carry want, and its correlative, over-production into every artisan's house and workshop. For the transformation of product into disengaged capital is one of the regular steps of production, and whatever withdraws the disengaged capital, or money, from circulation, at once renders this step impossible, and thus puts a drag on all production. There Are Various Kinds of Money But all money is not the same money. There is one money of gold, another of silver, another of brass, another of leather, and another of paper: and there is a difference in the glory of these different kinds of money. There is one money that is a commodity, having its exchangeable value determined by .the law of supply and demand, which money may be called (though somewhat barbarously) merchandise-money;all the calamitous effects of over-production. It operates inevitably to involve the country and individuals doing business in the country, in foreign debts. It operates also, by blinding the people to the true nature of money, and encouraging them to raise funds for the commencement and completion of hazardous enterprises by the sale of scrip and bonds abroad, to mortgage the country, and the produce of its industry, to foreign holders of obligations against us, etc. Advantages of a Mutual Currency Mutual Banks would furnish an adequate currency; for whether money were hard or easy, all legitimate paper would be discounted by them. At present, banks draw in their issues when money is scarce (the very time when a large issue is desirable), because they are afraid there