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 within that class, unless some special reason arises for changing them.

As long as he has a sufficient holding of such securities he is sure of an income payable in the legal tender money of his own country, or in some other country's which can be relied on (a point which will have to be discussed more fully later) not to vary widely in value when it is converted into sterling. But so much has been said lately—and with good reason—concerning the violent changes that have taken place in the last twelve years in the power of English and other monies to give their holders command over the goods that they want to buy and the need for a careful investor to protect himself against depreciation of the money in which his interest is paid, that this subject cannot be left out of any manual of investment. We have to ask ourselves, is it enough to secure an income in money, or ought we to remember the case quoted in Chapter I of the holder of gilt-edged German securities whose money income was secure, but was worthless, having been divided by a thousand millions or so by depreciation due to the pace at which the marks in which it was paid were multiplied?

The same thing happened, on a much smaller scale, in England and everywhere else.