POWERFUL FICTION.

Oxford Observer, Volume V, Issue V, 9 June 1894, Page 3

POWERFUL FICTION.

Powerful Fiction does not sign his article. He states that it is an answer to J. W. The article that he takes the trouble to answer I may state was not signed at all. But the arrow shot at a venture did wound him very much. P. F. charges with his forces, reserves and all; to drive the enemy from the position that is taken up, "What is truth "? A lie which is half a truth is ever the blackest of lies." State Bank is all very well m the theory and practice of the issue of paper which is m use at present. But to let' the government become sole banker for the country, woe betide us ! our maternal government how beautifully they manage our railways, it is not likely a State Band would be managed any better : A sovereign's worth of labour is equal to a sovereign. Yes, this would be true if they were equal, but at present they are not equal and State Bank would not make them m the slightest degree more equal. State Bank or any other bank mu&t have a given point to reckon from, and we all reckon from the legal tender of the realm; which is a sovereign. Now neither P. F. or any other living man can tell me what a sovereign is worth m labour. Yet labour will eventually have a fixed : unit m gold; then^they will be equal. So that we shall reckon really from the strength of a man. P. F. agrees with, me that Bimetalism is ar scheme for an end with no good ; m agreeing to that one clause he condemns himself. As to the appreciation of gold it is all very well to pooh! pooh! the argument, for goJd does appreciate; it has appreciated to such an extent, that it will buy twice the quantity of goods it would have, bought a fewyears ago. Take landed securities, and see how much moro paper one has to find to obtain the same amount of gold as a few years ;bac& Then why should gold appreciate ? I take it, it is because we have a false standard^ not, that the gold is false .nor that we should have paper^in it^ stead, biit that we should, ha.ye a Hying stiandai d ; then the gold could hot appreciate. J. W. J