PAPER PRICES 
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and at the same time so extremely pernicious.” ? 
In our own country the evil of an ever-increasing 
currency continued throughout 191g, though at a 
speed reduced to about half what it was during the 
latter part of the War, but at the end of the year a 
determination to stop the rot became manifest. The 
Cunliffe Committee which was appointed in January, 
1918, “ to consider the various problems which will 
arise in connection with currency and the foreign 
exchanges ”’ had made in August of that year (when 
the first edition of *his book was being written) an 
interim report wich -onred the retention in the 
future British curren-  vitem of the principle of 
the Bank Charter Act... 34 that the paper currency 
should be limited by the requirement of 100 per cent. 
cover for all notes issued above a certain maximum, 
and recommended that after the completion of 
demobilization till the amount of that maximum 
could be definitely fixed, the actual highest amount 
reached in any one year should be the legal maximum 
for the next. It rejected the suggestion “ urged in 
some quarters that in order to make possible the 
provision of a liberal supply of money at low rates 
during the period ¢ reconstruction further new 
currency notes should be created with the object 
of enabling banks to make large loans to industry 
without the risk of finding themselves short of cash 
to meet the reqri-ements of the public for legal- 
tender money.” . {t= z wear and a quarter of 
apparent somnolence inis committee awoke again 
to activity, and presented on December 3, 1919, 
a short Final Rer-rt of whith the important part 
was the statement “nal effect should now be given 
to the recommendc.:ion :: xde in our Interim Report 
that the actual mr "mum £ uciary circulation in any 
Lt Wealth © Id’; la Ed. Cannan, vol. 
ii, ~m