of Money? Is it some new-fangled notion about the coinage, some argument which turns upon the obscure meaning of Value, some phase of the tiresome Silver Question? Nothing of the kind. The Regalia of Money is a prerogative of government, familiar to every jurisconsult; a well-known, clearly defined and necessary attribute of Sovereign Power. It is laid down in all the great law books, in Budelius, Grotius, Puffendorf, Vattel, Molinæus, Grimaudet, Wheaton, Martens, and a host of other authorities. It is described as “a power which the state reserves to itself, for its own safety and welfare”; the power to create money, give it denomination and control its issues. Like the power to make war, peace and treaties, and to establish uniform weights and measures, it is called regalia, because it belongs to and must be exercised alone by sovereign states, as a prerogative which is necessary to their welfare, and essential to their autonomy, dignity and authority.