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To appear even worse, than the most imperfect international standard. Just so
Though automatic action of the gold standard is far from perfect,
The fact that at it of the politician is directed by known rules and that in
Result it appears to expect probably actions of the authorities, it is capable to make
The imperfect gold standard giving troubles is less, than more
Rational, but less clear policy.
It is necessary to notice that any of the resulted arguments in favour of the gold
The standard has no direct tie with any of the properties inherent in gold. Any
The accepted international standard based on the goods, which price
It is regulated by costs of its production, would have, in effect, the same
Advantages. That has made gold in the past a unique material, on
Which the international standard could be almost based, is on
To advantage irrational, but because not less real factor of its prestige
Or, if want, dominating superstitious predisposition in favour of gold,
Everywhere doing it more comprehensible, than something else. While
Such submission dominated, it was possible to save based on gold
The international currency, without building any plans and without creating the special
The organisations on its support. However if the prejudice also has made possible
The international gold standard, at least, existence of the similar
Prejudice allowed to have the international legal tender at that time,
When there could not be a speech about any international system based on
Formal agreements and regular cooperation.
In this area, psychological character has our prospects and possibilities
Also consists that unconscious predisposition in favour of gold, which
Also gave it particular advantages, it has been hardly shaken - though, possibly,
Not so it is strong, as many imagine; that in many cases it even
It was replaced by so strong and unreasonable bias against gold; and in
Volume that today people in general are much more ready to consider the reasonable
Alternatives. It is important to subject, thus, anew to serious consideration
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