This passage in his article in the September _Supplement_ tells us what to do. Keep gold, out of deference for foreign prejudice, for the settlement of foreign trade balances, but make as much paper money as you like for home use. As our legal tender money is to be "divorced entirely from its alliance with gold" it clearly cannot be convertible into gold. So that apparently we shall have a paper pound and a gold pound (the latter for foreign use) with no connection between them. This stage of economic barbarism has been left behind now even by some of the South American republics. The paper pound, based on the national credit, can be multiplied as fast as our legislators think fit. If they do not multiply it fast enough, Mr Kitson will tell them that they are strangling trade, because the volume of production is limited by the amount of money available. At the same time bank credits will be multiplied indefinitely because, as was shown in the November _Supplement_, Mr Kitson supports a view that the average business man holds (according to him) that he ought to have a legal right to as much credit as he wants. With the Government printing paper to please its supporters, with the banks obliged by law to give credit to every one who asks for it, and with prices soaring on every addition to currency and credit, what a country this will be to live in, and what a life will be led by those who have to compile and work out the index numbers of the prices of commodities! Some of us, perhaps, will prefer the jog-trot conservatism of Lord Cunliffe's Currency Committee, who in their recently issued report[1] (which every one ought to read) recommend that gold should not be used for circulation at present, but that endeavours should be made towards the cautious reduction of our swollen paper currency, and that its convertibility into gold should be maintained. [Footnote 1: Cd. 9182, _2d_.] INDEX Addis, Sir Charles, on banking, Aërated Bread Co., and bonus issues, Allies, loans to, America, effect of war on, War finance of, Bank Act: its purpose, Its suggested repeal, Its working, Bank Amalgamations, progress of, Bechhofer, Mr, on Guild Socialism, Bills of Exchange, as basis of issue, Bonar Law, Mr, on after-war position, On capital levy, On sale of securities, British Trade Corporation, formation of, Brunner, Mond, and bonus shares, Budget, in 1918, Canadian Pacific, and bonus issues, Capital, foreign, Levy on, Meaning of, Supply of, War's destruction of, Capital Issues, Committee on, Licence required for, Need to restrict, Stock Exchange and, Cole, Mr, on Guild Socialism, Cunliffe Committee, report of Currency: inflation of, International, Metals as, Origin of, Quantity theory of, Report on, _Daily News_, on capital levy, Expenditure, Committee on, France, after-war position of, Free Trade and British supremacy,