em a circulating
medium of paper money, properly guaranteed, and susceptible of prompt
and certain increase or decrease of volume to meet every possible
variation in demand, and rigidly controlled to conform in value to a
true standard of value, a standard composed not alone of gold or
silver or both combined, but of all the leading commodities.

In short, they will separate the standard of value from the medium of
exchange, demonetizing both gold and silver as to the latter function,
but using both and many other things in conjunction therewith for the
former function.

V. BY A. J. WARNER.

From whatever side the question is approached, in the last analysis
the value of money of any kind is found to depend upon its quantity,
and not upon color, or ductility, or malleability, or any other
particular quality of the thing upon which the money function is
impressed. There can be therefore, in fact, no other standard of
value, or money standard, except the quantity of whatever is used as
money. When gold and silver are used, the value of each unit of money
depends upon the number of such units, and these in turn depend upon
the quantity of the metal from which the money is made. Any cause,
therefore, which restricts, limits, or contracts the quantity of any
kind of money, increases the value of each unit. On the contrary,
causes that operate to increase the supply of money have the opposite
effect.

Hence, only that currency can properly be called "sound" currency
which is made to maintain stable relations to things to be bought and
sold. In other words, general prices are determined by the proportion
between money on the one side, and things offered against money on the
other side. Such money only is "honest" money.

The whole question, therefore, of money standard is a question of
money supply; for, as the price of single things, money being
constant, depends upon supply on the one hand, as against demand for
it on the other, so, in general, prices depend on money supply on the
one hand, and things to be bought and sold on the other. This I
believe to be the fundamental law of money.

THE NEW CIVIL CODE OF JAPAN.

BY TOKICHI MASAO, M. L., D. C. L.

Ever since the establishment of the present imperial government in
1868, the one unceasing aim of Japan's foreign policy has been the
abolition of the extra-territoriality regime, under which certain
quasi-judicial functions are exercised on the Japanese so