The interesting point in this history is to see that we
have obtained our present gold coinage, not by law, but to
a great extent in spite of law ; that law was powerless to
force upon the country a currency which it did not want,
but all-powerful when it followed and stereotyped the prac-
tice of a people ; that this practice was suggested by
motives of convenience and inclination differing from and
counteracting the motives which arose from a mere con-
sideration of market values ; and that, even in such a matter
as currency, speculations founded on the effect of law, or
even on mere considerations of value, have been and are
likely to be at fault unless corrected by a careful con-
sideration of special wants and circumstances.
Political economists ought to be well satisfied with these
results. They illustrate and confirm the position that the
value of coined money is, like that of other things, a ques-
tion of supply and demand ; and it depends on human wants
and habits ; and that if law is to be effectual it must follow
and consult these wants and habits ; in other words, that
the value of gold and silver money is at bottom " natural,"
just as other values are natural.
