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traction should be restricted to the poorest money in actual use. It should never precede but always follow or accompany expansion of the better kinds; should never equal it in amount; and should be continued until no poor money is left.

so long as it was treated in the same way; and all intelligent, open-minded business men knew that if silver should be remonetized and the banks required to sufficiently increase their reserves, there would be fewer, and less serious, fluctuations in the money market-and more general "prosperity" for all classes.

The larger their reserves the safer must the banks be. The more real money there is in existence the less need is there for the unreal. With safer banking ensured, by increased deposits of real money, business conditions would inevitably improve, in all respects. It could not be otherwise. Every step in these directions would put the business world on firmer ground, and the forward movement could be hastened, decreased, or arrested whenever deemed advisable.

As, under the existing system, expanding even the best kind of money would be followed by an immense inflation of miscalled "bank credit," all banking institutions should be required to gradually increase their reserves to at least 25 per cent. of their checkable liabilities-and as much more as might from time to time, be thought advisable-every step in which direction would make the banking business (and every other) safer. Even the poorest money in use does a great deal of good; but hocus-pocus money also does a great deal of harm. It gives an immense and unjust advantage to a few already powerful people; it is the direct cause of nearly all serious monetary disturbances; and justice and the public interests require that it shall be made safer, and less powerful for evil. An important fact is that increasing the amount of real money and decreasing the proportion of hocus-pocus money does not require revolutionary proceedings. It is admitted by all that there is not enough money of all kinds in existence. The bankers wish to make up the deficiency by increasing the quantity of hocuspocus money-which they formerly called increase the quantity of available 'money of account," but now refer to as money, and to compel the banks to be "bank credit," "credit money," "liquid less reckless with other people's money? capital," "liquid currency," etc.,-but it seems clear that even fiat money with this great Nation behind it, would be safer, and better in every way, than mere hocuspocus money, with only some local bank behind it.

It is an undeniable economic law that an unlimited market demand for anything, at a fixed price, prevents it from falling below that rate. The bullion value of gold changes but little and only locally-solely because it can always be coined into money at approximately the same rate. The same was true of silver

The only specific change that I am urging is that the aggregate volume of money shall be kept constantly increasing, in proportion to the increasing needs of business; and that the proportion of hocus-pocus money tolerated shall be steadily decreased, until it ceases to be a disturbing factor in business. Is this unreasonable?

Of those who believe in equal opportunities for all, I ask, Is not this subject well worth patient study? The important thing now is not What shall be done? but, Shall not something be done to

But, when the What and the How is considered the fact should be ever kept in mind that the deposit banking guild is the only one that profits by the existing system. Nearly a century ago, after the British government had wrecked the fortunes of a large part of its people by the monetary contraction which placed that empire on a gold basis, the great historian, Macaulay, said: "Amid the general gloom, one class alone prospered— the bankers." And this has been true of every succeeding panic. This class will, of course, bitterly oppose any change

that not another day should be lost. And, fortunately, a host of really great men are now looming up whose conduct proves that they have a genuine interest in humanity, and who, caring more for an honorable record than for money, cannot be bought. The need of the time seems to be an educational campaign along the lines of more real money

that will decrease its profits and power. And it will, therefore, be as unwise to go to it for advice as to how the evils of the present system can most quickly and certainly be ended, as it would be to consult with railroad magnates, meat packers, coal barons, and liquor dealers, when framing laws to end the evils for which they and their methods are responsible. Fortunately, although the deposit bank--and a safer banking system. What ing system is the most colossal of the combinations from whose greed and defiance of law the country suffers, it is the easiest one of them all to either restrict or eliminate. Indeed, this could be done without cost to the people, or the loss of a dollar of its capital by any fairly wellmanaged bank.

Less than five thousand men control our 20,000 hocus-pocus money banksand less than one-tenth of that number direct their general policy. In addition to their $3,389,000,000 of capital invested in personal property and real estate, these institutions actually create out of nothing, and collect interest on, more than $8,000,000,000 of purely fictitious capital, in the guise of "loans," for short periods, of hocus pocus money, which they can require shall be repaid in real money-nearly all of which in existence, not needed for small change, is already in their possession. Solely because the volume of real money has been purposely kept ruinously small, many hundreds of thousands of people have to go to these banks for this hocus-pocus money, without which they cannot now do business -and often they go with the soul sickening knowledge that failure to get it means financial disaster, and personal distress.

Candidly, reader, can you reflect on these facts without uneasiness? It may be said that these institutions are so strong that it is useless to oppose them. But everyone with any manhood left knows that a desperate struggle is certain to come and, as the situation constantly grows more serious, I submit

say you the man or woman who is reading this? And, What are you going to do about it?

Topeka, Kan.

ALBENT GRIFFIN.

Uncontrolable circumstances having prevented the publication of this article at the time it was written, enables me to add that the events of the last few months confirm the correctness of the facts and the soundness of the principles set forth in it.

