Ill

THE RETURN TO GOLD

183

temporary abundance has ensued. But as arule, generally speaking, there has been notenough.

Of late years the auri sacra fames has soughtto envelop itself in a garment of respectabilityas densely respectable as was ever met with,even in the realms of sex or religion. Whetherthis was first put on as a necessary armour towin the hard-won fight against bimetallism andis still worn, as the gold-advocates allege, be-cause gold is the sole prophylactic against theplague of fiat moneys, or whether it is a furtiveFreudian cloak, we need not be curious toinquire. But we may remind the reader of whathe well knows—namely, that gold has becomepart of the apparatus of conservatism and is oneof the matters which we cannot expect to seehandled without prejudice.

One great change, nevertheless—probably,in the end, a fatal change—has been effectedby our generation. During the war individualsthrew their little stocks into the national melt-ing-pots. Wars have sometimes served todisperse gold, as when Alexander scattered thetemple hoards of Persia or Pizarro those of theIncas. But on this occasion war concentratedgold in the vaults of the Central Banks; andthese Banks have not released it. Thus, almostthroughout the world, gold has been with-drawn from circulation. It no longer passesfrom hand to hand, and the touch of the metalhas been taken away from men’s greedy palms.The little household gods, who dwelt in purses