PREFACE

vii

The best way to expound a subject of this land canonly be discovered gradually as the result of the ex-perience of successive authors. But although my fieldof study is one which is being lectured upon in everyUniversity in the world, there exists, extraordinarilyenough, no printed Treatise in any language — sofar as I am aware—which deals systematically andthoroughly with the theory and facts of Representa-tive Money as it exists in the modern world. I hopeto use the experience, which I have now gained, toprepare something on a smaller scale which willtry to find the best way to explain the subject.

I believe that a right understanding of the topicsof this book is of enormous practical importance tothe well-being of the world. If I am able to make acontribution to it, I owe this to the atmosphere ofdiscussion and conversation in which I have workedat Cambridge. Mr. D. H. Robertson has cast apenetrating light on certain fundamental matters,and this book would never have taken its presentshape without the help of his ideas. In the gradualevolution of the book into its final form and in theavoidance of errors my greatest debt is to Mr. R. F.Kahn of King’s College, Cambridge, whose care andacuteness have left their trace on many pages, andto whom I am also indebted for the Index. Amongstseveral others from whom I have had help at differentstages I would particularly mention Mr. H. D.Henderson.

When the greater part of what follows was alreadyin print I was appointed to serve on the TreasuryCommittee on Finance and Industry of which LordMacmillan is the Chairman . Thus the practical sug-gestions contained in Volume II. represent my opinions