The productive capacity of a country is then the virtual standard of the value of its currency, and as gold can only be obtained by the products of the country, its necessity as a medium may be dispensed with.
Woodhull argues that the productive capacity of a country can replace gold as a standard for currency value, advocating for a shift in financial thinking.
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Now, what we require is a measure of values of just as fixed and absolute a character as any of these.
Every thinking person knows that no such persons or principles are in authority now, and that they have not been these many years.
In all seasons of financial distress, gold, as a standard, has failed.
The chief value, then, of an intimate knowledge of the past is, that from it the future may be foreseen, and that the lesson it teaches may assist in the formation of aids to the natural order of things.