, 144 



wheat standard is just as good. 



An inconvertible paper currency is a morass 

 through which generations to come will have to wade 

 in Europe, as the Republic has had to flounder 

 during the last century. This step backwards is evi- 

 dently the result of the disastrous consequence of forc- 

 ing a paper currency Jbased on g;old standard on the 

 world which is not yet ripe for it, since a gold standard 

 has meant up to date but a bastard device leagued, in 

 truth, with a paper currency, without which it cannot 

 exist . 



It is true we may see soon a truer perception of 

 real monetary value, one of the signs of which, promis- 

 ing an end to the eternal reign of the printing press or 

 paper money, is in the announcement that, the Allies 

 and U.S.A. are going to re-mint silver, thus restoring 

 the world's silver currency. The danger of a paper 

 currency is that it cannot be reduced even when backed 

 by a gold standard. 



There have been many standards, barter, goods, 

 bones, iron, copper, silver, etc. ; the world has spent 

 its time in mixing them up to find a good medium. 

 Argentina has four standards. Many people can only 

 imagine a paper currency. 



There are those who would deny the value of every- 

 thing which has not been turned into local currency, 

 or who would have nothing of value circulated except 

 the printed paper representing the local coinage. 



This has been foisted on the people because it suit- 

 ed the convenience of the rulers. The printing machine 

 is always handy. It may come as a surprise to tell peo- 

 ple that other forms exist beside paper standard, or 

 even the nominal gold standard. The gold standard is 

 now a myth: it disappeared in Europe with the firing 

 of the first gun; paper replaced it. But it could just 

 as well have been replaced by a silver currency; the 

 silver standard is, all said and done, the real one at 

 present, since it rules as the standard all over the world, 

 China, India, everywhere except in Europe, and a few 

 South American states. 



The warrant which circulates like paper money (1) 

 would protect against inflation, thus the level of prices 

 would remain stable or at least a true value maintained; 

 (2) by avoiding the flood of paper currency it keeps 

 down speculation, keeps people out of the 'boliches", 

 it tends to thrift; (3) by slowly realising on the year's 

 labours it induces economy. 



Money must not vary, if it varies in value the hold- 



