tive value of effort or the apparently negative cost of order. Just as far as it fails in these requirements it is spurious. If it represents full net value, however basically, we can then count upon a calculable insistent effective and fully informed demand. With these essentials provided for, it becomes a comprehensive index of value in terms of freedom of action. It is, in effect, an unimpairable franchise to maintain individual sovereignty over normal physical circumstances, and to enrich that sovereignty by the utilization of such goods and services of others as may be earned and preferred, free from the incalculable diminishments of secondary taxation. Only under such provisions as these is a token of value redeemable in value. “Irredeemable” is a word which should be very cautiously employed as a missile by the gold-standardist.
