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these difficulties that we have been feeling and expressing about our own monetary system at home have been greatly increased and complicated abroad by the much madder orgy of money manufacture that went on in other countries and in some of them has gone on unchecked. It need not be said that to those of our home reformers who thought that the way to salvation was through more money, the Continental example was most alluring. Mr. Kitson, for instance, in his little book on Unemployment that has already been quoted in interpretation of Major Douglas, uttered on page 7 a glowing appreciation of the most notable example of the system's working.

"The German Government," he said, "refused to enslave their people during or since the war by borrowing from the world's moneylenders to the extent and in the manner our Government have done. They used and are still using their own national credit in the form of paper money instead of borrowing the