Page:Stabilizing the dollar, Fisher, 1920.djvu/51

Rh '''2. Alleged Defects'''. It is a weak objection that the plan is not perfect; we know our present system is much further from perfection.

3. The Obstacle of Conservatism is the only formidable one and it underlies most other ^objections alleged.

4. The Obstacle of Special Interests seems practically non-existent.

1. A Sound Alternative is to dispense with gold as an intermediary and to provide virtually for the free deposit and withdrawal of composite goods-dollars in exchange for the issue and redemption of certificates. These operations are made possible by means of a system of goods-warrants for each special kind of goods.

2. The Same System Modified by the Omission of "Free Coinage" (i.e. free deposit) could theoretically be worked.

3. The Same System Modified by the Omission of Redemption would be exposed to the risk of inflation.

4. A Money Based on Labor is conceivable but not desirable.

5. Governmental Control of Gold Production would help.

6. The Tabular Standard is practicable only in a limited way.

1. Either an Upheaval or a Collapse of Prices Weakens Confidence in Money and arouses public curiosity as to the "reason why." Great wars usually