ON VABIATIONS IN THE VALUE OF THE MONETARY STANDARD. 137 



base line AZ ; on reaching which they become, as it were, consummated. 

 Bat here, at each step in advance, a piece becomes transformed to one of 

 higher value ; and the final or consummating transformation is not to a 

 higher piece, but to an actual prize, say a certain number of sugar- plums, 

 which are distributed among the children who take part in the game, 

 according to laws which will be described. 



The players in this commercial chess are very numerous. There 

 is, at least, one player to each of the compartments, whereof a few 

 only are shown in the figure ; each player is against all the rest. For 

 instance, in the column designated A there are eight compartments 

 (there might be many more), each under the care of at least one indepen- 

 dent player. 



We may suppose, initially, a pawn at the compartment Ag (the eighth 

 above the part of the base-line marked A). Player Ag moves his pawn to 

 compartment A7, and receives in exchange for that pawn from player 

 A7 a counter, or rather a batch of, say, five counters. Player A7 is en- 

 titled to replace that pawn by a higher piece, a two-pawn piece, which 

 he (having received one pawn) is competent to produce. This two- 

 pawn piece is passed on by player A7 to player Ag in exchange for two 

 batches of counters. Thus the volume of value, like a snowball, rolls on, 

 increasing; until A, parts with an eight-pawn piece, or queen, for eight 

 batches of counters. 



So far there is a continual stream of pieces downwards and of counters 

 upwards. But now sets in a contrary movement. For the queen are 

 substituted eight sugar-plums, which are transmitted to the players, 

 each plum in exchange for a batch of five counters. There is thus a 

 stream of sugar-plums upwards and of counters downwards. 



The game, or turn, being finished, the initial pawn is again produced 

 from limbo, and again exchanged for a unit batch of counters ; and so 

 the great Wheel of Trade revolves. 



That is confining ourselves, for the purpose of description, to one 

 column. In reality it is to be thought that many of the pieces move, 

 like knights or bishops, in a skew direction. Thus the pawn in the 

 compartment Y; immediately on the right of Ay is not to be considered 

 as the head of a stream which descends straight down to the base, cul- 

 minating near A. The piece which starts in the compartment mentioned 

 may move off to the right, and, joined perhaps by some other stream, 

 • queen ' at T. 



Now, suppose that, in the course of time, the number of players and 

 pieces have increased, and that the managers of the public place of 

 entertainment in which this game is played have failed to provide a 

 proportionately increased number of counters. It might become neces- 

 sary to economise counters by using four instead of five as the unit- 

 batch, the counters being thus appreciated by 20 per cent. Or, if the 

 change were brought about less symmetrically, by a gradual irregular 

 contraction, the question might arise. How is the appreciation to be 

 measured ? What is that ratio of decrease to correct which is the 

 business of the managers ; that ratio which, being brought up to unity, 

 we may say to the replenishers, ' Hold, enough ' ? 



There are two views before us. We may measure the appreciation of 

 counters either by the change in the value of the sugar-plums which are 

 eaten, or in that of the pieces which are put in motion in each game or 

 turn of the wheel. 



