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 exchange, we should go back at a stroke to the much vaunted automatic standard system by which we set such store. Prices would be stabilized at the new level by gold flowing out when exchange fell below the new parity of 3.65, and flowing in when it rose above it just as it did when the parity was 4.86. Why not?"

And having thus set out the case for devaluation, Sir Charles then tore it to pieces. "An unlettered man," he said, "I never listen to the learned Dons—I hope I have stated their case fairly—who advocate this course, and suffer the charm and vivacity of their exposition, and realize my incompetence to make an adequate response, without feeling constrained to adjure them in the words of Oliver Cromwell to the General Assembly of the Kirk of Scotland, 'I beseech you, consider it possible you may be mistaken.' Do not let me be misunderstood. I intend no sneer. I hope I should be the last man to underrate the value of the theoretical economist. I am too sensible of my obligations. Where long periods have to be considered the theoretical economist is indispensable to business men. Indeed, if ever I felt tempted to treat his judgment lightly it would be sufficient, in order to render me dumb, to remind me of the great boom of 1920, and where our hand