  While Einstein had tacitly withdrawn his objections to generally covariant theories, he had not made public where he thought the hole argument failed. This he finally did when he published what John Stachel calls the “point-coincidence argument.” This argument, well known from Einstein’s (1916, p.117) review of his general theory of relativity, amounts to a defense of Leibniz equivalence. He urges that the physical content of a theory is exhausted by the catalog of the spacetime coincidences it licenses. For example, in a theory that treats particles only, the coincidences are the points of intersection of the particle worldlines. These coincidences are preserved by transformations of the fields. Therefore two systems of fields that can be intertransformed have the same physical content; they represent the same physical system.