MMMf i ^. bseph wfiwmmmmm DAVIS, BARDEEN & CO., White Memorial Building, Vanderbilt Square, SYRACUSE, N. y. TEA FOR CENTRAL NEW YORK. ERS All kinds of School Apparatus kept constantly in stock, from Black-board Crayons to costly Electric Machines. Come and see before purchasing elsewhere. Magazines and Ne-w Books received as soon as issued. Any Book published will be ordered and promptly furnished. School Supplies and Books for Libraries fur- nished at low rates. Call or Write lor anytMiig you want. lo TrouWe to snow Booljs or give Information. A NEW BASIS OF PRICES. 1. The Bulletin Blank Speller. — This contains 40 pages, octavo size, and is bound in Stiff Covers, so that it may be written in when laid upon the knee. It is ruled for 70 lessons of 25 words each, with additional pages for misspelled words. It also contains rules for spelling, lists of misspelled words, etc. Of its general character and utility, we need only say that it was prepared by Principal H. B. Buckham, of the Buffalo State Normal School. At his desire, the price has been made less than one-half the usual ctiarge for books of such a size, and we.confidently rely upon an extensive ?ale in every county of the State, Price, 15 cts. each; |l0.00 per hundred, 7ief, 2. The Btjlletin Composition Book.— This is similar to the above, and prepared by the same author. It is ruled for correction by a system of time-saving marks, each of which points out a particular fault. Price as above, 15 cts. each; $10.00 per hundred, net. 3. The Bulletin Writing Pad. ---We sold Ten Thousand of these last term, sending them to Adelphi Academy, Brooklyn; St. Lawrence University; th6 Buffalo Normal School, and to everj^ part of the State. Each pad con- tains 96 leaves, 192 pages, 8)4 in. by 6. In lots of 500, a special back will be printed, when desired, giving the name of the school, regulations, etc. Price, $6.00 per huniired, net. 4. 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The Institute Song Budget, Enlarged Edition.— Nineteen thou- sand copies of this book having been sold, a new edition is now ready, con- taining one-half more than former editions, but sold at the same price. It now contains 72 pages, 107 songs, 5 full-page and many smaller illustrations. Price, 15 cts. each; $10.00 per hundred, 7Z<;!;. Illu.strated Catalogue of the Bulletin Pi/Mca^ions, some fifty innumber, by mail, post-paid, for two three-cent stamps. DAVIS, BAHDEEN k CO., Publishers, Syracuse, N. Y. \ 4 ^ ij' ^ PEEFACE. Kecent events have shown the importance of a general diffusion of a knowledge of the first princi- ples of finance and of all industrial pursuits. This knowledge will never become generally diffused ex- cept through the agency of public schools. A portion of the time now spent on higher arithmetic and tech- nical grammar, would, if devoted to the facts and principles of Political Economy, do much toward preparing the youth of our land for an intelligent per- formance of their duties as citizens. In preparing the work for advanced classes in our public schools, the writer has aimed to present sim- ple elementary truths connected with the business ac- tivities of life. These truths will guide the subsequent thinking of those who apprehend them. Questions have been added to each chapter ; but not for the purpose of enabling the pupil to make mechanical recitations. The questions cannot be answered by words selected from the text. They re- quire the study of the text. CONTENTS. CHAPTER. PAGE. I.— Items of Wealth.— Origin of Wealth.— Original Measure of Value 7 n. —Exchangeable Value.— Fluctuation 10 in.— Different Kinds of Industry 14 rV.— Conditions of Industry 19 v.— Increased Productiveness of Industry 23 VI.— Effects of Labor-Saving Machines 27 VII.— Division of Labor 32 VIII.— Mental and Professional Labor 37 IX.— Territorial Division of Labor 41 X. — Restrictions on Industry 46 XL— Capital and Labor 51 XIL-Wages 55 XIII.— Morality and National Prosperity 61 XIV.— Money 66 XV.— Money continued 71 XVL— Coinage 75 XVIL— Value of Gold and Silver 79 XVni.— A double Standard. -Exportation 84 XIX.— Paper Money, so-called 90 XX.— Advantages of a Paper Currency 94 XXL— Disadvantages of a Paper Currency 102 XXIL— Banks of Deposit and Loan 107 XXIII.— Interest 113 XXrV.— Usury Laws 118 XXV.— The Credit System 123 XXVI.— Rent 128 XXVII.-Taxes 132 XXVin.— Government Expenditure 136 XXIX.— Stocks 141 XXX.— Bills of Exchange 145 XXXL— Commerce.— Balance of Trade 149 CHAPTER I. ITEMS OF WEALTH. ORIGIN OF WEALTH. THE ORiaiNAL MEASURE OF VALUE. The desire of possession is one of our earliest desires. The child desires to have something for its own. This desire becomes in man the desire of property — of wealth. Items of wealth. — The items of wealth are very nmnerous. Land, houses, furniture, clothing, carriages, watches, money, fruit, cattle — these and a great many other things constitute the wealth or riches of a country. Two things common. — Two things are common to all these articles : 1. They are adapted to gratify some desire ; 2. They can be appropri- ated — that is, can be owned by some person or persons. All articles adapted to gratify desire and capable of appropriation come under the head of wealth. Air and sunlight. — Some objects of desire do not come under the head of wealth. Air is very desirable. All want it, and cannot live without it ; but it is not an item of wealth. It cannot be appropriated — cannot become private prop- erty. This is owing to its abundance. Water. — The remarks which apply to air and sunlight apply, for the most part, to water. 8 POLITICAL ECONOMY. i Sometimes, however, water becomes in certain places so scarce that it can be appropriated. Then it becomes an item of wealth, and is bought and sold. Origin of wealth. — A house is an item of wealth ; where did it come from ? The trees grew in the forest. The laborer cut down the trees and took them to the saw-mill. The sawyer sawed them into timber and boards. The carpenter fashioned the timber and boards into a house. The house is the result of labor employed on materials furnished by nature. An axe. — An axe is an item of wealth. The miner dug the ore from the earth, and made it into iron and steel ; the blacksmith hammered it into shape and tempered it. The axe is the re- sult of labor employed on materials furnished by nature. A salmon-trout. — You purchase a salmon-trout for a dollar. The fisherman caught it in the lake. When caught, it was his property — an item of wealth. It was the result of labor em- ployed on materials furnished by nature. What is true of these items is true of all items of wealth. Wealth is the result of labor employed on materials furnished by nature. J^irst measure of value. — All items of wealth have value. What is the original measure of value ? Suppose two men are without food in the wilderness. They go in search of food. One catches four quail, and the other four trout. If they exchange, a quail will be given for a trout. ITEMS OF WEALTH. 