LESSONS POLITICAL ECONOMY: DESIGNED AS A BASIS FOR INSTRUCTM m THAT SCIENCE IN SCHOOLS AND OOLIaEaES. By J. T. OHAMPLIN, /«• ■ . . PBKSISENT OF OOLUT UNIYBBSITT. A„ S. BARNES & COMPANY, NEW YORK, CHICAGO and NEW ORLiiJAxsC. 1875. Hf. C4 I r> t- emttto, accflramg to Act of Congress, In the year 1808, bjr . J. T. OH AM PL IN, ' b tlM Clerk's Office of the District Coart of the United States for the Distrlflt of Mttine. AUGl'9 1941 PREFACE. -^ iIThe title-page explains the object of this little ;]ok. It is called " Lessons on Political Econ- |y," to intimate that it treats the science famil- ly, and does not pretend to treat it exhaustively. is designed as a "basis for instruction in the nee," on which the teacher may rear a more ess elaborate superstructure according to his tastes and inclinations, or the condition and ts of his classes. It is prepared for " schools'', 'veil as "colleges," because the author believe. a science so practical and so essential to all ses of society should be more generally studied iUr schools. There is nothing in the principles e science, when clearly and simply set forth, places political economy above the compre- \ion and mastery of the average of scholars )ur academies and high schools. Indeed, its iciples are singularly simple and exact, all flow- ifrom a single postulate of human nature, " that ,../ PBEFAOB. \f, men will always obtain what they want by the leas amount of irksome labor or its products.' The terrible civil war, which we have late! passed through, necessitating the raising of vas revenues to sustain the government, has imparte new interest to the science, and particularly / that part of it which pertains to finance — ^whic is, indeed, the whole science in epitome. Such time seems favorable for the further introductic of so important a study into our course of popul instruction. If these "Lessons" shall tend to pr mote such a result, they will answer one importa' end for which they have been prepared. At t same time, it is hoped that they will not be fou inadequate to the wants of college classes, lii leKeved that they contain ah the fundamental pri pies of the science, and aU, indeed, that are | quired in a general course of education. Sul( dinate principles and details can be added by I teacher; but, if the principles here presented j thoroughly, mastered, the student will have a cd petent knowledge of the science for all ordin? purposes. ^ . Watervillb, Ma/r(^h, 1868. COTsTTENTS. LESSON I. PAW Definition and Divisions of the Subject 7 LESSON IL Wealth 16 LESSON IIL Means of Creating Wealth 23 1 LESSON IV. \ Value, Cost, Price 30 LESSON V Capital AND its Forms 40 i I LESSON VI. J ]^ QpiBMS AND Results ( 47 r LESSON VII. • ' Division of Labor and its Effects 54 LESSON VIII. Aid to Production from Natural Agents 63 LESSON IX. Stimulants to Labor 71 VI CONTENTS. y^ LESSON X. pagk ^-B^DENS ON Labob (Taxes). 83 LESSON XI. Profitable and Unprofitable Labor 93 LESSON XII. Business .100 LESSON xm. Exchange 109 LESSON XIV. Money, Metallic and Paper 131 LESSON XV. Banks and Banking... 134 LESSON XVI. Credit 148 LESSON XVII. Finance 155 LESSON xvin. Interest 166 * ' ' LESSON XIX. Land and Eent 175 LESSON XX. Profit and Wages 183 LESSON I. DEFINITION AND DIVISIONS OF THE SUBJECT. 1. Political Economy Defined. — Political Ecou" omy, strictly speaking, is state-economy as opposed to family-economy or individual economy. Coming down to us from a former age, the term embodies an idea of tliat age; that the state is above the individual — is, indeed, his responsible guardian and provider. And, although this idea is now being rapidly displaced by a truer one, yet the term remains, but with a corresponding change in its meaning. Political economy, therefore, no longer includes merely those general laws of economy which are appHcable to the management of states and the raising of state revenues, but those which are applicable to the management of private affairs as well. Economy leads to wealth, and hence pohtical economy may be defined as the science of wealth, whether national or individual. 8 POLITICAL ECONOMY. 2. The Fouk Divisions under which it is usually Teeated. — Wealth is any thing appropriated by labor or discovery which contributes to our loealf or which gratifies a desire. But in order to gratify our desires, objects must be brought into relation with some of our senses, and in various ways be prepared to please them. In doing this, it is necessary to change not only their place, but generally their form also. In short, there must be production and consumption, exchange and distribution. Political economy is commonly treated under these four divisions. It is not proposed, however, in these " Lessons," to treat the subject formally under these divisions, but rather to develop tbe general princi- ples of the science, without regard to the usual divisions and subdivisions. 3. Of Pboduotion. — ^Any change effected in an object, by which it is rendered in any way better adapted to gratify human desire, is called Pro- duction. "We do not produce the objects themselves nor their qualities. These are furnished ready to our hands by nature. We can only modify or DEFINITION AND DIVISIONS. 9 change these objects, or by certain contrivances render their qnahties available for meeting our wants and serving us in various ways. All such modifications are called production, and the modi- fied objects are caUed products. Thus, by the use of our various powers, we can bring iron ore into such relations with other objects, and so subject it to their action, as to produce a thousand articles of use, and make it subserve our interests and wants in innumerable ways which it was not originally capable of doing. Yet the original susceptibility of all these changes was in the ore before it was taken from its native bed. In all the various forms' into which iron is wrought, its native properties have only been modified by combination or inter- action with the qualities of other objects, through the intervention of the agency of man. And the same is true in other cases. 4. Of Consumption in a Genebal Sjense.— Con- sumption is the opposite of production. In its most general sense, it is the destruction of any quality in an object which fits it for human use in that form. 10 POLITICAL ECONOMY. Thus tlie grinding of wheat is the destruction of that quality in it which fits it for use as seed, for malting, etc. But at. the same time, this very process of grinding is a species of production, — ^the production of flour. Hence, from different points of view, it may be called either consumption or pro- duction. Indeed, all production necessarily involves consum]|;/Cion. Production, as we have seen, is effected only through some change in an object, and consequently must destroy the utihty which that object had under its previous form. So, on the contrary, does all consumption involve jDroduction. Nothing is absolutely destroyed. What disappears under one form reappears under another. Even the food which we consume reappears in the various tissues of the body, producing increased Hfe and energy. But though nothing can be absolutely destroyed, much may be wasted. There is always a waste where the product is of less value than the utility consumed ; as in the idle display of fire- works, or the consumption of powder and shot in shooting into the air. This kind of consumption, therefore, is called unproductive consumption. DEFINITION AND DIVISIONS. 11 5. Of Consumption Pboper.— Thus, production and consumption, though opposite in their nature, mutually imply each other. Indeed, they are only different sides of the same process. In this general sense, therefore, the distinction between production and consumption seems unimportant. Yet there is, in a certain sense, a final use for every object, and when put to that use it may be said in a higher sense to be consumed. Thus, the grass reaches its final use when eaten by the ox, and wheat when eaten by man. They may each pass through various intermediate processes, which may be called indifferently production or consumption ; but when they pass through the process of mastication, they are then properly consumed. Though they still reappear under another form, yet that form is so entirely different from the preceding, that they are no longer recognized as the same objects; indeed, they are not the same. Flour may be recognized as wheat pulverized, and cloth as wool spun and woven ; but when the one is eaten and the other worn out, they have entirely lost their identity. 12 POLITICAL ECONOMY. Thus consumption proper is putting things to their final use. 6. Of Exchange. — Exchange is trading off articles which any one has for those which another has. "When the exchange is direct between the articles themselves, it is called exchange in Icind, or barter ; ■ but when the article is exchanged for money, it is called a sale. But articles in order to be exchanged must be produced in market. Hence transportation may be considered as a part of exchange. As our wants are many, and each individual can conven- iently produce only a limited number of articles, all are naturally in quest of other articles for which they may exchange the surplus of what they have produced. Thus there is an ever-active and cease- less exchange of products going on all over the world, and increasing with the progress of civili- zation. 7. Of Distribution. — ^Where one performs his own work with his own hands and tools, there is no occasion for any distribution of the products or their value ; they all belong to the individual DEFINITION AND DIVISIONS 13 laborer. But most kinds of production require tlie co-operation of several persons and of various in- strumentalities ; ^.e., of labor and capital. In sucli a case there must always be a distribution of the results or products. Capital may be said in general to consist of money, of land, of instruments of labor, and means of support and comfort. Whoever fur- nishes any or aU of these in carrying on any pro- ductive process, contributes largely to the result, and is entitled, therefore, to an equitable proportion of it. The laborer, also, must have his share. Cap- ital can not move itseK : it requires the co-opera- tion of labor. And even where food, clothing, and shelter are furnished the laborer, he may fairly claim some further remuneration to provide for his wants in sickness, old age, etc. Now, it is the ob- ject of political economy, under this division of the subject, to point out the principles of an equitable division of the results of production in all such cases. 8. The Pkinciple of Hitman Natube on which THE Science is Founded. — Political economy as- 14 POLITICAL ECONOMT. sumes as its basis in human nature that men in their business affairs are governed by selfishness; that every man will aim so to dispose of his labor and its products as to promote in the highest degree the objects of his desire, and will endeavor to attain any end with the least possible amount of irksome labor. Upon this principle, which is most unques- tionably true, the whole science is built. From it follow the laws of value and price, and on it rest our whole monetary and industrial fabric. Thus, though many ethical principles may be defended on economical grounds, — as, when we say that honesty is the best policy, — and many economic principles on ethical grounds ; yet Ethics and Political Econ- omy are essentially distinct sciences. Ethics treats of right. Political Economy of gain. Ethics lays down the rules of conduct in our intercourse with others which are dictated by an enlightened sense of duty ; Political Economy, the rules of action, dictated by an enhghtened self-love. Ethics re- gards the good of others; political economy our own good alone, but always within the limits of the rights of others. Hence it can not be expected DEFINITION AND DIVISIONS. 15 that business will be conducted upon benevolent principles, though it should always be conducted upon honest principles. And yet, a man may all the time have a benevolent purpose in acquiring his- property — meaning to use it, and actually using it, as he goes along, for the good of his race — and may thus be truly a benevolent man. lESSON II. WEALTH. 1. Wealth Defined. — As already stated, wealth is anything costing labor which contributes to the grati- fication of any of our desires. Wealth is any arti- cle of value, or what avails us for any purpose or use. And the real value of an article of wealth — what is commonly called its intrinsic value — de- pends entirely upon the nature and urgency of the desire which it is fitted to gratify. The foundatioi\ of wealth, therefore, lies partly in the nature of objects and partly in the nature of man. There is a world without and a world within, and wealth is the result of the correspondence between these two worlds. No variety or kind of quahties in an object would constitute it an article of wealth, without de- sires in man which they are fitted to gratify. But man having various desires and wants, and objects- WEALTH. 17 around ns haying qualities adapted to gratify tliem, these objects are capable of becoming articles of wealth, with every degree of value, from the highest to the lowest. And not only natural objects of ma- terial growth may constitute articles of wealth, but those of spiritual growth also, such as a sermon, a plea, advice, instruction, etc., which are produced by the natural organs under the inspiration of the spirit within. 2. Eeal "Wealth.— Eeal wealth consists of those articles which gratify our better desires, and thus promote our real good. Certain desires of our na- ture are reasonable and good. They are approved by our conscience, and lead to right results. Expe- rience shows that they tend to our true happiness, while they do not lead to any interference with the rights or happiness of others. Besides the desires which prompt us to obtain the means of subsistence and comfort, this class of desires embraces also those which lead to our intellectual, social, and moral improvement. Thus, good instruction, a good book, a profitable social entertainment, a good 18 POLITICAL ECONOMY. lecture, or a good sermon, may be as truly valuable to us as a good farm, a good note, a good coat, or a good dinner. However, since life is necessary in order to tbe enjoyment of any tiling else, those objects whicb are essential to our existence are tbe most fundamental articles of wealtli. And if it be considered tbe true end of life to become ricb, then all desires which tend to divert or retard one in the pursuit of riches, i.e., mere material wealth, are hurt- ful. But if material wealth be only a means to a higher intellectual and moral wealth, then our intel- lectual and moral cravings are the highest desires of our nature, and the means of gratifying them the highest form of wealth. And besides, iuteUigence and moral principle render men more efficient even as producers of material wealth. 3. Costly Wealth. — ^The mere money-maker con- siders every form of wealth which is not tangible, and can only be seen and enjoyed without leaving any material result, as costly — as " costing more than it comes to." In his view, knowledge is wealth only as it enables its possessor to acquire more ma- WEALTH.' 19 terial objects of value. And so of social and moral improvement. But if there be a love of knowledge and improvement in themselves, these being human desires, whatever gratifies them must be regarded as objects of wealth. Hence, objects which are merely seen, or heard, or smelled, may be articles of wealth. ."We have other senses besides taste and touch, and whatever gratifies these is, to this extent, an object of value to us. Hence music, perfumery, pleasing and profitable shows, may be considered as forms of wealth. So, also, may diamonds, pearls, and other rare and costly ornaments. The very fact that they are so eagerly sought and so complacently worn shows that they gratify a desire — some call ifc taste, and some vanity. Such objects, then, have a value, but are too costly for any except persons of large means. A rational view of the various forms of wealth would lead one to the appropriation of necessaries first, then of conveniences, then of comforts, and last of all, of luxuries. While luxuries, and all other means of mere gratification which do not contribute in some way to our efficiency for further production, are, economically 20 POLITICAL ECONOMY. speaking, so mucli wasted, still, the desire of pos- sessiQg such means of gratification is one of the most powerful motives to production. 4. HuETFUL POEMS OF Wealth. — ^As experience shows us that some of our desires are hurtful in their tendency, objects which furnish the gratifica- tion craved by such desires must be considered as hurtful. The true conception of man, from a po- litico-economic point of view, is as a power — a power to work in various directions. "Whatever, therefore, tends to diminish this power is injurious. Now, it is well known that the gratification of certain desires is enervating. Such is the in- dulgence in strong drink, in excessive eating, in debauchery, and in exciting sports, which exhaust the energies. Other indulgences involve a loss of time, and cultivate, also, idle and frivolous habits which demoralize and unman the individual; such as gambhng, idle and foohsh conversation, and roving from place to place without any useful object in view. All such indulgences are injurious, and the objects which furnish the means of our thus in- WEALTH. 21 dulging ourselves, though embraced in the general definition of wealth, are all hurtful, at least when thus used in excess. Desire, being in itself blind, makes no distinction between gratifications; but reason distinguishes the wholesome from the hurt- ful, and it is the duty of the moraHst and the states- man to commend the one and condemn the other. 5. HOAKDING AND UsiNG WEALTH. — ^Wealth is usually hoarded in the form of money — of gold and silver. Many persons are so fearful of losing their property that they turn it into money and keep it under their own eye. Distrusting everybody but themselves, they will not trust their money for a moment out of their own hands. It thus ceases to be wealth to them, as it does not contribute in any way to their happiness, or gratify any desire, except it be the pure love of money. Perhaps the miser does really love the sight and the ring of dollars, and in this sense his hoarded wealth may be said to gratify him. But money, like all other forms of wealth, is designed for use. And one uses his wealth when he employs it either in satisfying 22 POLITICAL ECONOMY. his own and others' wants, or in uniting it with industry in order to create stiU greater wealth." Wealth is of no avail to its possessor unless he so uses it as to make it contribute to his rational en- joyment and improvement. Nor is it of any avail to others unless it is devoted in some way to their good, or made to employ their industry in changing it into other forms of wealth, and thus increasing its value. Hoarded wealth is of no advantage to any one. LESSON III. . means of ceeating wealth. 1. The Mateeials eoe Wealth aee all Fue- NiSHED BY Natuee.— As already stated, we can create nothing. The materials npon which we are to work are all given in nature. We may work npon these materials, with them, and by them, but we can do nothing toward creating wealth without them. These materials are as various as the objects of nature. There is scarcely an object accessible to us, or a property of an object, or a law of nature, but is capable of being made, in some way, to sub- serve the wants or interests of man. With the progress of the race, more and more objects are continually pressed into our service. Every suc- ceeding generation is served effectively by numerous objects and agents of nature which the preceding generation considered useless, or even nuisances. 24 POLITICAL ECONOMY. It is not extrayagant, therefore, to suppose that before the end of time, all the accessible objects of nature, with all their hidden properties and laws, will be pressed into the service of man. Let us now briefly consider the nature and extent of the material thus inviting our labor. 2. The Mateeials Fubnished by the Earth. — There is first the earth, with its numerous primary substances and elements, variously mixed and compounded into almost an infinity of objects, and susceptible of still further combinations, in ever-varying proportions, and all with widely-differ- ing attributes and aptitudes. And at the same time, the whole mass is pervaded by various subtile and powerful agents, or principles of action, such as heat, electricity, galvanism, cohesion, attraction, repulsion, gravitation, and the various af&nities and priaciples of inter-action which constitute what are called the laws of nature. Of these various objects on the surface of the earth, some are organic and some inorganic ; some are animate and some inani- mate ; some animal and some vegetable. But, on MEANS OF CEEATING WEALTH. 25 the whole, the grand end of nature seems to be life and growth. Just as the frame-work and organs of our own bodies seem designed to serve the pur- poses of the spirit that is in them, so the frame-work and powers of nature seem all to conspire to the promotion of life and growth. "We thus have, in the course of nature, animals and vegetables without number, and almost infinite in variety, all adapted, either directly or indirectly, to the wants of man. All these, containing in themselves the principle of propagation, may be reared or cultivated, and vari- ously improved under the care of man, and form, either directly or when further wrought, the most necessary and useful articles of wealth. 3. The Mateeials Fuenished by the Watee. — As a part of the earth, the great collections of ivater also furnish materials for wealth. I^ot only do the waters, hke other parts of the surface of the earth, teem with innumerable forms of animal and vegeta- ble Hfe, adapted to the wants of man, but by their buoyant properties and the mobility of their parti- cles, they furnish a medium for the easy conveyance 26 POLITICAL ECONOMY. of products to the various points where they are wanted. " There go the ships, there is that levia- than, made to play therein." The sea also con- tains many useful ingredients and objects which may be extracted from it by the labor of man, as salt, coral, pearls, etc. ; while the leaping mountain- stream may be so confined and directed by the skill of man, as to turn the busy wheel of the factory ; and the sparkHng spring-water, as to propel the ponderous locomotive, with its precious freight of passengers, over its iron track. 4. The Means of Wealth Furnished by the Air. — ^Even the air and the supermundane world are not wholly beyond the reach of, nor without fruit to, human industry. We may not only extract ani- mating and fructifying gases and influences from the air and light of heaven, in the processes of vegeta- tion and life, but make the sun paint our pictures, and the wind turn our mills and propel our ships. While, therefore, these supermundane influences and agents, like the other all-pervading principles of nature, are chiefly the great undivided possession MEANS OP CREATING WEALTH. 27 of all, they may — ^but yet without diminisliiiig the supply to others — ^in some small measure be appro- priated by individuals, and made to do their work. 5. But these Materials become Wealth only THROUGH THE EFFORTS OF Man. — Such are the means and materials for production furnished to our hands by nature. But these materials are all inert, and none of the natural agents act to any purpose with- out the superintendence of man. Under God, the moving cause to all the train of operations con- cerned in production is in ourselves. The powers of body and mind with which we are endowed con- stitute the grand force which sets the whole ma- chiQery in motion ; or, to speak more accurately, as the body is but the servant of the mind, and its apparent powers only adaptations to its use, the indwelhng and outworkiag spirit of man is the real primum mobile in production. The materials and means are furnished in nature, but it is the human spirit which really works on and by them. And even the 'forms of speech used in communicating with each other, and in instruction, discourse, etc., 28 POLITICAL ECONOMY. though uttered by the bodily organs, are dictated by the spirit v>rifchin. 6. What Man Does in Peodugtion.— Commencing with nothing but his hands, man has gone on im- proving his means and opportunities till he has brought the machinery of production to its present high state of efficiency. Thus the fish which are now caught by thousands with hooks and seineb, were at first caught laboriously with the hands, and afterward with a crooked stick or a bone ; and the wild animals which are now shot with a gun, or tamed and made to serve us, were at first pursued and caught, or killed with clubs and stones, and afterward with bows and arrows. In like manner, also, vegetation, which is now aided by various stimulating manures, and cultivated by the use of the most effective instruments, was formerly as- sisted only by such feeble aid as could be furnished directly by the hand ; while clothing made from the skins of animals or the bark of trees, has given place to curious fabrics wrought by the most com- plicated machinery from silk, wool, flax, and cotton ; MEANS OF CREATING WEALTH. 29 and locomotion by the use of tlie feet, has been quickened by the power of the horse and the energy of steam. And all these improvements have been made by the contrivance of man. The first simple tools and implements were fashioned by him either by his hands and teeth, or by the aid of objects fur- nished in nature ; and these simple instruments were used again to fashion others more comphcated, and these again others, and so on. But the process was started originally, and has been continued at every step, by man. Animals and machines may be made to work for man, but not without his superintend- ence and aid. Hence, besides the numerous opera- tions which must always be performed literally by the hands, all simple tools, even after they are made, must be operated directly by them, and all machinery be started and kept in motion by their assistance. lESSON IV. value, cost, price. 1. What the Eeal Yalue of Objects Consists in. — The real yalue of any article, or what is sometimes called its intrinsic value or utility, consists in what it avails to gratify some desire or want of our nature. It depends, then, wholly upon its qualities in relation to our desires. The*?*? qnalities may, and in most cases do, require some modification or preparation in order to fit them to gratify our desires, but the original capability or susceptibility of these changes and adaptations is in the things themselves, and can never be put there by man. Thus, the properties of edge-tools, by which they become so valuable to man, are only the properties of the native ore modi- fied and changed by the action of other natural objects and agents, through the intervention of maUj BO as to fit them for human uses. So grain is but VALUE, COST, PRICE. 31 an effect drawn from the natural properties of seed, earth, air, sunshine, and water. And the same is true in other cases. These native properties of ob- jects are the ground of their utility, and it is the object of all labor to develop and prepare them for human use. 2. Op Exchangeable Yalue.* — But while aU the real elements of value are in the objects themselves, and could never be put there by any amount of labor, still, with the exception of air, water, and sunlight — which are the great undivided inheritance of all, and hence, under ordinary circumstances, have no exchangeable value — ^but few if any articles, in their natural state and place, are directly avail- able to gratify human desires without some modifi- cation or change, either in form or place, from the hand of man. Being thus, in their native state, all equally unfitted for use, — ^but possible objects of value, and wholly the gift of nature, — the exchange- * Some writers on political economy confine the term " value* to what is here termed " exchangeable value ;" but I think this hardly exhausts the meaning of the term as commonly used. 32 POLITICAL ECONOMY. able value, or markefc-value, of articles may be said in general to be determined by tiie amount and kind of labor necessary to prepare, tbem for use. Some objects requite more, or a more difficult kind of labor in tbeir preparation, and some less, and by this tbeir value is determined. Thus, while almost any clumsy workman can fashion clay into a rude vessel, to transform iron ore into a razor requires more, and more skilKul labor. Now, the amount of labor required to produce an article in market, or where it is wanted for consumption or sale, is called its cost, and the representative of the cost in money is called the prtce. "When this representative is gold and silver, the cost and price are substantially the same, since the equivalent of any article in gold and silver m_ust, on the average, always cost as much la- bor as that article ; but when it is irredeemable paper money, millions of which can be produced by a few days' labor, the cost and price vary materially. 3. The Value of Articles Peoportionate to the Labor Bestowed upon them. — Of course, then, arti- cles of use which require more labor for their pro- VALUE, COST, PBICE. ' 33 dnction must have a higlier market-value than those requiring less, provided the labor be of the same general order. A laborer would not spend three days in producing an article for which he should receive only two dollars, when he might get three dollars for three no more irksome days' work on some other article. So, too, if a coat costs six days' labor and a pair of boots two, a pair of boots will bring in market only one-third the price of a coat ; and if an ounce of gold can be obtained from the mines by the same number of days' labor by which the materials for a coat can be produced, manufac- tured, and made up, the market-value of the coat and the ounce of gold will be the same. But the market-value can never exceed the intrinsic value, since the use of an article wiU ahvays be foregone when it is more irksome to produce or obtain it than to be without it. 4. The kind of Laboe to be Taken as a Unit of Measube. — The most natural imit of measure, there- fore, in determining the value of any article, is a day's labor, such as the average of the community 34 POLITICAL ECONOMY. are capable of performiQg without any special train- ing, and with nothing but their hands, or the sim- plest tools. Other kinds of labor, as mechanical, manufacturing, scientific, professional, require more or less time and expense in the preparation and fur- nishing necessary for practicing them; that is to say, in such cases a given number of days' work and the price of a given number more are expended in the preparation, which must be regained by higher pay afterward. If educated labor is better remuner- ated than common labor, taking the preparation and all into the account, the tendency will be for men to press into this kind of labor till it is no more re- munerative than other kinds of labor. It is only the difficulty and irksomeness of such labor, includ- ing the preparatory labor, which render it, if it be so, more remunerative than common labor. 5. Influence of Supply and Demand upon Peices. — ^The price of articles thus determined, in general, by the cost of production, i.e., by the labor bestowed in producing them in market, varies, however, under the influence of supply and demand, which, again, VALUE, COST, PRICE. 35 are determined by the views and opinions of men. The same is true, also, of the price or wages for labor itself. The regular wants of each community, and hence of the world at large, demand a given supply of the various articles of necessity and com- fort, and consequently of the labor required in pro- ducing them. If, now, producers make a miscalcu- lation, and, from false views of what is wanted in any case, produce a supply of an article dispropor- tionate to the demand, the price of that article varies from the cost price accordingly, — ^being greater as the demand is excessive, and less as the supply is excessive. For, when the demand is ex- cessive there being more persons desiring to buy than to sell, they will over-bid each other, and thus raise the price ; while the reverse will be the case when the supply is excessive, i.e., the sellers will under-bid each other, and thus lower the price. 6. But the Tendency of Prices is always to the Cost Standard. — StiU, from the inevitable tendency of labor, when not restrained by artificial hin- drances, to the most profitable employment, no 36 POLITICAL ECONOMY. article can, under ordinary circumstances, long re- main at a relatiyely higlier price, in proportion to the cost of production, than other articles. Greater profits in any kind of production make wages higher in that business, and hence attract labor to it; while, for the same reason, labor is repelled from the production of articles, which are relatively lower than other articles, compared with the cost of pro- duction. Thus, ordinarily, any excess of price is sure to be speedily brought down by increased pro- duction, and any deficiency to be brought up by diminished production. If, for instance, the relation of supply and demand for fish in any market be such, that there is not so much profit in furnishing fish as in furnishing butchers' meat, labor will at once be diverted from the fish-market to the meat-market till the equilibrium is restored. And so in other cases. It is only ^'here the article requires considerable time for its production, as is the case v/ith grain, which can be grown only once a year, that its price can remain long above its relative cost of production. So, too, a diamond found by chance may be worth more than the labor expended — the average labor determines the price in such cases. VALUE, COST, PKICE. 37 7. Effects of Sagacity on the Peofits op Labor — But, after all, there are always operating certain disturbing causes, which, in particular cases, make prices vary from the cost standard. The first of these is sagacity, or the want of it. As the want of sagacity often engages men in costly and un profitable modes of production, so, on the contrary, sagacity often secures to them unusu-al profits. Sa- gacity anticipates the new wants which are sure to arise in the progress of things, and devises modes of meeting them. It discovers new and useful qualities in objects, and cheap and convenient meth- ods of rendering them available. Hence sagacity always gives one a certain advantage in production, which often becomes very great. Thus, the savage, who discovers the best fishing or hunting ground, can produce fish or game at less than the average cost. So the person who gets possession of the best soil, or discovers useful qualities in objects which others do not perceive, has an advantage over the less fortunate. In hke manner, great and rare capacities for any kind of productive labor, as in producing wise counsels, fine paintings, and fine muFic, always command a large remuneration, since 38 POLITICAL ECONOMY. t in the region to Tvhicli they rise there can be but little competition. 8. Effects of Energy and Capital on the Profits of Labor. — ^Energy and capital, however, are generally necessary in order to secure the full advantages of sagacity. What is discovered by sagacity must be seized upon by energy and im- proved by industry and carefully husbanded re- sources. The best soils are usually covered with a heavy growth of wood to be removed, and often require extensive draining before they are fit for tillage. These obstacles can be overcome only by rare energy and perseverance, and the use of such resources as spring alone from long-continued and persistent frugality. And, as it is only by con- siderable means that the best soils are subdued^ so, usually, the great forces and recondite principles of nature, by which we are so greatly aided in pro- duction, are pressed into our service only through complicated and expensive arrangements. Thus sagacity, accompanied by energy and aided by capital, gives one a great advantage in production, and enables him t-o produce articles in many cases ^ VALUE, COST, PEICE. 39 far below the ordinary cost price, and tence to make large profits in his business.. 9. Yaeiations in Pbice. — ^The price of an article being its representative in money, that price, of course, must vary with the value of money. Even when the money is gold and silver, if these are produced in excess of the wants of the community, or if by new discoveries and improved processes the faciUties for producing them have increased more rapidly than the facilities for producing other articles of utility, the price will rise accordingly, and fall if the reverse be the case. The variations from this source, however, are but slight, and usually gradual ;* but where irredeemable paper money is the medium of circulation, the price of articles in this medium, as it does not derive its value from the cost of production, varies with the amount of it in circulation and the opinions of men as to its being ultimately redeemed and made good in gold and silver. * The annual depreciation in tlie value of gold and silver has never exceeded one-lialf of one per cent., either from tlie discovery of new mines or new processes of extracting and refining the ora LESSON V. , CAPITAL AND ITS FOEMS. 1. Capital Defined,— Capital includes every thing employed in production except tlie labor. It thus embraces the material on which the laborer works, the instruments with which he works, the food and shelter by which he is enabled to work, and the results of his work, i.e., the products, money, etc. And, as human labor has to do only with things designed, either directly or indirectly, for the use of man, all articles of value are only different forms of capital. Hence capital and labor alone are concerned in production. On the one side is man, with his various powers of con- trivance, speech, direction, and exertion ; and on the other, the various materials, instrumentahties, and powers — -both animate and inanimate — of na- ture. But property unemployed in production, whether it be in money or any thing else, is not properly capital : it is only wealth. Strictly speak- CAPITAL AND ITS FOEMS. 41 iug, wealth becomes capital only when employed in production. 2. Kinds of Capital Employed in Peoduction. — Of the different kinds of capital, there is, first, the material upon which the laborer works, in order to confer upon it a greater value : such as the seed, manure, breeding animals, etc., of the farmer; the cotton, wool, iron, etc., of the manufacturer; and the tea, coffee, cloth, and other transportable and saleable articles of the merchant. Secondly, there are the instruments with which he works : such as the plows, carts, lands, and working animals of the farmer ; the axes, planes, hammers, factories, and machinery of the mechanic or .manufacturer ; and the warehouses, ships, wagons, and cars of the merchant, teamster, or public carrier. Thirdly, there are the food and shelter by which the health and strength of the laborer are maintained, and by which he is enabled to continue his exertions, and which are substantially the same with all classes of laborers. And lastly, there are the mature products of each department of industry : such as 4:2 POLITICAL ECONOMY. the grain and fatted animals of the farmer; the cloth, tables, etc., of the manufacturer ; and the money and other articles for which the merchant has exchanged off his merchandise. 3. Of Peoductiye Am) Unpeoductive Capital. — As already stated, money hoarded is of no use to any one. The same is true of other articles of wealth. Land lying waste, goods locked up in storehouses, machinery unemployed, and buildings unoccupied are all unproductive capital, or mere articles of wealth. Property thus situated is not only of no use to any one, but, from the effects of time and the elements, is often diminishing in value much faster than though it were put to some bene- ficial use. The true economist, therefore, always avoids as far as possible such a disposition of any part of his property. He is not satisfied if any part of it is unproductive, but endeavors to utilize it aU by keeping it in constant use. Has he gold, he puts it in a bank, and thus renders it useful in sup- plying the basis for the circulation of the bank. Has he goods, he keeps them always in the market, CAPITAL AND ITS FORMS. 43 on sale. Or has he ships, factories, or other means and instrumentalities of production, he keeps them constantly employed in their appropriate sphere. Capital, to l)e productive, then, must always be put to some use. It must be employed either in directly supplying some of our wants, or else in producing articles fitted to gratify them. And as the man who thus uses his property always consults best his own interest, so also does he that of others. While hoarded wealth is of no service to any one, utilized wealth has a double profit — a profit for him who owns it, and for those employed in using it. Thus has God bound up the interests, of all together — of the rich and the poor, the capitalist and the laborer. 4. Fixed and Circulating Capital. — Fixed capi- tal, as is implied by the term, is that form of capital which has one definite and fixed use, and which serves its purpose in production without any material change. Such are houses, lands, stores, ships, factories, machinery, wagons, plows, and aU instruments, tools, and implements employed 14 POLITICAL ECONOMY. in any art. These are each confined to a single purpose, and thongL. they do change some by use, yet not perceptibly in short periods. They grad- ually wear out, and must be replaced By others of the same kind. The change which they un- dergo is that of destruction, not that of trans- mutation into other forms. In production, fixed capital is that which works upon 'the material to be changed, or in some way promotes its change, not the changeable material itself. Circulating capital, on the contrary, is the material worked upon. It is the material ever changing or circulating through the different forms which arise in the progress of production. Thus, what is a raw hide, in • the hands of the butcher, becomes leather in the hands of the currier, and shoes in the hands of the shoe- maker. In all these forms it* is circulating cap- ital; but when it comes to be worn as an article of dress it becomes fixed capital, since in this form it merely assists the individual in production. It has at length reached its final use and destination. Aiid so in other cases. Fixed capital, therefore, is capital put to its final use, while circulating capi- CAPITAL AND ITS FOEMS. 