THE THEORY OF MODERN WELFARE 207
the conventional routine seem to be fairly imiveraal traits of the class of men who engage in the larger business activities. So that, while it would be to the unequivocal advantage of the large creditor, in point of material gain, to draw in his i debtor's property at such a reduced valuation as | comes in a period of abrupt liquidation, yet he does 'i not ordinarily see the matter in that light j because the liquidation involves a shrinkage of the money value of the property concerned, and the business man, creditor or debtor, is not in the habit of looking beyond the money rating of the property in question or beyond the most immediate future. The conventional base line of busicess traffic, of course, is the money value, and a recognition of the patent fact that this base line wavers incontinently, and that it may on occasion shift very abruptly, apparently exceeds the business man's practical powers of comprehension. Money value is his habitual bench-mark, and he holds to the conviction that this bench-mark is stable, in spite of the facta.'
1 It is, in great part, through or by force o[ fluctuationa of Ibia base line of money valaeH thai large accamulatloDs of wealth are made. One might almost say that thla is the '■normal" method by which wiTiugs are made and capitalized In later modem times. Fluctuations in the stock market, of course, are of this character, as are commonly also large TarlationH of the course of prices ouuide the Block market, as well as flnctuatioDB of the money market. The great gains of succBSBfal promotGiB of corporations and the like come in this manner usoalty. They are tlue to enlargement of the money value of a given block of Indtutrla) equipment indepandeatly ol any change in tlw phyiloal