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 far short of an imaginable ideal. It undergoes spasmodic and irregular cheapening through new discoveries of gold, and at any time it may undergo very extensive and sudden and disastrous depreciation through the discovery of some way of transmuting less valuable elements. The liability to such depreciations introduces an undesirable speculative element into the relations of debtor and creditor. When, on the one hand, there is for a time a check in the increase of the available stores of gold, or an increase in the energy applied to social purposes, or a checking of the public security that would impede the free exchange of credit and necessitate a more frequent production of gold in evidence, then there comes an undue appreciation of money as against the general commodities of life, and an automatic impoverishment of the citizens in general as against the creditor class. The common people are mortgaged into the bondage of debt. And on the other hand an unexpected spate of gold production, the discovery of a single nugget as big as St. Paul's, let us say—a quite possible thing—would result in a sort of jail delivery of debtors and a financial earthquake.

It has been suggested by an ingenious thinker that it is possible to use as a standard of monetary value no substance whatever, but instead, force, and that value might be measured in units of energy. An excellent development this, in theory at any rate, of the general idea of the modern State as kinetic and not static; it throws the old idea of the social order and the new into the sharpest antithesis. The old order is presented as a system of institutions and