EDITOR'S PREFACE. V. 



capital of the bank's customers on an equality witli tliat of tlie bank 

 itself. 



All these theories are in opposition to the orthodox economy; the 

 first denies that interest cannot be lowered by changes in the currency, 

 the second denies monopoly, and the third denies the necessity of a 

 metallic basis. 



It is gratifying to observe these tendencies, and in the hope that they 



may soon become more marked, and to help carry them to tiieir logical 



conclusion, this work is republished. 



HENRY COHEN. 

 Denver, Colo., December 1, 1895. 



