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both of which tacitly attempt to expound a method to enable every one to get into debt and keep there. (5)

The introduction to the first-named essay seems by implication to assert that the price of gold is too high, though no attempt is made to show how displacing it from currency would reduce the price as long as its cost and utility remain what they now are; while the author himself appears to think that money can be made very much more plentiful and yet maintain its value, although he is contending that this value depends upon monopoly or scarcity. The last-named essay plainly assumes that by some such scheme poverty can be abolished. (6)

Banking is not the only financial operation in which government interferes. In the case of insurance companies, benefit societies, limited liability corporations, partnerships, trusts, insolvencies, and hundreds of other ways government is continually interfering. Most of this interference is well meant. Most, if not all, of it is actually injurious in itself, apart from the waste, the jobbery, and the imbecility of officialism it involves. These concomitant evils, though far greater than those directly resulting from the interference, had better for the time being be left out of sight. Their treatment belongs to the general subject of liberty, and they only incidentally pertain to the financial interference of government, as they do to all its other interference. Ignoring then the saving in cost, the immediate effect of the total abstention of government from its protection of the public from financial folly and roguery would be that a great crop of fresh schemes, bargains, and arrangements would offer themselves to those desirous of entrusting any of their wealth to the management of others. A very large proportion of these schemes—possibly the majority—would be unsound. (7) Amongst the unsound, unless its expounders grievously misrepresent it, would undoubtedly be found such mutual banking as is proposed by Mr. Westrup. He is altogether on a wrong tack. His whole talk is about money; but this term in his mouth means indebtedness, trust, credit, paper instruments binding some one to deliver something. Now, credit is not a representative of wealth, as Mr. Westrup so con- stantly declares. Mr. Westrup's money is a representative of a promise or debt. It may in many cases, as a matter of history, show that A has entrusted certain wealth to B; but it does not guarantee that B has preserved it, and still less does it assure the holder that B can at call deliver or replace the borrowed articles, or any equal number of similar articles, or an equivalent value in some other articles. (8) As Mr. Donisthorpe insists in his "Principles of Plutology" (p. 136); "There is [at each moment] a certain amount of every valuable commodity in existence, neither more nor less; nor can it be increased by a single atom though the whole population suddenly, as if by inspiration, began craving and yearning for it." (9) Again, what is there to show that any necessity exists, as Mr. Westrup asserts, for enabling all wealth to be represented by money? If I give a man a loaf for sweeping my door-step, the loaf does not represent the work, nor does the work represent the loaf. All we know is that I desire the sweeping more than I desire the loaf, and the laborer desires the loaf more than his ease or idleness. If I give a guinea for a hat, this guinea does not represent the particular hat or any hat. It does not represent it while in my possession before the exchange, nor in the hatter's possession after the exchange. Gold is valuable; it does not merely represent value. The value represents an estimate of the comparative labor necessary to produce the last increment needful to replenish the stock of gold at a rate equivalent to its consumption,—this consumption depending upon the

comparative utility of gold in relation to its own value and that of other