45 tal is capital in all the forms wMch it passes through till it reaches that use. While the perfected instru- ment or machine, ready now to be used and worn out in production, is fixed capital, the material of which it is made at every stage in its progress to- ward completion, was circulating capital. The object of every form of production is perfected products, and every stage in the process is only a step toward that result. Of course, then, as production advances there must be a larger num- ber and a greater variety of these ultimate products. Hence, among an industrious people, every genera- tion leaves the world better off than that which preceded it. 5. To WHAT Kind of Capital does Money Be- long ? — Some econo'mists regard money as belong- ing to fixed, and some regard it as belonging to circulating capital. Money, to be sure, is an important instrumentality in transacting business, and hence, in a general sense, in production. Men sould not produce so much without money as with it, since its use saves a great amount of time 46 POLITICAL ECONOMY. whicli would otherwise be spent in changing off the various articles which they have to spare. It is then really only an instrument of exchange, not an instrument of production. This is its sole func- tion, and, in order to fulfill this function, it is undergoing perpetual change — ^not, indeed, change of form, but change of place. And as an article is never fully ready for its final use until it has undergone its last change, not only in form, but in place, and is thus directly available for that use in the spot where it is needed, money in circulation can never be said to have reached its final destina- tion. Money — Le., gold and silver, the only real money — reaches its final destination only when manufactured into jewelry, or other ornamental or useful articles which are capable of gratifying some human desire, or finds its lodgment in the vaults of some bank as the basis of its circulation. As to mere paper money, not based on gold and silver, its final destination is the rag-bag: Money, then, as the circulating medium, ever passing from hand to hand, must belong to circulating rather than fixed capital. LESSON VI. LABOB— ITS FOKMS AND BESULTS. 1. Definition of Labob. — ^Labor is any exertion, ■wliether of the body or of the mind, made for the purpose of producing some useful result. Exertion without any purpose, or for an evil purpose, does not deserve the name of labor. Such exertion is mere sport, or random action, or mischief. Labor, however, is not wholly of the hand : there is labor of the mind as well. Indeed, the labor of the hand proceeds from an antecedent labor of the mind ; the hand only does what the mind first conceives and wills. There are various kinds of mental labor also which do not lead immediately to any external acts: such as the various studies pursued in educating the mind, the investigation of the principles of science and of nature. Such exei-tions are among the most useful forms of labor, 48 POLITICAL ECONOMY. since they lead to a knowledge of principles that guide the hand in its labors and enable it to achieve far more useful results. The study em- ployed in investigating the principles of steam, and the mechanical combinations by vi^hich it is ren- dered available in producing locomotion on the land and on the water, has led to all the astonish- ing changes in property, comforts, and conveniences which have resulted from railroads and steamboats. 2. FoEMS OR KiKDS OF Labok. — Labor, then, may be either of the body or of the mind. But the labor of the mind, as far as it pertains to pro- duction, may be of two general kinds. It may be employed either in investigating the properties and laws of nature, or in contriving such combinations and arrangements of matter as will enable us to avail ourselves of these laws for. some useful purpose. The one may be called the labor of discovery, and the other the labor of invention. Thus, having discovered that combustible matter requires, in order to burn freely, a plentiful supply of oxygen or air, it becomes necessary, in order to LABOE — ITS F0EM8 AND BESULTS. 49 turn this law to any useful account, to conceive such a combination of matter as shall secure such a supply, and at the same time render the heat produced by the fire available ; which is effected by a chimney terminating at the lower extremity in a fire-place or a stove. And the same is true of the. laws of steam, of electricity, and all the other agents and powers of nature. Their laws and modes of action, as well as the means of avaihng ourselves of them for various purposes, have all cost much pro- found and laborious study. The mind having thus discovered the law, and conceived a mode of ren- dering it available for any purpose, it only remains for "the hand to give form and substance to this conception by the actual construction of the ma- chine or other combination of matter which em- bodies it. Indeed, all hand-labor is but realizing by some external change a conception of the mind. The planting and cultivation of grain or of fruit- trees is as much a reaHzation, in external acts, of a knowledge of the laws of nature which pertain to vegetable growth, as the construction of a machine is the realization of certain mechanical laws of nature. 60 POLITICAL ECONOMY. 3. Of Peofessional Laboe. — Tlie labor of the different learned professions, as of tlie lawyer, tlie doctor, and the clergyman, is chiefly mental, and of that form of mental labor which has been desig- nated as the labor of discovery. The lawyer and the clergyman, to be sure, exercise their function chiefly in announcing the results of their investiga- tions before audiences. But this is a mere publica- tion of their views or doctrines, such as any mere philosopher might make. It is true, they always have a practical end in view, but that end does not require any particular external combinations in order to render the principles available. They are required merely to discover and announce the particular laws which apply to the case in hand. The clergyman is supposed to have studied the Scriptures so thoroughly and carefully as to be able to proclaim to all men generally, or to any one under particular circumstances, " what they must do to be saved ;" while the lawyer is required simply to bring forward the particular principles and laws which bear upon the case before the court. The exernal contrivances, or arrangements, LABOE-— ITS FOBMS AND BESULTS. 51 as far as there are any, to enable men to avail them- selves of the doctrines or laws announcedj are to be found in the organizations of the church and the court. The labor of the doctor, indeed, is not so wholly that of discovery. He is required not only to know the laws of health and disease, and of the action of medicines upon the system, but often to invent mechanical contrivances to render them effective, and with his own hand to prepare and administer his remedies. These two latter kinds of labor, however, are rather incidental than essential to his profession. Indeed, the philosopher may not only discover a law of nature, but invent the contrivance for rendering it available to man, and even make the contrivance with his own hand, as has often been done. Still, the first kind of labor is his proper function, and the same is true of the learned professions. 4. The Eesdlts of Laboe. — The result of labor is always some change, either mental or physical. The man who studies, always produces thereby some change in the state of his mind. His mind is 52 POLITICAL ECONOMY. changed by the addition of the knowledge which he has acquired. He is made wiser thereby; he has truer conceptions of things. And as these conceptions can be of no use to any one unless embodied or reaHzed in some book or useful in- vention, it is customary in all civilized countries to encourage their embodiment by those who pos- sess them, by securing to them for a term of years the exclusive control of the manufacture and sale of their books and inventions. As to the physical changes produced in objects by labor, they are as numerous as the forms and processes of production and exchange. The farmer, by means of cultivation and the co-operation of the agencies of nature, changes his seeds and manures into vegetables and grain, and the miller changes the grain into flour ; the manufacturer changes his cotton and wool into cloth, and the trader changes off the cloth for teas, sugars, etc. Thus, every form of circulating capital is perpetually changing under the hand of labor. But all these multiplied changes must be, either a change in the visible form of objects, a change in their elementary form, or a change of their LABOB — ITS rOKMS AND RESULTS. 53 place. The mecliamc, the artisan, and ordinary manufacturer change only the visible form of objects. They don't attempt to separate their elements, but, by enlarging, reducing, attenuating, or otherwise modifying them, simply change their shape. The farmer and the chemist, on the con- trary, change the elementary form of objects. In the processes of cultivation the farmer decomposes earths, manures, and extracts gases from the air, which are combined again into vegetables and grain. So, too, the chemist disengages elements from one substance and combines them with those of another, and thus forms new compounds ; and by the various modes of transportation employed by the merchant or trader, the place of articles is continually undergoing change. As each man can conveniently produce but a small number of articles, but wants many, and these widely scat- tered over the world, there must always be a cease- less change of place in all articles of use. Hence transportation must always be one of the most extensive branches of business, increasing as the wants of civilized man increase. LESSON VII. division of labor, and its effects. 1. Of the Natueal and Necessaey Division of Laboe. — ^In the nature of tKe case, it is impossible for eacla man to perform every kind of labor, and produce all tlie articles whicli lie needs. And, .besides the want of ability in man, there is an equal want of means and capabilities for all kinds of production in every place. If every man were capable of being at the same time a farmer, a mechanic, a trader, a manufacturer, a chemist, etc., yet the means of exercising these various callings do not exist in all places. As a man could not be a farmer on the coasts of Green^ land, where there is no soil, so he could not be a manufacturer where there is neither water-power nor fuel. Much less could one produce all varie- ties of articles on the same soil and in the same DIVISION OF LABOE. 55 climate. Hence some division of labor is a matter of necessity. Besides, even in the same conn try and climate, j^en differ so in their capacities and aptitudes, that they naturally incline to different kinds of labor. Accordingly we find everywhere doctors, lawyers, farmers, mechanics, traders, and all the varieties of producers and laborers required by the wants of the community. 2. Op the Aetifioial Division of Laboe. — The division of labor, thus far described, is adopted without much thought, and in part as a matter of necessity. But experience and reflection lead to a further division. Seeing that men succeed best by pursuing some one kind of business, or producing some one article, the inquiry naturally arises, whether the process of division can not profitably be carried further. Almost every proc- ess of production can be divided into parts. A stock example is that of pin-making, which may be divided into wire-drawing, wire-straightening, head- ing, pointing, tinning, etc. Now, as the man is confessedly more successful who follows some one 56 POLITICAL ECONOMY. employment, than the man who follows many, it would seem to be implied, that the laborer who devotes himseK whoUy to a single part of some process would be more successful than the one who goes through the whole process. And this is found to be the fact. Such a division, being the result of calculation, and being resorted to for its economic results, is the only division ol labor known to PoHtical Economy. 3. The Economic Advantages of Division of LaboPw — When the process is divided and each laborer devotes himself to a single part, there is a great saving in several respects. In the first place, there is a large saving of time in learning the business, since a portion of a process is more easily and quickly learned than the whole ; as, for in- stance, putting on the bottoms of boots, than the whole process of cutting, crimping, and making gen- erally. And as the time required to learn one's trade is less, the waste of material from unskilful- ness while learning it is also less. In the second place, there is a great gain in skill arising from DIVISION OF LABOR. 57 the attention being exclusively confined to a single operation. Skill is acquired in any thing by its frequent repetition. The mind and the muscles both become adapted to that which we do con- stantly. And the simpler the repeated process is, the more complete the adaptation, and the more perfect the skill. But where the process to be per- formed consists of several parts to be gone through with successively, several habits reaUy have to be learned, each of which unfits the laborer for the other ; since a habit of one thing, while it gives one skill in that particular thing, tends just so far to unfit him for any other thing. Thus, the process of preparing wood for the fire consists of sawing and splitting. If, now, one man gives himseK wholly to sawing and another to splitting, they wiU each in time acquire the greatest skill and power of endurance in his business of which he is capable. On the contrary, if each carries on suc- cessively the double process, the habit of sawing not only does not avail him in splitting, but actually tends to disqualify him for it. And so in other cases. And especially is this so where, ' in pass^ing 58 POLITICAL ECONOMY. from one part of a process to another, not only tlie habits have to be changed or re-adjusted, but the tools also with which one works. In working up wood for the fire, the exchanging the saw for the axe with every stick is as great a hindrance as the re-adjusting of our habits to the different processes. Another advantage arising from the division of labor is, that it enables one to employ cheap labor for the simple and easy parts of the process, while if each operator had to per- form the whole process, it would be necessary in each case that he should be competent to the most difficult parts. And not only is the expense greatly diminished by such an arrangement, but women and children, and often feeble old men, are furnished with employment. The saving from these sources, spread over every department of industry, is in the aggregate very great, and to the same extent reduces the cost of products. 4. Effects of the Division of Laboe on In- ventions. — As labor is divided, the portion which each operative has to perform becomes ]ess, and DIVISION OP LABOK. 69 hence more simple. His whole attention is thus directed to a single operation, and his whole study is to see how this can be performed the most easily and effectually. By the repeated perform- ance of the operation and long attention to it, improvements in the tools for performing it nat- urally suggest themselves to him. And improved tools being made by the operatives in the dif- ferent parts of the process, these are at length combined in one or several machines, by which the whole process is performed almost without the aid of man. This is notoriously the history of nearly or quite all complicated machines. They have gradually grown up from separate improve- ments in the tools required in the various por- tions of the process, which they now perform as a whole. And while the separate improvements have generally been made by the common oper- atives, these have usually been combined into machines by head workmen, overseers, or other men possessed of more than ordinary mechanical genius and knowledge, who have been able to supply the principles by which the detached parts 60 POLITICAL ECONOMY. could be linked together. Thus knowledge and practice go hand in hand with each other in mak- ing improvements, and neither is complete without the other. Without practice, knowledge is vague and theoretic; and without knowledge, practice is detached and fragmentary. 5. Effects of the Division of Laboe upon the Laboeer and Othees. — Division of labor, like every thing else which facilitates and increases produc- tion, makes products cheaper, and hence benefits consumers, and of course the laborer, with others. At the same time, however, it must be confessed that division of labor, by confining the attention exclusively to single operations, requires less gen- eral intelHgence in the laborer, and tends to render him little more than an automatic machine for per- forming one simple process. If the operatives in factories, where labor is minutely divided, be com- pared with farmers and ordinary mechanics, who are accustomed to perform a variety of operations, the difference in general intelligence and breadth of views is at once apparent. The man who per- DIVISION OF LABOE. 61 forms the several processes (altliough, it may be, less polished and sharpened on particular points by contact with others) embraces in himself nearly the same intelligence as the several individuals who perform them singly. Thus, division of labor reduces, as it were, several men to one, but this very fact tends to harmonize the interests of the different classes of laborers, since it makes them more dependent upon each other, Hke the mem- bers of the same body. And, in Hke manner, the distribution of the labor of producing differ- ent articles among different nations, from the ne- cessities of climate, soil, etc., renders the nations of the earth more dependent upon each other, and thus tends to the harmony of the world. 6. Limitations of the Division of Labor --Divis- ion of labor, by distributing the operati^jQ to be performed into many parts, requires a laige con- centration of machinery and other forms of capital. This may be profitably done to the extent of one's abiHty to superintend and give harmony to the whole; beyond this it should not be carried. On 62 POLITICAL ECONOMY. the contrary, some employments, for instance agri- cultural pursuits, do not admit of sufficient con- centration either in time or place to allow of any considerable division of labor. And in all employ- ments, no advantage can arise from attempting to divide the labor beyond the simple, ultimate parts of the process. LESSON VIII. MD TO PEODUOTION FEOM NATUEAL AGENTS. 1. Natubal Agents Defined. — ^In the most gen- eral sense, natural agents include all the varied agencies and powers of nature. In reality, how little does man, of himself, do in production ! He is but the experimenter in nature's laboratory. He learns the conditions under which nature works, and sees that these conditions are fulfilled; but nature really does the work. This is as true in the simplest processes of agriculture as in the highest operations of the mechanic arts. The farmer places the seed in the ground, but it springs up by its own laws and forces. He moves the soil and manure around the plant, but this being done, he can do no more ; the plant extracts its own nutriment from these and other sources with- out his aid. Indeed, as akeady stated, man ere- 64 POLITICAL ECONOMY. ates nothing in production; lie simply avails him- self of the materials and principles of action fur- nished by nature. "Without the natural properties of wood, iron, and other forms of matter, he could neither make nor use the lever, the inclined plane, the screw, the wheel and axle, the pulley, or the wedge. And without these there could be no such thing as machines, since all machinery is but the combination of some or all of these mechanical powers under various forms. But while all the natural properties of objects are, strictly speak- ing, natural agents, the great mechanical forces employed in producing momentum, such as steam, wind, water, electricity, etc., are more commonly understood as embraced under this term. 2. Of the Natubal Agents Employed in 'Peo- DUOiNG Momentum. — Man, of himself, can exert a certain force. By the use of his various organs and limbs he cstn move not only himself, but many other objects also. After he has reached the extent of his own power he can call to his aid the strength of the lower orders of animals, AID TO PEODUOTION. 65 which were made for his use, and constitute a part of the dominion over which he is placed. Some of these, being keener scented, he employs in capturing other animals which he can not catch himself; some of them being fleeter, he uses to increase his velocity, and some of them being stronger, to increase his strength. But even with their aid, there are many things which he can not do. His next step is, therefore, to call to his assistance the great inanimate natural agents, whose power is almost unlimited. The rock, which he can neither spht nor move by his own power nor by that of other animals, he rends in pieces by introducing into it a charge of gunpowder. The vessel, which he can not propel by any ani- mate force at his command, he moves by placing in it a steam-engine, or spreading sails upon its spars to catch the wiad. So, too, he turns the ponderous wheel, which neither man nor beast could stir, by directing upon it the precipitous stream, and sends along the telegraphic wire, by the power of electricity, the message which nei- ther the reindeer nor the carrier-pigeon is fleet enough to bear. qq political economy. 3. Advantages of Inanimate oyee Animate Nat- ural Agents. — ^As we have seen, the powers which man calls to his aid in producing momentum are partly animate and partly inanimate. The use of animate agents is of great service to him, but the use of inanimate agents is of still greater service. Besides the greater power and velocity attained by their use, there are certain other ad- vantages which deserve notice. In the first place, inanimate agents can be made to work in a far smaller space than animate agents. The steam which is equal in force to the power of a hundred horses can be made to work in an engine which occupies but a few square feet ; whereas, a hun- dred horses would occupy the whole boat. Again, inanimate natural agents work continuously, and with great regularity and precision, while animals must have intervals of rest, often become restive under the hand of their driver, and. flag in the performance of their task. In traveliag by cars and steamboats, much time is saved not only by the increased speed attained, but also by the greater regularity and precision in their trips. It AID TO PBODUCTION. 67 is true, tlie loss of life is very considerable by these modes of travel, yet it is probably less than would result from the same amount of travel by horse- power. And although the original expense of en- gines and the expense of maintaining them is great, still it is much smaller than that of purchasing and maintaining the number of animals adequate to perform the same work. These are some of the economic advantages of inanimate over animate natural agents. The question which of the inani- mate agents it will be the most economical to employ in any particular case, will depend wholly upon the circumstances. A good water-power convenient to market will generally be found cheaper than steam, for mill purposes, while wind for ordinary transportation and long voyages will be less expensive than steam. 4. Eesults Accomplished by Machineey Moved BY Natueal Agents. — The object of machinery is to modify, regulate, and apply the power to just such a point and in just such a manner as we wish. Machinery is a sort of organism through 68 POLITICAL ECONOMY. which the natural agent works. It is the feet by which it moves, the arms by which it reaches, the fingers by which it picks up, and the hands by which it clasps. By means of it we may give to the motion produced by the agent a perpendicular, a horizontal, or a rotary direction, as is seen in the trip-hammer, the railroad locomotive, and the steamboat. Or we may exert all the power upon a single point, as in forging anchors, or rolling iron ; or else we may distribute it over a wide space and among a variety of operations, as is done in a cotton factory, where carding, spin- ning, weaving, and various other operations are carried on in different parts of the building, — all as the result of the power exerted upon a single wheel by the natural agent, and transmitted through a succession of mechanical contrivances, till it reaches the separate operations to be per- formed. And as machinery has no nerves, and moves with perfect regularity and precision, it can be made to perform, without faltering, operations too delicate for the human hand, such as the spin- ning and weaving of the finest and most delicate AID TO PEODUCTION. 69 fabrics. And finally, we may by macbinery accu- mulate power for a sudden stroke, as in the pile- driver, or for a gradual and regular evolution through a longer or shorter period, as in the clock or watch. 5. Effects of these Aids to Peoduction on HmiAN Happiness. — ^As labor-saving machinery per- forms to some extent the labor of the hand, to the same extent it dispenses with human labor, and tends to turn men out of employment. But at the same time, it greatly diminishes the cost of articles, and hence increases the demand for them, and consequently for the labor required in producing them ; since the number of purchasers of any article of common use increases rapidly as it comes within the reach of those of small means, who are always vastly more numerous than those of large means. Besides, when articles are cheap they are put to new uses. Thus, cotton cloth, which during the war was scarce and dear, and hence used only for the most necessary pur- poses, but a few years ago, when it was cheap, 70 POLITICAL ECONOMY. was used largely for hay-caps, and other similar purposes. And not only so, but, with the increased productiveness of labor, capital increases, and hence new wants spring up which haye to be supphed by new products. From these and the like causes the demand for labor is kept good, so that, not- withstanding the astonishing increase in the use of labor-saving machinery, the demand for labor was probably never greater than at present. La- bor, indeed, under improved processes and means, is more effective than formerly, and hence the laborer can devote more hours to social and self improvement, and less to toil. But these dimin- ished hours are better remunerated as production and capital increase. Hence, the use of labor- saving machinery is a blessing to all classes. LESSON IX. stimulants to labor. 1. The Natueal Disposition of Man towaed Laboe. — Man lias been styled a "lazy animal," and with reason. Labor is irksome to him ; if it were not, he would value it at nothing, and hence set no price upon its exertion or results. There is, it is true, a cert?iin restlessness and love of activity in man, varying with the temperament, but not a love of continuous and systematic labor, such as is required in all production. Without some regular employment, indeed, man is uneasy and wretched ; but yet he will not generally work if he has the means of living without it. He will spend his time in hunting, fishing, traveling, and possibly in specu- lating, but not in regular labor. And yet we were evidently made for labor. We have all the pow- ers both of body and mind which are requisite 72 POLITICAL ECONOMY. for it. We are capable of studying and knowing the laws of nature, and of supplying the condi- tions which are necessary in order to secure their operation in production. At the same time, labor is evidently conducive to our health as well as to our real happiness. Without exercise, both the mind and the body dwindle. And though they may both be exercised by way of pastime, yet not so effectually and satisfactorily as by useful labor. Labor, then, is not so much a "curse" as is the want of disposition to it in man. The ground was cursed for man's sake, i.e., in consequence of his lapse, and as a discipline to his perverted dispo- sition toward labor. 2. The Stimulus of Necessity to Laboe. — Ma.is, has numerous wants to be supphed, and labor iito necessary to supply them. Nature, to be sure, ifjj ready to work for him, but in order to this ther-y^ is needed much laborious preparation, and thc^^y most constant and careful superintendence on his<-^tu part. Forests must be cleared away; lands must ir be drained, and broken up, and fertilized ; buildings ia STIMULANTS TO LABOR. 73 for comfort and use miist be erected ; macliines must be constructed, and the wliole apparatus of production be prepared. And even after all tMs preparation is made, tlie constant co-operation and superintendence of man is required in order . to success. Hence man must work, or suffer from cold, and heat, and hunger, and thirst, and a thou- sand other causes. This necessity is as stern and inexorable as nature herself. If no one labors in any way, there must be an utter destitution of all the means of comfort and support. If such a ne- cessity wiU not goad one to labor, nothing will. And as our Creator has put this necessity upon us as a wholesome stimulus to exertion, it should '^nler be removed by any interference or any of the /angements of men. It should be borne in mind all arrangements for the reKef and support 1 the poor. Only those utterly disabled should I wholly provided for by society. In other es, where they throw themselves upon the com- /nity for support, they should be required to ')or to the extent of their abihty as a condition I their receiving the required aid ; and private 74: POLITICAL ECONOMY. aid, as far as possible, should be regulated bj' the same rule. If benevolent persons would visit the abodes of the poor and the suffering, and in other ways inform themselves of their true condi- tion before administeruig to their relief, they would do much more good with their benefactions. 3. The Stimulus of. Success. — ^Want is indeed an indispensable stimulus" to labor; but where the want is too great it is apt to lead to despair. "When all hope of success is gone, want is no longer a stimulus to labor. Some prospect of success, then, must be added to want in order to create an effective stimulus to labor. When the man who has been struggling with want firds that he is increasing his means by his exertioi^-is, even in the smallest degree, he is stimulated iio stiir greater exertions, and so toils on patiently i'ji hope of finally placing himself and family abo^'Ve want. This love of accumulation, once begun, mA dened to the full extent which they will bear. And still keeping in view the promotion of labor, the next heaviest burden should be placed upon H- censes, banks, incomes, dividends, legacies and suc- cessions, stamps, and other business transactions, which are farthest removed from simple labor. Again, the productiveness of labor in a particu- lar country is promoted, and at the same time that of other lands is not discouraged, by imposing such duties upon manufactured articles, chiefly the pro- duct of cheaper labor in other countries, as shall not exceed the difference in the cost of production in the two countries ; while those that are but slight- ly modified by labor, being mainly the free gift of nature, are admitted free. In this way a country avails itself at the same time of the most productive labor and the most productive energies of the world ; while by selfishly attempting through a high tariff to promote its own industry at the ex- pense of other countries, it rejects alike the bounties BUBDENS ON LABOB. 89 of nature and the services of man. In short, the necessary revenue of a' country should always be raised on the simplest and most natural principles, and on as few articles as possible, that business m general may be free and unincumbered. 5. Taxation to meet Wab Expenses. — In times of war the government becomes the great employer, and hence has occasion to use the greater part of the money of the community. This they can obtain only by borrowing or by taxation. If they issue notes to pass for money, these are but promises to pay at some future time, and are therefore just as much a loan contracted as is the sale of bonds. It is, indeed, a loan without interest, unless these notes are issued in excess of the demand for a circulating medium ; in which case a heavy inter- est or tax on them has to be paid by every one through whose hands they pass (and no less by the government than by others), on account of their constant depreciation. So, too, where a large amount of money has to be borrowed by the sale of bonds, these bonds, on account of the great 90 POLITICAL ECONOMY. nnmber of them thrown upon the market, inevitably fall below par, and thus cost the people a very high interest in the end. Most of our bonds, during the late war, were sold, if estimated in gold, at from •forty to sixty per cent, discount. This heavy per- centage must be paid, when the bonds are paid, by taxation— the only advantage being that the taxa- tion is put off till the future. This gives relief, for the time being, to those who want to use their money, instead of paying it out in taxes, and secures the contributions of the augmented population of coming times in paying the debt. Loans are ob- tained of those who have the money to spare now, and are paid by a general taxation of the popula- tion of the country at the time when they fall due, Bvt, in the mean time, the interest (which must be very high, taking into account the low price at which the bonds are sold) must be paid, which, with the great rise in prices consequent upon the depreciation of the government standard of values, makes the tax upon the people scarcely less burdensome than when the whole expenses of the war are paid as they accrue — to say nothing BURDENS ON LABOR. 91 about tlie burden bequeathed to future generations. Here, as in other cases, the best principle most unquestionably is, to pay as we go. Unless a na- tion has men and resources enough to produce more than is necessary to support its population, it can spare no men for war ; and just in proportion as it can spare men for this purpose, it is able also to support them in the field, and should do so. The proportion of men engaged in war not being greater than the excess of production of which the nation is capable, those at home wiU be able to support themselves and those in the field also. LESSON XI. peofitable and unpkofitable laboe. 1. Laboe is Peofitable only when the Peoduct Exceeds in Yalue that Desteoyed. — As all pro- duction involves some change " in some object, it necessarily destroys tlie value whicb. the object had under its previous form; as the making up of a sheep-skin or a calf-skin into shoes destroys tha value which it previously had for covering trunks. Now, when the article produced by such a change is greater in value than it was before the change, the labor has been profitable, and the excess in value denotes the gross gain. But when the article produced is only equal in value to what it was be- fore, the labor of making the change has been lost ; and when it is less, there has been an actual loss of so much besides the labor. In both these latter cases the labor has been unprofitable. So, also, PROFITABLE LABOE. 93 there is a loss in all those cases where the change produced merely ministers to the gratification of the senses or the taste, and not to the ability or the disposition to labor, so as to insure in the end a greater value ; such as dramatic exhibitions, fire- works, and other shows. Such displays may be well paid for at the time, and, as a means of im- provement, may, or may not, be of real value to those who witness them ; but as they end in a mere show, and do not materially contribute to further ■production, they are in violation of the great eco- nomic law, that no value should be destroyed with- out terminating in the production of a still greater value. As far as such shows are not necessary for the relaxation and recuperation of the jaded powers of body or mind, they are economically useless, and generally hurtful. • 2. Peofitable Laboe eequiees Intelligence.— The object of labor being to produce some useful change in a substance, it must require intelligence to do this mth success. Any change at random' will not effect what is desired. Only changes of a 94 POLITICAL ECONOMY.- particular character are useful; all others are either useless or destructive. And as nature, as we have seen, really does the most of production, all labor on our part, in order to be productive, must be in accordance with the laws of nature, — -must, in short, be employed in supplying the conditions according to which she works. Any amount of labor will not make a fire burn in the water, nor wheat grow upon a rock. If, then, we would work effectively, it is necessary that we should be ac- quainted with the laws of nature, and work in accordance with them. Many of these laws, to be sure, are quite obvious, and are learned from com- mon observation and experience ; but many of them, on the contrary, are unobvious and recondite. The most ignorant farmer knows that grass and grain win not grow without soil, moisture, and warmth; few farmers, however, are capable of determining the kinds of soil and manures best adapted to particu- lar kinds of grain, fruit, etc. Much less are men generally acquainted with ' the laws of the me- chanical forces, and the best combinations of matter for applying these forces to particular operations. PROFITABLE LABOE. 95 So, too, but comparatively few are acquainted with the laws of trade and the functions of money. And yet all higher success depends upon a compe- tent knowledge of these matters. One may blunder along, to be sure, and get a living without it ; a natural tact and shrewdness may in many cases measurably make up for the deficiency, but one can never be a complete master of his business unless he understands the principles which control it. This alone wiU keep him from those wild and foolish experiments in business which are so ruin- ous to success. Hence the importance of a thorough and widely diffused education in the arts and sciences. ^ 3. Peopitable Laboe eequiees Economy and Feu- GALITY. — The net gain in any business is what is left after deducting the outlay for materials, tools, labor, and expense of living. If the materials, tools, and labor are dearly purchased or wastefully used, this decreases to the same extent the profit. But even where these means are used with the greatest economy, there may still be a great want 96 POLITICAL ECONOMY. of economy in the habits of the business man him- self. His personal expenses and those of his family may eat up all the profits. Hence the great im- portance of frugality as one of the social virtues. Profuse expenditures, to be sure, are not in aU cases so much property entirely thrown away, since they furnish employment to certain persons for the time being. Even where it is all consumed, some persons are employed in preparing it for consumption, and in various ways assisting in the process. A feast which consumes thousands of property must be prepared and superintended by numerous caterers and servants, just as elegant dresses must employ in their making numerous hands and needles. But if the food and drinks and dresses are more expensive than is for tho^ real good and comfort of those who use them, all this excess of expensiveness is a total loss to them And as extravagance in one is apt to beget extra, va» gance in others, those who profit by such profuse- ness are Hkely to become themselves profuse in turn, As a matter of fact, all know that those whose business it is to pander to the vices and ex- PKOFITABLE LABOR. 97 travagance of others are not among tlie most virtuous and worthy classes of tlie community. Indeed, the economist and the moraUst alike can not but look upon their occupation as not only useless, but hurtful. True frugality, on the con- trary, enables the possessor of property to employ all that is not really for his good in the legitimate business of producing more property, thus giving employment to honest industry ; or to bestow it as a ' gift upon worthy objects and institujiions designed to promote the higher interests of society. If all that is uselessly and viciously squandered were carefully husbanded and judiciously bestowed, it would weU-nigh banish suffering, and want, and ignorance from the world. The dollar that is ex- pended in riotous living, or in costly dweUings and equipage, or in vain shows, is entirely used up on the occasion ; whereas, a dollar saved is an investment at compound interest for the support of labor in all coming time. 4. Laboe to be Pkofitable must be entitled to ITS Beward. — Men do not generally work for the 98 POLITICAL ECONOMY. good of others, but for their own. Members of tbe same family will indeed work for each other, be- cause they regard their interest as the same, and a sympathetic feehng will often prompt good men to do something for the destitute and the suffer- ing ; but systematic and sustained labor can be ehcited only by the prospect of reward. Hence it is that there is so little productive labor in coun- tries where the right of property is not enforced. For though the laborer should receive his reward, yet, being liable to have it taken from him at any time, it is all the same as though he did not receive it. Men like not only to receive a reward for theif labor, but to retain it also, and make such use of it as they please. Property is w^hat is one's own, and if one does not feel secure in its possession, it is not property to him. Hence it is, too, that slave labor is so unprofitable. Slavery not only discourages and renders labor disgrace- ful among all except slaves, but takes away from the slave himself all stimulus to labor except that of punishment. He is lured on to toil by no pros- pect of reward. He is not at work for himself, PEOFITABLE LABOE. 99 but for his master, who, he feels, has no right to his services ; and hence he does as httle as possible, and that little as poorlj as possible. For a similar reason, every Community System of labor has been found unprofitable and proved a failure. Members of a community having a common treas- ury and a common table, have not the stimulus of individual reward to labor for. Ho member can ever have any property of his own, but merely share in the common stock with the other members— the ignorant, the indolent, the unskilful, being placed on a par with the inteUigent, the active, and the skilful. Co-operation in labor is aU-important for the success of industry; but what is technically called "communism," which makes all things com- mon, can but prove ruinous to it. LESSON XII BUSINESS. 1. The various kinds oe Business. — One's busi- ness is what he busies himself about ; and as every one has wants to be supplied, every one has to be busy about something. This is specially so in a civilized community, where the wants are numerous and imperative, and the arts at the same time, in consequence of an improved knowledge of the laws of nature, are in a correspondingly advanced state. In such a case, society presents a scene of wonderful and almost bewildering ac- tivity. In the cities, where all the lines of business converge and meet, men are rushing to and fro in endless confusion, but each intent upon some object. Of this mass, while all are consumers, some are producers, some traders, and some profes- sional men ; some are tillers of the soil, who have BUSINESS. 101 brougM their produce to market ; some mechanics, employed in erecting buildings and preparing household furniture ; some manufacturers or deal- ers in cloths, furs, boots, shoes, or other articles of wearing apparel ; some import articles from foreign countries and send home-productions abroad ; some " go down to the sea in ships and do business upon the mighty waters ;" some are jewelers, and some musicians ; some costumers, and some caterers ; some hod-heavers, and some common carriers ; some are students, and some teachers ; some ex- pound the law and som6 the Gospel ; some minister '^^ to the body and some to the soul. In these and < numerous other forms, the ceaseless activity of a ^ civilized community embodies itself, flowing through J^ all the channels of society and giving rise to all c\ the avocations of life. 2. Choice of . Business.