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 tender money. The sole business of this Corporation should consist in discounting bills with its own notes and coins. In this way, the new money will first of all pass into the hands of banks, and through them be put into circulation. The members will jointly and severally guarantee the new money issued by the Corporation, and also undertake that no money be put into circulation unless it is fully covered by bills in hand. The value of bills discounted, and consequently the amount of money in circulation, must be strictly adjusted to the existing requirements of Trade. Consequently there will never exist either a dearth or a superfluity of cash. The rate of discount charged must invariably be so adjusted that the purchasing power of money is kept as steady as possible."

Mr. Lowenfeld thus endeavours to unite in his scheme the beauties of the self-paying bill and the self-redeeming note, and regulation by expansion and contraction of cash, and also the price of credit. The strict adjustment to the requirements of trade would be likely to be a matter of difficulty, but he is working along the same line as the scientific stabilizers who will be considered later.

Another assailant of the gold standard is Mr. C. J. Melrose, who in Money and Credit