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 varies according to the temper of our appraisers; and we shall be urged to base it on paper backed by good-faith, or on paper backed by whimsical taxing power, or on paper backed by need, or our faculty to consume. If deflation such as is dreamed of by the holders of so-called gold obligations should be effected for any extended period we cannot avoid these supposed remedies, which are similar to the administration of stimulants to a dying man for the sake of a final flare. Only the impending dissolution of society, if sufficiently obvious, will force genuine deliberation by all those who now enjoy a false sense of security; and it is in anticipation of some such receptive state of mind that suggestions for a basic readjustment to conform to democracy have been put forward for consideration and amendment.

If we are prepared to adopt a scientific unit of value, the next question is the fairest and soundest basis of conversion. We know our population and area accurately at short intervals, but our dollar values are tossing as badly as the sailor’s raft, already mentioned (which we propose to nominate as a substitute for Crusoe’s island in economic discussion). We may have the courage to jump: where shall we conjure up the necessary judgment? The answer to this question is that we would have to select for the final arbitrary act, designed to eliminate the last undigested remnant of autocracy, a very competent board of experts—statisticians, engineers, economists and bankers—who after this final service in dealing with arbitrary