— In determining what business to follow, we should first take into the account our own qualifications and aptitudes. By nature and education, every man is better fitted for some one kind of business than for any other; 102 POLITICAL ECONOMY. and it is all-important to Ms happiness and sn(j- cess tliat lie should hit upon that kind of business. Some have the copiousness of thoughts and words which fits them for becoming orators, and some the perception and love of beautiful forms, that point them out for artists ; some have the strength of arm and muscle required in the farmer or the niechanic; and some the agility and quickness of perception which fit them for trade and the lighter employments. Men do not, indeed, always find their affinity in business any more than they do in their social relations, though it is vastly important that they should. But, besides their own qualifica- tions, men should be guided in their choice of an occupation by the nature of the employment itself. Some occupations are injurious to the interests of so- ciety, and hence disgraceful, such as pandering to the vicious appetites and hlsts of men ; and some are of doubtful utility in their effects both upon the community and upon those engaged in them. Such occupations ought to have no existence, and no person having any regard to his own real good and the good of others should ever think of en- BUSINESS. 103 gaging in them. In short, in a politico-economic point of view, those occupations are the best v/hich do the most to supply the real and sub- stantial wants of men. Getting a living by the ^dces of others is infamous, and getting a living by cheating them is not much better. Earning money by honest industry is always honorable, but getting it by speculation and the various tricks of trade is of doubtful credit to one — as, indeed, it is, on the long run, of doubtful utility to him. Property easily and suddenly obtained is rarely permanent. " Easy comes, easy goes," says the proverb. Besides, such strokes of good luck are apt to corrupt the character and turn the head, begetting a recklessness of expense and of risks which ends in ruin. On the contrary, habits of honest industry promote fragahty and sober views of life, which are the surest guaranty of ultimate success. 3. The kelatf/e Peofits of diffekent kinds of Business. — Where there are no restraints upon capital and industry, but each one is allowed to 104: POLITICAL ECONOMY. devote his means and his energies to any business which he prefers, there can not be permanently any material difference between the profits of dif- ferent kinds of business. Energy and skill, to be sure, will give one greater success than others in any kind of business, and superior knowledge and means may enable one to open up some new kind of business more profitable than those in which others are engaged; but this can not long remain so, since capital will combine to create a competition in the business, if individuals have not the means of doing it. Thus the different kinds of business are sure to attract capital and industry just in proportion to the profits they yield, and hence will always take care of themselves without any special legislation or interference of the gov- ernment. Still, the gains are slower in . some kinds of business than in others. Thus, farming and some of the mechanic arts do not yield so rapid a remuneration as commerce and some branches of manufactures and trade ; but, on the contrary, they are not attended with so great risks. They do not require the employment of so much capital. BUSINESS. 105 and furnisli a better security for tlie permanence of that whioli is employed. There are but few failures among farmers or mechanics compared with what there are among manufacturers and merchants. So that if one or ten years do not bring in as large a reward to the farmer or the mechanic as to the manufacturer or the merchant, twenty or fifty years may. Besides, perhaps trade, manufactures, and commerce attract to themselves a higher order of energy and talent, which of course should receive a higher reward. 4. Importance to a Nation of variety of Em- ployments. — As already stated, different men are fitted for different employments. At the same time, the wants of men are various, demanding different employments. Now it is vastly important to any people both that these various talents should be employed, and that these wants should be supplied, as far as possible, among themselves. The intercourse of men is more agreeable and improving to each other where their occupations and experience differ somewhat, than where they 106 POLITICAL ECONOMY. are the same. Hence society is mucli better un- der such a state of things. But more than this, the ends of true economy are* much better met by such an arrangement. In this way a people, while they give employment to their own industry, supply to the best advantage their own wants. No one kind of industry can prosper alone. If all were engaged in commerce there would be nothing to export or to pay for their imports; If all were farmers there would be no one to consume or export their surplus products. And if all were traders or manufacturers there would be an utter want of all . means of pur- chasing their goods, as well as of all material to manuf acturei Each kind of industry stimulates and promotes the others, and when as many kinds as possible are carried on in the same community or country, they all prosper the best. The soil, climate, and other circumstances, it is true, place a limit to the kinds of business which can be profit- ably pursued in any given country ; but there can be no doubt that it is best for every nation to bave as great a variety of avocations among its inhabitants as possible. This is one important BUSINESS. 107 advantage enjoyed by onr own country over most otliers, wliere the great extent of territory, and tlie greafc variety of soil, dlimate, and natural facilities promote tlie greatest variety of employments, while the laws of the land allow each one the greatest fi-eedom in the choice of his business, and protect him in its pursuit. . 5. Fluctuations in Business. — ^As production is the basis of business, business must vary as this varies. Some seasons are more favorable to agri- cultural and manufacturing pursuits than others, and hence more favorable to business generally. Propitious and bountiful seasons make all kinds of business good; since large products make large transportation and exchanges, and, bringing in large returns, diffuse money through the country, and enable the people to employ mechanical and other labor in making improvements, to travel, trade, and set aU kinds of business in motion. Unpropitious seasons, on the contrary, produce a general dearth aiirl stagnation of business. Business varies, also, with the stimulus applied. A sudden rise in prices. 108 POLITICAL ECONOMY. from the imposition of a higli tariff, from tlie de- mands of war, of great migrations, of the opening of new countries to trade, the discovery of mines, and the Hke, always adds new intensity and activity to business. But such periods of intense activity are pretty sure, by over-production, to be followed by a general stagnation. Thus, from natural causes in man and in nature, there is a continual flux and reflux in the business of every country. lESSON XIII. EXCHANGE. 1. Exchange in Kind. — One of tlie great depart- ments of productive industry is excliange. One can obtain nothing which he does not produce him- self, except by exchange. Without exchange, there- fore, every article of this kind is just as useless to him as though it were not produced. It may be near the one who wants it, or it may be far off, but it is of no avail to him unless it is his, and in his possession. And were there no accepted medium of exchange, — i.e., some article which aU are ready to receive and pay out at a fixed value for other ar- ticles, — the only way in which one could obtain what he wants for what he has to spare, would be to look up some one who has what he wants, and at the same time wants what he has. To do this literally, bo might have to go five, ten, a hundred, or even 110 POLITICAL ECONOMY. tliousands of miles; to cross oceans and traverse continents. So that to obtain some of tlie com- monest articles now in use, sucli as tea and coffee, would be practically impossible. This mode of exchange, since the articles themselves are directly exchanged one for the other, is called exchange in Hnd, or harter. Under such a mode of exchange, indeed, there would spring up middle-men, or trad- ers, who would assist in mediating the exchanges ; but even with their assistance it is quite evident that such a mode of exchange is entirely inadequate to the wants of a civilized community, and that wherever it is in vogue the exchanges can be but few, and the people must Hve almost entirely on what they produce themselves. 2. Exchange by means of a circulating Medium. — The inconveniences attending exchange in kind are sure, at a very early period in a nation's prog- ress, to lead to the adoption of some circulating medium which every one will take and give, in exchange for other articles. At different periods and in different communities, as we know, almost EXCHANGE. Ill CYOTj article has served in turn for sncli a medium ; as salt, iron, shells, Indian corn, tobacco, gold, silver, etc. It is called a circulating medium be- cause it is a medium or means of exchange which is continually passing from hand to hand. Its func- tions are obvious. It is a mere . " go-between" or instrument in effecting exchanges. Finding that it takes so long to exchange off their surplus products directly for what they want, men readily agree to receive some representative article for aU others at certain rates. The principle of exchange, however, still continues to be that of labor for labor. If it is agreed that a pound of tobacco, or an ounce of iron, or a pennyweight of gold shall be re- ceived for a bushel of corn, it is because, at the time, the labor of obtaining these articles is equal to that of raising the corn. The only exception to this is the use of paper as a medium, which will be considered hereafter. But the representative article being once obtained, it may pass through thousands of hands without any further labor being bestowed upon it. Henceforth its only use is to represent the value of other articles, and by being received 112 POLITICAL ECONOMY. and paid out as such, to save tlie labor necessary in exchanging off things in kind, and the perplexity in determining their relative value without some estabhshed standard of value to which thej may- all alike be referred. Now, relying upon the universal receivability of this article, men who have a surplus of means furnish themselves w^ith a supply of it, which they are always ready to give for articles that others have to exchange off; ^hile the same men, or others, keep on hand articles which their neighbors want, which they are equally ready to part with for a certain amount of the established medium. Thus we obtain what we want by two exchanges on the spot, instead of effecting the same thing by a single exchange after a long search for a customer. The trader thus does us a real service, for which he receives his compensation by paying enough less for the articles which he takes of us, and charging enough more for those furnished us, to pay the cost and risk of providing what we want and exchanging off what we have to spare. 3. Laws of Exchange. — ^Exchange, like all other EXCHANGE. 113 productive labor, is conducted upon tlie principle of gain. Men trade for gain, just as they perform any other irksome labor. AU voluntary exchanges are made upon this principle. Hence men will always trade where they can trade to the best ad- vantage, and goods will always flow to the best markets. These laws are in active and constant operation, and we may count upon their effect in every case. When allowed their free and unob- structed course, the whole business of trade flows on smoothly ; but attempts are often made to inter- fere with them by forcing men to make exchanges which they deem against their interest. Thus gov- ernments, in want of means to carry on war, or for some other purpose, often issue paper money and declare it to be equal in value to gold, and enact that it shall be exchangeable for gold, and for other articles at the price of gold. In such a case, as men deem it to be no longer for their interest to exchange their gold and other articles for the gov- ernment paper, if required to do so, the only effect is that gold and other articles disappear from the market ; and if exchanged at all, it is only done 114: POLITICAL ECONOMY. clandestinely for other things which thej prize, or at a greatly enhanced price for the goyernment paper. But if the government paper be -merely declared a legal tender, then exchanges will con- tinue indeed, but at much higher prices than when gold was the medium, — prices such as to satisfy the seller that it is for his interest to part with his articles. Trade, then, like every other species of in- dustry, if let alone, will regulate itseK. 4. Slow and Kapid Exchanges.— Almost every article, in the regular processes of production, passes through several hands before it reaches its final destination. Even the grain of the farmer has to be ground and cooked, as well as raised, before it is ready for consumption. Often, too, it has to be transported to distant parts of the coun- try, or even exported to foreign lands, thus greatly increasing the number of hands which it passes through. And most other articles pass through a much larger number of hands before they are consumed; and this aU. in the natural course of things. But not unfrequently, articles in the course EXCHANGE 115 of their progress toward their final destiny, are bouglit and sold, and transported many times on speculation, wMch still further increases the number . of hands that they pass through. And where this happens to almost every article, it greatly increases the number of exchanges in a country. Now does such an increase of exchanges indicate a desirable state of things ? We sometimes hear the proverb quoted with approbation, that " a quick sixpence is better than a slow shilling." Perhaps it is for speculators and cunning persons who are engaged in running up prices artificially ; but not, I must be- lieve, for the community at large. When a large pro- portion of a community are engaged in buying and selling, to the neglect of productive industry, it al- ways indicates an unhealthy state of things. It has been thus during and since our civil war. Money has been plenty, and hence easily commanded for the purposes of speculation. Not only have men been engaged in speculating in worthless stocks, which, without any real present value, and depend- ing for their reputation chiefly upon their specious names of " gold stocks," " coal stocks," " copper 116 POLITICAL ECONOMY stocks," and " oil stocks," they have cried up or down, according as they wanted to sell or buy ; but they have speculated also in all the ordinary arti- cles of hfe, thus in many instances doubling their price. Whoever hkes this state of things may pre- fer the quick sixpence to the slow shilling, but for my part, I prefer the latter. 5. FoEEiGN Exchanges. — Our wants, being numer- ous, can not all be supplied by articles produced in any one country. If we look over the hst of articles in use in this country, we shall see that a large number of very important ones come from abroad. These, of course, hke all articles which we do not produce ourselves, can be obtained only by ex- changes. We may give in exchange for these arti- cles other articles which we produce, or we may pay for them in gold and silver, the common money of civilized nations. Paper money, even when redeem- able in gold and silver, wiU not suffice for foreign exchanges. If we import silks, teas, coffee, and the like, from foreign countries, we must pay for them in real values ; as gold and silver, agricultural or EXCHANGE. 117 manufactured products, bonds, or some other arti- cle wMcli they want. And if we do not produce the articles which are wanted in exchange for them in the countries where they are obtained, we must first obtain these articles by exchanges with those coun- tries which do produce them, and send them thence to places where they are required. Thus, if sugar be required to settle our balances in Europe, we can send lumber to Cuba, and exchange iif for that article and forward it thence to the point desired. If it be gold that is required, we can obtain that in the same way from some gold-producing country,, if there be none to spare in our own. Foreign ex- changes, like other exchanges, are made, of course, for profit. They may sometimes, indeed, as in other cases of exchange, prove not to be profitablej but when they are profitable they are always well made. It matters not where the articles exchanged go to or come from, if only a profit is made ; and the larger the field from which the articles are selected, the greater the chance for profit. 6. Bills of Exchange. — ^If all the exchanges of 118 POLITICAL ECONOMY. products and mercliandise between different coun- tries and different cities were made directly back- ward and forward between tlie same individuals or parties, they would be very easily adjusted. If, for instance, all tbe cotton purchased in Boston at New Orleans were purchased by and of a single firm, and all the manufactured goods purchased in New Or- leans at Boston were purchased by the same firm in New Orleans and of the same firm in Boston, they would merely have to offset one purchase against the other, and settle the balance, if there were any, by cash. The exchange would be merely an ex- change in Mnd. And such, in reality, it generally is ; since one community is able to purchase of an- other only by means of what it produces itself, either directly or indirectly. If, then, the claims in one city or country against another can be brought to- gether, they will in a great measure balance each other. This is done by bills of exchange. If A in Boston owes B in New York $1000, and in New York owes D in Boston the same sum, then A can purchase of his fellow-citizen T> his claim- against (called a bill of exchange), and send it to his cred- EXCHANGE. 119 itor B, wlio can collect it of Ms fellow-citizen C, and the whole will be settled without the transportation of any money, it having been reduced to a mere exchange in kind. And in the same way the ex- changes between different countries are settled. Exchanges are continually going on not only between cities in the same country, but between dif- ferent countries as well. When the exchanges are equal between two cities or countries, they may all be settled by bills of exchange ; but when not, specie must be sent to meet any excess of indebtedness on the part of either. In such a case, the balance of trade is said to be against that city or country, and bills of exchange there, of course, will be high, since there will be more persons wanting to make payments in the other city or country than there are who have funds there to draw against. During our late war, our imports from England being greatly in excess of our exports, exchange on London was high, and much of the gold which was driven from the circulation by our legal-tender notes was trans- ported to that country and bills of exchange drawn against it to be sold at a high premium to our 120 POLITICAL ECONOMY. importers. But the rate of exchange can never exceed the cost of obtaining and transmitting the gold to the place where the balance is due. It should be recollected, however, that the value as- signed to English and French coin by our laws is considerably below their real value, so that when exchange on London is at 9^ per cent, advance, and 5 per cent, on Paris, it is really at par, — rthis ad- vance being merely equal to our under-estimation of the valuQ of their coin. lESSON XIV 1. The amount of Money eequieed foe the Business of a Community. — The amount of money required for the business of any community will depend, of course, upon the extent of the business to be transacted and the extent of territory over which it is spread. Though one community may economise the use of money more than another, by using checks and drafts instead, yet, the greater the number and the amount of its exchanges, the greater will be the amount of money required to make them. So, too, if these exchanges are made at a dis- tance from each other, it will require more money to make them than if made near each other, since exchanges at a distance are more independent of each other, and can not so often be made with the same flaoney. As already explained, in the 122 POLITICAL ECONOMY. natural course of production most articles change hands several times before they reach their final destination. These may be called natural and legit- imate exchanges. Now the question is, how are we to ascertain the amount of money necessary to make these exchanges in any community? The answer is at hand. When the circulating medium of a community is gold and silver, only natural and legit- imate exchanges are made, since the money-equiv- alent, or price', always represents the same amount of labor as the article for which it is exchanged. In such a case, the prospect of gain by a rise in the price is not sufficient to stimulate men to make many exchanges on speculation. A certain amount of gold and silver money, then, is necessary to. transact the busiuess of a community with convenience. If at any time there be more than this amount in circulation, it will flow off to other countries^ or be manufactured into jewelry ; and if less, the deficiency will soon be supplied, like a deficiency in any other article. Now, such an amount of coin being necessary for this. purpose, if paper money be substituted for it and accepted as MONEY, METALLIC AND PAPER. 128 the medium of exchange, the same number of dollars will be required, and no more. If there be any- more put in circulation, its value will depreciate in the same proportion, so that the value of the whole will be no greater, however much increased in vol- ume. In Great Britain, the note and coin circulation together is about $460,000,000 ; and it is estimated that the amount of currency based upon specie re- quired in our country is about $300,000,000, which is about one-fiftieth of the whole property of the country ; and however much there may be in circu- lation, it can never be worth more than this number of gold dollars. 2, Paper. Money. — Coin, as we have seen, pos- sesses a real value, Hke any other article which is produced, depending upon the labor bestowed upon it in preparing it for use. Paper money, on the contrary, possesses but little value in itseK — ^barely that represented by the amount of rags and print- er's ink required to manufacture it. Its chief value, therefore, is conventional, arising from its being agreed upon or accepted as the circulating medima 124: POLITICAL ECONOMY. As stated above, a certain amount of money must be liad to make exchanges witb, and if paper money be accepted, it will be used. But as it has no value of its own, every dollar beyond what is ac- tually required for the legitimate business of the community is perfectly worthless, and only increases the volume of the currency without enhancing its value. Any excess, therefore, in the amount of a paper currency shows itself in a general rise in prices. Dollars being more abundant than the business actually requires, they are estimated at less, and hence a larger number of them is de- manded for an article. This depreciation goes on with the increase of the volume of the currency, and wiU exactly keep pace with it, unless the parties issuing the money are regarded as responsible anci: as likely in the end to redeem it in real values. If the circulating notes bear the promise to pay of a strong and well-established government, they derive a certain value from the probability that the gov- ernment will at some future time fulfil its promise. Still, any mere promise to pay at some indefinite fu- ture time, by whomsoever made, can not prevent a MONET, METALLIC AND PAPER. 125 note, if issued in excess of the amount required in specie, from depreciating, thougli it may retard some* what its downward progress. The value of a paper dollar, then, depends partly upon its being needed as a medium of exchange, and partly upon the pros- pect of its being ultimately redeemed in real values. 3. Paper Money redeemable in Specie. — The only sure way to keep paper money from depre- ciating is, by the party issuing it standing ready to redeem it at any moment on demand in the precious metals. Then, if there be any considerable excess in the circulation, it will flow in for redemption. It is not sufficient that it should be redeemable in ordinary articles of value. Such articles fluctuate too much in price, and are not universally receiv- able in exchanges. All persons are not desirous of obtaiuing them at all times, and hence, to be required to receive them in redemption of notes would be hke deferring their redemption for a longer or shorter period ; since it might be some time before we should be able to exchange off these articles to our liking. But gold and silver 126 POLITICAL ECONOMY. have great uniformity in value, and are always in demand. Every one wants to get as much of them as he can. Being comparatively rare prod- ucts, beautiful in appearance, and easily wrought into beautiful forms, they are the universal money of all commercial nations, and besides, are valua- ble for plate, jewelry, and other ornamental pur- poses. They are thus just fitted to be the basis for the paper circulation of any country, and they are the only articles which are precisely fitted for this, requiring only that the different pieces be coined and stamped by the government according to their real value, that this may be readily known. At the present time (1867) our paper money is redeemable in the bonds of the United States, bearing semi-annual interest at six per cent, in gold, and payable at different periods in the fu- ture. But notwithstanding the undoubted ability and disposition of our government to pay, this has not prevented the great depreciation of our money. And that it is our notes which are worth less, and not the gold that is worth more, is evident from the fact that p ^Id is no more diffi* MONEY, METALLIC AND PAPEE. 127 cult to obtain from tlie mines now than formerly, nor is it any dearer in other countries. Indeed, even specie-paying notes sometimes become de- preciated by being issued in excess in times of pubKc confidence. This was often the case under our system of State banks, and when so, was invariably indicated, as any depreciation always is, by a spirit of speculation rampant in the com- munity. But in such cases the suspicions of some shrewd persons are at length aroused, and tho specie demanded, which leads to a run upon the banks, and their failure, if not sound. 4. Ceedit Substitutes for Currency.— Although, in one sense, currency is itseK a form of credit, yet, when a legal tender, or redeemable in specie, it pays debts, which pure credit does not, but simply acknowledges a debt to be paid at some future time. The usual forms of credit are,— book-ac- counts, notes of hand, bonds, bills of exchange, and checks. Book-accounts simply give the pur- chaser credit for a certain number of months ; but the goods thus purchased may be sold again 128 POLITICAL EOONOMT. and again on credit before the account becomes due, tlius creating in the commnnity many times the original credit. Notes of hand are generally retained by the holders till they are due, and then collected in money or its equivalent. Occasionally they pass from hand to hand in the payment of debts, but to no considerable extent. However, as they are on time, the products or merchandise for which they are given may, as in the previous case, be sold and resold many times for the like credit before they fall due. Bonds being generally predi- cated on certain property specified in the bond, that property, of course, can not be sold till they are paid. The bonds themselves, however, may pass from hand to hand in the payment of debts, as do the United States bonds to some extent at the present time. As to bills of exchange, acceptances, or drafts, predicated upon credit given some one for goods or other articles, they are themselves a counter-form of credit, designed to enable the creditor to raise money now on a debt due some time hence. They are thus a credit based upon a credit ; but thai MONEY, METALLIC AND PAPER. 129 credit, being a personal affair, can not be again dis- posed of to another, and hence bills of exchange do not extend credit beyond their own amount. Checks, drafts on banks, and other drafts payable at sight, are not in reality forms of credit at all. They are received as cash because they represent cash, and can be turned into it at any moment. They thus serve the same purpose as currency. But the real forms of credit do not serve this purpose, only as far as they pass from hand to hand in the actual payment of debts. They merely have a pur- chasing power, not an actual paying power. They avail to negotiate exchanges, and hence enhance prices, but do not avail for their final settlement. Hence, when credit is unduly expanded, the pur- chases are too great for the means of payment, and consequently failures and financial ruin ensue. 5. An Interior Money will always displace a Superior Money from the Circulation. — Ks al- ready stated, a certain amount of money is neces- sary in order to carry -on the business of a country. And it matters little what be the real value of the 130 POLITICAL ECONOMY. dollars in use, provided their number be not greater tban would be required if thej were gold and silver. If, now, an inferior medium be introduced under the auspices of the government, or some controlling money-power in the State, it will neces- sarily go into circulation, and will inevitably dis- place any superior money already in circulation, and prevent any such from coming into circulation. The reason is obvious. The superior money is more valuable in itself. It has a value of its own, independent of its value as money ; whereas, the inferior money dependa for its value, whoUy or mostly, upon its use as money. And as the worth- less money, if not expanded beyond the limits indicated above, will answer the same purposes as that which has a value in itself — and, if made a legal tender, wiU answer many of the same pur- poses, even when further expanded — ^it is obvious that they will not long circulate side by side. The more valuable medium will inevitably be withdrawn and put to some use where it will be estimated according to its real value ; it certainly will not remain where it must be on a par with a really MONEY, METALLIC AND PAPER. 131 worthless or inferior article. If tiie superior money be gold and silver, it will be boarded, or shipped to other countries, or manufactured into plate, jew- elry, etc. We have seen this under our legal-tender circulation during the war, and the same thing has often been observed in the history of other coun- tries. Indeed, under our old system of State banks, when the circulation became depreciated through undue expansion, as it frequently did, this invaria- bly led to speculation, and hence to over-importing, and hence to the flowing of gold abroad to pay for these imports, and hence, usually, to the suspension of specie payments on the part of the banks. 6. Eesumption of Specie Payments. — In the pres- ent inflated state of our currency (1867) every one is anxiously inquiring how and when we are to re- turn to specie payments. I see but one way in which this can be done, and that is by a steady and persistent contraction. It may be well for the government to husband and even hoard the gold it receives for duties; and it should also, in order to encourage the introduction of gold more gen- 132 POLITICAL ECONOMY. erallj into business, immediately so modify tlie legal-tender act as to authorize special contracts in gold ; but while the number of paper dollars in circulation is as great as it is at present there is no prospect of our being able to accumulate enough gold to redeem the surplus of paper oyer what is actually needed for the purposes of business. Only about three hundred millions of dollars being re- quired for the legitimate purposes of business, all the currency in circulation which is in excess of this amount — and this at the present time must consti- tute a sum at least equal to that above named — would immediately, were the opportunity offered, flow in for redemption, and at once swamp the Treasury. A large part of this excess, therefore, must be drawn in by the Government, either by taxation or the sale of bonds, and destroyed before it can resume specie payments. And the banks, of course, can not resume specie payments till the Govern- ment has done so. The contraction, indeed, should not be violent, lest too great a shock be given to Dusiness ; nevertheless, it should be persistent and at a rate which will permit the resumption at no MONEY, METALLIC AND PAPEE. 133 very distant period. It is vain to. talk of waiting till our bonds are at par in Europe. As most of these bonds, as far as the acts issuing them are concerned, are payable in currency, they never can be at par abroad — ^nor at home either in gold — till the currency is at par. It is clear, therefore, that the only way to specie payments is through contraction. Let no one imagine that there is any other " natural way," of which we hear so much, except this. LESSON XV. BANKS AND BANKING. 1. Object of Banks. — The object of banks is to concentrate at convenient points, and thus to util- ize in the highest degree, that portion of the capital of a community which is in the the form of money. Money in the pocket of an individual is entirely useless ; and as long as it remains scat- tered around among individuals, a large part of it must be in this useless state. The individual may not want to use it himself for some time, and may not know of any other man, whom he would be willing to trust, who wants it, and hence it must continue to he idle. But let all this unemployed money be collected together at some convenient point, and be intrusted to the management and care of a committee or board consisting of the most skilful and able of the depositors, and the case is BANKS AND BANKING. 135 at once entirely altered. The lender has no longer to spend his time in quest of a borrower, nor the borrower in quest of a lender, but they are both brought together by the establishment of the bank. The borrower now knows where to apply for money, and the lender intrusts the loaning of his money to the directors of the bank, who make it their business to learn the pecuniary responsibility of borrowers, and exact good security in the form of indorsers, etc. They also furnish themselves with the means of keeping the funds intrusted to them securely, and with all the other means and appliances of banking. Thus the whole business of borrowing and lending is greatly simplified, and rendered safer and more profitable to both parties. 2. Kinds of Banks.— If the coin of a town or a neighborhood is simply collected together and de- posited in a bank for safe keeping, this constitutes what is called a hanh of deposit In such a case the depositor is credited with the coin in the books of the institution, and if at any time he wishes to make any payment to another, he simply 136 POLITICAL ECONOMY. draws an order or " check" on the bank and hands it to him, which perhaps he in turn deposits wiik the bank, and the cashier transfers the amount in his books from the former owner to his credit. Thus a large part of the coin in the community will soon be found lying idle in the bank, pay- ments being made almost wholly by checks. But the bank, finding the depositors disposed to let their deposits remain in its vaults, takes the lib- erty of loaning the coin to others, who also, per- haps, will let it lie there, and simply draw checks against it to make payments with, the money on which, in many cases, is not actually drawn out^ but left on deposit again. Thus it may safely loan much more coin than it actually owns. When it has reached this stage, it is called a hanh of discount or loufi. But the checks of an indi^ddual would not be likely to be acceptable with aU persons and in aU places where payments are to be made, and in order to meet this difficulty, the directors of the bank prepare notes or "bills," which obligate the bank to pay on demand, in coin, the sum they rep- resent. These bills, signed by the president and BANKS AND BANKING. 137 cashier of the bank, have more of a public char- acter, and hence will be much more generally current than the private checks of individuals. Banks under this form are called hariks of circular tion; they still continue, however, to receive de- posits and pay the checks of depositors, as under the previous forms. 3. OKaAinzATiON OP Banks.— Banks are thus a natural and necessary growth in the progress of the business of a country. Their importance, how- ever, as having control of the money of a com- munity, makes it necessary that they should be strictly guarded by law. Their privileges and their obligations must be clearly defined. Under our former system of banking, this was done by char- ters granted to each bank by the several States. These charters, together with certain general laws of the State, fixed the value and number of the shares, the manner in which the funds were to be paid in, the number of directors, the mode of or- ganizing for business, the proportion to be main- tained between the amount of specie on hand and 138 POLITICAL ECONOMY. their circulating notes, tlie nature and extent of the liability of the stockholders to redeem their notes, the rates of interest and exchange which they might charge, and all other essential points connected with the business. But under our present national sys- tem of banking, the privileges and responsibilities of banks are defined in a general law of Congress. By this law, the banking capital of the coun- try is fixed for the present at three hundred mil- lions of doUars ($300,000,000), and definite por- .tions of it are assigned to the several States. And within these limits, any number of persons, not less than ^ye, may organize themselves as prescribed in the law, for banking purposes, and, on depositing with the Secretary of the Treasury, at Washington, United States bonds to the amount of at least one hundred thousand dollars ($100,000), may be al- lowed by the controller of the currency to enter upon the business of banking, with bills which he is to furnish them at the rate of ninety thousand doUars for every one hundred thousand doUars of bonds which they deposit, thus fixing definitely the amount of their issues. The bonds deposited BANKS AND BANKING. 139 are to be kept in trust for the banks, and as security for their bills ; the interest on them, how- ever, is to be paid oyer to the banks semi-annually, provided their management is satisfactory. The law also requires that they shall redeem their bills in lawful money, fixes the rate of interest and ex- change which they may charge, the taxes to which they are hable, the reserves which they are to keep on hand, and all other essential details. Under this law the bills must all be good, even though the bank fails, since they are secured by United States bonds, deposited at Washington. Any over- issue of notes, too, is prevented, and thus a much steadier money-market secured than under the former system of State banks, 4. Pkofits of Banks — The profits of banking, Hke the profits of any other kind of business, depend very largely upon its management. While one man succeeds in a given kind of business, another, under precisely the same circumstances, will fail; and all for the want of economy and shrewdness in management. But there are certain regular sources 140 POLITICAL ECONOMY. of profit in banking which may be easily pointed out. Under the present United States banking law, there is, in the first place, the semi-annual in- terest -on their capital, which is in the form of United States bonds deposited, at Washington. This being paid in gold, amounts at the present time (1867), in currency, to about eight per cent. Besides, the law allows the banks to take the rate of interest authorized by the laws of the State where they are located, together with the cus- tomary rates of exchange, where they furnish drafts on other cities. And as this is all paid at the time the note is given, it bears interest from that time, and hence is better than compound interest; this, in a large bu.Biness, amounts to considerable. Banks, too, have more or less money deposited with thiem for safe keeping, — ^in large cities an amount, in many cases, greater than their circu- lation. And as a certain proportion of this is sure to remain on hand, they can loan this, and thus get a profit from it. These are the regular sources of profit to banks, which are diminished, however, to a certain extent, by the losses on loans, BANKS AND BANKING. 141 the expense for a bank building and fixtures, by the salaries of officers, the State and United States taxes, and the necessity of redeeming their bills at certain points ; which latter expense, however, may be great- ly diminished by skiKully managing the circulation of the bank so as to keep its own bills, as far as possible, away from the points where they are to be redeemed. Indeed, under the present system of banking, there is httle need of any redemption at all, since the bills of every bank are equally current all over the Union, and " greenbacks" are no more valuable than the national currency. 5.' GoYEENMENT AND PEivATE BANKING. — Our pres- ent national system of banking is not a system of government banking, although it rests wholly upon the government credit. It is to all intents and purposes a system of private banking, — a scheme for utiKzing the public debt, by making it, in the hands of the people who hold the debt, the basis for banking. A government bank, on the contrary, is a bank with special privileges over other banks guaranteed to it by the government, 142 POLITICAL ECONOMY. like the old United States Bank, tlie Bank of England,^ or the Bank of France, in which the government is a stockholder and the chief patron. Of such a bank the government not only borrows largely, but collects its revenue through it, and trans- mits its funds from one part of the country to an- other by its agency. In a still more literal sense the government goes into banking, when it issues bills directly for the circulating medium of the coun- try, as has been done by our government during the late war. The legal-tender notes are issued directly from the Treasury Department of the United States, and to this extent the Treasury^ has become a banking institution. Kow, as the control of the money of a country, by putting out more or less according to the real or fictitious wants of the government, is a most mighty influ- ence, when it is in their hands it will inevitably * The Bank of England, however, is more like our present sys- tem of national banking. It differs from it in being a single corporation, privileged above other banks in the kingdom by being the fiscal agent for the government, and having almost the sole right of issuing bills for circulation • but its capital, like oar banks, is aU invested in the public funds BANKS AND BANKING. 