[84] Throughout August, 1914, while sterling rates in other countries rose to unprecedented heights, India succeeded in maintaining rates on London in the neighborhood of the gold export point--a striking testimony to the soundness of the Indian arrangements.--EDITOR. [85] E. W. Kemmerer, _A Gold Standard for the Straits Settlements II., Political Science Quarterly_, Vol. XXI, No. 4, p. 663, 678-680. [86] The answers given to the objections just stated have been confirmed and strengthened by the actual operation of the gold-exchange standard as later adopted by the Straits Settlements.--EDITOR. CHAPTER XIII A PLAN FOR A COMPENSATED DOLLAR [87]In the _Purchasing Power of Money_ (1911) I sketched a plan for controlling the price level, _i. e._, standardizing the purchasing power of monetary units. This plan was presented more briefly, but in more popular language, before the International Congress of Chambers of Commerce, at Boston, September, 1912. The details were most fully elaborated in the _Quarterly Journal of Economics_, February, 1913. Following these and various other presentations of the subject, especially the discussion at the meeting of the American Economic Association in December, 1912, the plan was widely criticized by economists, both favorably and unfavorably, as well as by the general public. On the whole the plan has been received with far more favor than I had dared to hope and even the adverse criticism has usually been tempered by a certain degree of approval. The object of the present paper is briefly to state the plan and to answer the more important and technical objections which have been raised. Answers to the more popular objections, omitted from this article through lack of space, will appear in a book, _Standardising the Dollar_, which I hope to publish in 1915.