interests would co-operate to secure the utmost stability of prices practicable; the appreciation or depreciation of money being divided equally between creditor and debtor, between lender and borrower, neither could be the exclusive gainer or loser by the temporary creation of fictitiously high or low prices. Those engaged in the extractive and constructive industries could then enter upon enterprises destined to increase the sum of physical wealth available for human use with a degree of confidence as to the money value of the anticipated output nowhere now obtainable; enabling them to employ profitably-and thereby increasing the sum of physical wealth immediately available for human use all the capital and the labour which, remaining idle, constitute the former, the temptation to disturb the existing order, the latter, the menace of the existing order. This idleness of capital and labour forms a very considerable portion of the waste which creates the want in the midst of industrial and commercial conditions, wherein an abundance of means exist for producing the sufficiency of the wealth needed for the comfortable maintenance of all. And with the sum of physical wealth immediately available for human use increased, there would be also, as a consequence, after providing for the needs of all working-men employed in the extractive and constructive industries, increased means for maintaining the professional classes and the classes employed in performing the various services connected with the function of exchange.

Greater stability of prices, greater uniformity in the exchange value of money tend, by creating greater confidence in the results of their operations in the minds of the leaders of the great producing industries of the country, to widen the area of industrial operations, and by so doing to give employment to a larger number of working-men. In like manner, easier conditions of access to agricultural land tend to enable working-men to find employment for themselves in producing from the land the commodities needed to provide for their own maintenance.

We cannot see far along the way of the path leading towards a better social order, we must be content if so be it we are permitted to see so much of the way of the path as is necessary to justify us in taking one step forward. This much, however, we do know, this much we can see. If a man has a home and regular employment, by which he earns a regular income sufficient to provide himself and family with all the necessaries and a few of the luxuries of life, an income sufficient to maintain himself and family up to their habitual standard of living, it is a very difficult matter indeed to draft any man so conditioned into the ranks of those who are described as the "dangerous classes." Let us therefore try in all lawful ways, by all lawful means, to utilise the wealth immediately available for human use, so as to increase the number of men who have homes and regular employment, and regular and sufficient incomes-"fat, sleek-headed men, and such as sleep o' nights;" and to decrease the number of

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men who have no homes, no regular employment, no regular income, but who have "a lean, hungry look"; such men are dangerous.

The money question, like the land question, is fundamental in its influence upon the industry and commerce of the whole nation. It is, therefore, only reasonable to anticipate that, under the Double Standard Money System, with greater stability of prices, and with greater uniformity in the exchange value of money, the area of economic operations would expand steadily and constantly, absorbing more regularly the normal increase in the supply of labour resulting from the growth of population, and so tending gradually to make the problem of unemployment less acute.

In this way it may yet be within the realm of the practical to employ profitably within the country its ever-increasing population, and so provide at home an ever-expanding market alike for the produce of the farms and for the produce of the factories, without ceasing to extend and expand to their utmost capacity the area and volume of external commerce.

We have "seen the north-west flow to the southwest, one people driving another before it, and lordship and property altogether changed." But after all the driving and fleeing, those who remain in possession, like those dispossessed, desire only a place of useful activity and final repose. Let us, therefore, endeavour to secure the co-operation of all the strong social forces religion, nationality, family to the end that, under the economic order which shall be, all of us may

cease from involuntary and compulsory wanderings to secure the necessary means of comfortable existence, and be able to say, "Here, or nowhere, is Hernhuth.”

All commodities, produced by human industry, which are, in the ordinary course of business, placed on the market, are sold for and converted into money, most of them several times, before reaching the hands of the ultimate consumers. The question of prices is, therefore, of the utmost importance to all producers and exchangers.

The soul of the money problem is not any fear "that there will not be enough gold" and silver (money) wherewith "to carry on the trade of the world," to facilitate the exchange of commodities, although the present universal financial pressure, simultaneously with the unprecedented increase in the world's production of gold during the past thirty-six years, which still continues, new records being established every year, and every financial crisis seems designed to teach us that the creation and multiplication of bonds, finance bills, and other instruments of business credit must

1 1. The world's total production of gold during the period of 414 years from 1493 to 1906 inclusive has been about £2,415,591,089 sterling.

2. The world's total production of gold during the period of 36 years from 1871 to 1906 inclusive has been about £1,264,747,289 sterling.

3. The world's total production of gold during each of the six years from 1901 to 1906 inclusive has been about as follows:

be limited in some degree by the immediately available supply of unlimited legal tender metallic money, for satisfying both national and international claims, which is alike the only real, durable, permanently and universally acceptable, store of value and the only legal means of ultimate redemption of the credits created; but whether or not, with industrial and commercial conditions, under the Single Standard Money System, with steadily increasing populations, with steadily increasing quantities of commodities being produced and being exchanged at intermittently but steadily declining prices for such commodities, producers selling at such prices will be able to fulfil all of their intertemporary obligations, and so be able to keep themselves out of the Bankruptcy Court; whether or not the identical amount of any inter-temporary obligation, expressed in terms of money contracted at any particular place and time, taking the price level at that particular place and time as the equilibrium, should justly be regarded as the amount due by the debtor to the creditor, at some subsequent period, without reference to any rise or fall of the price level which may have taken place; whether the profit which accrues to lenders by the appreciation of money or by the fall of the prices of commodities should be exclusively appropriated by lenders, or whether such profit should be equally divided between lender and borrower, and whether the profit which accrues to borrowers by the depreciation of money or by the rise of the prices of commodities should be exclusively