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ESSAYS IN PERSUASION

PART

avoided. They are not necessary evils towhich we must submit as things without under-standable or preventable causes.” Mr. Good-enough, on the other hand, whilst desistingfrom the pursuit of the gold standard for thetime being, continues the passage from hisspeech quoted above—“. . . although always weshould keep in mind our ultimate aim, which isa return to a gold standard.” Meanwhile, heputs his hopes on an inflationary movement inAmerica just sufficient to bring sterling back toits former parity with gold, without any disturb-ance to its present parity with commodities.

What is the net result of these speeches?They strengthen greatly the hands of the Cur-rency Reformers who believe that the stabilityof the internal price level and the damping downof the credit cycle are desirable and attainableobjects. They are also reassuring, since theyshow that two of the most influential figures inthe City have clearly in mind all the points ofimmediate practical importance, and can berelied on to use their influence in the rightdirection. Mr. McKenna and Mr. Good-enough are both in sympathy with the aboveaims. Nor would it be fair to say that theSpinsters are definitely opposed to these ideas.(There would be just as much impropriety forthem, just as much mental agility required, tothink one thing as to think another. Theirsimplicity is quite impartial.) If they could beled gently by the hand beyond their copy-bookmaxims of ‘‘looking facts firmly in the face”