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MONEY AND INTEREST.

commodities. Or at a given hat-shop it represents an estimate of the cost of bringing as much more gold to the place as equivalent to the cost of bringing another hat to the shop. (10)

Mr. Westrup's fallacious analysis of commerce dogs his steps in every process of his reasoning. The gravest evils of the interference of government in monetary matters are little more than its cost and the deadening influence of fancied protection. The reform which monetary liberty would secure would not include any redistribution of the products of labor. This depends partly upon the possibility of the laborer possessing the skill of a speculator and of a producer and exercising both at the same time, and partly upon the enormously disproportionate share of taxation which he has to bear. These and many other evils, in so far as they are increased by government, depend not upon arbitrary money, but upon the arbitrary alienation of the substance of the citizen. It is a most trivial incident that the plunder is nominally priced in and redeemed by one commodity. The evil is that it should be taken. The form makes but an infinitesimal difference.

Mr. Westrup would do well to ask himself these questions, and, in answering them, to assign the grounds upon which he proceeds in arriving at the conclusions. (11)

1. Would the value of gold be (a) increased (b) reduced by mutual banking? And what percentage?

2. Is gold the only commodity produced and bought by people who don't want to consume it?

3. Would gold lose its pre-eminence as the commodity the value of which is most correctly estimated, and which it is therefore safest to buy at market value when disposing of our own or our purchased produce?

4. What has the rate of interest to do with the net or residual increment of wealth remaining as a surplus after maintaining the population? Is this less in the United Kingdom where interest is low than in the United States where interest is high?

5. How could legislation maintain the value of gold if it became as abundant as copper? Would the volume of money then be greater than now? Would the rate of interest be affected by this alteration apart from the changes due to the act of transition from the present state of dear gold to the supposed state of cheap gold?

6. How is the voluntary custom of selling preferentially for gold a monopoly? Are cattle a monopoly where used as a medium of exchange?

7. What analogy is there between a law to require the exclusive consumption of hand-made bricks and any laws specifying that the word Dollar in a bond shall imply a certain quantity of gold ? Does any government force anyone to consume gold in preference to any other commodity? Does government consume gold in constructing its offices and defences, or does it merely swap it off for other commodities? Is all silver or gold in the United States delivered to government as fast as made, or does government purchase it in the open market?

Yours, etc.,

J. Greevz Fisher.

78 Harrogate Road, Leeds, England.

Pending the arrival of any answer Mr. Westrup may desire to make to the foregoing criticisms upon his pamphlets, for

which purpose the columns of Liberty are open to him, I take