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 consumption of the whole nation can be computed. "It is impossible to add together yards of cotton, tons of coal, gallons of milk, and additional cottages, schools and factories otherwise than in terms of money; and the money valuation is dependent on the price to be set upon each of the different commodities." This is a very palpable hit for it was part of the Douglas scheme, as noted above, that the cost of each article was to depend on the relation of total consumption to total production.

The Major's amazing proposal to let each manufacturer make good the loss caused by selling goods below cost of production, by a draft from the Treasury on the national credit, seems to the Labour Party critics to be "equivalent to a continuous flooding of the nation with paper money which would rapidly sink in value." This would inevitably take the form of a rise in prices, which no authoritative fixing could prevent. "Major Douglas," they continue, "denies that this issue of paper would inflate prices, on the ground that it is issued against 'real credit' or a 'potential productivity.' But first let it be noted that no provision appears to be made for cancelling any of these notes, which would therefore increase indefinitely. Secondly, the people who receive the notes will presumably wish to spend them,