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FANCY MONETARY STANDARDS 175
proof, even if the statement were true, that" a value
of bullion standard II will be more stable for all the
purposes for which a monetary standard is required
than a bullion standard itself. Admitting that such a
proof could be given, we should still have to inquire
whether. all things considered. a bullion standard is
not the best, and whether. in particular as regards
England. a case can be made out for incurring the risk
and inconvenience of changing the bullion standard we
have already got j but, even on the score of the superior
stability claimed theoretical1y for "a value of bullion
standard," there is no case made out.
These various objections all go to show that" a value
of bullion standard II is not a thing which can be put
forward as a practical scheme. There must be a great
deal of discussion on many points which its author does
not refer to before it can even be entertained. Mr.
Bagehot might have stated many more objections than
he did. and I am sure. if the matter were gone into,
there are many more objections behind.
I shall probably be told. as I have been told. that to
object to currency proposals in this way is to raise up
a nOli posstmms sort of barrier to all currency improve-
ment. and that this is to be too" conservative. The
answer is. that the objection is to such proposals as
matters of practice. and that there would not be the
same objection to them if they were put forward as
merely theoretical proposals. with some acknowledge-
ment of the practical conditions which make their
acceptance in any real world. and especially in the real
world of England at the present day. out of the question.
Put forward in this manner, they could be discussed
freely. and there are many theoretical points about
money which would probably reward discussion. to
which for one I should by no means be averse. It is
conceivable. for instance, that in an ideal world an im-
provement could be made on any existing monetary
system by leaving the issue of paper entirely free to
everybody," on the distinct understanding that notes