146 INTERNATIONAL CURRENCY

fast, stimulates the enterprise of producers, and sets
business going actively, and consequently it may at
least be claimed that the failure of the gold standard
to maintain that steadiness of value which is an
obvious attribute of the ideal standard has at least
been a failure on the right side, by tending to
depreciation of the value of currency, and so to a
rise of the prices of other commodities. 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 steadi-
ness 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 certainty very obvious that
the diplomatic relations of the world require com-
plete 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