It is because they (English bankers) are so safe, so straight, so sensible, from an American point of view so unenterprising, that they are able to build up a bigger credit fabric on a smaller gold basis, and even carry this building to a height which they themselves have decided to be questionable. This "psychological reserve" is the priceless possession that has been handed down through generations of good bankers, and every individual of every generation who receives it can do something to maintain and improve it. But it was not always thus, and it is merely the many ramifications of the English commercial and financial world that have brought this about. In the end the Americans will imitate it, or they will suffer from a hopeless disadvantage in their financial competition with England. Commercial development is broadly illustrating one profound truth: that the real basis of social morality is self-interest. If English banks and insurance companies have become absolutely honest in their administration, it is because the dishonesty of any one of them threatened the prosperity of all. Must we assume that the Governments of the world, which, presumably, are directed by men as far-sighted as bankers, are permanently to fall below the banker in their conception of enlightened self-interest? Must we assume that what is self-evident to the banker--namely, that the repudiation of engagements, or any attempt at financial plunder, is sheer stupidity and commercial suicide--is for ever to remain unperceived by the ruler? Then, when he realizes this truth, shall we not at least have made some progress towards laying the foundations for a sane international polity? * * * * * The following correspondence, provoked by the first edition of this book, may throw light on some of the points dealt with in this chapter. A correspondent of London _Public Opinion_ criticized a part of the thesis here dealt with as a "series of half-truths," questioning as follows: