the Dollar published in 1920, but the first sketch of it was outlined in 1911, in his Purchasing Power of Money. It has always seemed to me to be rather too clever and complicated for the public ever to understand, and that it would therefore always be received with suspicion and made responsible for earthquakes, harvest failures, and epidemics. Professor Fisher, in his own summary of his scheme, says that his method is "to vary the weight of the gold dollar so as to keep its purchasing power invariable. We have now a gold dollar of constant weight and varying purchasing power; we need a dollar of constant purchasing power and therefore of varying weight. . . . If prices tend to rise or fall, we can correct this tendency by loading or unloading the gold in our dollar, employing an Index Number of prices as the guide for such adjustments. The process for doing this is as simple as clock-shifting for daylight saving and would produce its effects unobtrusively."
The plan has now been embodied in a bill which has been introduced in the United States House of Representatives and referred to the Committee of Banking and Currency. Its working is explained as follows by Mr. T. Alan Goldsborough, a member of the House, in the January 1923 number of the Proceedings of
