of the halfpenny stamp we put on circulars I can think of nothing that
has not gone up or, in other words, lost buying power. I defy anyone
to name a thing that hasn't."

He glowered fiercely and challengingly around.

"I repeat," he said, "that the purchasing power of money is not what
it was in any respect. The other day, for instance, I bought a new
hat. I used to pay a guinea; it is now thirty-two and six. And a worse
hat probably. What do you think I was charged for soling and heeling
shoes? One pound ten! And worse leather. That's partly what I mean
by the loss of purchasing power; where the price may in some
extraordinary way remain the same, the quality of the article paid for
is inferior. There's a steady deterioration. Can anyone name a case
where I am wrong?"

His red eyes again defied us.

"Yes, I can," said a meek voice.

The Colonel subjected the speaker to a long and ferocious scrutiny.

"You can'?" he said at last.

"Yes," replied the meek voice. "Will you bet on it?"

"Bet on it? Most certainly I will," said the Colonel, who has done
fairly well in wagers in his time. "How much?"

"What you like," replied the meek voice.