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 crimination, it will lose the greater part of its right to exist.

Moreover even if the system of regulating the general level of prices through the discount rate were as certain and simple as its distinguished exponents believe, even if it were possible with Professor Cassel to lay down that "the supply of credit must be so regulated that no rise in prices, and naturally, no fall in prices either, takes place," should we then have removed from the minds of organizers of industry all fear of loss and from their workmen's all fear of unemployment? The Index Numbers of the average price of commodities would march, serenely stabilized, in a steady straight line across the charts that are so dear to statisticians. But the leather merchant and the bootmaker might very likely say "A murrain on your Index Number, what's going to happen to hides?"

For it is these special fluctuations that affect one commodity and one trade and are not by any means lessened by the most successful stabilization of the general price level through credit regulation, that affect those who are concerned much more seriously than a movement in which all other prices are joining. For instance, if wool rises or falls with other prices, the cloth maker and the tailor are comparatively