The monetary system, like so many other Martial institutions, is purely artificial and severely logical. It is held that the exchange value of any article of manufacture or agricultural produce tends steadily downwards, while any article obtained by mining labour, or supplied by nature alone, tends to become more and more costly. The use of any one article of either class as a measure of value tends in the long-run to injustice either towards creditors or debtors. Labour may be considered as the most constant in intrinsic value of all things capable of sale or barter; but the utmost ingenuity of Martial philosophers has failed to devise a fixed standard by which one kind of labour can be measured against another, and their respective productive force, and consequently their value in exchange, ascertained. One thing alone retains in their opinion an intrinsic value always the same, and if it increase in value, increases only in proportion as all produce is obtained in greater quantities or with greater facility. Land, therefore, is in their estimation theoretically the best available measure of value—a dogma which has more practical truth in a planet where population is evenly diffused and increases very slowly, if at all, than it might have in the densely but unevenly peopled countries of Europe or Asia. A _staltâ_, or square of about fifty yards (rather more than half an acre), is the primary standard unit of value. For purposes of currency this is represented by a small engraved document bearing the Government stamp, which can always at pleasure be exchanged for so much land in a particular situation. The region whose soil is chosen as the standard lies under the Equator, and the State possesses there some hundreds of square miles, let out on terms thought to ensure its excellent cultivation and the permanence of its condition. The immediate convertibility of each such document, engraven on a small piece of metal about two inches long by one in breadth, and the fortieth part of an inch in thickness, is the ultimate cause and permanent guarantee of its value. Large payments, moreover, have to be made to the State by those who rent its lands or purchase the various articles of which it possesses a monopoly; or, again, in return for the services it undertakes, as lighting roads and supplying water to districts dependent on a distant source. Great care is taken to keep the issue of these notes within safe limits; and as a matter of fact they are rather more valuable than the land they represent, and are in consequence seldom presented for redemption therein. To provide against the possibility of such an over-issue as might exhaust the area of standard land at command of the State, it is enacted that, failing this, the holder may select his portion of State domain wherever he pleases, at twelve years' purchase of the rental; but in point of fact these provisions are theoretically rather than