The ultimate objects, which a present monetary reform ought to have in view, are a fixed currency with a stable value tending to a certain amount of fixity in prices; (2) preventing the undue fluctuations in the value of commodities; (3) an influence helping to keep at a reasonable level the price of commodities which are necessaries of life to the Chinese; and (4) an agency tending towards a favourable balance of trade for China. The countries that have adopted the gold or gold exchange standard have been intent on securing one or other of the four objects mentioned above, while paying little attention to the rest. Experience has shown that there is no use of having a fixity in value, if prices go on rising; or a reduction in the price of commodities, which are necessaries of life, if the trade of the country continues to pile up an adverse balance against it. It would, of course, be foolish to suggest that currency alone should achieve, or effect, more than the regular play of economic forces. But currency can either help or deflect the regular course of economic forces.