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 would be a most unpopular arrangement, and there is reason to fear that Professor Irving Fisher's scheme would be a cause of much bewilderment, and that if it were adopted by a large number of nations, it would make questions of exchange more difficult than ever to unravel. It is easy to answer this objection by saying that the scheme is quite simple to those who are clever enough to understand it, and that its working would naturally be entrusted to such folk. But the general public, I think, has a rather well-based suspicion of schemes that can only be understood and carried out by very clever people.

Professor Lehfeldt of Johannesburg, however, who really understands these matters, says in his clear and excellent Restoration of the World's Currencies that the Fisher plan is not only ingenious, but has serious practical merits to recommend it. He has no doubt that the system would work and that it would confer great benefit on a world plagued with ill-regulated currencies; "it would, however," he adds, "be necessary to convince the commercial and political classes of its merits," thereby seeming to imply that neither of these classes is likely to show much eagerness in making the mental effort necessary for grasping the beauties of the system. Professor