RESTORATION 
TIX 
will on the whole be more just than a continuance 
of the high level reached. Every one will admit 
this, if allowed to put his own interpretation on 
“long.” The rise which reached its zenith in April, 
1920, had for the most part taken place in a period 
which for my part I should not consider long, and 
the return from the heights of that date to gold 
level, which was and is much above the pre-war level, 
seems to me a very tolerable compromise between 
the claims of those who would have been justly 
treated by a return ' ‘he pre-war level of prices 
and those who wa ~~.» justlv treated by a 
maintenance . © 9. 
But to ad" ‘evel of prices is 
foreign to .. ,vaichis to explain 
how differs “re in fact attained 
and main