Stabilization and Recovery

SEEN in retrospect, the world's currency record of the last two decades is most curious. Its shifting pattern is rather like that of a formal dance, with alternating movements of union and dispersal, and with each participant in turn taking every possible rôle. Twice during this period the world has had and has lost what was in effect a single currency, for whatever the differences of unit or of nomenclature, national currencies that are linked at fixed parities to the same metallic standard constitute for practical purposes a single medium of exchange; and both in 1914 and in 1927 the exceptions