An international council regulates the mutual intercourse and commerce of the members of the union and their joint policy toward the more backward races, which are gradually being educated up to civilized institutions.

Complete autonomy within its own limits is enjoyed by every nation." "How do you carry on commerce without money ?" I said.

"In trading with other nations, you must use some sort of money, although you dispense with it in the internal affairs of the nation." "Oh, no; money is as superfluous in our foreign as in our internal relations.

When foreign commerce was conducted by private enterprise, money was necessary to adjust it on account of the multifarious complexity of the transactions; but nowadays it is a function of the nations as units.

There are thus only a dozen or so merchants in the world, and their business being supervised by the international council, a simple system of book accounts serves perfectly to regulate their dealings.