148 be used for political purposes, and hence is incom- pafcible with, free institutions such as we enjoy^ as well as with the just demands of business, by which it is not at all controlled. It is to be hoped, therefore, that the present gov- ernment circulation, now that the emergency has passed which called it forth and justified it, will be withdrawn as speedily as possible. Then there will be left, as the fruit of the war, our system of nation- al banking, which is certainly a great improvement on our former system of State banking. Ex- perience, doubtless, will suggest various improve- ments in the details of the system, but its general principles, I am persuaded, are correct. And when specie payments shall have been resumed, it may well be extended, so that any man or set of men who shall deposit with the Treasurer of the United States a hundred thousand dollars or more in United States bonds, and make provision for re- deeming their bills in specie, shall receive therefor from the Treasury ninety per cent, in currency, which they shall be authorized to circulate and 144: POLITICAL ECONOMY. use as money. Tlien banking, like other kinds of business, will be/ree, and will regulate itself. 6. Eedemption of Biuls by Banks. — Tlie Na- tional Currency Act requires tbat the banks organ- ized under it shall redeem their bills at their counters on demand in " lawful money." This lawful money at present is legal-tender notes ; but after the legal-tender act shall have been annulled and specie payment been resumed, the legal money wiU be specie. Besides, these banks are required to redeem their bills in certain cities designated in the act, and for this purpose to keep deposits of legal money with such banks as they may elect in those cities. This is designed as a continual test of the re- sponsibility of the banks, since their biUs naturally flow into certain cities in. the way of trade, and must there be redeemed without the demand of any particular person. And to settle balances between the banks of a city, they have what are called "clearing houses," where aU the checks drawn on each of the banks, and passing in the course of business into other banks, are sent daily for re- BANKS AND BANKING. 145 demption. These checks are there assorted and set off against each other as far as they go ; those banks that are found to have sent in a less amount in the checks of any other bank than that bank has against them, being required to fur- nish the money to settle the balance. This is a great convenience, saving the use of the amount of money represented by the balanced checks, and securing the daily redemption of these checks. The Mils of other banks also might be brought into the clearing house by each bank, and there be set off against each other, and balances redeemed in like manner. 7. The Secukity of Banks. — Under our present system of banking, the bill-holders are amply se- cured from ultimate loss by the bonds deposited with the United States Treasurer at Washington. If the bank fails to redeem its bills, these bonds are pledged to redeem them. Indeed, one of our national banks can fail only by doing a bad busi- ness, by getting rid of its bills, either by loaning them to persons who do not repay them, or by 146 POLITICAL ECONOMY. fraud. Their danger does not arise from a sudden call to redeem their notes in legal-tenders, for such calls are rarely made, since the one kind of paper is no more valuable than the other. But when specie payment is resumed the case will be dif- ferent. With but a fourth or fifth the amount of specie which they haye of bills, and often with large deposits which are liable at any moment to be drawn out in specie, any sudden demand for gold, as for exportation, must put them to a heayy strain, and may compel a suspension. Hence some financiers discountenance a return to the specie basis at all. But this is only advocating a permanent suspension, which must, at least, be as bad as a temporary suspension from a failure to meet the demand for specie at any time. Oth- ers, on the contrary, would have the banks keep the same amount in specie which they have in biUs. This would enable them at all times to convert their bills into coin, but at the same time this coin would be entirely useless except in very rare crises, and would hence be so much dead capital, bringing in no interest. Experience shows i BANKS AND BANKING. 147 that, with careful management, a fourth or even a fifth of the amount of the capital of a bank in coin is sufficient to meet all the demands upon it for specie, and hence is aU that need" be kept. If all banks had this proportion, thej would be reasonably safe. When the circulation is not ex- cessive, coin is usually wanted, only to pay for goods imported from abroad in excess of our ex- ports. And as foreign exchange rises just in pro- portion to the amount of this excess, it tends to check itself. Our foreign business fluctuates, of course, but not more than our domestic business, nor on any different principles. LESSON XYI. CEEDIT. 1. Ajdvantages of the Ceedit System. — As al- ready stated, the effect of obtaining credit is simply to postpone tlie payment of debts; and it is to secure tbis postponement that it is resorted to. Men are naturally bopeful, and have little doubt, therefore, that tbey shall be able to meet an ob- ligation six months or a year hence, which they know they are not now able to meet ; and often this hope is not fallacious. To the young man, just starting in life and wholly dependent upon himself, credit is often a real and a very great ad- vantage. If hje has capacity, skill, and energy, he can make a much better use of a portion of the capital lying comparatively useless in the hands of certain living fossils, than they can. In like man- ner, also, he may be safely intrusted for a season CREDIT. 149 with the sale of a portion of the merchandise heaped up in warehouses or lying idle on the shelves in stores. In this, way a young man often gets such a start as lasts him through his whole life. How many have thus laid the foundation of a future fortune ! And, on the other hand, how many have suffered through their whole lives for the want of such aid at first ! And so, all along through the whole course of life, there must be points where a little assistance and credit from others will be invaluable. All are liable, through miscal- culation, unforeseen events, or imtoward circum- stances of some sort, to become embarrassed in their business, so that they will lose their all unless a helping hand is lent them by some one. And yet help can be given only through credit. In these and the like cases credit is an undoubted good. . 2. Disadvantages of the Ceedit System.— The credit system, however, is extremely likely to be abused, and, as it actually operates in practice, is attended with many and serious evils. The very hopefulness of men, alluded to in the previous 150 POLITICAL ECONOMY. paragraph, makes it certain that it will be abused. Almost every man thinks, that if he could only get the means he should be sure to make a fortune. Hence all are anxious to obtain credit in some form, and, instead of working up slowly and cau- tiously, acquiring as they go the skill necessary for success, rush into business which they do not un- derstand, and in very many cases lose the whole of their investment. And so, in general, the custom of giving credit, and the facility of obtaining it, make men reckless in their personal expenses and in their business. Circumstances being made easy with them for the present by borrowed money and borrowed means, they dash away with but little caution or economy, not thinking that all that they have belongs to another, and that pay-day will soon come. And such being the case, those who give credit must charge, on the average, a very large interest or profit in order to secure themselves against loss. This, together with the direct effect of credit in expanding the purchasing medium, re- ferred to in a previous lesson, tends to raise the scale of prices throughout the whole community, CREDIT. 151 and thus to make products dearer to all con- sumers. And as to the sound and sober part of the business community, the credit system must be an injury to them, since they never can know who is solvent and who is insolvent, and have to be perpetually on their guard against failures, revul- sions in business, etc. It would be impossible, indeed, to do any considerable business whoUy without credit, but, considering the constant pres- sure which must exist for its extension, and its effects in rendering business spasmodic and uncer- tain, sound business men should endeavor to re- strain it within the narrowest possible Hmits. Credits should be restrained both in amount and in time. Long credits are much more disastrous than short ones, since the circumstances of the debtor are more liable to change for the worse in a long time, than in a short one. 3. Credii? at Home and Abroad. — ^At first view, it would seem to make but little difference, if one is to get trusted, whether he obtains the credit at home or abroad. Indeed, the advantage would 152 .POLITICAL ECONOMY. seem to be in favor of the foreign credit, since- it would furnish for a time the use of so much caj)ital additional to our own. This would indeed be so, if the credit is not to be had at home. But would it not be better still, that the means of furnishing the credit on as favorable terms should exist among ourselves, and be obtained there, than that it should be obtained abroad ? This would be giving employment to our own, instead of foreign capital, and at the same time would put us to less trouble both in obtaining it and in repaying it ; especially as, when obtained abroad, it would have to be . paid in specie, which would tend to derange the circulation. For these rea- sons credit will always be obtained at home rather than abroad, when it can be obtained as cheaply. In this point of view, therefore, obtaining credit abroad is a calamity chiefly as it shows a want of means at home ; this applies to both goods and money obtained on credit abroad. But under another point of view, the obtaining of public loans of foreign nations is a positive evil, in com- parison with obtaining them at home. For, as OEEDIT. 153 all government loans must in the end be paid by- taxes, when obtained at home it enables the goy- ernment to collect taxes on its bonds in the hands of its creditors, as on other property; whereas, no taxes can be collected on bonds which are held abroad. Besides, a nation is more independent and self-sustaining, in proportion as it creates its own products and obtains its own credits at home. It is greatly to our advantage in all re- spects, that, during our late civil war, we were able to obtain our funds and create the greater part of our war material among ourselves. 4. Ceedit undeb a depeeciating Cueeenct. — The first effect of a depreciated currency is to supply men with money, and, if it be a legal-tender, to prompt them to pay their debts. For a time, therefore, it tends to diminish credits. But as under such a currency the prices of all articles must rise just in proportion as the value of the currency depreciates — whether the depreciation arises from additional issues, or from the grow- ing distrust of the people — thern is a general rush 154 POLITICAL ECONOMY. . into speculation, or buying up and holding arti- cles in anticipation of, or so as to create, by pro- ducing a scarcity in the market, a higher price. To do this, men must have the use of large sums of money, or its equivalent in credit. Accordingly, credits increase again very rapidly, cunning and adventurous men borrowing all that they can, and investing it in articles that are continually on the rise, ^or a time aU goes on smoothly. Their profits being great, they are able to meet their engagements, and others are encouraged to go into the same business, till honest industry is well- nigh deserted, and a large proportion of the com- munity are engaged in buying and selling one of the other. Such a state of things, however, can not last long, Mther more and more money must be issued to meet the continually advancing prices of things, tiU it finally becomes so worth- less as to lose all purchasing power, or else, the currency being gradually drawn in and redeemed, prices go down and the speculators are ruined. LESSON XVII. FINANCE. 1. FiKST Peinciples of Finance. — ^Finance, being tlie art of providing the means for carrying on a government or any business, bas to do chiefly with money. It is on this account that it has generally been considered so inscrutable a subject. To be a financier, has usually been thought to require quali- fications quite different from those required in the ordinary business man. Eaising money, like " rais- ing the wind," has been supposed to require some- thing of the necromancer's art. In the common estimation, financiering is a species of legerdemain, which but few either do or can understand. In fact, however, there is no more mystery about finance than there is about any other business. Sound financiering, like sound business of all kinds, is only a correct application of the principles of ex- change. The exchanges here, to be sure, are 156 POLITICAL ECONOMY. generally on a larger scale, but they are mere exchanges after all. Now, in making exchanges, men are goyerned wholly by a sense of interest. From this it follows, that if we wish to obtain money or other articles from men, we must offer them something which they regard as an equivalent. It is of no use to tell them that they ought to consider it an equivalent, if they do not actually so consider it. Men will be their own judges in these matters, and sound financiering accepts their judgment as final. Something may be done, it is true, in de- ceiving men for a time, but they will -sooner or later find out the deception, and after that, their suspicions will retard exchanges, more than their former confidence facilitated them. A sound finan- cier, therefore, will deal only with real values, and offer in exchange only real equivalents. 2. Op the Values which Governments have to " : Ofeer in Exchange. — Government produces but a single article, and that is protection. But pro- tection is exerted through various instrumentalities, FINANCE. 157 such as laws, courts of justice, prisons, ships of war, cannon, powder, shot, shells, and other ma- chinery and enginery, all operated by numerous human agents. Protection, then, exerted through these different means, is the one thing which the government has to offer the people in . exchange for their money or other valuables. And when the protection is economically and efficiently ex- erted, it is not only a real value, but the highest of all values, since without it other things would be of little or no value. It is for this, then, that contributions in the form of taxes are demanded in exchange, and cheerfully given by all who have any just sense of the value of the service rendered. But an extravagant or unjust government, not daring to appeal to the people to pay its expenses in the form of taxes, may resort to other means for raising a revenue, such as forced loans, or is- suing adulterated coin, or paper money, which it requires the people to take at the same value as though it were genuine money. Or, in time of war — when the government, being the great employer, has to use the money ordinarily used by many 158 POLITICAL ECONOMY. employers — a really just but timid government, in- stead of calling upon tlie people for the increased taxes which are necessary to meet the increased expenses, may resort to loans payable at some fu- ture time, and issue bonds accordingly bearing a certain rate of interest, and payable in a certain number of years. It now offers these in exchange to the people, in order to raise the money to meet the enlarged expenses ; not, indeed, exacting dollar for dollar for their face-value, but only what the people are willing to give. Thus a government may offer in exchange for the necessary means of its subsistence, not directly valuable services, but indirectly, either adulterated or depreciated money, or forced or voluntary loans. 3. Op Papee Money and Voluntaky Loans as Financial Measukes. — Of these various expedients to avoid taxation, none are sufficiently reputable to require consideration here, except paper money and voluntary loans. And as both these means were resorted to very largely during our civil war lately closed, it is proper that their value as FINANCE. 159 \ financial measures should be briefly indicated. To offer " greenbacks" in payment of debts previously contracted, was plainly not offering an equivalent, and hence the passing of the legal-tender act was not only a violation of good faith, but bad financiering, For future contracts it was of no avail, since they would be made in full view of the value of the money they were to be paid for in, and mth all the greater distrust of its value, from the bad faith which had been exhibited in using it to pay off debts which had been contracted when paper money was as valuable as gold. The government thus had to pay much higher for every thing which it bought, and at the same time, instead of avoiding taxation, v/as really collecting a most onerous tax of the people, through the depreciation of the currency in every hand which it passed through. And besides, when the currency is redeemed, this tax, with enough addi- tional to pay the remainder, will have to be col- lected over again. As to the bonds, which the government has issued so largely, as the principal of them aU, with the exception of those known as 10-40's, 160 POLITICAL ECONOMY. f is payable — as far as any thing in the acts is- suing them is concerned — ^in legal-tender notes,* they have suffered from a like depreciation with the currency ; so that, while they bear six per cent, interest in gold, their gold value, at the lowest point of depreciation, was but about forty cents on the dollar — ^making the interest paid by the government, estimated in gold, some fifteen per cent. How much better it would have -been to have raised the means necessary to carry on the war by taxation ! Then, not only would this great loss from depreciation have been avoided, but hun- dreds of millions besides would have been saved, by the greater economy in the conduct of the war, which would have been enforced by the people, who were required themselves to practice the greatest economy in order to meet the taxes. And if it be said, that the people could not have met these taxes, it is sufficient to reply, as has already been done * It is true that these bonds were sold, under tlie assurance from the Secretary of the Treasury and his agents, that they would be paid in gold ; and hence there is a moral obligation that they should be so paid ; and I have but little doubt that they, will be so paid. FINANCE. 161 once before, that they were just as able to meet them as they were to fight the battles. It would only have been necessary, that the men who stayed at home during the war and made money should have contributed their gains, or a portion of them, to furnish and support those in the field, thus sharing with them the sacrifice. 4. The National Banking System as a Financial Measuee. — Of the National Currency Act, as a mere system of banking, I have already expressed a fa- vorable opinion ; but as a financial measure during the war, it is justly open to criticism. As the cur- rency was to.be based upon United States bonds, it was advocated chiefly as a means of absorbing these bonds, and thus creating a demand for them. But this, surely, will not be considered much of an ad- vantage, when we reflect that on every hundred- dollar bond purchased by the banks, the government not only pays them six per cent, interest in gold, but surrenders to them the privilege, to which it was entitled itself, of issuing ninety dollars in currency, which tends to depreciate the whole currency of the 162 POLITICAL ECONOMY. country, just as mucli as tlie issue oi the same amount in " greenbacks" would have done ; thus defeating the only object of selling bonds at all, instead of issuing bills; viz., the contraction or drawing in of a like amount of the currency. Hence, had the government, instead of authorizing these banks, issued the same amount of its own currency, in addition to the large amount which it already had out, it would have done no greater in- jury to the currency of the country, and would have saved itself the interest on the three hundred milhons of bonds on which the national currency rests. And then, at some period after the close of the war, when the country was prepared to regulate the currency, the same system of banking might have been estabhshed on United States bonds, sold for that purpose ; which, with suitable taxation, would soon have absorbed the "greenbacks," and left the field to the national currency. The govern- ment itseK being at stake, it was clearly entitled, for the time being, to the entire privilege of banking, and should, therefore, at once have taxed the old State banks out of existence, and issued itself all FINANCE. 163 the money whicli tlie country required. This would have been a loan from the people for their benefit, and without interest. 5. The Lessons in Finance Taught by the War. — It is not to be wondered at that in so great a con- flict, and with so little experience in such matters, some mistakes should haye been made. "We have reason to be grateful that we have come out of it so little harmed financially, and also, in other respects, as we have. It is the part of wisdom, however, to derive aU the profit we can from those terrible events. And first, we learn from our experience during these last few years, that sound financier- ing is no mere system of cunning devices for deceiv- ing the people in money matters. If this would have produced a. revenue cheaply and successfully, we ceiliainly should have had it. All forms of in- debtedness have been issued by the government, consisting of legal-tender notes, treasury notes, bonds of every form, certificates of indebtedness, etc., exchangeable one for the other, and redeem^ able one in the other j but after all, they have not 164: POLITICAL ECONOMY. been kept from depreciating. Tlie people have peered through all these devices, quickly discerning that one paper .promise is not at all strengthened by another promise, or fifty others, to the same effect, and made by the same party. Hence we learn again, that real values are the only values to be rehed upon, whether in great or small opera- tions. At times, perhaps, during the war, there might have been some ground for doubting our suc- cess, and "hence our abihty to make good our promises to pay. But even now, after our success, these promises to pay are still depreciated, simply because no present means of paying them in real values is provided. It is of no use for us to talk of our undoubted ability to pay, as long as we are not ready to do it now. And hence, once more, we see that nothing but large taxes will keep up the credit of a government which is making large expenditures. We may not like taxes, and may resort to various devices- to avoid them, but they must come at last, and all the more oppressively the longer they are de- ferred. They are the only means a government has of really paying its expenses, and must, at least, be FINANCE. 165 sufficient to meet the interest and a portion of the principal of its indebtedness, in order to keep its promises to paj from ruinous depreciation. 6. Oedinaky Financieeing. — The same principles apply to financiering on a more Hmited scale, as practiced in ordinary business. An individual, like a government, if he would be able to command money when he wants it, and at reasonable rates, must keep his credit good. And the only way of doing this is to return real equivalents for the sums borrowed, and at the time agreed upon. Such a course, in the long run, wiU be • much more successful than artful management and cun- ning deception. A good financier always looks ahead. He is to provide means for the business in hand, whatever that may be— and not for the present merely, but for the future. The whole spirit of his calling is prospective, leading him to anticipate the future and provide for it, which, as already stated, can be successfully done, for any length of time, only by perfect fairness and honesty of dealing. LESSON XVIII. INTEREST. 1. Peopriety of TAKiNa Interest. — Loaning money is a temporary exchange, and, like all ex- changes, is made for the sake of profit. The person who loans money does not, indeed, thereby relinquish his ownership of it. On the contrary, it is still regarded as his. He may be taxed for it, or it may be seized by a creditor; but the control of -it for the time specified in the contract has passed from hini to another. He gives up the use of it for a longer or shorter period, and what does he receive in return? There is no exchange unless there is some return. This return is called interest. And that it is perfectly proper and legitimate to take such a return for the use of money is obvious. First, because it is freely offered in exchange for it. If the exchange is made on the one side for profit, INTEBEST. 167 it is equally so on tlie other. If tlie man who loans the money does so for the sake of the interest, the one who receives it wilHngly pays this interest for the sake of its use. And where both sides consider themselves benefited, it must be considered as a fair exchange. Again, money is property, possessing a real value, and representing so much labor. It costs its possessor something, therefore, and ought to bring him something in return. And if the transfer of its absolute ownership would be the transfer of a certain value, which would deserve a certain equivalent, then the transfer of its owner- ship, or its use, for a few months, or a few years, deserves a proportionate return. Again, the money in the hands of the owner gives him a certain advantage in production. He can produce more by its use than without it. If he uses it himself, therefore, it yields him a given profit, and it ought to, certainly, if its use be transferred to another. Or the money in the hands of the owner may be regarded as representing the means of a certain amount of personal indulgence or enjoyment, from which he voluntarily abstains when he loans the 168 POLITICAL ECONOMY. money to anotlier, and should therefore receiye some compensation for his abstinence, 2. "Why fix the bate pee cent, oe Interest? — As no attempt is usuaUj made to ^^ by law the rates at which other things shall be exchanged, the question naturally arises, why such an attempt should be made and persisted in to the present day, in many countries, in regard to the exchange of the use of money. There must be some sem- blance of a reason for this, at least. Money is still regarded by most men as materially different from other articles of property. It was formerly consid- ered as the sum of all values, and something of this feeling stiil remains. As money is the medium of exchange, its need is felt in nearly all exchanges; and hence, if one has no money, though he has other articles in the greatest abundance, he finds it difficult to make exchanges. Hence, on a super- ficial view, money does seem to be a more essential article than any other, and hence to require some special pubHc regulation. But if one has an abundance of other articles, he need not be in" INTEEEST. 169 want of money, since lie can always trade off these articles for money. Hence one may always have money, just in proportion as he has other articles of value.. But may not the poor, those who have little or nothing to exchange off, be oppressed un- less the price for the use of money be JS.xed ? Doubtless they may be, and equally so if it be regulated. If one has but few valuables of any kind, his credit must surely be poor, and capitahsts are not very likely to loan to such men at any rate — certainly not at the low legal rates. The mis- fortune of such men is that they are poor, and there is no help for them but charity ; and when you come to this, you have left the sphere of business. Agricultural communities, Hke ours, are naturally jealous of trade and of the influence of money. Making but a small percentage themselves from their business, and often being obhged to mortgage their farms to raise money to carry them on with, they are sure to favor low rates of interest, and the estabhshing of these rates by law. But as money accumulates, and its functions become better un- derstood, usury laws disappear from the statute- 170 POLITICAL ECONOMY. book, as they have in England, Holland, and othei commercial countries. 3. Usu:&Y Laws are Anomalous, Useless, and OFTEN Pernicious. — Usury laws are laws fixiag the rate of interest. Such laws are anomalous, because no such restrictions are laid upon any other ex- changes. The absurdity of restrictions on the exchanges of most other articles is, indeed, quite too obvious not to strike every one. The value of com, lumber, wool, etc., varies so much at dif- ferent times and in different places, that every one sees that it would be unjust to &k the rate at which they should be exchanged for each other or for other articles. The value of money, to be sure, is much steadier. It fluctuates the least of any article. But yet it does fluctuate ; if it did not it would not be necessary to fix the rate of interest, as that would always be uniform. And if it be more valua- ble at one time and in one place than in another, then it is plainly unjust to fix a uniform rate of interest for its use. And at the same time, such an attempt is useless and of no avail. It is notorious i INTEEEST. 171 that no attention is paid to usury laws by either borrowers or lenders of money. The penalties of> forfeiture, etc., for violating the law are entirely anavailing, since the borrower, who should enforce the forfeiture, would never be able again to obtain accommodation at any of the banks, or with any of the private money-lenders where it was known. Finding enough persons who will give them their price for their money cheerfully, money-lenders will not be hkely to accommodate those who not only grumble at their terms, but are disposed to take advantage of any illegality in the rates charged. Or, if they do accommodate them, they will be sure to protect" themselves by some of the many devices resorted to in such cases, as by taking the interest at the time the loan is made, or the like. Usury laws, therefore, while they are entirely unavailing, are decidedly immoral in their tenden- cies. The constant violation of them corrupts the conscience and habituates men to the viola- tion of law without compunction. At the same time, as far as they have any effect, they are harmful to money-borrowers. Many men, who 172 POLITICAL ECONOMY. now use their money themselves, would be wiUing to loan it if they could legally receive for it what they consider its fair value. Hence many men of enterprise and energy, who could use money to the greatest advantage, are deprived of it by the operation of usury laws. It is high time, therefore, that these laws were swept from our statute-books. Or, if retained in any form, they should merely &x the rate of interest where no particular rate is agreed upon between the parties. 4. High and low Kates of Inteeest. — If interest were allowed to regulate itself, the charge for the use of money would rise and fall, like other articles, with the supply and demand. Indeed, as it is, it does so rise and fall. "We see every day, in the newspapers, quotations of rates of interest in our cities, utterly at variance with the usury laws which exist there. One circumstance which affects the rate of interest is the risk in the case. Where the risk is great, but few persons are willing to loan at aU, and hence the amount of money available in INTEEEST. 173 such cases is small, and will necessarily secure a high interest. Again, the prospect of gain has an important influence upon the rate of interest. When business is good and there is a prospect of large profits, there is always an unusual de- mand for money, and the rate of interest wiH be high. But the demand for money lessens as the hope of gain lessens, and, hence, the rate of interest faHs. The rate of interest is higher, too, in new than in old countries. Old countries are already suppHed, from the accumulations of many years, with machinery and other fixtures and improve- ments so essential in production; whereas new countries have all these improvements to make or purchase. Hence there is a greater demand for money in new countries than in old ones. At the same time, as these various forms of fixed capital, and many other articles wanted in new countries, are manufactured in the older communities, money flows regularly from new to old countries to pay for their various manufactures. Hence money is plenty in old countries and scarce in new ones, and the rate of interest varies to correspond. Ac- 174: POLITICAL ECONOMY. Cordinglj we find the rates of interest mucli higher in our Western States than in the Eastern, and in the Eastern States than in England. These are some of the circumstances which determine the rates of interest at different times and in different places. LESSON XIX LAND Am) RENT. 1. Peopeety in Land. — Some deny the rigM of property in tlie soil. As it is a gift of God, with all its native properties of production, it is a gift, they say, to the race, and not to particular individ- uals. But substantially the same is true of every thing else. Steam, and iron, and coal are equally the gifts of God, but no one, on this account, thinks of denying the right of property in steam- engines. There is a larger proportion of labor required, it is true, in preparing the engine for use, than in preparing the land ; but aU land re- quires some preparation to make it productive. Originally it takes labor to ' discover it, to pros- pect it, to inclose it, to clear it, and to subdue it. It is thus appropriated, and becomes individual property. If the Creator had designed that it 176 POLITICAL ECONOMY. should be the common property of all, he would have made it incapable of appropriation, like the air and the sunlight. But not being universally diffused, and not coming, like these bounties of heaven, with all its blessings, to each man's door,— the same to each and to all, — ^it has to be sought out and prepared for use, which gives one a title to it. The earth, however, was made to be tilled^ not simply to be prospected and inclosed by corner- stones and imaginary lines. This mere plotting out of land, as evidence of possession, is a sort of paper blockade to keep others off, and should no more be allowed than paper blockades of ports are allowed by the laws of nations. As the neces- sary abode of man, and the original source of all sustenance, it should be open to all earnest culti- vators, on the principle of " first come first served." But when one has actually appropriated, and sub- dued and cultivated a piece of ground, or has pur- chased it of another who has done this, it is as much his property as any thing else. 2. Ground for Exacting Kent. — If land may bo LAND AND EENT. 177 rightfully appropriated and become one's property, then something may be demanded for the use of it, the same as for the use of money, or any other property. It cost the owner something, and gives him a certain advantage in production, which of course he will not relinquish without some consid- eration. Rent, therefore, is the consideration given for the temporary use of the beneficial qualities of land. Eent, then, must generally be in proportion to the valuable qualities of the land rented. The price of produce in any community must alway sbe determined by the least return made by any of the land under cultivation, in proportion to the labor and capital bestowed in raising and delivering it in market. Those who occupy the better lands, being able to sell cheaper than those who occupy the poorer lands, will run down the price of produce, by underselling the less favored producers, till it reaches the lowest point at which the occupants of the poor- er soils can live, and there it must stand, varying- only from the influence of supply and demand, as there is no motive for reducing it lower. Until, therefore, some improvement is made in the meana 178 POLITICAL ECONOMY. of cultivation, soils still poorer, or less favorably sit- uated as to market, etc., wiU not be occupied, since tbey would not afford a living return. Hence such lands will command no rent, and those immediately above them in productive qualities, but a slight rent. From this point upward, rents will rise in propor- tion to the productive qualities of the lands, the ease of their cultivation, the favorableness of their situation as to market, etc. 3. The Ketuen eeom JjAmy is not Increased in PEOPORTION TO THE LaBOE AND EXPENSE BESTOWED IN ITS Cultivation. — ^When land is first taken up, it contains in it productive elements which have been accumulating for ages. The first object of cultiva- tion is, to draw out these elements by breaking up the soil, and bringing its nourishing qualities from year to year into fructifying relations with seeds, roots, etc., which are placed there for growth. At -first these qualities are easily reached, as they per- vade the whole soil. But as every crop partially exhausts them from those portions which are near the roots, the soil has to be more thoroughly and LAND AND BENT. 179 deeply stirred eacli succeeding . year, which, occa- sions more labor and expense. At the same time, there is annually a diminished return. And if, to prevent this diminishing return, we procure manures and fertilizers to dress the land with, these will scarcely more than repay their expense in the in- crease of the products. It must be obvious, there- fore, that the return in agricultural products can not keep pace with the increase of labor and ex- pense required in cultivation. Hence it is, where land is plenty, as with us, that we see the older lands abandoned for the virgin soil of the new States. This would not be the case, did the value of the product increase in the same proportion as the labor and expense of cultivation ; since in that case, the old lands might be divided and redivided, with the increase of population — it only being neces- sary to make a greater expenditure of labor and capital, as the portions become smaller, in order to realize as much profit as before. Thus a square rod of land would be just as good for productive pur- .poses as a square mile, which experience shows us is far from being the case. 180 POLITICAL ECONOMY. This relative decrease of productive returns may be somewliat retarded by new inventions of labor- saving agricultural machines, which will save the more, of course, in proportion to the amount of la- bor which it is necessary to bestow in raising crops. Indeed, by the increase of such machines, as well as of improved modes and means of cultivation, the aggregate returns from the soil, in proportion to the labor and expense bestowed, are undoubtedly in- creasing from year to year ; but stiU the inequality in the returns from new and old soils continues. 4. La^id is moee Peoductive when Cultivated by ITS OWNEES in MODEEATE-SIZED FaEMS THAN WHEN Cultivated in laege ones. — The chief advantage of conducting any business on a large scale arises from the division of labor and the use of machinery in the different processes. But agriculture admits of division of labor and the use of labor-saving ma- chinery the least of all employments. One man can not give himself wholly to sowing, another to mowing, and another to harvesting, but each man must perform all these processes : otherwise he will I LAND AND EENT. 181 be obliged to remain idle the greater part of the year. Hence farming on a large scale is not to be compared with manufacturing on a large scale. Whatever advantages there may be in large farm- ing, thej are more than counterbalanced by the peculiar advantages of small farming, conducted by the proprietors. Large farms must be worked chiefly by hired labor, under the superintendence of overseers who are also hired ; while small farms may be wholly managed, and in large part worked, by their owners. And all know the difference between the labor which is stimulated by personal interest and hope, and that stimulated simply by wages. There is a spirit, an elasticity, and a persistence about it to which hired labor is an utter stranger. There is a universal desire to possess a portion of land. It is our "mother earth," and when one has been able to appropriate a portion of it as his prop- erty he treads it with a conscious pride. He seems now to rest on a solid foundation, and he spares no labor or pains to make it secure. Under such a di- vision of land each farmer is an independent yeo- man, and cultivates the intelligence, the character, 182 POLITICAL ECONOMY. and sense of responsibility suited to liis position. So tliat small farms produce not only better crops, but better men. This is all abundantly illustrated not only in the history of our own country, but in all the countries of Europe, where the system of small farming remains. Travelers* on the Continent uni- versally bear testimony to the industry, thrift, and increasing intelligence and manliness of the peasant proprietors, in comparison with the farm-laborers on the great estates of England, where the law of primogeniture interferes with the natural division of the soil among many owners. * See especially Laiug's travels in the various countries of Europe. lESSON XX. PEOriT AND WAGES. 1. The kelation op Profit akd Wages. — All piuducts are the result of the co-operation of labor and capital ; and as each, contributes something to the result, each would seem to be entitled to some reward. The laborer practices . self-denial in sub- mitting to irksome labor, and so does the capitalist by foregoing the use of his capital in seK-indulgence and employing it in further production. The re- muneration of the laborer is called wages, while that of the capitalist is calledL profit Profit, however, includes not only the remuneration for the absti- nence of the capitalist in not using his capital in seH-indulgence, but for his risk in engaging in the particular business .in which he has embarked his capital, and his time and exertions in superintend- ing that business. The profits of any business. 184 POLITICAL ECONOMY. then, sliould be equal to tlie interest on the capital . employed, taking into the account the risk incurred, together with a suitable compensation for superin- tendence. The wages, on the other hand, must be sufficient, at least, to support the laborer for the time being, . together with those dependent upon him, and should also include some provision for sickness, old age, etc. And as the capitalist, be- sides the permanent investments in his business, has only to pay for the labor employed, profits have been called the leavings of wages. The higher, then wages are in any given case, the less wiU be the profits. But by high wages, must be understood wages which are really high in relation to the labor performed and the cost of Hving, or the value of money, or, more briefly, a high cost of labor. To speak more accurately, then, the profits to the cap- italist will be less, the higher the cost of labor. Yery efficient labor may be cheap at a high price, and any labor may be cheaper at a high price, when money is plenty and depreciated, than at a low price, when it is scarce and dear. PROFIT AND WAGES. 185 2. The Cause of Peofit.