I asked if the new money was better looking than the old, if it looked more like money that was worth having than the wretched little notes printed by the Provisional Government and scornfully called "Kerenkies" by the populace. Krestinsky said he was afraid not, but that the second and final exchange would be made in notes which they expected to be permanent. They did not expect the notes of the first exchange to circulate abroad, but the notes of the second would carry with them state obligation and they expected them to go into general currency. He added, smiling that the words "Proletariat of all lands, unite," were to appear on the notes in eight languages. The question of the look of the notes, of their ability to inspire confidence by their mere appearance, is of real importance in a country where so many of the peasantry will judge their value by nothing else. I reminded him of the hostility roused in some villages by mistakes in the assessment and collecting of the Extraordinary Tax, mistakes which (so other Communists had assured me) would cost them more, politically, than the tax was worth to them, and asked him, "Will you not have great difficulty in getting the exchange made, and are you not running the risk of providing the reactionaries with a new profitable basis of agitation?" He said that of course they would not make the attempt unless they felt sure they were politically strong enough to carry it through. "If it is properly explained to the villages there will be nothing to fear, because the measure will not threaten any but the rich and therefore the small minority of the peasantry. It would be a different matter if the same thing were to be tried by the counter-revolutionaries, because they would not discriminate in favour of the poor. If Kolchak and Company overthrow us and try to substitute their money for ours, their action would affect rich and poor alike, minority and majority together. If there were not a hundred other causes guaranteeing the insecurity of their position, the fact that they will be unable to get rid of our money without rousing the most violent opposition in the masses throughout the country would alone be sufficient to do it." I asked whether that was the reason why they intended to print on the notes "Proletariat of all lands, unite," so that the counter-revolutionaries, unable to tolerate money bearing that hated phrase, should be forced to a step disastrous for themselves. He laughed, and said that he did not think counter-revolution in the least likely unless brought in by invasion, which he did not think politically possible. A PLAY OF CHEKHOV February 21st.