140 
POLITICAL ECONOMY 
no ascent will take place in the value of 
securities standing for loans of definite sums 
of money which have to be repaid at some 
time, for example, in the value of consols. 
Nevertheless, we must not conclude offhand 
that for every reason steady prices are 
theoretically best for the community. One 
thought which should give pause may be 
expressed. When prices are steady a proper 
share of the benefits of progress do not 
automatically accrue to the wage-earning 
classes, and consequently repeated re-adjust 
ments of wages become needful. Possibly the 
ideal would be a fall in prices exactly corre 
sponding in degree with productive progress ; 
but all economists would not endorse this 
pronouncement, owing to the effect which they 
think falling prices have upon the directors 
of industry ; and in any event it would be 
impossible to bring about exactly, or even 
approximately, such a variation in the 
purchasing-power of money. From a practical 
point of view, when all advantages and 
disadvantages are weighed, it is probable 
that steady prices would be best if they 
could be secured. A suggestion has been 
made that countries, acting in concert, 
should regulate the quantity of money with 
reference to index numbers of prices so that