By this means the government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.

Gold is a relic from a time when government's were less trustworthy in these matters (currency debasement) than they are now.

Should government refrain from regulation (taxation), the worthlessness of the money becomes apparent and the fraud can no longer be concealed.

The important thing for Government is not to do things which individuals are doing already, and to do them a little better or a little worse; but to do those things which at present are not done at all.