"The King Never Dies,"

and that the State never becomes insolvent. The issue of representative value cannot be entrusted to any person or any body of people whose shoulders are less broad than the State itself. Money, as the representative of food—the support of labor as it passes from hand to hand, must be sure of conjoined food and labor being given in exchange for it whenever it is presented. This leads to the question that the issues must be adequate to the requirements of the State, i.e., of each person within its limits. Mr. Del Mar crystalizes, what I think no one will doubt the truth of, into these words:—"An expanding traffic needs an expanding money, one that by regulation can be made to keep even pace with increasing exchanges"; but must not be liable to "increases, without regulation, either from the adventitious production of mines, the obtaining of the money-metal by conquest, the unlimited emission of Government notes, the licence of private coiners, or the greed of private banks of issue." In another place Mr. Del Mar says:—"Pieces of money only need a mark of authority impressed upon them, and a Government virtuous enough to restrict their issue and strong enough to prevent the money mark being counterfeited." Some persons allege that such a Government cannot exist in Australasia, then shall we put ourselves in the hands of associated banks and their outside confederates—shareholders and other traders in money? As your late Mr. Bathgate remarked, "We have put our head into a noose, and let the banks turn the twitch-stick." As an illustration of the working of a medium of exchange let a single instance be given,