— On this point I gladly transfer to my pages a very luminous passage from Mill's "Principles of Political Economy:"^ "The cause of profit is, that labor produces more than is required for its support. The reason why agricul- tural capital yields a profit is, because human beings can grow more food than is necessary to feed them while it is being grown, including the time occupied in constructing the tools and making alP other need- ful preparations; from which it is a consequence, that if a capitalist undertakes to feed the laborers on condition of receiving the produce, he has some of it remaining for himself after replacing his ad- vances. To vary the form of the theorem : the reason why capital yields a profit, is because food, clothing, materials, and tools last longer than the time which was required to produce them ; so that if a capitalist suppHes a party of laborers with these things on condition of receiving all they produce, they will, in addition to reproducing their own neces- saries and instruments, have a portion of their time remaining to work for the capitalist. We thus * Vol. II., p. 509, Amer. ed. 186 POLITICAL ECONOMY. see tliat profit arises, not from the incident of ex- change, but from the productive power of labor; and the general profit of the country is always what the productive power of labor makes it, whether any exchange takes place or not. If there were no division of employments, there would be no buyiug or selling; but there would still be profit. If the laborers of the country collectively produce twenty- five per cen1;. more than their wages, profits will be twenty-five per cent., whatever prices may or may not be." 3. The Peinoiple which deteemines the rate Dp Wages. — The price of labor, like the price of any thing else offered in the market, is determined by the principle of supply and demand. Of the capital in any community which is devoted to productive employments and ready to be so used, a certain portion may be employed in paying for labor, which may be called the wages-fund of that community, and which, just in proportion to its amount, creates a demand for labor. This fund will be greater or less ia any community, according to the security or PEOFIT AND WAGES. 187 insecurity of property, and according to the frugal- ity or profligacy of the people. Bat be it more or less, it constitutes the entire demand for labor. On the other hand^ the number of persons in the com- munity seeking employment constitutes the supply of labor answering to that demand. It is clear, therefore, that when the wages-fund in any com- munity is small in proportion to the number of laborers seeking employment, wages must be low; and when large, wages must be high. This is the single principle which governs this whole matter. The wages-fund, while it remains the same, presents the same demand for labor at one time as at a» other, and hence the wages of laborers, the supply remaining the same, wiD. not be enhanced by good business, high prices, or dear food ; or, if great profits do enhance the wages of the laborer, it is only as they increase the wages-fund. As to the variations in the wages of those engaged in differ- ent employments, these, too, are determined by the same principle of supply and demand. Great tal- ents, great skill, and great integrity, being rare quaHfcies, are always in great demand, and hence 188 POLITICAL ECONOMY. command higli wages. So, the number of persons who are wiUing to engage in certain kinds of diffi- cult, disagreeable, or unpopular employments being small, such employments secure larger pay than those to which there is no such objection. On the contrary, women, being confined by custom to a limited number of employments, naturally receive small wages. 4. Eemedies foe low "Wages. — The profits of the capitalist being so much greater than those of the laborer, the laboring class are apt to become dis- satisfied and restive under the contrast. They think but little of the greater outlay and risk of the cap- italist, and that even the scanty wages which they receive depend upon his being wilHng to make this outlay and take this risk. Hence agitation arises, and various remedies are suggested and tried, such as the following : (1). Legal Enactments — Such as fixing the mini- mum of wages, or the maximum of the hours of a day's work, or furnishing employment for the la- PROFIT AND WAGES. 18£ borer. Such measures, however, have but little effect in ameliorating the condition of the laborer. They neither increase the wages-fund nor diminish the number of laborers. Indeed, the furnishing of employment to laborers by the government tends to enlarge the dependent classes, and at the same time takes away all motive to earnest industry, by making the reward secure, however imperfect the labor. It is a species of Communism which cul- minated in France in the famous national work- shops of Louis Blanc, and was thoroughly exploded by their failure. (2). Trades^ Unions and Strikes, — Trades' unions are combinations among the workmen of the same trade or of different trades to assist each other in maintaining a certain scale of wages. To accom- plish this, they aid each other in various ways, as by furnishing transportation to other localities where the demand for labor is greater, or furnish- ing support to themselves and those dependent on them while holding out for higher wages. This is all right and proper ; but when they proceed, as is 1^0 POLITICAL ECONOMY. tgo often the case, to intimidating demonstrations and persecuting measures toward their employers and such members of their own crafts as refuse to combine with them, they put themselves in the wrong and injure their own cause. It is thus that strikes arise, which, by suspending production for a longer or shorter period, diminish in the same measure the profits, which constitute the wages- fund that laborers are to rely upon for future employment. Thus strikes are generally a positive evil to the laboring classes. (3). Co-operative Associations. — In such associa- tions laborers combine not only their labor, but their capital. By small contributions from each member, they secure capital enough to carry on some branch of business in . which they are en- gaged, or by which they are in some way to be benefited. Thus in England, France, Germany, and to some extent in this country, laborers have com- bined to establish for themselves co-operative stores, co-operative banks, and co-operative es- tablishments for various kinds of mechanical and PROFIT ANB WAGES. 191 manufacturing operations. These establishments are all managed by directors appointed by the members from their cwn number and for their own benefit. They have been in most cases yery successful, and as they tend to give independence and manhness of character to those who participate in them, and are in perfect harmony with all the laws of political economy and social well-being, they are justly regarded as one of the most promising means of improying the industrial classes. (4). Intellectual and Mora- Improvement — ^As the capitalist and the laborer are competitors for the profits of production, the laborer, as the- weaker party, is liable to suffer in the struggle. Hence he needs to strengthen his position by availing himself of all the aids within his reach. Of these, none are more important than intelHgence and manliness of character. By the cultivation of these alone will he be able to understand and secure his rights. Nothing, therefore, is so important to the laboring classes as the wide diffusion of popular education and sound morality. At the same time, capitalists 192, POLITICAL ECONOMY. should cultivate a spirit of justice and kindness toward laborers. Owing their advantages either to good fortune or superior abilities, thej should re^ gard with kindness — certainly with justice — ^their less favored brethren, to whose inferiority, indeed, they are largely indebted for their success. It should not be forgotten, that, if all persons were equally capable and shrewd, while all might be comfortably off, there would be no chance for great fortunes. QUESTIONS ON THE TEXT.* LESSON I. 1. What is political economy, strictly speaking ? What idea does the term embody ? What, merely, does it no longer include ? What is it the science of, and why ? 2. What is wealth ? What must be done to objects to fit them for gratifying our desires ? Under what four heads is the science treated ? How is it proposed to treat it here ? 3. What is meant by production ? What can we not pro- duce ? What can we effect in objects ? Give the illustration. 4. What is consumption in its most general sense ? Give the illustration. What is the relation of production and consumption ? Can any thing be destroyed ? When may any thing be said to be wasted ? What kind of consumption is this called ? 5. What, then, are production and consumption really ? When put to what use may an object properly be said to be consumed ? Give the illustrations. What is consumption proper, then ? * These questions are added to facilitate the use of the book in schools, where the want of such aid may be felt. The headings of the paragraphs should be given independently as an analysis, 194 POLITICAL ECONOMY. 6. WTiat is exchange ? What exchange in kind ? What a sale ? What must be considered a part of exchange ? Why must there be a perpetual exchange of articles ? 7. When is there no occasion for distribution ? What do most kinds of production require ? What must there be, then, in such cases ? What does capital consist of ? Why should the capitalist receive a remuneration ? Why the laborer, and to what extent ? What does political economy treat of under the head of distribution ? 8. What principle does political economy assume as its basis ? What is built upon this principle, and what follows from it ? What is the relation, and what the distinction, between political economy and ethics ? How may one be benevolent while conducting his business on strictly economic principles? t I LESSSON II. 1. What is an article of wealth ? Upon what does the real value of such an article depend ? What is wealth the result of, then ? What kinds of objects may constitute articles of wealth ? 2. What constitutes real wealth ? What is said of certain desires ? What does this class of desires embrace ? Give the illustrations. What, however, are the most fundamental arti- cles of wealth ? ' If it be the end of life to get rich, what then ? But if not? 3. What does the mere money-maker consider as costing more than it comes to ? When are knowledge, and the like, QUESTIONS ON THE TEXT. 195 wealth in his view ? But why should such objects be consid- ered articles of wealth? Give illustrations. Wliat of dia- monds, and the like ? In what order should articles of wealth be appropriated ? 4. What objects of wealth are hurtful ? Under what aspect does political economy view man ? What is said of the grati- fication of certain desires? What is said of certain other indulgences? What of the objects which gratify these de- sires ? What of wholesome and what of hurtful gratifications ? What of desire and what of reason ? 5. In what form is wealth usually hoarded, and why? What does it cease to be in this case ? In what sense, how- ever, may it still be considered wealth ? When alone may one be said to use his wealth ? When alone is wealth of any avail to its possessor, and when to others ? LESSON III, 1. Where are the materials of wealth found ? What may we do with these materials ? What is said of the variety and ex- tent of these materials ? What has happened in the progress of things ? What is supposable in regard to the future ? 2. What is said of the various forms of earthy substances, and of their susceptibilities ? What are all these pervaded by ? Into what classes may they be distributed ? What, to*\^ever, seems to be the grand end of nature ? Give the illus- tration. What do we thus have ? What may we do with these objects ? 196 POLITICAL ECONOMY. ' 3. What materials of wealth does the water fumisli ? What useful properties has it? What useful ingredients has it? What useful service may it be made to perform ? 4. What is not even the air beyond ? What may we extract from it ? What may we make the sun, and what the wind, do ? How far may these supermundane influences and agents be ap- propriated ? What of the effect of luxuries in stimulating to exertion ? 5. What is necessary to make these materials and agencies of use ? What, then, is the prime agency in production ? Or what, to speak more accurately? What is true even of speech, etc. ? 6. What has man done in production? Give the illustra- tions. How were the first simple tools formed? And what were these used for ? How alone can animals and machines be made to work for man ? What is the service of man, then, in production ? LESSON IV, 1. What does the real value of an article consist in ? What then, does it depend upon ? What is given, and what changes are required? Give the illustrations. What are the native properties of objects the ground of, and what is the object of all labor? 2. What do most objects require before they are fitted to gratify our desires? What are objects, then, in their native state ? What does the market val>.e of articles depend upon ? What is said of some, and what of other objects ? Give the QUESTIONS ON THE NEXT. 197 illustration. "WTiat is called the cost, and what the price? How does the price vary with the circulating medium.? 3. "What articles will bear the highest market value ? Give the illustrations. Why can not the market value exceed the intiinsic value ? 4. What is the most natural unit of measure in determining the value of articles ? What do other kinds of labor require ? What must be required in such kinds of labor ? What of edu- cated labor? 5. Under what influence will the value of articles vary? What determines the supply and demand ? What constitutes the demand for articles and labor ? What, then, if the supply is disproportionate to the demand? Why should the price rise when the demand is excessive ? Why fall when the sup- ply is excessive ? 6. Wliy can no article long remain at a relatively higher price than others in proportion to its cost ? What is the effect of greater profits in any kind of business ? Give the illustra- tion. When alone can the price of an article long remain above the cost of production ? 7. What are always operating? What is the effect of sa- gacity on profits ? Wliat does it anticipate ? What does it discover ? What advantage does it give ? Give the illustra- tions. What is said of great and rare capacities ? 8. What are generally necessary to secure the fruits of sa- gacity ? How alone can obstacles to success be overcome ? How alone can the forces of nature be made to serve us? What, then, enables one to produce articles cheaper than others ? 9. What must the price of an article vary with ? When 198 POLITICAL ECONOMY. may eyen a gold and silver circulation become depreciated, and prices rise in consequence ? With an irredeemable paper circulation, what does the price vary with ? LESSOK V. 1. What does caj)ital include ? What does it embrace, then? What are all articles of value, then? What alone, then, is concerned in production ? What is on the one side. And What on the other ? 2. What is the first kind of capital named ? Give speci- mens. What the second kind? Give specimens. What the third kind ? What the last? Give specimens. 3. What are specimens of unproductive capital ? What is the eficct on capital of disuse? What, therefore, does the true economist avoid ? What does he do ? Give examples. How alone can capital be made productive ? What double profit has utilized property ? What interests, then, are bound up together ? 4. What is fixed capital? Give specimens. What change does fixed capital undergo ? What does fixed capital do in production? What is circulating capital? Why called cir- culating capital ? Give the illustration. When does what has been circulating become fixed capital ? What, then, is fixed, and what circulating, capital? Give the illustration. What is the object of every form of production ? What conse- quence follows ? 5. How is money regarded by different economists? How QUESTIONS ON THE TEXT. 199 does money promote production? Why is it really an in- strument of power? What change is it constantly under going ? When alone does an article reach its final use When, then, does money reach its final use? What form of capital, then, does money in circulation belong to ? LESSOlSr VI. 1. What alone deserves the name of labor ? What two kinds of labor are there ? Which proceeds from the other ? What kinds of mental labor do not lead directly to any external acts ? What, then, is the utility of such kinds of labor ? Give the illustrations. 2. What two kinds of mental labor are there ? What may they be called ? Give the illustrations. What hand-labor remains to be done after the mental labor? What is true of all hand-labor ? Give the illustration. 3. To what kind of mental labor does professional labor belong ? How do the lawyer and the clergyman exercise their function chiefly? What end do they always have in view? But what does that end not require ? What is the duty of each ? Where, if anywhere, are the external arrangements to be found for availing ourselves of their instructions ? How does the case of the physician differ ? What may even the philosopher do ? 4. What is always the result of labor ? What is the effect of study ? How alone can principles discovered by study be rendered available to others ? What arrangement, therefore, 200 POLITICAL ECONOMY. is commonly made with authors and inventors ? Wliat 18 said of the physical changes produced by labor ? Name the changes in different kinds of business. But what must all these multiplied changes be ? What kind of change does the mechanic and ordinary manufacturer make ? What, the farmer and the chemist ? Give the illustrations. What change does the merchant make ? Why must transportation always be one of the most extensive branches of business ? LESSON" YII. 1. What is impossible for man ? What obstacle does na- ture present ? Give the illustrations. What, then, is a matter of necessity ? What do the different aptitudes of men lead to ? What do we find, therefore ! 2. What of the division of labor thus far described? What leads to a further division ? What is true of almost every process ? What is a standing example here ? What does experience seem to imply in regard to dividing processes ? Why is this the only division known to political economy ? 3. What is the first saving from division of labor ? What the second gain ? How is the* saving made here ? Where one performs the several parts of a process, how does the performing of one unfit him for performing another ? Give the illustrations. What is the third gain ? What incidental advantage arises from this ? 4. What results from the division of processes ? What does the operative naturally study ? What often results from this ? QUESTIONS ON THE TEXT. 201 Improved tools being made, -what further improvement is made ? How have machines grown up ?. By whom have the combinations usually been made ? What, then, is the connec- tion of knowledge and practice ? 5. What is the effect of division of labor ? What the effect of this upon consumers ? What must be admitted, however ? What comparison shows this ? What does the man who per- forms several processes embrace in himself? What is the effect of division of labor in harmonizing interests ? What is the first limitation of the division of labor ? What the second ? What the third ? LESSON VIII. 1. What are natural agents in the most general sense ? What does man do ? Give the illustration. What does man simply avail himself of ? What could he not do without the natural properties of iron, wood, etc. ? What is all ma- chinery ? What are more commonly called natural agents ? 2. What can man of himself do ? What does he first call to his aid ? How do these assist him ? What does he next call to his aid ? Give the illustrations. 3. What have we seen ? What is the first advantage of in- animate over animate agents ? Give the illustration. What is .he second advantage ? How is much time saved by them ? What of the loss of life ? What of the expense ? How are we -o determine what natural agent should be used in a given case ? 4. What is the object of machinery ? What may it be com- 202 POLITICAL ECONOMY. pared to ? What may we do by it in the first place ? What in the second ? What in the third ? Give the illustrations. What in the fourth place ? What finally ? 5. What does labor-saving machinery tend to dispense with ? What does it diminish, and what increase ? Why does it diminish the price of ai*ticles ? What effect does this have on labor? Why need not laborers work as many hours as for- merly ? Is the remuneration less than formerly ? What, then, is labor-saving machinery ? LESSON IX, 1. What has man been styled ? What is labor to him ? What has he a love for, and what not ? What is he wretched without, and yet what will he not do ? What, however, will he do ? What were we evidently made for ? What shows this ? Can our mind and body be as well exercised by way of pastime ? Is labor a curse, then, or the disposition of man toward it ? 3. What is necessary to supply our wants ? What prepara- tion must be made to avail ourselves of the energies of natuna in production ? After this is done, what is still needed What necessity, then, is laid upon man ? What is the effec of this necessity ? Should this necessity ever be removed or interfered with ? What should be the arrangements in re- gard to the support of the poor ? How should private aid be administered ? 3. What is the effect of too great want ? What, then, is QUESTIONS ON THE TEXT. 203 necessary besides want ? What is the effect of even a slight increase of one's means ? What two directions may this love of accumulation take ? What may be said of many of these wants ? What wants alone can be gratified in a low state of production ? Where must the stimulus to labor stop in such a case ? What, then, of these less essential wants ? 4. What is the object of law ? What does justice have to do with largely ? What is the right of property ? What of the violation of this right ? Suppose, then, the govern- ment is unjust or allows injustice in others ? But where the reverse is true, what is the case ? Hence what do we see ? What of the cost in the case ? 5. What laws are often passed by governments ? What is the tendency of such laws ? What is the question ? To what can no objection be made ? What might, however, be said ? But what reply might be made ? When alone can a protective tariff be justified ? What has our late war shown ? What must be best for all, and why ? What of retaliatory duties ? What is* quite evident ? What of the effect of free trade upon business ? What must be the effect of protective duties ? 6. What is the effect of a duty upon the price of an article ? Give the illustration. What, then, would be cheaper ? What does this show the folly of? What, then, should be the measure of a duty ? LE SSON X i. What is the design of taxes ? Whj have any rulera ? What do rulers have to do ? What does this require ? When 204 POLITICAL ECONOMY. is it neosssary that the government agents should be greatly; increased, and why? Who in justice should pay for the services of these agents ? What, however, may government do on account of which the people may justly complain ? 3. What is the schedule of taxes on imports called ? What the taxes ? What are specific and what ad-valorem duties ? What are direct and what indirect taxes ? What is an excise ? By what method are taxes generally raised ? Wliy are indirect taxes more cheerfully paid than direct ? Why is not the pur- chaser conscious of paying an indirect tax ? What other ad- vantage is there in an indirect tax ? What evil is there con- nected with it ? But on the whole, which kind of taxes is preferable ? 3. Are the services of government directly productive ? Why are they necessaiy ? What, then, do taxes diminish ? What is the tendency of taxation ? What, then, are taxes really a burden on ? What, then, do we see ? How alone can a national debt be paid ? 4. What is the great problem in laying taxes ? What, then, is clear at the outset ? What else is equally clear ? What should the next heaviest burden be laid upon ? What should be the rule for taxing articles from other countries, and why ? On what principles, in short, should the revenue of a country be raised ? 5. Why does the government want a large amount of money in war ? How alone can they obtain it ? What of notes issued by the government ? In what case is heavy interest paid on them ? When do bonds cost a high interest ? At what discount were most of our bonds sold during the late war ? When and how must this be paid ? What is the only QUESTIONS ON THE TEXT. 205 advantage of raising money by loans ? What of the interest in the mean time ? What is the best course here, as in other cases ? K a nation can spare men for war, what else can it do ? LESSOK XI. 1. What does all production necessarily destroy ? Give the illustration. When alone is the labor of production profit- able ? In what two cases is there a loss ? In what other cases is there a loss ? Why should it be considered there is a loss in these cases ? 2. Why must labor, to be successful, require intelligence ? What kind of changes alone are useful ? What must labor be in accordance with in order to be successful ? What, then, must we understand ? What is said of some of these laws of nature and what of others ? Give the illustrations. How far may natural tact and shrewdness make up for a want of the knowledge of the laws of nature ? 3. What is the net gain in any business ? What diminishes the profits ? What else diminish profits ? What, therefore, is highly important ? Why are not profuse expenditures al- ways so much property entirely thrown away ? To whom are such expenditures a total loss? What effect does .profuseness have even upon those who profit by it ? What do all know of such characters ? What, on the contrarj^ is the effect of frugality ? What of a dollar saved or wasted ? 4. What do men generally work for ? Why will one some- times work for relatives or the poor ? What effect, then, will 206 POLITICAL ECONOMY. the neglect to enforce the right of property have upon ?abor? What does the inefficiency of slave-labor arise from ? Why must all community-systems of labor fail ? LESSOK XII. 1. Why does every one have to have some business, espe- cially in civilized communities ? What occurs in cities in such a state of society ? What are the different occupations of the moving mass ? 2. What is the first thing to be considered in determining one's business? What is the case with each one by nature and education ? What have some, and what have others ? What do men not always find in their business ? What is the second thing to be considered ? What is said of some occu- 13ations, and what of others ? Should such occupations be chosen ? What occupations are best ? What is said of get- ting a living in certain ways ? What is said of property suddenly acquired, and of that acquired by industry and frugality ? 3. Where capital and industry are free, what must be the case with regard to the profits of different kinds of business ? What, however, will energy, skill, and means enable one to do ? Can they retain their advantage permanently ? What is the tendency ? In what kinds of business are the gains slower ? What, however, are they not attended with ? What results from this ? What attracts a higher order of talent ? 4. What naturally teads to different employments? What QUESTIONS ON THE TEXT. 207 is important to a nation ? Under what state of things is the intercourse of men more improving ? How do variety of em- ployments better meet the ends of true economy ? What is the effect of one kind of industry upon another ? Give the illustrations. What, however, places a limit to the kinds of business in any country ? What is the case in our country ? 5. What must vary with production ? What of the sea- sons ? Why do bountiful seasons make all kinds of business good ? What of unpropitious seasons ? What stimulants of business are named ? What usually follows such stimu- lants ? What is true of business ? LESSON XIII. 1. Why must exchange ever be an important department of business ? If an article is not in our possession, does it matter whether it is near or far from us ? What would be the consequences if there were no accepted medium of exchange ? What is this exchanging one article directly for another called ? In what kind of communities may exchange in kind exist ? To what must it be inadequate ? 3. In the progress of things, to what do the inconveniences of exchange in kind lead ? What articles have, in turn, served for a circulating medium ? Why called a circulating medium ? Why do men agree upon some medium of ex- change ? What, however, does the principle of exchange still continue to be ? Give the illustrations. What is the only exception ? What is the representative article hence- 208 POLITICAL ECONOMY. forth devoted to ? What do men of means now do ? How do we now obtain what we want ? How does the trader re- ceive his compensation for the service he does us ? 3. What do men trade for ? Where will men always trade ? When the laws of trade are not interfered with, what happens ? How are they often interfered with ? How do governments often do this ? What are the consequences of the attempt ? How are exchanges continued, if continued at all ? What is true of trade, then, as of every thing else ? 4. What ha^Dpens to most articles in the course of pro- duction ? Give the illustrations. What frequently happens ? When this happens to most articles, what does it greatly increase ? What proverb do we sometimes hear quoted with approbation ? What does such a state of things always indicate ? How has it been during our civil war ? Describe the state of things and its effects. 5. How can not all our wants be supplied ? What is true of many articles in common use ? How alone can these arti- cles be obtained ? In what two ways may we pay for imported articles ? In what sort of values must they always be paid for ? If we do not ourselves produce the articles which will be received in exchange for the articles which we import, how can we pay for them ? Give the illustrations ? If foreign exchanges are profitable, need any other question be considered in the case ? 6. Were the exchanges between different cities and countries direct between the same parties, what would the exchanges be, and how would they be adjusted ? But as they are not, how are they adjusted ? Give the illustration. When the ex- changes are equal between two cities or countries, hew may QUESTIONS ON THE TEXT. 209 they all be settled, and how, when not equal ? When is the balance of trade said to be against a city or country ? When will exchange be high, and why? What has been the case during our war ? What can not the rate of exchange exceed ? What of exchange on London and Paris ? LESSON XIV. 1. What does the amount of money required in any com- munity depend upon, and why? What has already been explained ? What is the question here ? What is the an- swer ? When gold and silver are the medium, why will there not be speculation ? How will the medium regulate itself, if gold and silver ? If paper be substituted in place of the specie, how much will be required ? What will be the effect of putting a larger amount into circulation ? What is the estimated amount required in England and in this country, and what ratio does it bear to the entire property of the country ? 2. What has been seen with regard to coin ? What is the case with paper money ? What does it derive its value from ? What is the effect of any excess of it ? In what case alone will the depreciation not be in exact proportion to the excess of currency in circulation ? When the party issuing the notes is considered responsible, from what do they derive a part of their value ? But can any mere promise to pay at some indefinite future time be kept from depreciation ? What, then, does the value of a paper dollar depend upon ? 210 POLITICAL ECONOMY. 3. Kow alone can paper money be kept from depreciating ? Is it sufficient that it should be redeemable in ordinary articles of value ? Why not ? Why are gold and silver always in demand? What are they just fitted for, then ? Is any other article so well fitted for this purpose ? In what is our present paper money redeemable ? Does this keep it from deprecia- tion ? What shows that it is not the gold that is worth more ? In what cases may even specie-paying notes depre- ciate, and how will the depreciation show itself ? 4. How does currency differ from pure credit ? What are the usual forms of credit ? What of book accounts ? How far do notes of hand serve the purpose of currency ? What is said of bonds ? What of bills of exchange, etc. ? What of sight drafts ? What sort of power does pure credit have, and what not ? What is the effect of credit on prices ? What follows from an undue expansion of credit ? 5. What has already been stated in regard to the amount of money required in a community ? Under what circum- stances will an inferior medium go into circulation ? What effect will this inferior medium have upon the superior ? Give the reason for this in full. If the superior medium be gold and silver, what will become of it ? When has this effect been seen ? What often happened under our old State banks ? 6. What question is now asked by every one ? How alone can specie payments be resumed ? What may the govern- ment well do, and what can it not do ? Why ? What of the rate of contraction ?• What of the price of our bonds ? What is the only natural course, then ? QUESTIONS ON THE TEXT. 211 LESSON XV. 1. Wliat is the object of banks ? What is said of money in the pocket and scattered around among individuals ? But when collected together and intrusted to competent manage- ment, how is the case altered ? What does a bank effect for the borrower, and what for the lender ? What do the direc- tors do ? What is thus simplified ? 2. What constitutes a bank of deposit ? How does a de- positor avail himself of his deposit to make payments ? When his check comes into the bank, what does the cashier do ? Where will a large part of the coin soon be found ? What will the bank do in consequence ? How much may it safely loan ? When it has reached this point, what is the bank called? Would the checks of individuals be current everywhere ? What does the bank do in consequence ? Why should its bills be more current ? What are banks under this form called ? What do they still continue to do, however ? 3. What are banks thus ? What does their importance make necessary ? What about them must be defined ? How was this done under our former system of banking ? What did their charters fix ? How are privileges and responsibil- ities defined under our present system of banking ? By the present law, at what sum is the banking capital of the country fixed ? How may persons go into banking under the law ? What is to be done with the bonds deposited with the Treasurer of the United States ? What else does the law fix ? What of the security of the bills ? Can there be an over issue of bills ? 212 POLITICAL ECONOMY. 4. What do the profits of banks depend very largely upon ? How is it with other kinds of business ? What, however, is the first regular source of profit to banks ? What is the second source ? What is the third source ? How are these profits diminished ? What of the necessity of redemption ? 5. What is not our present system of banking, and what ia it ? What is a government bank ? When, in a more literal sense, does a government go into banking? How is it with our government at the present time? Is such arrangement consistent with free institutions ? What is to be hoped, then ? What will be then left as the fruit of the war ? What will experience do ? What may well be done when specie pay- ments are resumed ? 6. In what are the national banks required to redeem their bills at their counters ? What arrangement must they make for redeeming them in certain cities ? What is the effect of this requirement ? How are checks and bills re- deemed at clearing-houses ? 7. How are the billholders secured under our present banking system ? How alone can a national bank fail ? What does the danger not arise from ? What will be the danger on the resumption of specie payment ? How do some financiers propose to avoid this danger, and how do others ? What objection to each method ? What does ex- perience show ? What is coin usually wanted for ? How do matters here tend to regulate themselves 2 QUESTIONS ON THE TEXT. 213 LESSON XVI. 1. Why is credit resorted to ? What have men generally but little doubt of ? Is this hope always fallacious ? To whom is credit often advantageous ? What can such an one use to advantage ? What is the effect of credit in such cases, and what of the want of it ? How is it all along through life generally ? 2. What is the credit system extremely liable to ? What makes it certain that it will be abused ? What does almost every young man think ? What is the consequence ? How is obtaining credit likely to affect men generally ? Such being the case, what must those do who give credit ? What is the effect of this ? Why must the credit system be inju- rious to the sound and sober business men ? What course, then, should be taken with regard to credit ? What is said of long credits ? 3. At first view, what would seem to make but little differ- ence ? When is foreign credit desirable ? Why is home credit better ? When, then, will it be obtained at home ? In what respect, then, is foreign credit a calamity ? In what case, indeed, is it a positive evil ? What is the state of a na- tion that obtains its credits at home ? What is greatly to our advantage ? 4. What is the first effect of a depreciating currency ? For a time, therefore, what is its tendency ? How does it affect credit subsequently ? What is the effect on honest industry 2 What paust be the issue of such a state of things ? 214 POLITICAL ECONOMY, LESSOR XVII. 1. Why is finance considered an inscrutable subject ? What has usually been thought requisite to .a financier ? What lias financiering usually been regarded as a species of ? What is the case in fact ? What is it merely a correct application of? What of the exchanges here, however? By what prin- ciple are men governed in making exchanges ? What follows from this ? What is of no use ? What is the effect of de- ception in the case ? What alone, then, will a sound financier deal with ? 2. What alone does government produce ? But how is protection exerted ? What sort of a value is protection ? What is demanded in exchange for it ? What different course may be taking by an unjust government for raising a revenue ? What by a timid government ? What, then, may governments have to offer in exchange ? 3. Which of the devices to avoid taxes are here to be con- sidered ? What makes it proper that these should be consid- ered ? What is said of the legal-tender act in its bearings upon past and future contracts ? How has a tax been col- lected after all ? How will the tax have to be collected again ? Why have the United States bonds suffered depre- ciation ? How great was the depreciation at the lowest point ? How might this and much more have been saved ? Could the people have paid the taxes ? 4. What is said of the national currency act as a financial measure ? Upon what ground was it advocated ? Wliat QUESTIONS ON THE TEXT. 215 does every one hundred dollar bond used by the banks cost the government ? What is the effect of the bills of the na- tional »banks in depreciating the currency, in comparison with greenbacks ? What would the government have saved ? How might the same system of banking have been estab- lished later ? What was the • government entitled to, and what should it have done ? 5. What have we reason to be grateful for ? What is it the part of wisdom to do ? What do we learn in the first place ? What devices have been resorted to, and with what success ? What do we learn in the second place ? What is said of the government's promises to pay ? What do we learn in the third place ? What is said of taxes ? 6. What must one do in order to command money readily ? How alone can he do this ? What other course is this com- pared with ? What has a financier to do ? What does his office lead him to do, and how may this be best accomplished ? LESSON XYIII. 1. What is a loan, and what made for ? How far does the lender of money give up the control of it ? What return does he receive ? What shows, in the first place, that it is jjroper to receive such a return ? How, again, does this appear, and how, still again ? 2. What question naturally arises here ? How is money Btill regard^ed by most men ? Why does money seem to be more essential than any thing else ? But if one has an abun- fHE ]N>TIOJ^/L ^EFilEg Of l^Ey^DER?. GOMPLETE IN TWO INDEPENDENT PARTS. No. I. No. 2. No. 3- No. 4.- No. 5. No. 6. I. THE NATIOT^T A T By PARK] National Primer, . National First Rea National Second F — National Third Re National Fourth R —National Fifth Re? National Elementary Spelle National Pronouncing Spel NADERS. 04. pp. J f6mo, $0 25 2S pp,, ^emo, 38 ^4. pp. J /emoj 63 'SS pp., ^2mo, I 00 32'pp.i t2mo, I 50 00 pp., f2mo, I 88 60 pp., fOmo, 88 pp., 72mo, 25 50 THE INDEPEIN By J. MAD The Independent First Rea The Independent Second I The Independent Third Re The Independent Fourth R The Independent Fifth Roc The Independent Sixth Re; READERS. The Independent Child's Sp The Independent Youth's Sf: The Independent Spelling I **♦ The Readers eonstiti distinct series, either of want of the best schools, feithor Series. DN. SO pp., femo. 25 90 pp., femo. 50 i.0 pp., /6'mo, 75 34 pp., f2mo. 1 00 36 pp., ^2mo, ' 25 74 PP', f2mo. 1 50 1, SO pp.f /6tno, 25 , 768 pp., f2mo, 50 760 pp., /6mOf 25 iplete and entirely dequate to every 3 may accompany JVaHonal Series of Standard School-lSooks, PAEKER & WATSON'S NATIONAL EEADEES. The salient features of these works which have combined to render them b6 popular may be briefly recapitulated as follows : 1. THE WOED-BUILDINO SYSTEM.— This famous progressive method fo« young children originated and was copyrighted with these books. It constitute* ft process with which the beginner with words of one letter is gradually intro- duced to additional lists formed liy prefixing or affixing single letters, and is thui Jed almost insensibly to the mastery of the more difficult constructions. This i* one ol the most striking modem improvements in methods of teaching. 2. TREATMENT OF PROlJTJNCIATIOIf.— The wants of the youngest scholars in this department are not overlooked. It may be said that from the first lesson the student by this method net dering of every word encounte 3. AETIOULATION AND 4. PUNCTUATION is inculc simple perusal of which suffice 5. ELOCUTION. Each of tl rate, scholarly, and thoroughly has secured for the series man] 6. THE SELECTIONS are tl tion it may be said that no voli Section so diversified, judicior gems of English literature, so ; every department of style. So partment proved, not only to tl at large, that thousands of cop their way into public and priva in constant use as manuals of 1 7. AREANGEMENT. The < alternating practice in the diffe nite plan of progression or gra the articles are placed in forma ting the raterest and inculcatin able in subsequent general rea 8. NOTES AND BIOGRAPI to every want. The biograpbi of every author laid under con 9. ILLUSTRATIONS. Thee character of art. They are for eluding the Third Reader. 