Thus by ballast thrown overboard or taken on, our dollar is kept from drifting far from the proper level. The result is that the price level would oscillate only slightly. Instead of there being any great price convulsions, such as we find throughout history, the index number would run, say 101, 100½, 101, 100, 102, 101½, 100, 98, 99, 99, 99½, 100, etc., seldom getting off the line more than 1 or 2 per cent. A PROBLEM CALLING FOR URGENT ACTION With the question now before us, it is evident that the problem of our monetary standards has much more than theoretical significance. It is a practical problem, and, I submit, the most pressing which the war has left us. I do not offer the solution described above as the only answer to the problem. It is, however, a working basis, a starting point, from which we may be able to work out a better plan. _Some_ scientifically sound plan is essential, or we shall be the victims of quack remedies. Finally, _now_ is the time to take up the matter. Public interest is now focused on the cost of living and is very largely educated to the fact that the high prices have a monetary basis. Furthermore, the world is looking to us, as never before, for leadership. It is our golden opportunity to set _world_ standards. If we adopt a stable standard of value, it seems certain that other nations, as fast as they can straighten out their affairs, resume specie payments, and secure again stable pars of exchange, will follow our example. Let us, then, who realize the situation, act upon our knowledge; and secure a boon for all future generations, a true standard for contracts, a stabilized dollar. [Illustration: Copyright by Underwood & Underwood President Wilson and Rear Admiral Grayson Passing the Palace of the King in Brussels] The Great Results of the War The Great Results of the War _PART I_ I--ECONOMIC RESULTS OF THE WAR Striking Changes Made by the European Conflict Upon the Economic Life of the Great Nations The paramount position of War Finance was brought vividly and continuously before the whole people of the United States by the Liberty Loan campaigns. This lesson was an old one though it was enforced by all the improved methods of modern publicity. To Napoleon Bonaparte is attributed the statement that three things are necessary to wage a successful war: money, more money, and still more money. FINDING THE MONEY FOR WAR It has been well said that: