Since the latter constituted the true wealth of the world, low prices came artificially, but none the less really, to mean deprivation., For instance, a farmer who was accustomed to sell his wheat at a certain price, suddenly found he would have to produce a relatively moun-famous quantity of wheat for the same price. If he had a debt or mortgage, that. figure would mea something formidable in terms of wheat. This same process, carried to its logical conclusion, would result in larger and larger amounts of goods for the same bits of gold unit, until the proportion was out of all reason. And this for no fault of his Thus, instability of prices of goods and services, both in depression and boom, is art evil to be avoided. The great thing, as authorities agree, is to achieve stability. In this regard, gold had failed in the post-war period.
There arose, therefore, a system of planned money which achieved that all-to-be-desired condition of stability of price-level, in the confines, at least, of a given national area.
The next step was to achieve the same stability between nations, because international trade was a growing necessity for raising the standard of living in all paris of the world. International trade means larger and more efficient production, distribution and consumption of goods. This latter is the whole alphabet of economy.
Text read from the printed page and cleaned; old type leaves the occasional error.