The United States Controllers report for the last year also greatly strengthens the argument. The increase in the number of banks last year was 1,786; in capital, $256,000,000; and investments in property, $1,336,000,000-leaving $921,000,000 less than nothing available for commercial loans. That is, taking them all together, their investment in property in their own names, took all of their capital, surplus, undivided profits and national bank notes, and $921,000,000 of their depositors' money. And yet, with nearly a billion dollars less than no capital available they reported their loans at $7,588,000,000. In other words, they collected interest, or profits, on $8,510,000,000 of absolutely fictitious capital used as money.

Yet, as has always been the case, the bankers' remedy is more hocus-pocus money of some kind. But the "Real Money League" still insists that the only rational remedy is more Real money, and less Unreal. What say the readers of THE ARENA?

LEIBNITZ, HEGEL AND MODERN THEOSOPHY.

THE

BY EDWARD C. FARNSWORTH.

HE DISCIPLES of the Absolute Philosophy have held that through the secret of Hegel is attained that fulness of truth which will remedy the ills of life. Of his own attaining Hegel never doubted. Had he not found that "Thingin-itself" which Kant had placed beyond the bounds of human understanding, beyond the utmost reach of human reason, in the realms of the unconditioned, the abode of beings mentally more endowed than man? Had he not demonstrated what to the cautious Kant were but articles of faith, to wit, God and the soul? Beginning with those abstractions, Nothing and mere empty Being, he, by a dialectic process of his own, had arrived at the perfected selfconsciousness of the Absolute. On his journey he had gathered to his philosophizing the arts and sciences; at his conjuring had returned the old Aristotelian times enriched with the glories of the modern world. By his vast intellectual effort he had solved the problem of the thinker, the metaphysical riddle of the ages; because of this, Philosophy was now complete.

But later days brought doubt, distrust of Hegel's principle. Schopenhauer scorned that ultimate truth should be realized by a rationalizing method. After all, Bacon's estimate of Philosophy may be just, "Like a virgin consecrated to God she bears no fruit." Probably Aristotle has warrant for saying that philosophy itself produces nothing new. Many will agree with Fichte that Philosophy is but a means to the knowledge of life.

In human nature is an irrepressible craving which mere logic, however exhaustive and convincing, can never satisfy. Man is born from mystery into mystery, and unto mystery he returns. Through

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life he repeats the dying words of Goethe, 'More light!" Hegel, the man of method, was broad enough to acknowledge this universal need of definite knowledge, but it ill became the logician to usurp the province of the seer; it is much that he acknowledged the legitimacy of such mystics as Jacob Bohm; and yet the prosaic teacher of Jena and Heidelberg was inwardly the intuitional dreamer. The laborious thinker, creeping inch by inch to the very summit of human thought had, ere his ascent, beheld a vision that allied him with the sages of old India.

He had seen the beginning and the end of things, the primorial Being devoid of attributes, the one and the many, the many and the one indistinguishable, undifferentiated in their multitude. He had seen their self-externalization in the world of sense; the growing illusion of separateness necessary to the concretion of their individualities; and he had watched them, in their great cycle of necessity, rising from the earthly and returning whence they came bearing each the freight of its world experience, converging each to one center there to render into the common fund of wisdom the result of every separate attainment. Beholding all this he had comprehended the consummation, the self-conscious many unified as the self-conscious One.

Becoming, the process whereby Infinite Unity results in finite diversity, was from the pure monism of Spinoza, wholly unaccountable. Moreover a pantheism which makes of man but a momentary wave on the ocean of Being, satisfies in

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pantheism of Spinoza arose the modology of Leibnitz.

In this system the monad is a positive center of consciousness whose power to repell proves the existence of something repelled, namely a plurality of monads. Each is a microcosm capable of reflecting the universe of monads; each is a focal point for all others. The monad is not in three-dimensional space, therefore size enters not into consideration of it.

The monads exist in an ever-ascending series from mineral to man. Monadic consciousness "sleeps in the mineral, dreams in the plant, wakes to consciousness in the animal, and to self-consciousness in man." The monad of man is the self-conscious dweller in his body itself the congeries of less-developed monads. Physical death is only the loss of the coarser and by no means indispensable monads of the outer body. The various organs and general structure are maintained though no longer perceived by physical sense. What is true of man's life and death applies in less and less degree in the descending scale of physical being. Inasmuch as matter is to Liebnitz but crassified spirit he cannot well be accused of materialism though he demands a vehicle for every grade of consciousness.

In the time of Hegel attention was already turning to the religio-philosophical writings of the remote-East. Possibly in lands other than that of Thales and Pythagoras, the eye of Reason had looked inward, and the introspection had been to some purpose.

Hegel's estimate of Hindoo thought as voiced in his Philosophy of History, would by any pundit be deemed absurd. The German philosopher's excuse lies in the then insufficient knowledge of the sacred texts which in many instances caution that a teacher is necessary. Schopenhauer arrived nearer the truth when, as he searched the Vedas and the Upanishads he half devined the secret science there hidden beneath an exoteric dress.

