846 
“On the possible Extension of the Coal-measures 
beneath the South-Eastern part of England (Q.]J. 
Geolog. Soc., February 1856). Among the geologists 
I met at home were Dr. Falconer and Thomas Oldham ; 
they were the first friends to meet again in Calcutta in 
September 1852. I had read the work of the first with 
Lt. Cautley, R.E., and knew something of the Sivalik 
Formation when I crossed it at Kasauliin 1853. The 
160 drawings cover a very large extent of country, 
which I roughly spread over thus : 
1. Burma 3 : i 5 , 29 
. Calcutta to Simla, via the Ganges Valley and 
iS) 
on to Sealkote : c 5 26 
3. Peshawar to Kashmir, through Hazara 73 
4. On appointment to the Trigonometrical Survey 
of India and joining Capt. Montgomerie . 10 
5. When at Sealkote with 24th Regt. of Foot. 
In Sivaliks near Jammu ; , 10 
6. Various at Cape of Good Hope. Historical of 
the time : : - : - 20 
Total . 168 
H. H. Gopwin-AUSTEN. 
Nore, Godalming, Surrey, 
April 27. 
Science and Economics. 
Tue function of NaTuRE is not to expound eco- 
nomics or finance, but when a famous man of science 
uses its widely-read pages to challenge the funda- 
mentals of the almost ubiquitous system under which 
humanity lives—or perishes, the humble individual 
who has undertaken to defend the philosophy of the 
system must be pardoned if a little extra space is 
required to try to elucidate an aspect of the subject 
overlooked both by would-be reformers and unreflect- 
ing conservatives. 
(1) Prof. Soddy tells us now quite plainly (NATURE, 
May 19, p. 669) that economics should be classified 
as natural physical phenomena, and, in effect, that 
all would be well with humanity were we to re- 
organise Our economic system according to the laws 
formulated by men of science from their investiga- 
tions in inorganic chemistry and physics. This is, 
if I may say so, a purely theoretical conception that 
is not substantiated by experiment or experience. 
Prof. Soddy lays stress on the physical aspect of 
phenomena. I had thought that scientific investi- 
gators had ceased to view any natural phenomenon 
as purely physical. However, that is perhaps only 
~a matter of definition; but granting his termino- 
logy, I cannot agree that it is, or ever could be, 
possible to apply the laws of physical nature to the 
activities of mankind. Inorganic nature appears to 
be a finished product, since the laws of its atomic 
systems are unalterable by humanmeans. Humanity, 
on the other hand, is obviously “in the making,” 
and the doctrines and social systems adopted in 
different periods are temporary expedients that assist 
its evolution and correspond to the stage reached at 
any given time. As an Eastern proverb says, ‘“‘ The 
gods of one age become the devils of a succeeding 
age.’’ Now, this makes life interesting and gives us 
all something to do. If mankind were to be re- 
constituted as is inorganic nature, instead of being 
organised as it is, those of us who now form theories 
and opinions and exercise our minds would be without 
occupation, if we had not shaken the dust of this dull 
world from our arrogant heads and departed to 
conquer other worlds. 
Seriously, “‘ economies ’’ describes a human method; 
it is nota natural science and, hence, cannot be exact. 
NO. 2799, VOL. III] 
NATURE 


[June 23, 1923 
There is an element in man not governed by the 
laws of physical nature, and this principle seeks to 
govern and direct them. This may imply “ distort- 
ing physical nature to suit human nature,” but the 
father of experimental science started it on the way by 
commanding us to “‘ torture Nature,” and thoroughly 
well have we obeyed him! The object of science is 
surely to understand Nature in order to use it for 
human ends. Prof. Soddy would reverse this, and 
advocates modelling our economic system on the 
laws of physical nature, a proposal tantamount to an 
attempt to baulk human evolution and to impose on 
man the rules of an inferior order of existence. Theo- 
retically it would be easy to formulate a foo!-proof 
economic system according to the laws of an atomic 
system; practically, any such system could not be 
gentus-proof, and, certainly, if we value the evidence 
of history, we should be most unscientific to discount 
the geniuses who, ever so often, appear and alter 
existing conditions and methods. The ‘“‘ Robots ”’ of 
the drama could never become a permanent feature 
of the human world. : 
(2) With regard to the age of our present system, it 
is necessary to make clear the essential difference 
between the financial system and economic methods. 
The principles of the former accord with fundamental 
characteristics of the human race; the methods of 
the latter are adjusted to changing environmental 
conditions and advancing knowledge of the resources 
of our planet. The essence of the financial system is, 
and always has been, credit, without which no civilisa- 
tion would ever have been initiated by the trusted 
geniuses and leaders of the mass of mankind. I fear 
there is confusion in the minds of economists, both 
orthodox and heterodox, as to the origin and basis of 
credit as distinct from money and currency. Eco- 
nomics is a study of methods and theories. When 
orthodox, its laws are deduced from observations of 
a system at work which it did not originate; when 
heterodox, it consists of speculations, most of which 
are useless anachronisms, as their formule, like those 
of Karl Marx, do not take account of the fact that 
science is transmuting the economic basis of man’s 
existence, which depends less and less on human 
physical ‘‘ work,’’ more and more on the application, 
direct and indirect, of ‘‘ mental energy.” 
The financial system, on the other hand, is a principle 
in actual operation, and at present its methods are 
simply a modification of a tradition of credit-control 
handed down through many civilisations. Rome, 
Egypt, Babylon, India, China, etc., had their financiers 
who controlled credit according to the accepted code 
of laws. Archeological investigations, for example, 
have produced huge vaults of Babylonian cylinders 
containing the records of the accounts of banking 
concerns, their debts and credits. It would be naive 
to imagine that the personal and commercial inter- * 
course between the peoples of earlier civilised nations, 
such as Greece and Rome, was conducted on a cash 
basis without the assistance of credit. When a boy 
could be sent from Greece to school in Rome with a 
note to his father’s banker in that city to pay his 
school expenses it is apparent that the credit-system 
was in operation. The kind of currency is quite 
subsidiary to the principle of credit—for if the 
Emperor of Rome had had bone or other discs of 
different sizes etched with the Royal insignia and 
issued in amount to meet the exchange needs of his 
Empire, the Greek boy would have got on as well 
with these as with the silver, gold and copper coins he 
used while in the Imperial city. His father, a merchant, 
had a credit account in Rome, for use as and when 
required. 
The fact that many of us are only just realising the 