10. THE GRADATION is p< ceding or following in the seri< other, is only conscious, by thi 11. THE PRICE is reasonal than any other series in the e their completeness and thorou 12. BINDING. By the use . In common with all the public; ranted to outlast any with whi rability being in their favor as =■8 for a prompt and accurate isidered of primary importance. ■ interesting reading lessons^ th» les indelibly upon the mind. (3d, 4th and 5th) contains elabo- on elocution. This feature alone lends, of the series. Without excep.' size and character contain a col- this. It embraces the choicest rd the reader ample exercise in 3 taste of the authors in this de-' lie but to the reading community and Fifth Readers have found ;hout the country, where they are •ence as well as perusal, ranged as to present constantly iposition, while observing a defl- the whole. In the higher hooka Bstfied topically, thus concentra- seociation likely to prove valu- J, These are full and adequate nt in pleasing style the history most profuse, and of the highest le of the series as far as and in- me overlaps its companion pre- 3lar, in passing from one to an- lew book, of the transition. il Readers contain more matter 'olumes published. Considering uch the cheapest in the market, rocess known only to themselves, 3e, the National Readers are war* mpared— the ratio of relative d» National Series of Standat^d Sc?iool-!Sooks, WATSON'S INDEPENDENT EEADEES. This Series is designed to meet a general demand for smaller and cheapM books than the National Series proper, and to serve as well for intermediate vol- umes of the National Eeaders in large graded schools reguii-ing more books than one ordinary series will supply. Beauty. The most casual observer is at once impressed with the unparalleled mechanical beauty of the Independent Eeaders. The Publishers believe that tha aesthetic tastes of children may receive no small degree of cultivation frcm their very earliest school books, to say nothing of the importance of making study at- tractive by aU such artificial aids that are legitimate. In accordance with this view, not less than $25,000 was expended in their preparation before publishing, with a result which entitles them to be considered " The Perfection of Common School Books." Selections. They contain, of course, none but entirely new selections. These are arranged according to a strictly progressive and novel method of developing the elementary sounds in order in the lower numbers, and in all, with a view to topics and general literary style. The mind is thus led in fixed channels to profi- ciency in every branch of good reading, and the evil results of ' scattering ' as prac- tised by most school-book authors, avoided. The Illustrations, as may be inferred from what has been said, are elegant beyond comparison. They are profuse in every number of the series from the lowest to the highest. This is the only series published of which this is true. The Type is semi-phonetic, the invention of Prof. Watson. By it every letter having more than one sound is clearly distinguished in all its variations without in any way mutilating or disguising the normal form of the letter. Elocution is taught by prefatory treatises of constantly advancing gradi and completeness in each volume, which are illustrated by wood-cuts in the lower books, and by black-board diagrams in the higher. Prof. Watson is the first to introduce Practical Illustrations and Black-board Diagrams for teaching this branch. Foot Notes on every page afford all the incidental instruction which the teacher is usually required to impart. Indices of words refer the pupil to the place of their first use and definition. The Biographies of Authors and others are in every sense excellent. Economy. Although the number of pages in each volume is fixed at the minimum, for the purpose recited above, the utmost amount of matter available without overcrowding is obtained in the space. The pages are much wider and larger than those of any competitor and contain twenty per cent more matter thAu any other series of the same type and number of pages. All the Great Features. Besides the above all the popular features of th« National Eeaders are retained except the Word-Building system." The latto* gives place to an entirely new method of progressive development, based upon flome of the best features of the Word System, Phonetics and Object LesBonn. 3 'The JVational Series of Standai^d School-^ooks. NATIONAL READERS. ORIGINAL AND <' INDEPENDENT " SERIES. From D. H. Harris, 8upt. Public Schools, Hannibal, Mo. The National Series of Readers are now in use in our public schools, and I regard them the best that I have ever examined or used. From Hon. J. K. Jillson, Supt. of Education, State of South Carolina. I have carefully examined your new and bea.utiful Series of Readers known as " The Independent Readers," and do not hesitate to recommend it as the finest and most excellent ever presented to the public. Fivm D. N. Rook, Sec. of School Board, Williamsport, Pa. I would say that Parker & Watson's Series of Readers and Spellers give the best satisfaction in our schools of any Series of Readers and Spellers that have ever been used. There is nothing published for which we would exchange them From Prof. H. Seele, New Braunfels Academy, Texas. I recommend the National Readers for four good reasons : (1.) The printing, en- graving, and binding is excellent. (2.) They contain choice selections from English Literature. (3.) They inculcate good morals Avithout any sectarian bias. (4.) They are truly National, because they teach pure patriotism and not sectional prejudice. F7'om S. FnsTDLET, Supt. Akron Schools, Ohio. _ * We use no others, and have no desire to. They give entire satisfaction. We like the freshness and excellence of the selections. We like the biographical notes and the definitions at the foot of the page. We also like the white paper and clear and beautiful type. Iii short, we do not know where to look for books which would be so satisfactory both to teachers and pupils. From Pres. Robert Allyn, McKendree College, El. Since my connection with this college, we have used in our preparatory depart- ment the Series of Readers known as the "National Readers," compiled by Parker & Watson, and published by Messrs. A. S. Barnes & Co. They are excellent ; aflbrd choice selections ; contain the right system of elocutionary instruction, and are well printed and bound so as to be serviceable as well as interesting. I can com- mend them as among the excellent means usect by teachers to make their pupils proficient in that noblest of school arts, Good Reading. From W. T. Harris, Supt. Public Schools, St. Louis, Mo. 1 have to admire these excellent selections in prose and verse, and the careful arrangement which places first what is easy of comprehension, and proceeds gradu- ally to what is dillicult. I find the lessons so arranged as to bring together differ- ent treatments of the same topic, thereby throwing much light on the pupil's path, and I doubt not adding greatly to his progress. The proper variety of subjects chosen, the concise treatise on elocution, the beautiful typography and substantial binding— all these I find still more admirable than in the former series of National Readers, which I considered models in these respects. From H. T. Phillips, Esq., oftJie Board of Education, Atlanta, Ga. The Board of Education of this city have selected for use in the public schools of Atlanta the entire series of your Independent Readers, together with Steele's ( "hemistry and Philosophy. As a member of the Board, and of the Committee on Text-books, the subject of Readers was referred to me for examination. I gave a pretty thorough examination to ten (10) different series of Readers, and in endea- voring to arrive at a decision upon the sole question of merit, and entirely inde- pendent of any extraneous influence, I very cordially recommended the Independent Series. This verdict was approved \)j the Committee and adopted by the Board. From Report of Rev. W. T. Brantly, D.D.. late Professor of Belles Leftres, Uviver- tity of Gaorgia, on " Text-Books in Beading,'''' before the Teachers' Convention of Georgia, May U, 1870. The National Series, by Parker & Watson, is deserving of its high reputation. The Primary Books are suited to the weakest capacity ; whilst those more advanced supply instructive illustration on all that is needed to be known in connection with the art. 4 The JVaiiofial Series of Standard Schoot-:Sooks. WATSON'S CHILD'S SPELLER, THE INDEPENDENT CHILD'S SPELLEE. IPrice S5 Cents. This unique book, published in 1872, is the first to he consistently printed !a imitation of writing ; that is, it teaches orthography as we use it. It is for thfli Emallest class of learners, who soon become familiarized with words by their forms, and learn to read writing while they spell. EXTRACT FROM THE PREFACE. Success in teaching English orthography is still exceptional, and it maftt so con- tinue until the principles involved are recognized in practice. Form is foremost : the eye and the hand must be trained to the formation of words ; and since spelling is a part of writing, the written form only should be used. The laws of mental association, also— especially those of resemblance, contrast, and contiguity in time and place— should receive such recognition in the construction of the text-book aa shall insure, whether consciously or not, their appropriate use and legitimate re« eults. Hence, the spelling-book, properly arranged, is a necessity from the first ; and, though primers, readers, and dictionaries may serve as aids, it can have no competent tubstitute. Consistently with these views, the words used in the Independent Child's Speller have such original classifications and arrangements in columns — in reference to location, number of letters, vowel sounds, alphabetic equivalents, and consonant terminations— as exhibit most effectively their formation and pronunciation. The vocabulary is strictly confined to the simple and significant monosyllables in com- mon use. He Avho has mastered these may easily learn how to speU and pronounce words of more than one syllable. The introduction is an illustrated alphabet in script, containing twenty-six pic- tures of objects, "^nd their names, commencing both with capitals and small letters. Part First embraces the words of one, two, and three letters; Part Second, the words of four letters ; and Part Third, other monosyllables. They are divided into short lists and arranged in columns, the vowels usually in line, 00 as to exhibit in- dividual characteristics and similarity of formation. The division of words into paragraphs is shown by figures in the columns. Each list is immediately followed by sentences for reading and writing, in which the same words are again presented with irregularities of form and sound. Association id ihus employed, memory tested, and definition most satisfactorily taught. Among the novel and valuable features of the lessons and exercises, probably the most prominent are their adaptedness for young children and their being printed in exact imitation of writing. The author believe? that hands large enough to spin a top, drive a hoop, or catch a ball, are not too small to use a crayon, or a slate and pencil ; that the child's natural desirb to dvaw and write eisould not be thwarted, but gratified, encouraged, and wisely directed ; and that since the written form is the one actually used in connection with spelling in after-life, the eye and the hand of the child should be trained to that form from the first. He hopes that this littlo work, designed to precede all other spelling-books and conflirt with none, may eatisfy the need so vmiversally recognized Of a fit introduction to orthography, pei* aanshlp, and ilng^jsh compoBition. 5 The JVationat Series of Standard School- l^ooA^s. The National Readers and Spellers. THEIR BECORD. These "books have been adopted by the School Boards, or official authority, of the following important States, cities, and towns— in most cases for exclusive use. The State of Minnesota, The State of Texas. The State of Missouri. The State of Alabama.. ; The State of North Carolina. The State of Ijouisiana* Indiana. New Albany. Port Wayne. Lafayette. Madison. Logan sport. Indianapolis. Iowa. Davenport. Burlington. Muscatine. Mount Pleasant. &c. Nebraska. Brownsville. Lincoln. &c. Oregon. Portland. Salem. &c. Virginia. Richmond. . Norfolk. Petersburg.. Lynchburg. &c. South Carolina^. Columbia. Charleston. Georgia. Savannah. Ijouisiana. New Orleans. TennessdOt Memphis New York. Illinois. New York City. Chicago. Brooklyn. Peoria. Buffalo. Alton. Albany, Springfield. Rochester. Aurora. Troy. Syracuse. Ehnira. Galesburg. Rockford. Rock Island. &c., &c. &c., &c. Pemiaylvania. "Wisconsin. Reading. Lancaster. Milwaukee. Fond du Lac. Erie. Oshkosh. Scranton. JanesviUe. Carlisle. Racine. Carbondal<3. Watertown. Westchester. Sheboygan. Schuylkill Haven. La Crosse. Williamsport. Waukesha. Norrlstown. Kenosha. Bellefonte. &c., ®..^*^l''''!^l^'Jnnrrtn't do what that meant, and finally, with a very knowing 1«.«^; «^t?/rv.The^owS certifi^ here, and asked the applicant to parse the sentence right, and gave t^elowest cerUti. Sates to all who barelymentioned Clark. Afterwards, ^ PJf.^«;«g.,^.'^,7^^3^t^X^^ and the next fall he permilted it to be partially used, -while the third o. last laii, ne Senly commenderthe system, and appo^inted three of my best teachorr to explain it at the two Institutes and one County Convention held since September. m- For further testimony of equal force, see the PubUshers' Special Ciraular, OJ r,tirr«nt aumbors ef the Educational Bulletin. 11 2'he JVatlonal Series of Standard School-'Books, GEOGRAPHY. NATIONAL GEOGRAPHICAL SYSTEM. THE SERIES. I, Monteith's First Lessons in Geography, . . . $ 35 11. Monteith's New Manual of Geography, . . . 1 10 11. McNally's System of Geography, 2 00 INTERMEDIATE OR ALTERNATE VOLTJMES. f*. Monteith's Introduction to Geography, 63 2*. Monteith's Physical and Political Geography, ... 1 88 ACCESSORIES. . • Monteith's Wall Maps 2 sets (see page 15), $*20 03 and *35 00 Monteith's Manual of Map-Drawing (Allen's System) . 25 Monteith's Map-Drawing and Object-Lessons, . , 75 Monteith's Map-Drawing Scale, *25 1. PRACTICAL OBJECT TEACHING^ The infant scholar is first introduced to a picture whence he may derive notions of the shape of the earth, the phenom- ena of day and night, the distribution of land and water, and the great natural divisions, which mere words would fail entirely to convey to the untutored mind. Other pictures follow on the same plan, and the child's mind is called upon to grasp no idea without the aid of a pictorial illustration. Carried on to the higher books, this system culminates in Physical Geography, where such matters as climates, ocean currents, the winds, peculiarities of the earth's crust, clouds and rain, are pictorially explained and ' rendered apparent to the most obtuse. The illustrations used for this purpose belong to the highest grade of art. 2. CLEAR, BEAUTIFUL, AND CORRECT MAPS. In the lower numbers the Eiaps avoid unnecessary detail, while respectively progressive, and affording the pupil new matter for acquisition each time he approaches in the constantly en. larging circle the point ot coincidence with previous lessons in the more ele- mentary books. In the Physical and Political Geography the maps embrace many new and striking features. One of the most effective of these is the new plan for displaying on each map the relative sizes of countries not represented, thus obvi- ating much confusion which has arisen from the necessity of presenting maps in tae same atlas drawn on different scales. The maps of " McNally" have long been celebrated for their superior beauty and completeness. . This is the only school- book in which the attempt to make a complete atlas also clear and distinct, haa been successful. The map coloring throughout the series is also noticeable. Delicate and subdued tints take the place of the startling glare of Inharmonious (Colors which too frequently in such treatises dazzle the eyes, distract the atten- tion, and serve to overwhelm the names of towns and the natural features of th« landscape. 12 The A^'ational Serie s of Sta^idard Sc?iool-:Books. GEOGRAPHY-Continued. 3. THE VAEIETT OF MAP EXERCISE, Starting each time from a different basis, the pupil in many instances approaches the same fact no less than fja times^ thus indelibly impressing it upon his memory. At the same time this eys. tern is not allowed to become wearisome— the extent of exercise on each subject being graduated by its relative importance or difficulty of accLuisition. 4. THE OHAEAOTER AOT) AEEANGEMENT OF THE DESOEIPTIYE TEXT. The cream of the science has been carefully culled, unimportant matter rejected, elaboration avoided, and a brief and concise manner of presentation cul- tivated. The orderly consideration of topics has contributed greatly to simplicity. Due attention is paid to the facts in history and astronomy which are inseparably connected with, and important to the proper understanding of geography— and m.ch only are admitted on any terms. In a word, the National System teaches geography as a science, pure,, simple, and exhaustive. 5. ALWAYS TIP TO THE TIMES. The authors of these books, editorially speaking, never sleep. No change occurs in the boundaries of countries, or of counties, no new discovery is made, or railroad built, that is not at once noted and recorded, and the next edition of each volume carries to every echool-room the new order of things. 6. SUPERIOR GRADATION. This is the only series which furnishes an avail- able volume for every possible class in graded schools. It is not contemplated that a pupil must necessarily go through every volume in succession to attain proficiency. On the contrary, two will suffice, but th7'ee are advised; and if the course will admit, the whole series should be pursued. At all events, the books are at hand for selection, and every teacher, of every grade, can find among them one exactly suited to his class. The best combination for those who wish to abridge the course consists of Nos. 1, 2, and 3, or where children are somewhat ad- vanced in other studies when they commence geography, Nos. 1*, 2, and 3. Where b.ut two books are admissible, Nos. l*and 2*, or Nos. 2 and 3, are recommended. 7. FORM OF THE VOLUMES AND MECHANICAL EXECUTION. The maps Hnd text are no longer unnaturally divorced in accordance with the time-honored .practice of making text-books on this subject as inconvenient and expensive as ossible. On the contrary, all map questions are to be found on the page opposite .^e map itself, and each book is complete in one volume. The mechanical execu- tion is unrivalled. Paper and printing are everything that could he desired, and the binding is-r-A. S. Barnes and Company's. 8. MAP-DRAWING. In 1869 the system of Map-Drawing devised hy Professor Jekomh Allen was secured exclieswely for this series. It derives its claim to originality and usefulness from the introduction of a Jixed unit of measuremeni applicable to every Map. The principles being so few, simple and comprehensive, . the subject of Map-Drawing is relieved of all practical difficulty, (In Nos. 2, 2*, and 3, and published separately.) 8, ANALOGOUS OUTLINES. At the same time with Map-Drawing was also in- troduced (in No. 3), a new and ingenious variety of Object Lessons, consisting of n comparison of the outlines of countries with familiar objects pictorially represented. 13 The JVationat Series of Standard School-So'oks. GEOGRAPHY-Continued. MONTEITH'S INDEPENDENT COURSE. Elementary Geography (published 1874) . . $o 80 Comprehensive Geography (with 103 Maps) . i m %W° These volumes are not revisions of old works— not an addition to any series— but are entirely new productions— each by itself complete, independent, comprehensive, yet simple, brief, cheap, and popular ; or, taken together, the most admirable " series " ever offered for a common-school course. They present the following features, skillfully interwoven— the student learning all about one country at a time. ZaOCAZi GEOGRAPfi'^P or the Use of Maps. Important features of the Maps are the coloring of States as objects, and the ingenious system for laying down a much larger number of names for reference than are found on any other Maps of same sizer-and without crowding. FHVSICAIi GEOGRAFH'S', or the Natural Features of the Earth, illustrated by the original and striking belief Maps, being bird's-eye views or photographic pictures of the Earth's surface. DESCRIPTIVE GEOGR APHT^ inclading the Physical ; with soma account of Governments, and Races, Animals, etc. HISTORIC All GEOGRAPHY, or a brief summary of the salient points of history, explaining the present distribution of nations, origin of geo- graphical names, etc. rXATHElMEATICAIi GEOGRAPHT, including Astbokomicai,, which describes the Earth's position and character among planets ; also the Zones, Parallels, etc. C01XEPARATIVE GEOGRAPH7, or a system of analog'y, con- necting new lessons with the previous ones. Comparative sizes and latitudes arc shown on the margin of each Map, and all countries are measured in the ^^ frame of Kansas.'''' TOPIC All GEOGRAPB7, consisting of questions for review, and testing the student's general and specific knowledge of the subject, with soggea* tions for Geographical Compositions. ANCIENT GEOGRAPHT. a section devoted to this subject, with Maps, will be appreciated by teachers. It is seldom taught in our common schools, because it has heretofore required the purchase of a separate book. GRAPHIC GEOGRAPHY, or Map-Dbawing by Allen's "Unit of Measurement " system (now almost universally recognized as without a rival) iC introduced throughout the lessons, and not as an appendix. CONSTRUCTIVE GEOGRAPHIT, or Globe-Making. With each book a set of Map Segments is furnished, with which each student may make his own Globe by following the directions given. RAIIiROAD GSOGRAPHIT, with a grand Map illustrating routes of travel la the United States. Also, a " Tour in Europe." 14 The JVaiional Series of Standard Schoot-:Books. The National System of Geography, By Monteith & McNally. ITS BECOKD. These popular text-books have been adopted, by official authority,. for the Bchools of the following States and Cities— in most cases for exclusive and uniform use. STATES. California, Venuouty Florida, t Missouri, lo-wa^ Minnesota, Alabama^ Iiouisiana, , Nortli CaroUna, Tennesseoj Oregon^ Kansas, Texas, Arkansas, Mississippi. CITIES. New York City, Louisville, Nashville, Portland, Brookljm, Newark, Utica, Savannah, New Orleans, MUwaukee, Wilmington, Indianapolis, Buffalo, Charleston, Trenton, Springfield, Eichmond, Eochester, Norfolk, Wheeling, Jersey City, Mobile, Norwich, Toledo, Hartford, Syracuse, Lockport, Bridgeport, Wo'rcester, Memphis, Dubuque, St. Paul, San Francisco, Salt Lake City, Galveston, ' Vicksburg, &c. &c. &c &c. STANDARD WALL MAPS. By James Monteith. Monteilh'S School Maps, 8 Numbers, per set =^120 00 The " School Series " includes the Hemispheres (2 Maps), United States, North America, South America, Europe, Asia, Africa.— Pi-ice. $2,50 each. Each Map is 28 x 34 inches, beautifully colored, has the names all laid down, and is substantially mounted on canvas with rollers. Monteilh's Grand Maps, '^ iSTumbers, per set (in locked box) *35 00 The "Grand Series" includes the Hemispheres (1 Map), United State?, South America, Earope, Asia, Africa, The World on Mercator's Projection.— Price, $5.00 each. Size 42 x 52 inches, names laid down, colored, mounted, &c., like the School Series. 15 7'?ie J\''atlo7ial Saves of Standard School- Tjooks. Monteitli & McNally's National GeograpMes, CRITICAL opiNionNrs. Frcm. R. A. Adams, Member of Board of Education, New York. 1 have found, ^y examination of the Book of Supply of our Board, that consid- erably the largest number of any series now used in our public schools is th« I^ational, by Monteith and McNally. F)'om Bro. Patrick, Chief Provincial of the Vast Educational Bodety of tha Christian Brctuees in the United States. Having been convinced for some time past that the series of Geographies i» nee in our schools were not giving satisfaction, and came far short of meefiiiy our most reasonable expectations, I have felt it my imperative duty to examia* into this matter, and see if a remedy could not be found. Copies of the different Geographies published in this country have been placed at our command for examination. On account of other pressing duties we havd not been able to give as much time to the investigation of all these different serioi as we could have desired ; yet we have found enough to convince us that there aro many others better than those we are now using; but we cheerfully give our most decided preference, above all others, to the National Series, by Monteith & McNally. Their easy gradation, their thoroughly practical and independent character, their comprehensive completeness as a full and accurate system, the wise dis- crimination shown in the selection of the subject matter, the beautiful and copious illustrations, the neat cut type, the general execution of the works, and other ex<. cellencies, will commend them to the friends of education everywhere. From the "Home Montitlt," Nashvilh, Tenn. MoNTEiTn's AND McNaij.t'3 GEOGRAPniES.— Geography is so closely con- nected with Astronomy, History, Ethnology, and Geology, that it is difficult to define its limits in the construction of a text-book. If the author confines himself strictly to a description of the earth's surface, his book will be dry, meager, and unintelligible to a child. If, on the other hand, ho attempts to give .information on the cognate sciences, he enters a boundless field, and may wander too far. It eeeras to us that the authors of the series before us have hit on the happy medium between too much and too little. The First Lessons., by applying the system of object-teaching, renders the subject so attractive that a child, just able to read, may become deeply interested in it. The second book of the course enlarges th« view, but still keeps to the maps and simple descriptions. Then, in the third book, we have Geography combined with History and Astronomy. A general view of t»ie solar system is presented, bo that the pupil may understand the fearth's position on the map of the heavens. . The first part of the fourth book treats of Physical Geography, and contains a vast amount of knowledge com- pressed into a small space. It is made bright and attractive by beautiful pictures and suggestive illustrations, on the principle of object-teaching. The maps in the second part of this volume aro remarkably clear, and the map exercises aro copious and judicious. In the fifth and last volume of the scries, the whole sub- ject is reviewed and systematized. This is strictly a Geography. Its maps aro beautifully engraved and clearly printed. The map exercises are full and com- prehensive. In all these books the maps, questions and descriptions are given in the same volume, hx most geogrtiphies there are too many details and minute descriptions— more than any child out of purgatory ought to be required to learn. The power of memory is overstrained ; there is confhsion— no clearly deflfied idea is formed in the child's mind. But in these books, in brief, pointed descriptions, nnd constant "se of bright, accurate maps, the whole subject is photographed on Ihe mind. IQ The JVallonal Series of Standard School-^ooks, MATHEMATICS. DAVIES' NATIONAL COURSE ARITHMETIC. BLATED. 1. Davies' Primary Arithmetic, $ 25 $ 83 2. Davies' Intellectual Arithmetic, 40 48 3. Davies' Elements of Written Arithmetic, . . , . 50 60 4. Davies' Practical Arithmetic, 90 1 00 Key to Practical Arithmetic, 90 5. Davies' University Arithmetic, 1 40 1 50 Key to University Arithmetic, *1 40 ALGEBKA. 1. Davies' New Elementary Algebra, *1 25 1 35 Key to Elementary Algebra, . . . . . *1 25 2. Davies' University Algebra, 1 50 1 60 Key to University Algebra, ...... *1 50 3. Davies' New Bourdon's Algebra, ...... 2 25 2 38 Key to Bourdon's Algebra, *2 25 G-EOMETKY. 1. Davies' Elementary Geometry and Trigonometry, 1 40 1 50 2. Davies' Legendre's Geometry, 2 25 2 38 3. Davies' Analytical Geometry and Calculus, ... 2 50 2 03 4. Davies' Descriptive Geometry, 2 75 2 88 5. Davies' New Calculus, 2 00 MENSURATIOK 1. Davies' Practical Mathematics and Mensuration, . 1 50 1 60 2. Davies' Elements of Surveying, 2 50 2 03 3. Davies' Shades, Shadows, and Perspective,, . . 3 75 3 88 MATHEMATICAL SCIENCE. ^ Davies' Grammar of Arithmetic, * ^^ Davies' Outlines of Mathematical Science, *. 1 00 Davies' ivjature and Utility of Mat: ematics, 8vo, *2 00, 12mo, *1 50 Davies' Metric System, . . ' • 11 nn Davies & Peck's Dictionary of Mathematics, . . . . . 5 UU Davies' Foundations Mathematical Science, * 25 17 TT^e JyTationat Series of Standard School-^oofcs» MATHEMATICS-Continued. ARITHMETICAL EXAMPLES. Reuck's Examples in Denominate Numbers % so lleuck's Examples in Arithmetic i oo These volumes diffel from the ordinary arithmetic in their peculiarly practical character. They are composed mainly of examples, and afford the most severe and thorough discipline for the mind. While a book which should contain a complete treatise of theory and practice would bo too cumbersome for every-day use, the insufficiency of practical examples has been a source of complaint. HIGHER MATHEMATICS. Ghurch's Elements of Calculus 2 50 Church's Analytical Geometry 2 50 Church's Descriptive Geometry, with Shades, Shadows, and Perspective 4 00 These volumes constitute the "West Point Course" in their several departments. Courtenay's Elements of Calculus . . . . 3 oo A werk especially popular at the Soutii. Hackley's Trigonometry 2 50 With applications to navigation and surveying, nautical and practical geometry and geodesy. Peck's Analytical Geometry l 75 Peck's Practical Calculus » ....... i 75 APPLIED MATHEMATICS. Peck's Ganot's Popular Physics i 75 Peck's Elements of Mechanics ..... 2 oo Peck's Practical Calculus i 75 Peck's Analytical Geometry, i 75 Prof W G Peck, of Columbia College, has designed the first of these works for the ordinary wants of schools in the department of Natural Philosophy. The other volumes are the briefest treatises on those subjects now published Iheir methods are purely practical, and unembarrassed by the details which rather cour fuse than simplify science. ■ SLATED ARITHMETICS. This consists of the application of an artificially slated surface to the inner cover of a book with flap of the same opening outward, so that students may rcier to the book and use the date at one and the same time, and as thougli the slate were detached. When folded up, the slate preserves examples and memoranda tiL needed. The material used is as durable ad the btoue slate. The adcutionai cost ^f books thus improved is trifling. . 18 Rational Series of Standard School-Sooks. Davies' National Course of Mathematics. TESTIMONIALS. Frrnn L. Van Bokkelen, StaU Superintendent Public Instruction, Maryland. The series of Arithmetics edited by Prof. Davies, and published by your fimou lave been used for many years in the schools of several counties, and the city ol Baltimore, and have been approved by teachers and commissioners. Under the law of 1865, establishing a uniform system of Free Public Schools, these Arithmetics vpere unanimously adopted by the State Board of Education, after a careful examination, and are now used in all the Public Schools of Mary- land. . . * These facts evidence the hi^h opinion entertained by the School Authorities o4 the value of the series theoretically and practically. From noKACE "Webstee, President of the College of Neio Yorh. The undersigned has examined, with care and thought, several volumes of Da- vies' Mathematics, and is of the opinion that, as a whole, it is the most completa and best course for Academic and Collegiate instruction, with which he is ao« q^uainted. From David N. Camp, State Superintendent of Common Scliools, Connecticut. I have examined Davies' Series of Arithmetics with some care. The language is clear and precise ; each principle is thoroughly analyzed, and the whole so ar rano'ed as to facilitate the work of instruction. Having observed the satisfaction and°succes3 with which the different books have been used by eminent teachers, it gives me pleasure to commend them to others. From J. O. "Wllson, Chairman Committee on Text-BooJcs, Washington, D. (f. I consider Davies' Arithmetics decidedly superior to any other series, and in this opinion I am sustained, I believe, by the entire Board of Education and Corps of Teachers in this city, v/hcre they have been UBed for several years past. From John L. Cajsepbell, Professor of Mathematics, Wabash College, Indiana. A proper combination of abstract reasoning and practical illustration is the chief excellence in Prof. Davies' Mathematical works. I prefer his Arithmetics, Algebras, Geometry and Trigonometry to all others now in use, and cordially re- commend them to all who desire the advancement of sound learning. From Major J. H. Whittlesey, Government Inspector of Military Scliools. Be assured, I regard the works of Prof. Davies, with which I am acquainted, as by far the best text-books in print on the subjects which they treat. I shall _ cer- tainly encourage their adoption wherever a word from me may be of any avail. From T. McC. Baixantine, Prof Mathematics Cumberland College, Kentucky. \ have long taught Prof, Davies' Course of Mathematics, and I continue to like iheir working. From John McLean Bell, B. A., Prln. of Lower Canada College. I have used Davies' Arithmetical and Mathematical Series as text-books in tha schools under my charge for the last six years. These I have found of great effi- cacy in exciting, invigorating, and concentrating the intellectual faculties of the Ea^ treatise serves aa an introduction to the next higher, by the similarity of its reasonings and methods ; and the student is carried forward, by eacy and Igradual steps, over the whole field of mathematical inquiry, and that, too, in a hhorter time than is usually occupied in mastering a single department. _ I sincere- '*y and heartily recommend them to the sittention of my fellow-teachers in Canada. From D. "W. Steele, Prin. Philekoian Academy, Cold Springs, Texas. I havs used Davies' Arithmetics till I know them nearly by heart. A better ..eries of school-books never were published. I have recommended them until they are now used in all this region of country. A large mass of similar " Opinions " may be obtained by addressing the pul> lishers for special circular for Davies' Mathematics. Isew recommendations ar< ©ttblished in current numbers of the Educational Bulletin. 19 JVatlonal Series of Standard School-:Books. DAVIES' NATIONAL OOUESE of MATHEMATICS. ITS RECORD. In claiming for this series the first place among American text-books, of what ever class, the Publishers appeal to the magnificent record which its volumel have earned during the thirty-five years of Dr. Charles Davies' mathematical labors. The unremitting exertions of a life-time have placed the modern series oa the same proud eminence among competitors that each of its predecessors ha< successively enjoyed in a course of constantly improved editions, now rounded ttf their perfect fruition— for it seems almost that this science is susceptible of no farther demonstration. During the period alluded to, many authors and editors in this .department have Btarted into public notice, and by borrowing ideas and processes original with Dr. Davies, have enjoyed a brief j'opularity, but are now almost unknown. Many of the series of to-day, built upon a similar basis, and described as "modern books," are destined to a similar fate ; while the most far-seeing eye will find it difficult to fix the time, on the basis of any data afforded by their past history, when these books will cease to increase and prosper, and fix a still firmer hold on the affection of every educated American. One cause of this unparalleled popularity is found in the fact that the enterprise of the author did not cease with the original completion of his books. Always a practical teacher, he has incorporated in his text-books from time to time the ad- vantages of every improvement in methods of teaching, and every advance in science. During all the years in which he has been laboring, he constantly sub- mitted his own theories and those of others to the practical test of the class-room —approving, rejecting, or modifying them as the experience thus obtained might suggest. In this way he has been able to produce an almost perfect series of class-books, in which every department of mathematics has received minute and exhaustive attention. Nor has, he yet retired from the field. Still in the prime of life, and enjoying a ripe experience which no other living mathematician or teacher can -emulate, his pen is ever ready to carry on the good work, as the progress of science may de- mand. Witness his recent exposition of the "Metric System." which received the officiai endorsement of Congress, by its Committee on Uniform Weights and Measures. Davies' Ststbm is the acknowiedgbd National Standaed for thb United States, for the following reasons:— 1st, It is the basis of instruction in the great national schools at West Point and Annapolis. 2d. It has received the quasi endorsement of the National Congress. 3d. It is exclusively used in the public schools of the National Capital. 4th. The officials of the Government use it as authority in all cases involving mathematical questions. 5th. Our great soldiers and sailors commanding the national armies and navies were educated in this system. So have been a majority of eminent scientists in ihis conntj-y. All these refer to " Davies " as authority. 6th. A larger number of American citizens have received their education froa this than from any other series. 7th. The series has a larger circulation throughout the whole country than any Other, being extensively used in every State in the Union. 20 The J\^ational Se^'les of Standard SchoolSooks. MATHEMATICS-Continued. PECK'S ARITHMETICS. By the Prof, of Mathematics at Columbia College, New York, 1. Peck's First Lessons in Numbers, • • • $o 25 Embracing all that is usually included in what are called Primary and Intel- lectual Arithmetics; proceeding gradually from object lessons to abstract num- bers; developing Addition and Subtraction simultaneously: with other attrac- tive novelties. 2. Peck's Manual of Practical Arithmetic, • so An excellent " Brief" course, conveying a sufiSicient knowledge of Arithmetic for ordinary business purposes. It is thoroughly "practical," because the author believes the Theory cannot be studied with advantage until the pupil has acquired a certain facility in combin- ing numbers, which can only be had by practice. .... 90 3. Peck's Complete Arithmetic, .... The whole subject— theory and practice— presented within very moderate limits. This author's most remarkable faculty of mathematical treatment is comprehended in three words : System, Conciseness, Lucidity. The directness and simplicity of this work cannot be better expressed than in the words of a correspondent who adopted the book at once, because, as he said, it is "free from that juggling with numbers'" practiced by many authors. From the " Galaxy,'" New York. ■ In the " Complete Arithmetic " each part of the subject is logically developed. First are given the necessary definitions ; second, the explanations of such signs (if any) as are used; third, the principles on which the operation depends; fourth, an exemplification of the manner in which the operation is performed, which is so conducted that the reason of the rule which is immediately thereafter deduced is made perfectly plain ; after which follow numerous graded examples and corresponding practical problems. All the parts taken together are arranged in logical order. The subject is treated as a whole, and not as if made up of segregated parts. It may seem a simple remark to make that (for example) addi- tion is in principle one and the same everywhere, whether employed upon simple or compound numbers, fractions, etc., the only difference being in the unit in- volved ; but the number of persons who understand this practically, compared to the number who have studied arithmetic, is not very great. The student of the •' Complete Arithmetic" cannot fail to understand it. All the principles of the science are presented within moderate limits. Superfluity of matter— to supple- ment defective definitions, to make clear faulty demons ti-ations and rules ex- pressed either inaccurately or obscurely, to make provision for a multiplicity of cases for which no provision is requisite— has been carefully avoided. The definitions are plain and concise ; the principles are stated clearly and aecurately ; the demonstrations are full and complete ; the rules are perspicuous and compre- hensive ; the illustrative examples are abundant and well fitted to familiarize th« student with the application of principles to the problems of science and of every-day life. J^" The Definitions constitute the power of the book. We haye never seen them excelled for clearness and exactness.— /(??(;« School Journal. The JVational Series of Standard ScPiootSooks, PENMANSHIP. ^ ^ » ' Beers' System of Progressive Penmanship. Per dozen $1 68 This " round "hand " system of Penmanship in twelve numbers, com- mends itself by its Bimplicity and thoroughness. The first four numbers are primary books. Nos. & to 7, advanced books for boys. Nos. 8 to 10, advanced books for girls. Nos. 11 and 12, ornamental penmanship. These books are printed from steel plates (engraved by McLees), and are unexcelled in mechanical execution. Large quantities are annually Bojd. Beers' Slated Copy Slips, per set *50 All beginners should practice, for a few weeks, slate exercises, familiar- izing them with the form of the letters, the motions of the hand and arm, &c., &c. These copy slips, S2 in number, supply all the copies found in a complete seiies of writing-books, at a triifling cost. Payson,Dunton&Scribner's Copy-B'ks.P- doz*l 80 The National System of Penmanship, in three distinct series — (1) Com- mon School Scries, comprising the first six numbers ; (2) Business Series, Nos. 8, 11, and 12; (3) Ladies' Series, Nos, 7, 9, and 10. Fulton & Eastman's Chirographic Charts,*3 75 To embellish the school room walls, and furnish class exercise in the elements of Penmanship. Payson's Copy-Book Cover, per hundred .*4 oo Protects every page except the one in use, and furnishes " lines " with propef Blope for the penman, under. Patented. National Steel Pens, Card with all kinds . . . *15 Pronounced by competent judges the perfection of American-made pens, ftn4 euperior to any foreign article. Index Pen, per gross ... 75 SCHOOL SERIES. School Pen, per gross, . .$ 60 Academic Pen, do . . 63 Fine Pointed Pen, per gross 70 POPULAR SERIES. Capitol Pen, per gross, . . 1 00 do do pr. box of 2 doz. 25 Bullion Pen (imit. gold) pr. gr. 75 Ladies' Pen do 63 BUSINESS SERIES. Albata Pen, per gross, . . 40 Bank Pen, do . . TO Empire Pen, do . . 70 Commercial fen, per gross . 60 Express Pen, do . 75 Falcon Pen, do . TO Elastic Pen, do . 75 Stimpson's Scientific Steel Pen, per gross .*2 oo One forward and two backward arches, ensuring gi-eat strength, well- balanced elasticity, evenness of point, and smoothness of execution. One gross in twelve contains a Scientific Gold Pen. Stimpson's Ink-Retaining Holder, per doz. .*2 oo A simple apparatus, whic-. does not get out of order, withholds at a single dip as much ink as the pen would otherwise realize from a dozen trips to the inkstand, which it supplies with moderate and easy flow. Stimpson's Gold Pen, 13 oo; with Ink Retainer*^ 50 Stimpson's Penman's Card, * 50 One dozen Steel Pens (assorted points) and Patent Ink-retaining Pen 22 The J\^alional Series of Standard School- :Sook:s, HISTORY. Monteith's Youth's History, ....'.. 4 75 A History of the United States for beginners. It is arranged upon the ^ catechetical plan, with illustrative maps and engravings, review questions, ' dates in parentheses (that their study may be optional with the younger class of learners), and interesting Biographical Sketches of all persona \ who have been prominently identified with the history of our country, Wiliard's United States, School edition, ... i 40 Do. do. University edition, . 