His conclusion is stated with his usual clarity: Only by completely divorcing the value of money from … its commodity function, by abolishing all free minting, and by making the minted coin or banknotes proper, or more generally the unit employed in the accounts of the credit institutions, both the medium of exchange and the measure of value, only in this way can the contradiction be overcome and the imperfection be  4  BIS central bankers’ speeches  remedied.
It is only in this way that a logically coherent credit system, combining both economy of monetary media and stability in the standard of value, becomes in any way conceivable. II.