mmodities. Obviously, people will tuck up their
sleeves more readily to the business of production and manufacture if
the course of the market in the product which they hope to sell some
day is likely to be in their favour rather than against them.

And when all is admitted concerning the failure of the existing
standard of value, the question is, what substitute can we find which
will carry with it all the advantages that gold has been shown to
possess, and at the same time maintain that steadiness of value which
gold has certainly lacked? We hear airy talk of an international
currency based on the credit of the nations leagued together to
promote economic peace. It is certainly very obvious that the
diplomatic relations of the world require complete reform, and the
system by which the nations at present settle disputes between
themselves has been found by the experience of the last four years to
be so disgusting, so barbarous and so ridiculous that all the most
civilised nations of the world are determined to go on with it until
it is stopped for ever. Nevertheless, obvious as it is that some kind
of a League of Nations is essential as a form of international police
if civilisation is to be rescued from destruction, it is very doubtful
whether such an organisation could, at least during the first
half-century or so of its existence, be called upon to tackle so
difficult a question as that of the creation of an international
currency based on international credit. In the first place, what will
be required more than anything else after the war in economic matters
will be the elimination of all possible reasons for uncertainty; so
much uncertainty and difficulty will be inevitable that it seems to me
to be almost criminal to add to those uncertainties by an outburst of
eloquence on the part of currency reformers if there were any danger
of their recommendations being accepted. It will be difficult enough
to know where the producers of the world are to get raw material, find
efficient labour, and then find a market for their products, without
at the same time upsetting their minds with doubts concerning some
kind of new-fangled currency that is to be created, and in which they
are to be made to accept payment, with the possibilities of changes
in the system which may have to be effected owing to some quite
unforeseen results happening from its adoption. The gold standard,
with all its failures, we do know; we also know th