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The article focuses on Gold currency and the general prices of commodities in England. To ascertain whether there have been within the last hundred years such variations of general prices as may without doubt be ascribed to the greater or less amount of the precious metals, one shall naturally look first at the period immediately following the gold discoveries in California and Australia. There is a striking difference among English statisticians on this question. The matter is carefully examined in the sixth volume of Tcoke's "History of Prices," and the conclusion is stated that although the annual supply of gold in 1856 and the four preceding years bad been fourfold greater than it had been in 1848 and previously, and although the addition to the metallic circulation of the leading commercial nations bad been more than one-third of the pre-existing stock, yet the range of general prices had not been at that date, noticeably influenced in England.

It is opined that the great victory won by Woodrow Wilson, President of the U.S., in compelling Japan, Australia, and England to accept the mandatory system will be a Pyrrhic one if the duties and powers of the mandatory are not clearly defined. Wilson is shouldering tasks no other man has essayed. His defects and errors must be borne with and the world must be as patient as possible, particularly the U.S. and sorely tried France. The French may be right that it would have been better to decide Germany's fate at once and then settle down to a slow and careful creation of new world machinery. But Wilson is doing what seems best to him.