2 25 The plan of th'is F|f,ndard work is chronologically exhibited in front of the title-page ; the Claps and Sketches are found useful assistants to the memory, and dates, usually so difficult to remember, are* bo systematically arranged as in a great degree to obviate the difficulty. Candor, impar- tiality, and accuracy, are the distinguishing features of the narrative portion. Willard's Universal History, 2 25 The most valuable features of the " United States" are reproduced in this. The peculiarities of the work are its great conciseness and the prominence given to the chronological order of events. The margin marks each successive era with great distinctness, so that the pupil re- tains not only the event but its time, and thus fixes the order of history firmly and usefully in his mind. Mrs. Willard's books are constantly revised, and at all times written uj* to embrace important historical events of recent date. Berard's History of England, 17 By an authoress well known for the success of her History of the United States. The social life of the English people is felicitously interwoven, as in fact, with the civil and military transactions of the realm. Ricord's History of Rome, i 75 Possesses the charm of an attractive romance. The Fables with which this history abounds are introduced in such a way as not to deceive tlie inexperienced, while adding materially to the value of the work as a reli- able index to the character and institutions, as well as the history of the Eoman people. Banna's Bible History, i 25 The only compendium of Bible narrative which affords a connected and chronological view of the important events thera recorded, divested ©f all superfluous detaiL Summary of History, Complete 60 American History, $0 40. French and Eng. Hist. 35 A well proportioned outline of leading events, condensing the substance of the more extensive text-book in common use into a series of statements so brief, that every word may be committed to memory, and yet so comprehensive that it presents an accurate though general view of tiie whole continuous life of DAtioiut. Marsh's Ecclesiastical History 2 oo Quef?tions to ditto, 75 Affording the History of the Church in all ages, with accounts of the pagan world during Biblical periods, and the chai'acter, rise, and progress of all Religions, as well as the various sects of the worshiperg of Christ. The work is entirely non-sectarian, though strictly cutholic. Mill's History of the Jews, ....... l 75 23 T?ie JVatlonat Series of Standard Sc7ioot-CBooks. HISTORY-Continued. BARNES' ONE-TERM HISTORY. A Brief History of the United States, • • • $i so This is probably the most ORiGENAii schooi.-book published for many years, ia any department. A few of its claims are the following: 1. Brevity'— The text is complete for Grammar School or intermediate classes, in 290 12mo pages, large type. It may readily be completed, if desired, in one term of study. 2. Comprehensiveness.— Though so brief, this book contains the pith of ai3 the wearying contents of the larger manuals, and a great deal more than the mem- ory usually retains from the latter. 3. Interest has been a prime consideration. Small books have heretofore been bare, full of dry statistics, unattractive. This one is charmingly written, replete with anecdote, and brilliant with illustration. 4. Proportion of Events.— it is remarkable for the discrimination with which the different portions of our history are presented according to their im- portance. Thus the older works being already large books when the civil war took place, give it less space than that accorded to the Revolution. 5. Arrangement.— In six epochs, entitled respectively, Discovery and Settle- ment, the Colonies, the Revolution, Growth of States, the Civil War, and Current Events. 6. Catch Words. — Each paragraph is preceded by its leading thought in prominent type, sjt^nding in the student's mind for the whole paragraph. .7. Key Notes. — Analogous with this is the idea of grouping battles, etc., about some central event, which relieves the sameness so common in such de- scriptions, and renders each distinct by some striking peculiarity of its own. 8. Foot Notes.— These are crowded with interesting matter that is not strictly a part of history proper. They may be learned or not, at pleasure. They are certain in any event to be read. 9. Biographies of aU the leading characters are given in full in foot-notes. 10. Maps. — Elegant and distlact Maps from engravings on copper-plate, and beautifully colored, precede each epoch, and contain all the places named. 11. Questions are at the back of the book, to compel a more independent use rf the text. Both text and questions are so worded that the pupil must give in- i tUigent answers in his own words. " Yes " and " No " will not do. 12. Historical Recreations.— These are additional questions to test the stu- dent's knowledge, in review, as: "What trees are celebrated in our history?" " When did a fog save our army ? " " What Presidents died in oflice ? " " When was the Mississippi our western boundary ? " " Who said, ' I would rather be right than President ? ' " etc. 13. The Illustrations, about seventy in number, are the work of our best artists and engravers, produced at great expense. They are vivid and interest- ing, and mostly upon subjects never before illustrated in a school-book. 14. Dates.— Only the leading dates are given in the text, and these are bo associated as to assist the memory, but at the head of each page is the date of \)a.Q event first mentioned, and at the close of each epoch a summary of events and dates. 15. The Philosophy of History is studiously exhibited— the causes and effects of events being distinctly traced and their interconnection shown. 16. Impartiality. —All sectional, partisan, or denominational views are avoided. Facts are stated after a careful comparison of all authorities without the least prejudice or favor. 17. IndeS.— A verbal Itidex at the close of the book perfects it as a work of reference. It will be observed that the above are all particulars in which School HistoricB have been signally defective, or altogether wanting. Many other claims to favor H shares in common with its pjcdecessors. 24 The JVatianat Series of Standard Sc?iool'!Sooks. HISTORY-Continued. Hunter's Historical Games, with cards . . . lo 75 An invaluable accompaniment for the text-book, by way of Btimulating interest in the Class ; affording, at once. Amusement and Instructioij, SOME TESTIMONIALS FOR BARNES' BRIEF HISTORY. From Hon. J. M. McKenzie, Supt. Pub. Inst, NebrasM. I have examined your "Brief History of the United States," and like it real well; and were I teaching a graded school, I think I should use it as a text-book. From Hon. H. B. Wilson, Supt. Pub. Inst, Minnesota. I have read with much interest the "■ One-Term History of the United States." I am much pleased with it. In my judgment, it contains all of the United States his- . tory that the majority of pupils in our common schools can spare time to study. From Pees. Edward Brooks, Millersville State Normal Sclwol, Pa. It is a work that will be a favorite with teachers and pupils. Its scope and style especially adapt it for use in our public schools. I cordially commend it to teachers desiring to introduce an interesting and practical text-book upon this subject. From Pkes. Barker, Bvffalo State Normal School, N. Y. In the copy of your " Brief History," before me, the important items to be learned in history seem most ingeniously brought out and kept in the foreground. These items are time, persons, 2)laces, and events. It has the appearance of an exceedingly fresh and systematic work.' I think I shall put it into my classes. From Proe. Wm. F. Allen, State Univ. of Wisconsin. I think the author of the new " Brief History of the United States " has been very successful in combining brevity with sufficient fullness and interest. Particularly, he has avoided the excessive number of names and dates that most histories con- tain. Two features that I like very much are the anecdotes at the foot of the page and the " Historical Recreations " in the Appendix. The latter, I think, is quite a new feature, and the other is very well executed. From S. G. Wright, Assist-Supt. Pub. Inst, Kansas. It is with extreme pleasure we submit our recommendation of the " Brief History of the United States." It meets the needs of young and older children, combining concision with perspicuity, and if "brevity is the soul of wit," this "Brief His- tory " contains not only that well-chosen ingi'edient, but wisdom sufficient to en- lighten those students who are wearUy longing for a " new departure " from certain old and uninteresting presentations of fossilized writers. We congratulate a pro- gressive public upon a progressive book. From Hon. Newton Bateman, Supt. Pub. Inst, Illinois. Barnes' One-Term History of the United States is an exceedingly attractive and spirited little book. Its claim to several new and valuable features seems well founded. Under the form of six well-defined EpochSj the History of the United States is traced tersely, yet pithily, from the earliest times to the present day. A good map precedes each epoch, whereby the history and geography of the period may be studied together, as they always should be. The syllabus of each paragraph is made to stand in such bold relief, by the use of large, heavy type, as to oe of much mnetnonic value to the student. The book is written m a sprightly and piquant style, the interest never flagging from beginning to end— a rare and difQcult achievement in works of this kind. From the " Chicago ScTwolmaster " {Editorial). A thorough examination of Barnes' Brief History of the United States brings the examiner to the conclusion that it is a superior book in almost every respect. The book is neat in form, and of good material. The type is clear, large, and distinct. Th3 facts and dates are correct. The arrangement of topics is just the thing needed in a history text-book. By this arrangement the pupil can see at once what he is expected to do. The topics are well selected, embracing the leading ideas or prin- cipal events of American history. . . . The book as a whole is much superior to any I have examined. So much do I think this, that I have ordered it for my class, and shall use it in my school. (Signed) B. W. Baker. Baker's Brief History of Texas, ..... $i 25 25 77ie JVailonal Series of Standard Schoot-^ooks. DRAWING. Chapman's American Drawing Book, . . .*I6 oo The standard American text-book and authority in all branches of art. A com' pilation of art principles. A manual for the amateur, and basis of study for the pro- fessional artist. Adapted for schools and private instruction. Contents.— "Anj[ one who can Learn to Write can" Learn to Draw." — Primary Instruction in Drawing.— Rudiments of Drawing the Human Head. — Rudiments in Drawing the Human Figure.— Rudiments of Drawing.— The Elements of Geometry.— Perspective.— Of Studying and Sketching from Nature.— Of Painting.— Etching and Engraving. — Of Modeling. — Of Composition —Advice to the American Art-Student. The work is of course magnificently illustrated with all the original designs. Chapman's Elementary Drawing Book, . . i 50 A Progressive Course of Practical Exercises, or a text-book for the training of the eye and hand. It contains the elements from the larger work, and a copy should be in the hands of every pupil; while a copy of the ^'American Drawing Book," named above, should be at hand for reference by the class. The Little Artist's Portfolio, *50 25 Drawing Cards (progressive patterns), 25 Blanks, and a fine Artist's Pencil, all in one neat envelope. Clark's Elements of Drawing, *i oo A complete course in this graceful art, from the first rudiments of outline to the finished sketches of landscape and scenery. Fowle's Linear and l^erspective Drawing, . *60 For the cultivation of the eye and hand, with copious illustrations and direc- tions for the guidance of the unskilled teacher. Monk's Drawing Books— Six Numbers, per set, *2 25 Each book contains deven large patterns, with opposing blanks. No. 1. Elemen' tary Studies. No. 2. Studies of Foliage. No. 3. Landscapes. No. 4. Animals, L No. 5. Animals, IL No. 6. Marine Views, etc. Allen's Map-Drawing, . . . 25cts.; Scale, 25 This method introduces a new era in Map-Drawing, for the following reasons :— 1. It is a system. This is its greatest merit.— 2. It is easily understood and taught. — .3. The eye is trained to exact measurement by the use of a scale.— 4, By no spe- cial effort of the memory, distance and comparative size are fixed in the mind.— 5. It discards useless construction of lines.— 6. It can be taught by any teacher, even though there may have been no previous practice in Map-Drawing. — 7. Any pupil old enough to study Geofflraphy can learn by this System, in a short time, to draw accurate maps.— 8. The System is not the result of theory, but comes directly from the school-room. It has been thoroughly and successfully tested there, with all grades of pupils.- 9. It is economical, as it requires no mapping plates. It gives the pupil the ability of rapidly drawing accurate maps. Ripley's Map-Drawing, 1^5 Based on the Circle. One of the most efficient aids to the acquirement of a knowledge of Geography is the practice of map-drawing. It is useftil for the same reason that the best exercise in orthography is the writing of difficult words. Sight comes to the aid of hearing, and a double impression is produced upon the memory. Knowledge becomes less mechanical and more intuitive. The student who has sketched the outlines of a country, and dotted the important places, is little likely to forget either. The impression produced may be compared to that of a traveller who has been over the ground, while more comprehensive aad accurate in detail. 26 The JVationat Series of Standard SchoolSo6k$» BOOK-KEEPING. Folsom's Logical Book-keeping, S200 Folsom's Blanks to Book-keeping, .... *4 50 This treatise embraces the interesting and important discoveries of Prof. Folsom (of the Albany " Bryant & Stratton College"), fehe par- tial enunciation of which in lectures and otherwise has attracted so much attention in eirclea interested in commercial education. After studying business phenomena for many years, he has arrived at the positive laws and principles that underlie the whole subject of Accounts ; finds that the science is based in Value as a generic term ; that value divides into two classes with varied species ; that all the exchanges of values are reducible to nine equations ; and that all the results of all these exchanges are limited to thirteen in number. As accounts have been universally taught hitherto, without setting out from a radical analysis or definition of values, the science has been ke.pt in great obscurity, and been made as difficult to impart as to acquire. On the new theory, however, these obsstacles are chiefly removed. In reading over the first part of it, in which the governing laws and principles are discussed, a person with ordinary intelligence will obtain a fair conception of the double entry process of accounts. But when he comes to study thoroughly theee laws and principles as there enunciated, and works out the examples and memoranda which elucidate the thirteen results of business, the student will neither fail in readily acquiring the science as it is, nor in becoming able intelli- gently to apply it in the interpretation of business. Smith & Martin's Book-keeping, l S5 Smith & Martin's Blanks, *60 This work is by a practical teacher and a practical book-keeper. It is of a thoroughly popular class, and will be welcomed by every one who loves to see theory and practice combined in an easy, con- cise, and methodical form. The Single Entry portion is well adapted to supply a want felt in nearly all other treatises, which seem to be prepared mainly for the nse of wholesale merchants, leaving retailers, mechanics, farmers, etc., who transact the greater portion of the business of the country, without a guide^ The work is also commended, on this account, for general use in Young Ladies' Seminaries, where a thorough ground- ing in the simpler form of accounts will be invaluable to the future housekeepers of the nation. The treatise on Double Entry Book-keeping combines all the ad- vantages of the most recent methods, with the utmost simplicity of application, thus aff'ording the pupil all the advantages of actual ex- perience in the counting-house, and giving a clear comprehension of the entire subject through a judicious course of mercantile trans- actions. The shape of the book is such that the transactions can be pre- sented as in actual practice ; and the simplified foi*m of Blanks — three in number— adds greatly to the ease experienced in acquiring the science. 27 The JVaiiofiat Series of Standard Schoot-^ooks, NATURAL SGIENOE. FAMILIAR SCIENCE. Norton & Porter's First Book of Science, • ti 75 By eminent Professors of Yale College. Contains the principles of Natural Philosophy, Astronomy, Chemistry, Physiology, and Geology. Arranged on the Catechetical plan for primary classes and beginners. Chambers' Treasury of Knowledge, .... i 25 Progressive lessons yy^on— firsts Common things which lie most immediately iround us, and first attract the attention of the young mind ; second, common objects from the Mineral, Animal, and Vegetable kingdoms, manufactured articles, and miscellaneous substances ; thirds a systematic view of Nature under the various sciences. May be used as a Reader or Text-book. NATURAL PHILOSOPHY. Norton's First Book in Natural Philosophy, 1 00 By Prof. Norton, of Yale College.- Designed for beginners. Profusely illustrated, and arranged on the Catechetical plan. Peck's Ganot's Course of Nat. Philosophy, . 1 '^5 • The standard text-book of France, Americanized and popularized by Prof. P3e;ck, of Columbia College. The most magnificent system of illustration ever" adopted in an American school-book is here found. For intermediate classes. Peck's Elements of Mechanics, . . • • . • 2 00 A suitable introduction to Bartlett's higher treatises on Mechanical Philosophy, and adequate in itself for a complete academical course. Bartlett's synthetic, m amlytic, Mechanics, • each 5 00 Bartlelt's Acoustics and Optics, ..... 3 50 A system of Collegiate Philosophy, by Prof. Bartlett, of West Point Military Academy. Steele's 14 Weeks Course in Philos. (see p. 34) 1 50 Steele's Philosophical Apparatus, .... *125 00 Adequate to performing the experiments in the ordinary text-books. The articles will be sold separately, if desired. See special circular for details. GEOLOGY. Page's Elements of Geology, i-^s A volume of Chambers' Educational Course. Practical, simple, and eminently calculated to make the study interesting. Emmons' Manual of Geology, 1 ^5 The first Geologist of the country has here produced a work worthy of his repu- tation. Steele's 14 Weeks Course (see p. 34) . . . . . 1 so Steele's Geological Cabinet, *40 00 Containing 125 carefully selected specimens. In four parts. Sold separately, ii desired. See circular for details. 28 The JV^allona^ 6'eries of Stanaard Sc?iool-^ooks, Peck's Ganot's Popular Physics. T E S T I M O JNT I A L S. From Prof. Axonzo Coixin, Cornell College^ Iowa. I am pleased with it. I have decided to introduce it as a text-book. From H. F. Johnson, President Madison College, Sharon, Miss, I am pleased with Peck's Ganot, and think it a magnificent book. From Peof. Edwabd Brooks, Pennsylvania State Normal School. So eminent are its merits, that it will be introduced as the text-book upMi ela tnentary physics in this institution. From H. H. Lockwood, Professor Natural Philosophy U. S. Naval Academy. I am so pleased with it that I will probably add it to a course of lectures given to the midshipmen of this school on physics. From Geo. S. Mackie, Professor Natural Eidory University of Nashville, Tenn. I have decided on the introduction of Peck's Ganot's Philosophy, as I am satis- fied that it is the best book for the purposes of my pupils that 1 have seeii, con«. bining simplicity of explanation with elegance of illustration. From W. S. McEae, Superintendent Vevay Public Schools, Indiana. Having carefully examined a number of text-books on natural philosophy, I da not hesitate to exi^ress my decided opinion in favor of Peck's Ganot. The matter, style, and illustration eminently adapt the work to the popular wants. From 'Ret. Samuel McKinnet, D.D., PresH Austin College, Huntsville, Texas. It gives me pleasure to commend it to teachers. I have taught some classes wit^i It as our text, and must say, for simphcity of style and clearness of illustration, I have found nothing as yet published of equal value to the teacher and pupil. From C. V. Speae, Principal Maplewood Institute, Pittsjield, Ifass. I am much pleased with its ample illustrations by plates, and its cleamess and eimplicity of statement. It covers the ground usually gone over by our higher classes, and contains many fresh illustrations from life or daily occurrences, and new applications of scientific principles to such. From J. A. Baneield, Superintendent Marshall Public Schools, Michigan. I have used Peck's Ganot since 1863, and with increasing pleasure and satisfac* tion each term. I consider it superior to any other work on physics in its adapta- tion to our high schools and academies. Its illustrations are superb— better than three times their number of pages of fine print. From A. Schutlee, Prof, of MathemMics in Baldwin University, Berea, Ohio. After a careful examination of Peck's Ganot's Natural Philosophy, and an actual ^est of its merits as a text-book, I can heartily recommend it as admirably adapted to meet the wants of the grade of students for which it is intended. Its diagram* and illustrations are unrivaled. We use it in the Baldwin University. From D. C. Yan Norman, Principal Van Norman Institute, New TorJc. The Natural Philosophy of M. Ganot. edited by Prof. Peck, is, in my opinion, fhe best work of its kind, for the use intended, ever published in this country. Whether regarded in relation to the natural order of the topics, the precision and cleai-ness of its definitions, or the fullness and beauty of its illustrations; it is cer- tainly, I think, an advance. 5^" For many similar testimonials, see current numbers of the BhiBtmted Ed OCational Bolietin. 29 The JV^ational Series of Standard School-^ooks, NATURAL SCIENCE-Continued. CHEMISTRY. Porter's First Book of Chemistry, . . . . Ii oo Porter's Principles of Chemistry, ..... 2 oo The above are widely known as the productions of one of the most eminent scien- tific men of America. The extreme simplicity in the method of presenting the Bcience, while exhaustively treated, has excited universal commendation. Darby's Text-Book of Chemistry, i "^5 Purely a Chemistry, divesting the subject of matters comparatively foreign to it (such as heat, light, electricity, etc.), but usually allowed to engross too much atten- tion in ordinary school-books. Gregory's Organic Chemistry, 2 50 Gregory's Inorganic Chemistry, 2 50 The science exhaustively treated. For colleges anfl medical students. Steele's Fourteen Weeks Course, ..... i 50 A successful effort to reduce the study to the limits of a single term, thereby making feasible its general introduction in institutions of every character. The author's felicity of style and success in making the science pre-eminently interest- ing are peculiarly noticeable features. (See page 34.) Steele's Chemical Apparatus, *^o oo Adequate to the performance of all the important experiments. B O T AtT Y. Thinker's First Lessons in Botany, .... 40 For children. The technical terms are largely dispensed with in faror of an easy and familiar style adapted to the smallest learner. Wood's Object-Lessons in Botany, .... i so Wood's American Botanist and Florist, . . 2 50 Wood's New Class-Book of Botany, . : . . 3 50. The standard text-books of the United States in this department. In style they are simple, popular, and lively ; in arrangement, easy and natural ; in description, graphic and strictly exact. The Tables for Analysis are reduced to a perfect sys- tem. More are annually sold than of all others combined. Wood's Plant Record, *75 A simple form of Blanks for recording observations in the field. Wood's Botanical Apparatus, *8 oo A portable Trunk, containing Drying Press, Knife, Trowel, Microscope, and Tweezers, and a copy of Wood s Plant Kecord — composing a complete outfit for the collector. Young's Familiar Lessons, 2 oo Darby's Southern Botany, 2 oo Embracincj general Structural and Phypiological Botany, with vegetable products, and descriptions of Southern plants^ and a comnlete Flora of the Southern States, 30 The JVaHonal Series of Sta77da7'd School-^Books. WOOD'S BOTANIES. •TESTI3>w!i:03Sri.A.IL.S- Frmn Pbes. K. B. Burleson, Waco University^ Texas. Wood's Botanies— books that meet every want in their line. From Prdt. J. G. Ralston, Norristown Seminary, Pa. . We find the " Class-Book " entirely satisfactory. From Pres. D. F. Bittle, JtoanoTce College, Va. Your text-books on Botany are the best for students. From Prop. W. C. Peerce, Baldwin University, Ohio. I tlvWk his Flora the best we have. His method of analysis is excellent. From Prof. Blakeslee, State Normal School, Potsdam, JV. Y. It Is admirably concise, yet it does not seem to be deficient or obscure. In paper, print, and binding, the book leaves little to be desired. From Pres. J. M. Gregory, State Agricultural College, IU~ I find myself greatly pleased with the perspicuity, compactness, and complete- ness of the book (Wood's Botanist and Florist). I shall recommend it frgely to my friends. From Prop. A. Wlnchell, University of Michigan. I am free to Bay that I had been deeply impressed, I may say almost astonished, at the evidences which the work bears of skillful and experienced authorship in this field, and nice and constant adaptation to the wants and conveniences of students of Botany. I pronounce it emphatically an admirable text-book. From Prof. Richard Owen, University of Indiana. I am well pleased with the evidence of philosophical method exhibited in the general arrangement, as well as with the clearness of the explanations, the ready intelligibility of the analytical tables, and the illustrative aid furnished by the numerous and excellent wood-cuts. I design using the work as a text-book with my next class. From Prin. B. R. Anderson, Columbus Union School, Wisconsin. I have examined several works with a view to recommending some good text- book on Botany, but I lay them all aside for "Wood's Botanist and Florist." The arrangement of the book is in my opinion excellent, its style fascinating and attrac- tive, its treatment of the various departments of the science is thorough, and last, but far from unimportant, I like the topical form of the questions to each chapter. It seems to embrace the entire science. In fact, I consider it a complete, attractive, ftnd exhaustive work. From'M. A. Marshall, Mw Haven High School, Conn. It has all the excellencies of the well-known Class-Book of Botany by the same author in a smaller book. By a judicious system of condensation, the size of the Flora is reduced one-half, while no species are omitted, and many new ones are added. The descriptions of species are very brief, yet sufficient to identify the plant, and, when taken in connection with the generic description, form a complete description of the plant. The book as a whole will suit the wants of classes better than anything I have yet seen. The adoption of the Botanist and Florist would not require the exclusion of the Class-Book of Botany, as they are so arranged that both might be used by the same class. Frofn Prop. G. H. Perkins, University of Vermont and State Agricultural College. I can truly say that the more I examine Wood's Class-Book, the better pleased I am with it. In its illustrations, especially of particulars not easily observed by the student, and the clearness and compactness of its statements, as well as in the ter- ritory its flora embraces, it appears to me to surpass any other work I know of. The whole science, so far as it can be taught in a college course, is well presented, and rendered unusually easy of comprehension. The mode of analysis is excellent, avoiding as it does to a great extent those microscopic characters which puzzle the beginner, and using those that are obvious as far as possible. I regard the work ai a most admirable one, and shall adopt it as a text-book another year. 31 . The JVatio7iooks. NATURAL SCIENCE-Continued. PHYSIOLOG-Y. Jarvis' Elements of Physiology, $75 Jarvis' Physiology and Laws of Health, . i 65 The cnly books extant -which approach this subject with a proper view of the trua object of teaching Physiology in schools, viz., that scholars may know feow to take care of their own health. In bold eontrast -with the abstract Anatomies, -which children learn as they -would Greek or Latin (and forget as soon), to discipline the mind, are these text-books, • using the science as a secondary consideration, and only so far as is necessary for the comprehension of the toi«s of health. Hamilton's Vegetable & Animal Physiology, l 25 ' The two branches of the science combined in one volume lead the stu- dent to a proper comprehensioa of the Analogies of Nature. Steele's Fourteen Weeks Course (see p. 34), . i so ASTRONOMY. Steele's Fourteen Weeks' Course, . . . . . i 50 Reduced to a single term, and better adapted to school use than any work hei-etofore published. Not written for the information of scientific men, but for the inspiration of youth, the pages are not burdened with a multitude of figures which no memory could possibly retain. The whole subject is presented in a clear and concise f9rm. (See p. 34.) ¥/illard's School Astronomy, .100 By means of clear and attractive illustrations, addressing the eye in many cases by analogies, careful definitions of all necessary technical terms, a careful avoidance of verbiage and unimportant matter, particular attention to analysis, and a general adoption of the simplest methods, Mrs. Willard has made the best and most attractive elementary Astron- omy extant. Mclntyre's Astronomy and the. Globes, • . 1 50 A complete treatise for intermediate classes. Highly approved. Bartlett's Spherical Astronomy, 5 00 The West Point course, for advanced classes, with applications to the current wants of Navigation, Geography, and Chronology. NATURAL HISTORY. Carll's Child's Book of Natural History, . . 50 Illustrating the Animal, Vegetable, and Mineral Kingdoms, witk appli- cation to the Arts. For beginners. Beautifully and copiously illustrated. ZOOLOGY. Chambers' Elements of Zoology, • .. . • • 1 50 A complete and comprehensive system of Zoology, adapted for aca- demic instruction, presenting a systematic view of the Animal Kingdom as a portion of external Nature. 32 National Series of Standard School-^ooks, Jarvis' Physiology and Laws of Health. TESTIMONIALS. Frvm Samuel B. McLane, Superintendent Public Schools, Keokuk^ Iowa. I am glad to see a really good text-book on this much neglected branch, Thii ii dear, concise, accurate, and eminently adapted to the class-rooin. From 'WrLLiAJn F. Wyees, Principal of Academy, West Cliester, Pennsylvania. A t]K)rough examination has satisfied me of its superior claims as a text-book to tb« ^tention of teacher and taught. I shall introduce it at once. From H. R. Sanfokp, Principal of East Oenesee Conference Seminxxry, N. Y. , " Jarvis' Physiology" is received, and fully met our expectations. We immediately adopted it. From Isaac T. Goodnow, State Superintendent of Kansas— puUisTied in connection with the " School Law." ♦• Jarvis' Physiology," a common-sense, practical work, with just enou>^h of anat- omy to understand the physiological portions. The last six pages, on Man's Sespon sibUity for his own health, are worth the price of the book. From D. "W. Stevens, Superintendent Public Schools, Fall River, Mass. I have examined Jarvis' " Physiology and Laws of Health," which you had the kindness to send to me a short time ago. In my judgment it is far the best work of the kind within my knowledge. It has been adopted as a text-book in our public From Henet G. Denny, Chairman Book Committee, Boston, Mass. The very excellent " Physiology " of Dl. Jarvis I had introduced into our High School, where the study had been temporarily dropped, believing it to be by far the best work of the kind that had come under my observation; indeed, the reintroduc- tion of the study was delayed for some months, because Dr. Jarvis' book could not be had, and we were uaiwilling to take any other. From Peof. A. P. Peabodt, D.D., LL.D., Harvard Univsrsity. • • I have been in the habit of examining school-books with great care, and I hesitate not to say that, of all the text-books on Physiology which have been given to the public, Dr. Jarvis' deserves the first place on the score of accuracy, thoroughness, method, simplicity of statement, and constant reference to topics of practical interest and utility. From James N. Townbend, Superintendent Public Schools, Hudson, N. Y. Every human being is appointed to take charge of his own body ; and of all hooka written upon this subject, I know of none which will so well prepare one to do this as *' Jarvis' Physiology" — that is, in so small a compass of matter. It considers the pure, simple laws of health paramoimt to science ; and though the work is thoroughly scientific, it is divested of all cumbrous technicalities, and presents the subject of phy- sical life in a manner and style really charming. It is unquestionably the best text- book on physiology I have ever se«n. It is giving great satisfaction in the schools of this city, where it has been adopted as the standard. From L. J. Sanfoed, M.D., Prof. Anatomy and Physiology in Yale College Books on human physiology, designed for the use of schools, are more generally a failure perhaps than are school-books on most other subjects. The great want in this department is met, we think, in the well-written treatise of Dr. Jarvis, entitled " Physiology and Laws of Health." « * The work is not too detailed nor too expansive in any department, and is clear and concise in all. It is not burdened with an excess of anatomical description, nor rendered discursive by many zoological references. Anatomical statements are made to the extent of quali- fying the student to attend, understandingly, to an exposition of those functional pro • eesses which, collectively, make up health ; thus the laws of health are enunciated, and many suggestions are given which, if heeded, will tend to ita preservation. t^~ For further testimony of similar character, see current numbers of the illua ^rutfld Educational Bulletin, 33 The JVational Series of Standard School-!Books. NATURAL SCIENCE. ^« ♦ «^ "FOUETEEN WEEKS" IN EACH BEANOH. By J. DORM AN STEELE, A.M. Steele's 14 Weeks Course in Chemistry '^, $i 50 Steele's 14 Weeks Course in Astronomy . i so Steele's 14 Weeks Course in Philosophy . i so Steele's 14 Weeks Course in Geology. • i so Steele's 14 Weeks Course in Physiology • i so Our Text-Books in these studies are, as a general thing, dull and uninteresting. They contain from 400 to 600 pages of dry facts and unconnected details. They abound in that which the student cannot learn, much less remember. The pupU commences the study, is confused by the fine priat and coarse print, and neither knowing exactly what to learn nor what to hasten over, is crowded through the single term generally assigned to each branch, and frequently comes to the close without a definite and exact idea of a single scientific principle, Steele's Fourteen Weeks Courses contain only that which every well-informed person should know, whUe aU that which concerns only the professional scientist is omitted. The language is clear, simple, and interesting, and the illustrations bring the subject within the range of home life and daily experience. They give such of the general principles and the prominent facts as a pupU can make famil- iar as household words within a single term. The type is large and open; there is no fine print to annoy ; the cuts are copies of genuine experiments or natural phenomena, and are of fine execution. In fine, by a system of condensation peculiarly his own, the author reduces each branch to the limits of a single term of study, while sacrificing nothing that is es- sential, and nothing that is usually retained from the study of the larger manuals in common use. Thus the student has rare opportunity to economize his time, or rather to employ that which he has to the best advantage. A notable feature is the author's charming " style," fortified by an enthusiasm over his subject in which the student will not fail to partake. Believing that Natural Science is full of fascination, he has moulded it into a form that attracts Tthe attention and kindles the enthusiasm of the pupU. The recent editions contain the author's " Practical Questions " on a plan never before attempted in scientific text-books. These are questions aa to the naturo and cause of common phenomena, and are not directly answered in the text, the design being to test and promote an intelligent use of the student's knowledge of the foregoing principles. Steele's General Key to his Works- . • . *i so This work is mainly composed of Answers to the Practical Questions and Solu- tions of the Problems in the author's celebrated "Fourteen Weeks Courses " in the several sciences, with many hints to teachers, minor Tables, &c. Should b« oa every teacher's desk. 34 The ^"ational Series of Standard SchoolSooks* W — — — _ M Steele's 14 Weeks in each Science. T E S T I M O If I A L S . From L. A. Bikle, President N. G. College. I have not been disappointed. Shall take pleasure in introducing thia ecriea. From J. F. Cox, Prest. Southern Female College^ Ga. 1 am much pleased with these books, and expect to introduce them. From J. K. Branham, Prin. Brownsville Female College^ Tenn. They are capital little books, and are now in use in our institution. From W. H. Goodale, Professor Beadville Seminary, La. "We are using your 14 Weeks Course, and are much pleased with them. From W. A. Boles, Supt. ShelbyvUle Graded School, Ind. They are as entertaining as a story book, and much more improving to the mind. From S. A. Skow, Prindpal of Exgh School, Uxbridge, Mass. Steele's 14 Weeks Courses in the Sciences are a perfect success. From John W. Doughty, Neioburg Free Academy, N. Y. T was prepared to find Prof. Steele's Course both attractive and instructive. My highest expectations have been fully realized. From J. S. Blackweix,, iVes^. Ghent College, Ky. Prof. Steele's unexampled success in providing for the wants of academic classes, has led me to look forward with high anticipations to his forthcoming issue. From J. F. Cook, Prest. La Grange College, Mo. I am pleased with the neatness of these books and the delightful diction. I have been teaching for years, and have never seen a lovelier little volume than the As- tronomy. From M. W. Smith, Prin. of High School, Morrison, 111 They seem to me to be admirably adapted to the wants of a public school, con- taining, as they do, a sufficiently comprehensive arrangement of elementary prin- ciples to excite a healthy thirst for a more thorough knowledge of those sciences. From J. D. Babtlet, Pt^n. of High School, Co7icord, iV. H. Thay are just such books as I have looked for, viz., those of interesting style, not cumbersome and filled up with things to be omitted by the pupil, and yet suf- ficiently full of facts for the purpose of most scholars in these sciences in our high schools ; there is nothing but what a pupU of average ability can thoroughly master. From AiiONZo Norton Lewis, Principal of Parker Academy, Conn. I consider Steele's Fourteen Weeks Courses in Philosophy, Chemistry, «S!c., the best school-books that have been issued in this country. As an introduction to the various branches of which they treat, and especially for that numerous class of pupils who have not the time for a more extended course, I consider them invaluable. From Edward Brooks, Prin. State Mrmal ScTwol, Mllersville, Pa. At the meeting of Normal School Principals, I presented the following resolu- tion, which was unanimously adopted: '''• Resotved, That Steele's 14 Weeks Courses in Natural Philosophy and Astronomy, or an amount equivalent to what is contained in them, be adopted for use in the State Normal Schools of Pennsyl- vania." The works themselves will be adopted by at least three of the Bchools, And, I presume, by them all. 35 ' JVationat Series of Staiidard School-^^ooks, LITERATURE. '■ — ^ ^ » Cleveland's Compendiums .... each, $*2 50 English Litehatube. Ameeican Literature. English Liteeature of the XIXth Century. In these volumes are gathered the cream of the literature of the English speak, ing people for the school-room and the general reader. Their reputation ia B.itional. More than 125,000 copies have been sold. Boyd's English Classics ..... each, *i 25 Milton's Paradise Lost. Thomson's Seasons. Young's Night Thoughts. Pollok's Course of Time. Cowper's Task, Table Talk, &c. Lord Bacon's Essays. This series of annotated editions of great English writers, in prose and poetry, is designed for critical reading and parsing in schools. Prof. J. R. Boyd proves himself an editor of high capacity, and the vporks themselves need no encomium. As auxiliary to the study of Belles Lettres, etc., these works have no equal. Pope's Essay on Man ......... *20 Pope's Homer's Iliad . *80 The metrical translation of the gresft poet of antiquity, and the matchles« '* Essay on the Nature and State of Man," by AiiEXANDEK Pope, afford superior exercise in literature and parsing.. AESTHETICS. Huntington's Manual of the Fine Arts • •*! 75 A view of the rise and progress of Art in different countries, a brief account of the most eminent masters of Art, and an analysis of the prin- eiples of Art, It is complete in itself, or may precede to advantage tha critical work of Lord Kames. Boyd's Kames' Elements of Criticism . •*! 75 The best edition of this standard work ; without the study of which none may be considered proficient in the science of the Perceptions. No other study can be pursued with so marked an effect upon the taste and refinement of the pupil. POLITICAL ECONOMY. Champlin's Lessons on Political Economy i 25 An improvement on previous treatises, being shorter, yet containing every thing essential, with a view of recent questions in fioaace, ofcc, which is not els(^wbere found.. 