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31 2 METHODS OF .SOC.fAL REFORM.
I came to the study of this scheme much prejudiced in its
favour, because it might be the means of breaking down the
absurd objection of the English people to the use of one pound
notes. A well-regulated issne of such notes mould conduce to
everybody’s convenience, and might give a substantial addition
to the revenue, with absolute immunity from financial risk.
But then such a currency must be issued on the principle of
the Hank Charter Acts, and under strictly defined statutory
conditions. It must bc absolutely convertible at the will of
tho lon&jtIe holder, and must not be issued for such trifling
amounts as one shilling or two shillings and sixpence. In
Normby nnd Swvcdcn, notes of about five shillings in value
form D perfectly successful nncl convcnicnt currency, but as a
first experiment it mould not be wise to advocate the issue of
anything less than a tcn rihilling notc. Even a one pound
note currency with token gol(1 half-sovereigns would meet all
real necds. lh0 after consitlering the details of this Post
Office scheme, it present,s itself as a currency “leap in the
dark.”
In the first place, it is quite doubtful whether the postal
notes will really fulfil their ostensible purpose of enabling
postd remittances to be made easily and safely. The case
will be pr0ride.d for, no doubt, if the notes can be purchased
in bundles and kept in the cash-bos, and if, agaiu, they can
bo got rid of, when super:~lundnnt~, in paying cab fares, small
bills, etc. Few visits to the Post Office mould then be needed,
tho notes being current,. But what about safety? Almost
every postal remittancc on this system will contain not only
papcr money payable 60 bearer at any Noney Order Office, but
also postage stamps to mnke up t,he odd pence. An ingenious
letter-carrier will probably soon learn how to detect the
cnclosuro of postnl notes, and even if he destroy the notes
themselves, (t fair average dag’s wages might at any time’
be made out of the stamps, by a systematic operator. Nor
is any method of reading enclosures indispensable; for
many newspaper ofices, large shops, booksellers, and others,
habitually receive SO many small remittances, that a bold
and sagacious post o5ce servant might trust to the theory