Of course, lower wages as an "indispensable condition" for capital rehabilitation was the opposite of what people were demanding. And once again, these experts were aware of the class confl ict in the offi ng. Hawtrey wrote: "It seems not unlikely that the diffi culty of reducing [wages] again will be the determining factor in the settlement of the future monetary units."

Clara E. Mattei, The Capital Order, loc. 966