L'offre d'or et de prospérité . e dis-tress et pauvreté subie par les nombreuses. Si thegold l'offre augmente assez rapidement pour fournir em-ploi pour plus de travailleurs et à de meilleurs salaires, il tiendra peut-être retarder ou arrêter cette feelingof troubles et de mécontentement au sein de l'poorerclasses, et donc son effet sur la politique et soci-ety. En raison du fait, toutefois, que les prix ofcommodities et nécessités de la vie sont susceptibles d'avance 181 182 D'OR ET DE PROSPÉRITÉ au prorata d'une augmentation de salaire, je crains que d'thewages au salarié, bien que plus grande en montant,s'ha

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The gold supply and prosperity . e dis-tress and poverty experienced by the many. If thegold supply increases rapidly enough to supply em-ployment for more workers and at better wages, itwould possibly retard or stop this increasing feelingof unrest and discontent on the part of the poorerclasses, and thus have its effect on politics and soci-ety. Owing to the fact, however, that the prices ofcommodities and necessities of life are apt to advance 181 182 GOLD SUPPLY AND PROSPERITY in proportion to any increase of wages, I fear that thewages of the wage earner, although larger in amount, will have little, if any more purchasing power thanthose they have today. If laws were adopted preventing more than onemillion, or even five million, dollars being left by willor otherwise to any one individual, the balance to goto the State or government, much would be accom-plished for distributing unnecessary enormous accum-ulated fortunes, and possibly a preventive establishedfor troubles which appear to be arising over thehorizon.. GEORGE H. SHIBLEY President Bureau of Economic Research The Gold Problem Solved By George H. Shibley 7HAT is the probable course of monetary legisla-* tion of the United States? This question is timely for not only is there a growing output of gold, but a concurrent inflation of bank currency, due tolegislation, accompanied with a proposal from highsources that legislation at the coming session of Con-gress shall increase the output of paper money. The extent of the total inflation already affectedis from $21.42 per capita in 1896 to $31.40 September 1, this year—46^%. All this in nine years! More than5% yearly. About a billion dollars, or more than twiceas much as would have resulted from free silver. Andof this increase nearly one-fourth has been caused bycurrency inflation, due to the Act of March, 1900. While this paper money inflation has been takingplace an opposing tendency and one that is makingtoward stability in the future standard of value

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