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 of the body social, it distributes and receives, and renders growth and assimilation and movement and recovery possible. It is the reconciliation of human interdependence with liberty. What other device will give a man so great a freedom with so strong an inducement to effort? The economic history of the world, where it is not the history of the theory of property, is very largely the record of the abuse, not so much of money as of credit devices to supplement money, to amplify the scope of this most precious invention; and no device of labour credits or free demand of commodities from a central store or the like has ever been suggested that does not give ten thousand times more scope for that inherent moral dross in man that must be reckoned with in any sane Utopia we may design and plan Heaven knows where progress may not end, but at any rate this developing State, into which we two men have fallen, this Twentieth-Century Utopia, has still not passed beyond money and the use of coins.

Now if this Utopian world is to be in some degree parallel to contemporary thought, it must have been concerned, it may be still concerned, with many unsettled problems of currency, and with the problems that centre about a standard of value. Gold is perhaps of all material substances the best adapted to the monetary purpose, but even at that best it falls