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The analogy as to an enactment that all plates should be made of tin is equally misleading and unsound. Government does not enact that all marketable articles shall be made of gold, or that all articles capable of being sold for future delivery shall be made of gold. There is no benefit to this argument in confounding acts which would seriously affect consumption with acts which have little or no such effect. The gold embodied in coins is marketable stock; it is not in consumption, as the tin would be if it had a monopoly in plate production. We want plates to use; we carry coin always to sell. It is not withdrawn from the market so as to raise its price, but is constantly brought afresh to market so as equally to lower it. Besides this, the illustration assumes and implies that for gold there is no other use of great significance but coin-making. If this were so, then the Westrups, the Tarns, and the Tuckers would have the argument all on their own side. The fact is, however, that the gold mines are not kept open to supply coin, but to supply the arts.

There is yet another fallacy in our comrades' position. It would be no monetary disadvantage if the facts really were as they suppose. If gold were twice as dear, or twice as cheap, its merchants would make just the same profit, bankers and financiers would not lose or gain—neither would anybody except the producers and consumers of gold. Grocers' profits are not affected by the price of sugar, but the growers and users are both vitally concerned.

There would seem to be nothing whatever in English law to prevent the establishment of a bank without any specie issuing inconvertible paper, which the customers mutually agree to accept at par value, but there is little likelihood such a scheme would be workable. It would tax the powers of a very clever master of legal or Anarchical phraseology to specify upon the notes the responsibility of each customer and to preserve the power of these customers fulfilling their agreements. Before one could vise such notes to buy a breakfast or a railway ticket there would have to be a rather involved and tedious disquisition upon economics. No Anarchist would propose to embody such arrangements in a statute like our limited liability laws. Such notes would therefore be simply of the nature of mortgage bonds, for which there would possibly be a market and a price. The price would probably be below rather than above par.

Free trade in gold and in credit is desirable. Its desirability is proportionate to the restrictions which exist, but these are not very great or grievous. The field for their discussion opens only when our comrades' present mists have rolled away. But they bear no comparison with acts for the purchase by government of great quantities of silver, acts for repairing worn gold coin at public expense, and, above all, acts for tariffs designed to hamper trade and acts for raising public revenue in general.

Let our comrades in Liberty, Egoism, and The Herald of Anarchy rise to more vital matters when they touch upon the economics of coercion. The evils of coinage are greatly overstated, and to them are attributed effects with which they have no connection.

J. Greevz Fisher.

78 Harrogate Road, Leeds, England.

Mr. Fisher's article, printed above, is nothing but a string of assertions, most of which, as matters of fact, are untrue. The chief of these untruths is the statement that in exchanging gold we do not consume it. What is consumption? It is the act of destroying by use or waste. One of the uses of

gold—and under the existing financial system its chief use—is