Modern Theosophy purports to be the sacred, esoteric wisdom of old Egypt and India. Like most ancient systems it includes Science, Religion and Philosophy. Unlike Socrates it centers not attention on man, for it claims that prior to the days of Socrates man was the object of its exhaustive study. Dealing not with the categories of Kant it yet claims as its oldern possession all of value in his Critical Philosophy. Though ignoring the dialectic of Hegel, it asserts its ascent of the Himalyas of reason when as yet his ancestors roamed savage amidst the northern forests. It accords not with much in our modern empyrical science, yet professes to possess the key to riddles whose solution will reverse the attitude of the physicist. Its astounding claims to knowledge it would substantiate with a vast and elaborated cosmogony which dwarfs the dreams of Swedenborg.

The monadology of Leibnitz, and the scheme and outcome of Hegel, exhibit much in common with the teachings of Theosophy; nevertheless the Absolute of Hegel is not the Absolute of Theosophy or of the Vedante philosophy, that more exoteric explanation of man and the universe. The Absolute of Theosophy is the "Secondless Eternal" of Vedante; it is the concealed Logos author of the spoken word which itself is the manifested universe in its aspect as the undifferentiated monadic essence from which the totality of monads was gradually unfolded. In its primal condition this essence is mere Being, empty of meaning as any digit if considered apart from its relation to numbers; this essence, is, in fact, what to Hegel is equivalent to nothing. The Unmanifested Word is the Father, the Manifested Word is the Son in whom are the Divine Imminence and the Divine Transcendence until the great day "Be with Us," when the universe is merged in its ultimate

source.

The Manifested Word, the Original Emanation, the Primal Substance, is the sole reality, the steadfast nomenion which

by projecting its phenomenal shadow, creates both time and space and the material conditions wherein Reality may unfold its latent possibilities. This original emanation hovers around the mineral world in well-nigh unconscious nebulosity; half awakened it projects the life and shapes of trees that wave in the wind, and all of the green and varied color that springs from earth into the shining of the sun. Seeing now the animal kingdom, its own shadow, it becomes identified with that evolution; and now its gradually disrupting oneness, wholly sundering into the many, surrounds each animal form. In man it realizes itself as soul, and eventually as ego. Passing beyond the human stage it knows itself as free ego permitted to return as world teacher and uplifter, or to pursue its way toward the highest Nirvana.

But what of Nirvana? Of what import this word of mystery? Theosophy teaches that whosoever deems Nirvana to be the Buddhistic vaccum has lost himself on the metaphysical heights. Nirvana is the fruition of individual unfolding; the coming into touch with the "thing-initself" of Kant the clear cognition of sole reality the eternal union with "the silent watcher," that original substance which enveloped the animal form ere

man was man.

Since the beginning of the universal cycle evolution has been from mere potentiality to complete unfolding; this process necessitated the gradual individualizing of consciousness. What an absurd supposition that the result of ages of becoming is negated at the moment of consummation! Nirvana is the center in which converging individualities meet; the selfconscious realization that the many are One. Individual attainment is there merged in general attainment; seemingly each consciousness gathers into itself all others. This consummation is not unlike that of the Absolute Philosophy wherein the ego reaching the focus of thought, knows itself as all truth attained.

Kant argues that certain ideas or notions or judgments are a priori in man. Worldly experience furnishes the matter to which these judgments are the matrix. But that gatherer of knowledge, the mind, cognizes through a brain which only knows reality as conditioned by time and space, that to which even the pure intellect must submit.

The limitation of mere brain ability to perception of the phenomenal world has been sharply defined by all Indian thinkers, and in accord with these Theosophy teaches that only by rising superior to the physical senses into the "higher mind," only by sundering the ties of time and space does the sage attain unto the noumena. Evidently this results from more than that pure feeling, that inmost conviction, that intuitive cognition, for which Jacobi declares is his polemic against philosophy in general.

In direct opposition to Locke, and more in accord with Fichte, Theosophy teaches that all knowledge is innate in the ego. Other egos impinge upon it and the resulting friction excites the ego to active unfolding of universal wisdom inherited from its divine Source. In every monad the divine Imminence and Transcendence announces itself as the law of Cause and Effect, the law of "Karma," the law of Absolute Wisdom and Justice; therefore, every thought and act, whether good or bad, returns to the magnetic sphere of the monad from which it emanated. The perpetual adjustments of the Karmic law are to the monads of Theosophy what the preestablished harmony is to the monads of Leibnitz.

These latter, like those of Theosophy, are eternal and indestructable and, as has been said, some have only mineral consciousness, others plant consciousness, others again are at the human stage while the highest enjoy perfected selfconsciousness. Although the higher monads dwell in physical bodies composed of lesser monads, all pursue an independent development, but, because

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