With a pleasant salutation to all, Coin moved along through the crowd until he reached the stage, and promptly at 10 o'clock began his lecture of the third day.
"The science of money," he began, "is an exact science. As much so as mathematics.
"The primary value of all property is its exchange value. If we had no money, one kind of property would be exchanged for another. Needing the calico on the merchant's shelf, you would exchange for it a bushel of potatoes or such property as you might have to offer. A sort of exchange value would be placed on all property. A bushel of wheat would buy about so many pounds of sugar, and so on.
"This is what is meant by the exchange value of property. Money is a medium of exchange to facilitate this exchanging of property.
"If there were no money, and we had to depend on exchanging property for property, we could find a subsistence, but there would be no such thing as our present civilization or anything like it.
"Each merchant would have to be prepared to store all kinds of property, perishable and otherwise, he received in exchange for his goods. Railroads would have to arrange to receive payment for fares and freight in property and store it until it again could be exchanged.
"If you went to the theater you would have to take with you a crate of cabbage or some other kind of property to pay your way into the play-house.
"There would be no practical method for paying labor. Commerce would virtually cease, and civilization would go backward.
"If to be without money would produce such a result, then the subject assumes vast importance.
