Notwithstanding the insufficiencies of pecuniary valuation, the character of modern life seems to call for an extension of its scope: it would appear to be true, in a certain sense, that the principle that everything has its price should be rather enlarged than restricted. The ever-vaster and more interdependent system in which we live requires for its organization a corresponding value mechanism, just as it requires a mechanism of transportation and communication. And this means not only that the value medium should be uniform, adaptable, and stable, but also that the widest possible range of values should be convertible into it. The wider the range the more fully does the market come to express and energize the aims of society. It is a potent agent, and the more good work we can get it to take hold of the better. Its limitations, then, by no means justify us in assuming that it has nothing to do with ideals or morals. On the contrary, the method of progress in every sphere is to transfuse the higher values into the working institutions and keep the latter on the rise. Just as the law exists to formulate and enforce certain phases of righteousness, and is continually undergoing criticism and revision based on moral judgments, so ought every institution, and especially the pecuniary system, to have constant renewal from above. It should be ever in process of moral regeneration, and the method that separates it from the ethical sphere, while justifiable perhaps for certain technical inquiries, becomes harmful when given a wider scope. As regards responsibility to moral requirements there is no fundamental difference between pecuniary valuation and the state, the church, education, or any other institution. We cannot expect to make our money values ideal, any more than our laws, our sermons, or our academic lectures, but we can make them better, and this is done by bringing higher values upon the market. To put it otherwise, the fact that pecuniary values fail to express the higher life of society creates a moral problem which may be met in either of two ways. One is to depreciate money valuation altogether and attempt to destroy its prestige. The other is to concede to it a very large place in life, even larger, perhaps, than it occupies at present, and to endeavor to regenerate it by the translation into it of the higher values. The former way is analogous with that somewhat obsolete form of religion which gave up this world to the devil and centred all effort on keeping out of it, in preparation for a wholly different world to be gained after death. The world and the flesh, which could not really be escaped, were left to a neglected and riotous growth.