Leete. "When innumerable different and
independent persons produced the various things needful to life and
comfort, endless exchanges between individuals were requisite in
order that they might supply themselves with what they desired. These
exchanges constituted trade, and money was essential as their medium.
But as soon as the nation became the sole producer of all sorts of
commodities, there was no need of exchanges between individuals that
they might get what they required. Everything was procurable from one
source, and nothing could be procured anywhere else. A system of
direct distribution from the national storehouses took the place of
trade, and for this money was unnecessary."

"How is this distribution managed?" I asked.

"On the simplest possible plan," replied Dr. Leete. "A credit
corresponding to his share of the annual product of the nation is
given to every citizen on the public books at the beginning of each
year, and a credit card issued him with which he procures at the
public storehouses, found in every community, whatever he desires
whenever he desires it. This arrangement, you will see, totally
obviates the necessity for business transactions of any sort between
individuals and consumers. Perhaps you would like to see what our
credit-cards are like.

"You observe," he pursued as I was curiously examining the piece of
pasteboard he gave me, "that this card is issued for a certain number
of dollars. We have kept the old word, but not the substance. The
term, as we use it, answers to no real thing, but merely serves as an
algebraical symbol for comparing the values of products with one
another. For this purpose they are all priced in dollars and cents,
just as in your day. The value of what I procure on this card is
checked off by the clerk, who pricks out of these tiers of squares the
price of what I order."

"If you wanted to buy something of your neighbor, could you transfer
part of your credit to him as consideration?" I inquired.

"In the first place," replied Dr. Leete, "our neighbors have nothing
to sell us, but in any event our credit would not be transferable,
being strictly personal. Before the nation could even think of
honoring any such transfer as you speak of, it would be bound to
inquire into all the circumstances of the transaction, so as to be
able to guarantee its absolute equity. It would have been reason
enough, had there been no other, for abolishing money, that its
possess