A return to currency stability, Hawtrey wrote, entailed “a painful and laborious journey,” and “the painful and laborious journey must be travelled, aft er every indulgence in infl ation . . . aft er the debauch comes the headache” (Hawtrey 1919a, 375). Once more the burden of this journey fell primarily on the workers through reduced incomes and restricted consumption— both necessary for monetary management to be successful.

Clara E. Mattei, The Capital Order, loc. 983