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engraved document bearing the Government stamp, which can always at pleasure be exchanged for so much land in a particular situation. The region whose soil is chosen as the standard lies under the Equator, and the State possesses there some hundreds of square miles, let out on terms thought to ensure its excellent cultivation and the permanence of its condition. The immediate convertibility of each such document, engraven on a small piece of metal about two inches long by one in breadth, and the fortieth part of an inch in thickness, is the ultimate cause and permanent guarantee of its value. Large payments, moreover, have to be made to the State by those who rent its lands or purchase the various articles of which it possesses a monopoly; or, again, in return for the services it undertakes, as lighting roads and supplying water to districts dependent on a distant source. Great care is taken to keep the issue of these notes within safe limits; and as a matter of fact they are rather more valuable than the land they represent, and are in consequence seldom presented for redemption therein. To provide against the possibility of such an over-issue as might exhaust the area of standard land at command of the State, it is enacted that, failing this, the holder may select his portion of State domain wherever he pleases, at twelve years' purchase of the rental; but in point of fact these provisions are theoretically rather than practically important, since not one note in a hundred is ever redeemed or paid off. The "square measure," upon which the coinage, if I may so call it is based, following exactly the measure of length, each larger area in the ascending scale represents 144 times that below it. Thus the styly being a little more than a