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 system based upon a relatively small amount of gold, upon which the business of the whole world had hitherto been done, fluctuated unreasonably and supplied no real criterion of well-being, that the nominal values of things and enterprises had no clear and simple relation to the real physical prosperity of the community, that the nominal wealth of a community in millions of pounds or dollars or Lions, measured nothing but the quantity of hope in the air, and an increase of confidence meant an inflation of credit and a pessimistic phase a collapse of this hallucination of possessions. The new standards, this advocate reasoned, were to alter all that, and it seemed to me they would.

I have tried to indicate the drift of these remarkable proposals, but about them clustered an elaborate mass of keen and temperate discussion. Into the details of that discussion I will not enter now, nor am I sure I am qualified to render the multitudinous aspect of this complicated question at all precisely. I read the whole thing in the course of an hour or two of rest after lunch—it was either the second or third day of my stay in Utopia—and we were sitting in a little inn at the end of the Lake of Uri. We had loitered there, and I had fallen reading because of a shower of rain But certainly as I read it the proposition struck me as a singularly simple and attractive one, and its exposition opened out to me for the first time clearly, in a comprehensive outline, the general conception of the economic nature of the Utopian State.