advertising in a telephone book. It was a page out of contemporary American history. Something is happening on the Western shore of the Atlantic, something that has already made America unlike any other country in the world, something that threatens to separate it still further from the older civilisations, unless (which God forbid) the older civilisations should themselves fall victims to the same distorting process. To any one who reads and inwardly digests Mr. Kalbsfleisch’s advertise- ment in the Chicago telephone book, the nature of this strange historical process becomes clear. The page is a symptom and a revealing symbol.

The thing which is happening in America is a revaluation of values, a radical alteration (for the worse) of established standards. Mr. Kalbsfleisch shows us how far the process has already gone. How much farther it may go we cannot guess, nor to what consummation it will lead, nor whether there may be reactions and counter-processes.

There are two ways in which the existing stand- ards of value may be altered. In the first case, the very existence of values may be denied. In the second, values are admitted, but the mode in which they are assigned is changed: things which in the past had been regarded as possessing great value are disparaged or, more often, things which were previously considered of small value come to be regarded as precious.

In Europe such attempts as have been made to

alter the existing standard of values have generally 306