"I was pondering," I replied, "how it was possible that this country could ever have been cursed with poverty as the normal condition of the masses of the people while the few were rich beyond the dreams of avarice, and held those masses bound by fetters that they could not break." "It is now time for the exercises to commence," said Norrena. "I will explain the mystery in my address, at least so far as the leading factors are concerned, for in its entirety it is indeed a long and ghastly picture of human ignorance on one side and human greed directed by a morally perverted human intelligence on the other." The chairman called the meeting to order and stated that the first thing on the program would be an address on the Transition Period, by Norrena, the Continental Commissioner of Education. Without extended preliminary remarks, the speaker opened the discussion of the question under consideration from which I condense the following from Oqua's report in English. Yet notwithstanding my short residence in the country I believe that I could have given the gist of the address myself without any assistance. "I need not," said the speaker, "enter into any lengthy explanation before an institute of teachers, as to how our ancestors under the old civilisation exchanged the products created by their labor for products created by the labor of others, by the use of a law-created medium of exchange called money. Neither need we trace the history of many kinds of products and devices which were used in different ages as a medium of exchange, such as cattle, slaves, shells, tobacco, the skins of animals and certain stones and metals. These things are only of interest to the antiquarian. It is enough to know for our present purpose that money had originally been devised as a substitute for barter, and marked the first step towards the establishment of a system of exchanging products which required the exercise of a higher order of mental faculties. During the early part of the Transition Period, gold and silver were the exclusive materials from which money was coined, except for sums of only a few cents, when the so-called baser metals were used. As the supply of gold and silver was not equal to the demands of business, banks were established to issue notes to circulate as money with the consent of both parties to the exchange. These notes were made redeemable in gold and silver on the demand of the holders, and at frequent intervals the banks failed and the people lost the wealth which they had exchanged for the notes. This was a transfer without compensation, of the actual values created by the labor of the people, to the note issuing power, and this process, oft-repeated, laid the foundations for many colossal fortunes.