This Great Dynamic Fact

has been purposely kept in the background till those who ought to know better have come to overlook its existence, in order that the public might, through not understanding the true doctrine of the currency, more easily become the victims of the money-changers. Hence the cry was put forth not long ago in New Zealand with respect to the financial project of the late Mr. James Macandrew, and doubtless repeated with parrot-like satisfaction by an uninstructed public, viz., "that Mr. Macandrew would put everything right with a pile of paper and a printing page 12 press." I need hardly say at this stage of my paper that I advocate what is called the quantity or numerary theory of the currency. Countries without a Government strong enough or sufficiently intelligent to curb the avarice of those who set up what is called a "standard of intrinsic value," whether of gold or silver or both combined—bimetallism—as the only means by which an over-issue of a non-intrinsic value currency can be prevented, usually lose sight of the fact that an inadequate issue of money may be as disastrous as an over-issue. This circumstance may not be so patent to the public, but writers on finance agree that "the influence which the contraction or expansion of the currency has upon prices and upon commerce has been rarely suspected by those among whom the events have taken place, who have usually been content to discover other causes than this for prosperity or adversity." When a financial crash comes