intensifies such differentiation. In a small and restricted circuit, construction and preservation of secrets are technically difficult from the fact that each is too close to the circumstances of each, and that the frequency and intimacy of contacts carry with them too great temptation to disclose what might otherwise be hidden. But in this case there is no need of secrecy in a high degree, because this social formation usually tends to level its members, and every peculiarity of being, acting, or possessing the persistence of which requires secrecy is abhorrent to it. That all this changes to its opposite in case of large widening of the circle is a matter-of-course. In this connection, as in so many other particulars, the facts of monetary relationships reveal most distinctly the specific traits of the large circle. Since transfers of economic values have occurred principally by means of money, an otherwise unattainable secrecy is possible in such transactions. Three peculiarities of the money form of values are here important: first, its compressibility, by virtue of which it is possible to make a man rich by slipping into his hand a check without attracting attention; second, its abstractness and absence of qualitative character, in consequence of which numberless sorts of acquisitions and transfers of possessions may be covered up and guarded from publicity in a fashion impossible so long as values could be possessed only as extended, tangible objects; third, its long-distance effectiveness, by virtue of which we may invest it in the most widely removed and constantly changing values, and thus withdraw it utterly from the view of our nearest neighbors. These facilities of dissimulation which inhere in the degree of extension in the use of money, and which disclose their dangers particularly in dealings with foreign money, have called forth, as protective provisions, publicity of the financial operations of corporations. This points to a closer definition of the formula of evolution discussed above; viz., that throughout the form of secrecy there occurs a permanent in- and out-flow of content, in which what is originally open becomes secret, and what was originally concealed throws off its mystery. Thus we might arrive at the paradoxical idea that, under otherwise like circumstances, human associations require a definite ratio of secrecy which merely changes its
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