36 The JVational Series of Sla?idard Sc?iool-^ooks. CLEVELAND'S COMPENDIUMS. TEBTI3SJ:01sri.A.IuS- From the New Englander. This is the very "best book of the kind we have ever examined. From George B. Emerson, Esq., Boston. The Biographical Sketches are just and discriminating; the selections are admir- able, and I have adopted the work as a text-book for my first class. From Pbof. Moses Coit Tyler, of the Michigan University. I have given your book a thorough examination, and am greatly delighted with ffc ; and shall have great pleasure in directing the attention of my classes to a Avorlc which affords so admirable a bird's-eye view of recent "English Literature." From the Saturday Beview. It acquaints the reader with the characteristic method, tone, and quality of all the chief notabilities of the period, and will give the careful student a better idea of the recent history of English Literature than nine educated Englishmen in ten possess. From the Methodist Quarterly Bevieto^ New YorJc. This work is a transcript of the best American mind ; a vehicle of the noblest American spirit. No parent who would introduce his child to a knowledge of our country's literature, and at the same time indoctrinate his heart in the purest prin- ciples, need fear to put this manual in the youthful hand. From Eev. C. Peirce, Principal^ West Newton., Mass. I do not believe the work is to be found from which, within the same limits, so much interesting and valuable information in regard to English writers and English literature of every age, can be obtained ; and it deserves to find a place in all our high schools and academies, as well as in every private library. From the Independent. The work of selection and compilation — requiring a perfect familiarity with the whole range of English literature, a judgment clear and impartial, a-taste at once delicate and severe, and a most sensitive regard to purity of thought or feeling— has been better accomplished in this than in any kindred volume with which we are acquainted. From the Christian Examiner. To form such a Compendium, good taste, fine scholarship, familiar acquaintance with English literature, unwearied industry, tact acquired by practice, an interest in the culture of the young, a regard for truth, purity, philanthropy, religion, as the highest attainment and the highest beauty,— aU these were needed, and they are united in Mr. Cleveland. CHAMPLIN'S POLITICAL ECONOMY. Frmn J. L. Bothwell, Prin. Public School No. Ih. Albany, N. Y. T have examined Champlin's Political Economy with much pleasure, and shall be pleased to put it into the hands of my pupils. In quantity and quality I think it superior to anything that I have examined. From Pres. N. E. Cobleigh, East Tennessee Wesleyan University. An examination of Champlin's Political Economy has satisfied me that it is the book I want. For brevity and compactness, division of the subject, and clear state- ment, and for appropriateness of treatment, I consider it a better text-book than any other in the market. From the Evening Mail, New YorJc. A new interest has been imparted to the science of political economy since we have been necessitated to raise such vast sums of money for the support of the gov- ernment. The time, therefore, is favorable for the introduction of works like the above. This little volume of two hundred pages js intended for beginners, for the common school and academy. It is intended as a basis upon which to rear a more elaborate superstructure. There is nothing in the principles of political economy above the comprehension of average scholars, when they are ( learly set forth. This seems to have been done by President Champlin in an easy and graceful ms^-nner. 37 The JVaHo7ial Series of Slandar d School- ^BooJis, ELOCUTION. Taverner Graham's Reasonable Elocution, H 25 Based upon the belief that true Elocution is the right interpreta- .- tion of Thought, and euiding the student to an intelligent appre- ciation, instead of a merely mechanical knowledge, of its rules. Zachos' Analytic Elocution i 50 A.11 deparlments of elocution — such as the analysis of the voice and the sentence, phonology, rhythm, expression, gesture, &c are here arranged for instruction in classes, illustrated by copious examples. Sherwood's Self Culture l 00 Self-culture in reading, speaking, and conversation— a very valuable treatise to those who would perfect themselves in these accomplishments. SPEAKERS. Northend's Little Orator, *60— Child's Speaker*60 Two little works of the same grade but different selections, containing simple and attractive pieces for children under twelve years of age. Northend's Young Declaimer ...... *75 Northend's National Orator *i 25 Two volumes of Prose, Poetry, and Dialogue, adapted to inter- mediate and grammar classes respectively. Northend's Entertaining Dialogues . . . .*l 25 Extracts eminently adapted to cultivate the dramatic faculties, as well as entertain an audience. Swett's Common School Speaker . . . .*l 25 Selections from recent literature. Raymond's Patriotic Speaker *2 00 A saperD comnllation of modern eloquence and poetry, with original dramatic exercises. Nearly every eminent living orator is represented, without distinction of place or party. COMPOSITION, &c. Brookfield's First Book In Composition • 60 Making the cultivation of this important art feasible for the smallest child. By a new method, to induce and stimulate thought. Boyd's Composition and Rhetoric ... 1 50 1 his work furnishes all the aid that is needful or can bp desired in the various departments and styles of composition, both inprcse and versa. Day's Art of Rhetoric i 26 Noted for exactness of definition, clear limitation, and philosophical development of subject ; the large share of attention given to Inrenthm, «0 a branch of RHetoric, and the unequalled analysis of style 38 The JVationat Series of Sta7idard School- jf^ooks, MENTAL PHILOSOPHY. Mahan's Intellectual Philosophy ^1*^5 The subject exhaustively considered. The author has evinced learning, candor, and independent thinking. Mahan's Science of Logic ......... 2 oo A profound analysis of the laws of thought. The system possesses the merit of being intelligible and self' consistent. In addition to the author's carefully elabo- rated views, it embraces results attained by the ablest minds of Great Britain, Ger- many, and France, in this department. Boyd's Elements of Logic 1 ^^ A systematic and philosophic condensation of the subject, fortified with additions from Watts, Abercrombie, Whately, «S;c. Watts on the Mind 50 The Improvement of the Mind, by Isaac Watts, is designed as a guide for the attainment of useful knowledge. As a text-book it is unparalleled ; and the disci- pline it affords cannot be too highly esteemed by the educator, MORALS. ^ « ♦ » »' Peabody's Moral Philosophy ....... 1 25 A sho.t course ; by the Professor of Christian Morals, Harvard University— for the Freshman Class and for High Schools. Alden's Text-Book of Ethics 60 For young pupils. To aid in systematizing the ethical teachings of the Bible, and point out the coincidences between the instructions of the sacred volume and the sound conclusions of reason. Willard's Morals for the Young ^^ Lessons in conversational style to inculcate the elements of moral philosophy. The study is made attractive by narratives and engravings. GOVERNMENT. ^* » ■» • Howe's Young Citizen's Catechism .... 75 Explaining the duties of District, Town, City, County, State, and United States Officers, with rules for parliamentary and commercial business — that which every future " sovereign" ought to know, and so few are taught. Young's Lessons in Civil Government . . 1 25 A comprehensive view of Government, and abstract of the laws showing the rights, duties, and responsibilities of citizens. Mansfield's Political Manual 1 25 This is a complete view of the theory and practice of the General and State Gov- ernments of the United States, designed as a text-book. The author is an esteemed and able professor of constitutional law, widely known for his sagacious utterances in matters of statecraft through the public press. Recent events teach with em- phasis the vital necessity that the rising generation should comprehend the noble polity of the American government, that they may act intelligently when endoTred With a voice in it. 39 The JVationaZ Series of Standard Schoot-^ooks, MODERN LANGUAGE. "O- French and English Primer, .... . 4 lo GBrman and English Primer, ....... lo Spanish and English Primer, 10 The names of common objects properly illustrated and arranged in easy lessons. Ledru's French Fables, • • • ^^ Ledru's French Grammar, . • • • • . . l oo Ledru's French Reader, . . . ^ l oo The author's long experience has enabled him to present the most thor- oughly practical text-books extant, in this branch. The system of pro- nunciation (by phonetic illustration) is original with this author, and Tfill commend itself to all American teachers, as it enables their pupils to se- cure an absolutely correct pronunciation without the assistance of a nativa master. This feature is peculiarly valuable also to " self-taught" students. The directions for ascertaining the gender of French nouns — ^also a great Etumbling-block — are peculiar to this work, and will be found remarkably competent to the end proposed. The criticism of teachers and the test of tke school-room is invited to this excellent series, with coafideace. Worman's French Echo, i 25 To teach conversational French by actual practice, on an entirely new- plan, which recognizes the importance of the student learning to think in the language which be speaks. It furnishes an extensive vocabulary of words and expressions ia common use, and suffices to free the learner from the embarrassments which the peculiarities of his own tongue are likely to be to him, and to make him thoroughly familiar with the use of proper idioms. Worman's German Echo, i 2r» On the same plan. See Worman's German Series, paga 42. Pujol's Complete French Class-Book, ... 2 25 Offers, in one volume, methodically arranged, a complete French course — usually embraced in series of from five to twelve books, including tha bulky and expensive Lexicon. Here are Grammar, Conversation, and choice Literature — selected from the best French authors. Each brancli is tlioroughly handled ; and the student, having diligently completed tha course as prescribed, may consider himself, without further application, au/ait in the most polite and elegant language of modern times. fflaurice-Poitevin's Grammaire Francaise, • l 00 American schools are at last supplied with an American edition of this famous text-book. Many of our best institutions have for years been pro- curing it from abroad rather than forego the advantages it offers. The policy of putting students who have acquired some proficiency from the ordinary text-books, into a Grammar written in the vernacular, can not te too highly commended. It affords an opportunity for finish and revieir at once ; while embodying abundant practice of its own rules. Joynes' French Pronunciation, so Willard's Historia de los Estados Unidos, • 2 00 The History of the United States, translated by Professors Tolon and Dk T0KNO8, will be found a vuluable, iustruotive^ a-d catcrtainiag read- Ing-book for Spanijh clossea. ^ ,. The JSTationat Series of Standard Schoot-Sooks, Pujol's Complete French Olass-Book. TESTIMOTTIALS. From rKOF. Elias Peissnee, Union College. I take great pleasure in recommending Pujol and Van Norman's Frencli Claes- Book, as tbere is no French grammar or class-book which can be compared with it ia completeness, system, clearness, and general utihty. From Ebwaed North, President of Hamilton College. I have carefully examined Pujol and Van Norman's French Class-Book, and am eatisfled of Its superiority, for college purposes, over any other heretofore u^ed We shall p'jfc fail to use it with our next class in French. Fmr A. CtrETis, Pres't of Cincinnati Literary and Scientific Institute. I am confident that it may he made an instrument in conveying to the student, hi from six months to a year, the art of speaking and writing the French with almost native- fluency and propriety. From HmAM Oecutt, A. M., Pnn. Glenwood and Tilden Ladies' Seminaries. I have used Pujol's French Grammar in my two seminaries, exclusively, for laore than a year, and have no hesitation in saj^ing that I regard it the best text- book in this department extant. And my opinion is confirmed by the testimony of Prof. F. De Launay and Mademoiselle Marindin. They assure me that the book is eminently accurate and practical, as tested in the school-room. From Prop. Theo. F. De Fumat, Hebrew Educational Listitute, Memphis, Tenn. M. Pujol's French Grammar is one of the best and most practical works. The French language is chosen and elegant in style — modem and easy. It is far su- perior to the other French class-books in this country. The selection of the con- versational part is very good, and will interest pupils ; and being all completed in only one volume, it is especially desirable to have it introduced in our schools. From Prof. James H. Worman, Bordentown Female College, N. J. The work is upon the same plan as the text-books for the study of French and English published in Berlin, for the study of those v/ho have not the aid of a teacher, and these books are considered, by the first authorities, the best books. In most of our institutions, Americans teach the modern languages, and hereto- fore the trouble has been to give them a text-book that would dispose of the difficulties of the French pronunciation. This difiiculty is successfully removed by P. and Van N., and I have every reason to believe it will soon make its way into most of our best schools. From Prof. Charles S. Dod, Ann Smith Academy, Lexington, Va. I cannot do better than to recommend " Pujol and Van Norman." For compre- hensive and systematic arrangement, progressive and thorough development of all grammatical principles and idioms, with a due admixture of theoretical knowl- tdge an4 practical exercise, I regard it as superior to any (other) book of the kind. From A. A. Foester, Prin. Pinehurst School, Toronto, C. W. I have great satisfaction in bearing testimony to M, Pujol's System of French Instruction, as given in his complete class-book. For clearness and comprehen- siveness, adapted for all classes cf pupils, I have found it superior to any other work of the kind, and have now used it forsome years in my establishment -with From Prof. Otto Feddee, Maplewood Institute, Pittsfield, Mass. The conversational exercises will prove an immense saving of the hardest kind Ot labor to teachers. There is scarcely any thing more trying in the way of teaching language, than to rack your brain for short and easily intelligible bits of conversation, and to repeat them time and again with no better result than extorting at long intervals a doubting " oui," Or a hesitating " non, monsieur " ^W For further testimony of a similnr character, see special circulars ajud current numbers of the Educational Bulletin. 41 The JVatlonal Series of Standard SchoolSooks, GERMAN. A COMPLETE COUESE IN THE GEEMAH. By JAMES H. WORMAN, A. M. Worman's Elementary German Grammar .$l so Worman's Complete German Grammar . 2 oo \f These volumes are designed for intermediate and advanced classes respectively.. Though following the same general method with "Otto" (that of 'Gaspey'>' ©ur author differs essentially in its application. He is more practical, more eyd' tematic, more accurate, and besides introduces a number of invaluable featured which have never before been combined in a German grammar. Among other things, it may be claimed for Prof. Worman that he has been the first to Introduce in an American text-book for learning German, a system of analogy and comparison with other languages. Our best teachers are also enthusiastic about his methods of inculcating the art of speaking, of understanding the spoken langnage, of correct pronunciation ; the sensible and convenient origi' nal classification of nouns (in four declensions), and of irregular verbs, also de- serves much praise. We also note the use of heavy type to indicate etymological changes in the paradigms., »nd, in the exercises, the parts which specially illustrate preceding rules. Worman's Elementary German Reader . . i 25 Worman's Collegiate German Reader . . . 2 oo The finest and most judicious compilation of classical and standard German Literature. These works embrace, progressively arranged, selections from the masterpieces of Goethe, Schiller, Korner, Seumte, Uhland, Freiligrath, Heine, Schlegel, Holty, Lenau, Wieland, Herder, Lessing, Kant, Fichte, Schelling, Win- kelmann, Humboldt, Eanke, Raumer, Menzel, Gervinus, &c., and contains com- plete Goethe's "IpLigenie," Schiller's " Jungfrau;" also, for instruction in mod- em conversational German, Benedix's " Eigensinn." There are besides, Biographical Sketches of each author contributing, Notes, explanatory and philological (after the text). Grammatical Eeferences to all lead- ing grammars, as well as the editor's own, and an adequate Vocabulary. Worman's German Echo l 25 Consists of exercises in colloquial style entirely in the German, with an ade- quate vocabulary, not only of words but of idioms. The object of the system de- veloped in this work (and its companion volume in the French) is to break up the laborious and tedious habit of translating the thoughts, which is the student's most eff'ectual bar to fluent conversation, and to lead him to think in the language in which he speaks. As the exercises illustrate scenes in actual life, a considera- ble knowledge of the manners and customs of the German people is also acquired from the use of this manual. Worman's German Copy-Books, § Numbers, each 15 On the same plan as the most approved systems for Engliah penmanship, with progressive copies. 42 The JVatlonal Seizes of St andard School-'Books^ Worman's German Grammars. TBSTIMONIAIiS. From Frof. R. W. Jones, Petersburg Female College, Ya. From -vrhat I have seen of the -work it is abnost certain / shall introdttc« it ink» this institution. From Prof. G. Campbeli^, University of Minnesota. A valuable addition to our school-hooks, and ■will find many friends, and do great good. From Prof. O. H P. Cokpebw, Mavff Military Inst., Md. I am hetter pleased with them than any I have ever taught. I have already ordered through our booksellers. From Prof, E. S. Kendall, Yernon Academy, Conn. I at once put the Elementary Grammar into the hands of a class of beginners, and have used it with great satisfaction. From Prof. D. E. Holmes, Berlin Academy, Wis. Worman's German works are superior. I shall use them hereafter in my German classes. From Prof. Magnus Bitchholtz, IJiram, College, Ohio. I have examined the Complete Grammar, and find it excellent. You may rely that it will be used here. From Prin. Tnos. W. Tobet, Paducah Female Seminary, Ky. The Complete German Grammar is worthy of an extensive circulation. It is ad' mirably adapted to the class-room. I shall use it From Prof. Alex. Eosenspitz, Houston Academy, Texas. Bearer will take and pay for 3 dozen copies. Mr. WormaQ deserves the approbatioq and esteem of the teacher and the thanks of the student. From Prof. Q. Malmkne, Augusta Seminary, Maine. The Complete Grammar cannot fail to give great • satisfaction by the simplicity of its arrangement, and by its completeness. From Prin. Oval Pikket, Cliristian University, Mo. Just such a series as is positively necessary. I do hope the author will succeed aa well in the French, &c., as he has in thrf German. From Prof. S. D. IIillman, Dickinson College, Pa, The class have lately commenced, and my examination thus far warrants me in say- ing that I regard it as the best grammar for instruction in the German. From Prin. Silas Livermoke, Bloomfield Seminary, Mo. I have found a classically and scientifically educated Prussian gentleman whom I S'opose to make German instructor. I have shown him both your German grammars. e has expressed his approbation of them generally. From Prof Z. Test, Rowland School for Young Ladies, JV. Y. I shall introduce the books. From a cursory examination I have no hesitation in pronouncing the Complete Grammar a decided improvement on the text-books at present in use in this country. From Prof. Lewis Kistlee, Northwestern University, HI. Having looked through the Complete Grammar with some care I must say that you have produced a good book ; you may be awarded with this gratification — that your grammar promotes the facility of learning the German language, and of becoming acquainted with its rich literature. From Pres. J. P. Eoirs, Stockwell Collegiate Innt., Ind. I supplied a class with the Elementary Grammar, and it gives complete satinfac- lion. The conversational and reading exercises are well calculated to illustrate the principles, and lead the student on an easy yet thoreugh course, I thiak the Com Plata Grammar equally attractive. \ 43 JVatlonal Series of Standard School-Soo^s, THE CLASSICS. • LATIN. Silber's Latin Course, . $i 25 The book contains an Epitome of Latin Grammar, followed by Heading Exercises, with explanatory Notes and copious References to the leading Latin Grammars, and also to the Epitome which precedes the work. Then follow a Latin-English Vocabu- lary and Exercises in Latin Prose Composition, being thus complete in itself, and a very suitable work to put in the hands of one about to study the language. Searing's Virgil's ^neid, ....../ 2 25 It contains only the first six books of the -.Eneid. 2. A very carefully constructed Dictionary. 3. Sufficiently copious Notes. 4. Grammatical references to four lead- ing Grammars. 5.. Numerous Illustrations of the highest order, 6. A supei'b Map of the Mediterranean and adjacent countries. 7. Dr. S. H. Taylor's "Questions on the -^neid." 8. A Metrical Index, and an Essay on the Poetical Style. 9. A photo- graphic foe simile of an early Latin M.S. 10. The text according to Jabn, but para- graphed according to Ladewig. 11. Superior mechanical lexacution. Blair's Latin Pronunciation, i ^^ An inquiry into the proper eounds of the Language during the Classical Period. By Prof. Blair, of Hampden Sidney College, Va. Andrews & Stoddard's Latin Grammar, *i so Andrews' Questions on the Grammar, . *o 15 Andrews' Latin Exercises, *i 25 Andrews' Viri Romae, *i 25 Andrews' Sallust's Jugurthine War, &g. *i so Andrews' Eclogues & Georgics of Virgil, *i so Andrews' Caesar's Commentaries, . . . . *i 50 Andrews' Ovid 's Metamorphose s, . . . *i 25 GREEK. Crosby's Greek Grammar, ....... 2 oo Crosby's Xeriophon's Anabasis, i 25 Searing's Homer's Iliad, • • • • • • • • • MYTHOLOGY. Dwight's Grecian and Roman Mythology. . School edition, $1 25; University edition, *3 00 A knowledge of the fables of antiqaity, thus presented in a systematic form, is as indispensable to the student of general literature as to him who would peruse intelli- gently the classical authors. The mythological allusions so frequent in literaturo are jreadily understood with such a Key us this. 44 The JVatio9iat Series of Standard School-Sooks, SEARING'S VIRGIL. SPECIMEN FKAGMENTS OF LETTERS. ♦'I adopt it gladly."— Pkin. V. Dabnet, Loudoun School, Va. "Hike Searing's Virgil."— Pbop. Bkistol, Mpon College, Wis. "Meets my desires very thoroughly."— Prof. Clabk, Berea College, Ohio. " Superior to any other edition of Virgil."— Pres. Hall, Macon College, Mo. "Shall adopt it at once."— Pbin. B. P. Baker, Searcy Female Institute, Ark. "Your Virgil is a beauty.^''— Pbov. W. H, Db Motte, Illinois Female College. "After uae, I regard it the best."— Prin. G. H. Barton, Borne Academy, N. T. "We like it better every day."— Prin. E. K. Bcehrle, Allentown Academy, Pa. " I am delighted with your Virgil."- PRm. W. T. Leonard, Pierce Academy, Mass. "Stands well the test of class-room." — Prin. F. A. Chase, Lyons Col. Inst., Iowa. "I do not see how it can be improved."— Prin. N. F. D. Browne, Charl. Hall, Md. " The most complete that I have seen."— Prin. A Brown, Columbus High School^ Ohio. " Our Professor of Language very highly approves."— Sxtpt. J. G. James, Texas Military Institute. "It responds to a want long felt by teachers. It is beautiful and complete." — Prop. Brooks, University of Minnesota. "The ideal edition. We want a few more classics of the same sort."- Prin. C. F. P. Bancroft, Lookout Mountain Institute, Tetin. "I certainly have never seen an edition so complete with important requisites for a student, nor with such fine text and general mechanical execution." — Pres. J. K. Park, University of Beseret, Utah. " It is .charming both in its design and execution. And^ on the whole, I think it »8 the best thing of the kind that I have seen."— Prop. J. De F. Richards, Pres. pro tern, of University of Alabama. " In beauty of execution, in judicious notes, and in an adequate vocabulary, it merits aU praise. I shall recommend its introduction."— Pres. J. K Patterson, Kentucky Agricultural and MechamcaZ College. " Containing a good vocabulary and judicious notes, it w.ill enable the industrious student to acquire an accurate knowledge of the most interesting part of Virgil's works."- Prop. J. T. Dunklin, East Alabama College, "It wants no element of completeness. It is by far the best classical text-book with which I am acauainted. The notes are just right. They help the student when he most needs help."— Prin. C. A. Bunker, Caledonia Grammar School, Vt. "I have examined Searing's Virgil with interest, and find that it more nearly meets the wants of students than that of any gther edition with which I am ac- quainted. I am able to introduce it to some extent at once." — Prin. J. Easter, Mlast Genesee Conference Seminary. " I have been wishing to get a sight of it, and it execiiilly for the instruction and cultivation of youth. JVatio?ial School Ijibrary^ I -r ■ g LIBRARY or NATURAL SCIENCE. The Treasury of Knowledge Ii 23 A cyclopsedia of ten thousand common things, embraciag the widest range of subject-matter. Illustrated. Ganot's Popular Physics i 75 The elements of natural philosophy for both student and the general reader. The original work is celebrated for the magnificent character of its illustrations, all of which are literally reproduced here. Principles of Chemistry— Porter 2 00 A work which commends itself to tne amateur in science by its extreme simplicity, and careful avoidance of unnecessary detail. Illustrated. Class-Book of Botany— Wood ...... 3 50 Indispensable as a work of reference. Illustrated. The Laws of Health— Jarvis i 6S This is not an abstract anatomy, but all its teachings are directed to the best methods of preserving health, as inculcated by an intelligent know- ledge of the structure and needs of the human body. Illustrated. Vegetable & Animal Physiology— Hamilton i 25 An exhaustive analysis of the conditions of life in all animate nature. Illustrated. Elements of Zoology— Chambers 1 50 A complete view of the animal kingdom as a porLion of external satare. Illustrated. Astronography— Willard ^00 The elements of astronomy in a compact and readable form. IHus- trated. Elements of Geology— Page ...... 1 25 The subject presented in its two aspects of interesting and important Illustrated. Lectures on Natural History— Chadbourne 75 The subject is here ccnsidered in its relations to intellect, taste, health, and religion. ^ 00 JVatlonal School Zibi^ary. LIBRARY OF TRAVEL. Life in the Sandwich Islands— Cheever • .$i 50 The " heart of the Pacific, as it was and is," shows most vividly the contrast between the depth of degradation and barbarism, and the light ■ and liberty of civilization, S9 rapidly realized in these islands under the h»inanizmg influence of the Christian religion. Illustrated. The Republic of Liberia— Stockwell, . . . i 25 This volume treats of the geography, climate, soil, and productions of this interesting country en the coast of Africa, with a History of its early settlement. Our colored citizens especially, from whom the founders of the new State went forth, should read Mr. Stockwell's account of it. It is so arranged as to be available for a School Reader, and in colored schools is peculiarly appropriate as an instrument of education for the young. Liberia is likely to bear an important part in the future of their race. Ancient Monasteries of the East— Curzon . 1 50 The exploration of these ancient seats of learning has thrown much light upon the researches of the historian, the philologist, and the theo- logian, as well as the general student of antiquity. Illustrated. Discoveries in Babylon & Nineveh— Lay ard 1 75 Valuable alike for the information imparted with regard to the'se most interesting ruins, and the pleasant adventures and observations of the author in regions that to most men seem like Fairyland. Illustrated. A Run Through Europe— Benedict, • • • • 2 00 A work replete with instruction and interest. St. Petersburgh— Jermann ....... 1 00 Americans are less familiar with the history and social customs of the Russian people than those of any other modem civilized nation. Oppor- tunities such as this book aflfords are not, therefore, to be neglected. The Polar Regions— Osborn 1 25 A thrilling and intensely interesting narrative of one of the famous ex- peditions in search of Sir John Franklin — unsuccessful in its main object, but adding many facts to the repertoire of science. Thirteen Months in the Confederate Army 75 The author, a northern man conscripted into the Confederate service, and rising from the ranks by soldierly conduct to positions of responsi- bility, had remarkable opportunities for the acquisition of facts respect- ing the conduct of the Southern armies, and the policy and deeds of their leaders. He participated in many engagements, and his book is one of tiie most exciting narratives of adventure ever published. Mr. Steven- Bon takes no eround as a partizan, but views the whole subject as with the eye of a neutral— only interested in suoserviug the ends of history by tho eoutributiou of impartial facts. Illnstratcd. 66 JVationat School Zibrary* LIBKARY OF REFERENCE. Home Cyclopaedia of Literature & Fine Arts $3 oo A complete index to all terms employed in belles lettres, philosophy, theology, law, mythology, painting, music, sculpture, architecture, and all kinged arts. The Rhyming Dictionary— Walker .... i 25 A serviceable manual to composers, being a complete index of allowable rhymes. The Topical Lexicon- Williams i 75 The useful terms of the English language classified by subjects and arranged ac- cording to their affinities of meaning, with etymologies, definitions and iSustra- tions. A very entertaining and instructive work. Mathematical Dictionary— Davies & Peck . 5 oo A thorough compendium of the science, with illustrations and definitions. RELIGIOUS LIBRARY. The Service of Song— Stacy $i 50 A treatise on Singing, in public and private devotion. Its history, office, and importance considered. True Success in Life— Palmer ^i 50 Earnest words for the young who are just about to meet the responsibilities and temptations of mature life. "Remember Me"— Palmer i so Preparation for the Holy Communion. Chrysostom, or the Mouth of Gold— Johnson i oo An entertaining dramatic sketch, by Rev. Edwin Johnson, illustrating the life and times of St. Chrysostom. The Memorial Pulpit— Robinson. ^ vols., each i 50 A series of wide-awake sermons by the popular pastor of the Memorial Presby- terian Charch, New York. Rp' Worship— Budinglon ..... 60 ^xix argument in favor of alternate Scripture reading by Pastor and Congregation. Lady Willoughby 1 00 The diary of a wife and mother. An historical romance of the seventeenth cen- tury. At once beautiful and pathetic, entertainihg and instructive. Favorite Hymns Restored— Gage 1 35 Most of the standard hymns have undergone modification or abridgment by com* pilers, but this voltane contains them exactly as written by the authors. Po3ts' Gift of Consolation l 50 A beautiful selection of poems referring to the death of children. 57 ■ \ JVational School Ijibrary, VALUABLE LIBRARY BOOKS. The Political Manual— Mansfield $i 35 Every American youth Bhould be familiar with the principles of the government under which he lives, especially as the policy of this country will one day oall upon him to participate in it, at least to the extent of his ballot. . American Institutions— De Tocqueville . . i 50 Demoeracy in America— De Tocqueville . . 2 50 The views of this distinguished foreigner on the genius of our political institu- tions are of unquestionable value, as proceeding from a standpoint whence we sel- dom have an opportunity to hear. Constitutions of the United States .... 2 25 Contains the Constitution of the General Government, and of the several State Governments, the Declaration of Independence, and other important documents relating to American history. Indispensable as a work of reference. Public Economy of the United States ... 2 25 A full discussion of the relations of the United States with other nations, espe- cially the feasibility of a free-trade policy. Grecian and Roman Mythology— Dwight . 3 00 The presentation, in a systematic form, of the Fables of Antiquity, aflFords most entertaining reading, and is valuable to all as an index to the mythological allusions so frequent in literature, as well as to students of the classics who would peruse in- telligently the classical authors. Illustrated. General View of the Fine Arts— Huntington 1 75 The preparation of this work was suggested by the interested inquiries of a group of young people conpeming the productions and styles of the great masters of art, whose names only were familiar. This statement is sufficient index of its character. The Poets of Connecticut— Everest .... 1 75 With the biographical sketches, this volume forms a complete history of the poetical literature of the State. The Son of a Genius— Hofland ..... 75 A juvenile classic which never wears out, and finds many interested readers in eveiy generation of youth. Sunny Hours of Childhood To Interesting and moral stories for children. Morals for the Young— Willard 75 A series of moral stories, by one of the most experienced of American educators. Illustrated. Improvement of the Mind— Isaac Watts • • 50 A classical standard. No young person should grow up without having perused it 58 Chu7*c?i 3fusic, ete* FUBLIO ^T^ORSHIF, Songs for the Sanctuary, 12 50 By Ret. C. S. Robinsok. 1344 Hymop, with Tunes. The most successful modern hymn and tune-book, for congregational s-inging. More than 200,000 copies have heen sold. Separate editions for Presbyterian, Congregational, and Baptist Churches. Editions without Tunes, $1.75; in large type, $2.50. Abridged edition (" Songs for Christian Worship "), 859 Hymns, with Tunes, %i.m. Chapel edition, 607 Hymns, with Tunes, $1.49. i -»' i- , International Singing Annual, 25 Metrical Tune Book, l 00 To be used with any hymn-book. By Philip Phillips. Baptist Praise Book, 2 50 By Rbt. Dbs. Fuller, Lett, Phelps, Fish, Armitage, Winkleb, Evakts, Lor- IMEK and Manly, and J. P. Holbrook, Esq. 1311 Hymns, with Tunes, Edition without Tunes, $1.75, Chapel edition, 550 Hymns, with Tunes, $1.25. Plymouth Collection, 2 50 (Congregational.) By Rev. Henry Ward Beechbb. 1374 Hymns, with Tunes. Separate edition for Baptist Churches. Editions without Tunes, $1.25 and $1.75. Hymns of the Church, 2 75 (Undenominational.) By Rev. Dbs. Thompson. Vermilye, and Eddy. 1007 Hymns, with Tunes. The use of this book is required in all congregations of the Reformed Church in America. Edition without Tunes, $1.75. Chapel edition ("Hymns of Prayer and Praise "), 320 Hymns, with Tunes, 75 cts. Episcopal Common Praise, 2 75 The Service set to appropriate Music, with Tunes for all the Hymns in the Book of Common Prayer. Hymnal, with Tunes, 1 25 (Episcopal.) By Hall & Whiteley. The new Hymnal, set to Music. Edition With Chants, $1.50. Edition of Hymns only (" Companion" Hymnal), 60 cts. Quartet and Chorus Choir, • 3 oo By J. P. HoLBEOOK. Containing Music #or the Unadapted Hymns in Songs for the Sanctuary. Christian Melodies. ByGKO.B.CHEEVER. Hymns and Tunes. 1 00 Mount ZiOn Collection. ByT. E. Pbrkins. For the choir. 1 25 Selah. By Thos. Hastings. For the Choir. ....... 1 25 Public Worship (Partly Kesponsive) .... $1 00 Containing complete services (not Episcopal) for five Sabbaths ; for use in schools, public institutions, summer resorts, churches without a settled, pastor; in short, wherever Christians desire to worship— no clergyman being present. The Union Prayer Book, 2 50 A Manual for Public and Private Worship. With those features which are ob- jectionable to other denominations of Christians than Episcopal eliminated or modified. Contains a Service for Sunday Schools and Family Prayers. The Psalter, ....... 16mo, 60 cts.; 8vo, 90 Selections from the Psalms, for reBponsive reading. 59 School F'urjiiture. FURNITURE (SUPPLIED BY THE NATIONAL SCHOOL FURNITURE CO.) PEARD'S PATENT FOLDING DESK AND SETTEE. This great improvement for the school-room has come already into such astonish- ing demand as to tax the utmost resources of the company's iwo factories to sup- ply it. By a simple movement the desk-lid is folded away over the back of the settee attached in front, making a false back, and at once converting the school- room into a lecture or assembly-room. When the seat also is folded, the whole occupies only ten inches of space, leaving room for gymnastic exercises, marching, etc., or for the janitor to clean the room effectively. NATIONAL STUDY DESK AND SETTEE. When not in use for writing, the desk-lid slides back vertically into a chamber, leaving la front an " easel," with clamps, upon which the student places his book and studies in an erect posture. As a folding-desk this offers many of the samo advantages as the " Peard." THE GEM DESK AND SETTEE. Fixed top, and folding seat. This is the neatest pattern of the Standard School Desk, and the strongest in use. THE ECONOMIC DESK AND SETTEE. This is the cJieapest good desk, with stationary lid and folding Beat All descriptions of HIGH SCHOOL DESKS, SCHOOL SETTEES, TEACHERS' DESKS, CHURCH SETTEES, BLACKBOARDS, PEW ENDS, CHAIRS, LECTERNS, Etc. Abo, CLASS AND LECTURE CHAIR. The difHculty of reconciling furniture appropriate for the Lecture-room or Church with that convenient for the Sunday-school is an old one. This article effectually remedies it. It consists simply of a plan by which chairs of a somewhat peculiar shape are connected with a coupling. The rows of chairs thus adjusted may at pleasure and with ease be spread out straight In one line, forming pews or benckes ; or they may be bent in an instant into a semi-circular form to accomo- date classes of any size to receive instruction from teachers seated in their midst. For further particulars, consult catalogues of the National School Furnitura Oo. and ttie Taylor Patent Cbau: Co., whioh may be obtained of A. S. Barnes & Co. 60 The Peabody Correspondence, New York, April 29, 1867. To THE Board of Trustees or the Peabodt Educational Fund : Gentlemen— Having been for many years intimately connected with the educa- tional interests of the South, we are desirous of expressing our appreciation of the noble charity which you represent. The Peabody Fund, to encourage and aid common schools in these war-desolated States, cannot fail of accomplishing a great and good work, the beneficent results of which, as they will be exhibited in the future, not only of the stricken population of the South, but of the nation at large, seem almost incalculable. It is probable that the use of meritorious text-books will prove a most effective agency toward the thorough accomplishment of Mr. Peabody's benevolent design. As we publish many which are considered such, we have selected from our list some of the most valuable, and ask the privilege of placing them in your hands for gratuitous distribution in connection with the fund of which you have charge, among the teachers and in the schools of the destitute South. Observing that the training of teachers (through the agency of Normal Schools and otherwise) is to be a prominent feature of your undertaking, we offer you for this purpose 5,000 volumes of the " Teachers' Library,"— a series of professional works designed for the efficient self- education of those who are in their turn to teach others— as follows : — 500 Page's Theory and Practice of Teach- 250 Bates' Method of Teachers' Institutes ^^ ing. 250 De Tocqueville's American Instit'ns 500 Welches Manual of Object-Lessons. 250 Dwight's Higher Christian Educat'n. 500 Davies] Outlines of Mathematical 250 History of Education. Science. 250 Mansfield on American Education. 250 Holbrook's Normal Methods of 250 Mayhew on Universal Education. Teaching. 250 Northend's Teachers' Assistant. 250 Wells on Graded Schools, 250 Northend's Teacher and Parent. 250 Jewell on School Government. 250 Root on School Amusements. 250 Fowle's Teachers' Institute. 250 Stone's Teachers' Examiner. In addition to these we also ask that you will accept 25,000 volumes of school- books for intermediate classes, embracing — 5,000 The National Second Reader. 5,000 Beers' Penmanship. 5,000 Davies' Written Arithmetic. 500 First Book of Science. 5,000 Monteith's Second Book in Geog- 500 Jarvis' Physiology and Health. raphy. 500 Peck's Ganot's Natural Philosophy. 3,000 Monteith's United States History. 500 Smith & Martin's Book-keeping. Should your Board consent to undertake the distribution of these volumes, we shall hold ourselves in readiness to pack and ship the same in such quantities and to such points as you may designate. We further propose that, should you find it advisable to use a greater quantity of our i)ublications m the prosecution of your plans, we will donate, for the benefit of this cause, twenty-Jive per cent, of the usual wholesale price of the books needed. Hoping that our request will ireet with your approval, and that we may have the pleasure of contributing in this way to wants with which we deeply 83rmpa- thiza, we are, gentlemen, very respectftilly yours, A. S. BARNES & CO. Boston, May 7, 1867. Messrs. A. S. Barnes & Co., Pubushers, New York: Gentlemen- Your communication of the 29th ult., addressed to the Trustees of the Peabody Education Fund, has been handed to me by our general agent, the Rev. Dr. Sears. I shall take the greatest pleasure in laying it before the board at their earliest meeting. I am unwilling, however, to postpone its acknowledgment so long, and hasten to assure you of the high value which I place upon your gift. Five thousand volumes of your " Teachers' Library," and twenty-five thousand volumes of " School-books for intermediate classes," make up a most munificent contribution to the cause of Southern education in which we are engaged. Dr. Sears is well acquainted with the books you have so generously offered us, and unites with me in the highest appreciation of the gift. You will be glad to know, too, that your letter reached us in season to be communicated to Mr. Peabody, be- fore he embarked for England on the 1st inst., and that he expressed the greatest gratification and gratitude on hearing what you had offered- Believe me, gentlepien, with the highest respect and regard, your obliged and obedient servant, ROBT. C. WINTHROP, Chairman. 61 / The JVational Series of Standard SehoolSooks, GENERAL INDEX TO A. S. Barnes & Co.'s Descriptive Catalogue. Acoustics ... PAGE .... 28 36 Latin PAGE 44 Aesthetics Lexicons Library Literature Logic ..9,17,50, 57 49, 58 ...1,7,36, 52 17 39 Algebra .... .... 17 .... 10 Anatomy n Apparatus Arithmetic \ih .... 47 , 18, 21 .21, 32 ... 36 Map-Drawing 12, 26 Astronomy Maps 15 47 Mathematics .... 17 21 Belles Lbttbes Mechanics . ' S8 Bible . . 7 23 Mental Philosophy. . .. Morals 39 39, 58 48, 59 Biography ....' 51 Book-keeping .... 27 Botany 30 44, 58 Calculus 8 , 17, 18 ..7, 47 .... 60 Natural History Natitral Philosophy. . . . Natural Science 32,50,55 28, 34 27-35, 55 17 . Cards (for Wall) Chairs Charts 7, 8 ,10 ,22, 47 .... 30 Chemical Apparatus Object Lessons 30, 49 Chemistry .30, 34 .... 59 .39, 58 44 Church Music ... Optics ... 28 Civil Government Orthography. 1,8 22 Classics . . .... 38 Copy Books 22 Pens . 22 ... 36 Philosophy, Intellectual 39 Do. Natural 28, 34 Physiology 32 Poetry ^ff, m. Depiners .. 8 Desks .... 60 Devotion ... ... 48 ...38 8 Political Econosty .36, 58 Dialogues Political Science 39, 58 Prayer Primers Readers Records Rhetoric School Library . . . 1-T 46 ! 33 1 52-58 Dictionaries 9, 17, 50, 57 ... 26 Drawing Elocution English Grammar ... ..7,38 .... 10 .... 36 Ethics ... 39 Etymology ...8,9 ...18 Settees 60 Slated Books — Spanish. 17, 21 .. : 40 ... 28 , Famtliab Scibncb ...:...:.:. 38 \.'\ French.. ' Furniture ... ... 40 . 60 Spellers 1,8,' 9 1 Surveying .... ... .:.:..:.... 17 1 . 25 9 Games Tablets .... ... Geography '.'.'. .12, 14 .28, 34 .17, 18 .40, 42 .39, 58 42, 44 ... 44 7, 47 r^-, GeOT/OOY Tactics ....... 46 1 «(?ilV Geometry Teachers' Library Teachers' Monthly .... 49-51 I ^^^^\:^ German A ! peculiar government 40, Travel .... ........ 56 may at pk Grammar .V.V.".'.'.'.'.' 10Vi7 17,18 benckes; ol^tz^ "' ' Virgil \ ^\ aate classes c "^ story .23, 25,53 ... 39 ...63 For further jellectual Philosophy. . 8,9,22 1 Written Spelling . . Zoology 1,8, 9 1 .10, 17, »4 ..82 ! 62 1 l9/;3