And as long as we have so fluctuating a standard these difficulties must arise again and again, continually repeated, causing unmerited gains and losses to individuals.

Let us conclude with a brief consideration of the fundamental principles involved in this problem.
Sec.13.

#Defectiveness of the gold standard#.

Money is, in general, for both borrowers and lenders the most convenient standard of deferred payments.

But from the usage of speaking of all things in terms of gold, arises the popular notion that the value of gold is always the same, while the value of other things changes.