From The Causes of the Economic Crisis, and Other Essays Before and After the Great Depression — surrounding passage

There, the index served an instructional task, enlightening a people who were inclined to the “State Theory of Money” idea. Nevertheless, a method that helps to open the eyes of the people is not necessarily either scientifically correct or applicable in actual practice. V F ISHER'S S TABILIZATION P LAN 1. P OLITICAL P ROBLEM

“The superiority of the gold standard consists in the fact that the value of gold develops independent of political actions.”

It is clear that its value is not “stable.” There is not, and never can be, any such thing as stability of value. If, under a “manipulated” monetary standard, it was government's task to influence the value of money, the question of how this influence was to be exercised would soon become the main issue among political and economic interests.