ABSTRACT
Silvio Gesell seems to imagine that the public will give up their gold coins for the new paper money, and the gold so obtained he proposes to give away along with the remainder. Mr. J. M. Keynes proceeds more cautiously. He realizes that gold is a nolimetangere; the vaguer the provisions the better: leave it alone. Professor Soddy has a good many things to say about the ownership of gold which it might be worth while to put to the critical test. This misconception of the respective characters of gold money and paper money is at the root of Professor Soddy's proposals concerning the management and use of gold under the new system. Any kind of interference with gold is likely to depress prices at first, because it shatters credit, which means a destruction of purchasing power. The gold of the reserve has no assignable or calculable value.
