Answering the first question, we have pre-eminently the new stable money as represented by the managed currencies of the British pound sterling and the United States dollar. It is to be marked that these moneys are no more what they used to be, namely, delivery orders or storage receipts for gold. They are still anchored to gold in a way but do perform a function which gold units
"We come now to r the second query as to how gold had come to of honey have failed to do, fail. It failed because it fell down on one of the capital functions of money which is to have been instrumental in, or to have brought about, a fullness in the interchange of goods and services. Gold was not to be a god unto itself but merely a servant to the master and mai thing; its job was to make life more abundant both nationally and internationuily.
The trouble lay in the other function of gold which was not only to be a measuring-rod but also a store of value. When the circumstances occurred where demands were made upon gold as a store of value only, its withdrawal from circulation for various reasons as a medium of exchange caused the prices of goods and services to shrink drastically.
Text read from the printed page and cleaned; old type leaves the occasional error.