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STABLE MONEY By Robert Eisler
Dr. Eisler's statement of his theories now appears with ,a preface of its own written by a -former Meinber of the Court of the Bank; who professes-to be neither," an economist nor an expert-in monetary science," With a foreword'by the author giving a Homeric catalogue of sonic seventy different people to whom he has explained and with whom he has disclissed his plans, and a " blurb " which discloses ' the fact that Sir Thomas Barclay, "the eminent economist "—this eminent octogenarian lawyer may not like the. borrowed pltudes- " can only say he finds Dr. Eisler's reasoning unanswerable:" So ragged a bush does not stimulate' the Guest of the *der to sample the wine which it advertises. • Which is a Pity, the some two-thirds of the book (Stable Money: Search Publishing Co., 15s.) can be read with pleasure and profit'. This major:: por- tion is devoted to an explanation of the cells inflicted on the world both by inflation and by 'deflation, to..a plea for the establishment of a stable standard of value, and to a deserip- tioa of the course and meaning of tbc present depression: - It is lucid and nearly always stimulating, and the study of it can be ',commended to-41 -who require to be convinced that the present crisis differs'Int wily quantitatively but also qualita- tively from any of its predecessors. The remainder of the boa sets out Dr.tisler's own prescription—a double cur- rency, for internal' purposes. and pegged exchanges to be operated by interchanged Treasury Bills. Our international standard of values will be determined for us either by empiries or by - experts ; the former will 'not understand Dr. Eisler, and the overwhelming majority of the latter will probably share Professor Cannon's view that his double currency is a nightmare. Moreover, if we could obtain half the inter- national co-operation which would be required before Dr. Eisler's theories could be put into practice we could secure that amount of international management which would make a gold standard reasonably efficient.
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