our War Finance--Inflation and the Rise in Prices--The Figures of the
Present Position--The Break in the Old Relation between Legal Tender and
Gold--How to restore it--Stop Borrowing and reduce the Floating
Debt--Return to the Old System--The Committee's Sane Conservatism--A
Sound Currency vital to National Recovery

XVII
MEETING THE WAR BILL
The Total War Debt--What are our Loans to the Allies worth?--Other
Uncertain Items--The Prospects of making Germany pay--The Right Way to
regard the Debt--Our Capital largely intact--A Reform of the Income
Tax--The Debt to America--The Levy on Capital and other Schemes--The
only Real Aids to Recovery

XVIII
THE REGULATION OF THE CURRENCY
Macaulay on Depreciated Currency--Its Evils To-day--The Plight of the
Rentier--Mr Goodenough's Suggestion--Sir Edward Holden's Criticisms of
the Currency Committee--His Scheme of Reform--Two Departments or One in
the Bank of England?--Not a Vital Question--The Ratio of Notes to
Gold--Objections to a Hard-and-fast Ratio--The Limit on Note Issues--The
Federal Reserve Act and American Optimism--Currency and Commercial
Paper--A Central Gold Reserve with Central Control

XIX
TIGHTENING THE FETTERS OF FINANCE
The New Meaning of Licence--The Question of Capital Issues--Text of the
Treasury Regulations--Their Scope and Effect--The Position of the Stock
Exchange--Wider Issues at Stake--Should Capital be set Free?--The
Arguments for and against--Perils of an Excessive Caution--The New