9 The quail cost the one about as much labor as the trout cost the other. There is something like an equal exchange of labor. Labor is thus the first measure of value. Questions. 1. "What is said of the desire of possession ? 2. What are some of the items of wealth mentioned ? 3. Name some items which are not mentioned. 4. What two things aria common to them all ? 5. What is said of air and sunlight ? 6. What is said of water ? 7. What is said about the origin of a house ? 8. What is said of the axe ? 9. What is said of the salmon-trout ? 10. Of what is all wealth the result ? It. What is the first or original measure of value ? 13. Illustrate that truth. CHAPTER II. EXCHANGEABLE VALUE. FLUCTUATION'. All items of wealth have excliangeable value. On what does the exchangeable value of an article depend ? A coat. — Take, for example, a coat. Suppose the cloth costs ten dollars, and the labor of mak- ing it five dollars. The cost of the coat will be fifteen dollars. The tailor cannot afford to sell it under cost. The market or exchangeable value of the coat will not be less than fifteen dollars. Cost of production. — From this example we see that the cost of production is the cost of the material of which the article is made, and the cost of the labor employed in making it. As no one can afford to produce articles and sell them under cost, the cost of production is an impor- tant element of value. Suj^ply and dema.nd. — Suppose there are one hundred coats in the market, and one hundred persons who wish to buy coats and who have the money to pay for them. Coats will command a certain price — say fifteen dollars each. Suppose there are one hundred coats in market, and two hundred persons who wish to buy coats. Coats will now command a higher price. As there are not coats enough for all, there will be EXCHANGEABLE VALUE. 11 competition among tlie buyers. The price of coats will rise. Suppose there are one hundred coats in market, and fifty persons who wish to buy coats. There will now be a competition among sellers. The price of coats will fall. Conclusion. — The exchangeable value of an ar- ticle depends upon the cost of production, and the supply compared with the demand. Incorrect views. — Some persons think that the value of an article depends solely on the cost of production. Others think that the value of ah article depends solely upon the supply compared with the demand, or, as it is commonly expressed, upon supply and demand. High jyrices. — When the demand for an article is great and the supply is limited, the price will rise. When an article commands a high price in the market, persons will engage in the pro- duction of that article. Suppose the cost of hats is four dollars, and the demand for hats is so great that the price rises to seven dollars. Hat-manufacturing will be regarded as profit- able. Men will rush into the business. The sup- ply of hats will be increased, and the price will begin to fall. It may be that so many hats Avill be manufactured that some manufacturers will be compelled to sell their hats at cost, or even below cost. The price of hats may, for a short time, be below cost. Low j^rices. — The price of an article cannot remain below cost of production for any great length of time, because the production of the 12 POLITICAL ECOKOMT. article will cease. No one will continue to man- ufacture liats and sell them at a loss. The sup- ply of hats will be diminished. If the demand continues the same, the price of hats will gradu- ally rise till they can be made and sold at a profit. Then the supply will be increased. Men will engage in manufacturing hats. Fluctuation. — The prices of nearly all articles are subject to fluctuation, after the manner above described. They cannot remain for any great length of time very high — very much above cost ; and they cannot remain for any great length of time very low. Between those two extremes most articles are subject to more or less fluctuation. Value and price. — The XqilVH^ value and price have been used in this chapter in the same sense. Strictly speaking, the price of an article is its ex- changeable value reckoned in money. Questions. 1. What is said of all items of wealth ? 2. What question is asked ? 3. What supposition is made respecting a coat ? 4. What will be the market value of tlie coat ? 5. What is meant by the cost of production ? 6. What is the first supposition under the head of Supiily and Demand f 7. What effect on price ? 8. What is the second supposition made ? 9. What effect on price ? 10. What is the third supposition made ? EXCHANGEABLE VALUE. 13 11. What effect on price ? 12. "What conclusion is drawn respecting ex- changeable value ? 13. What two erroneous views are noticed ? 14. What is the effect of high prices on production ? 15. To what will increased production lead ? 16. How low may prices fall ? 17. What is the effect of low prices on production ? 18. What is said of the continuance of very high and of very low prices ? 19. What remark respecting value and price ? 20. What is price? CHAPTER III. DIFFERENT KINDS OF INDUSTRY. All ivealth is the result of industry. The different kinds of industry have been classed un- der three heads : 1. Agricultural industry. — The farmer pre- pares the soil, and plants the seed, and takes care of the growing crop, and harvests it. The grain produced is the result of his labor. It is said to be the product of human industry. It is really the result of human industry combined with the productive powers of nature. 2. Manufacturing industry. — The manufac- turer takes cotton from the agricultural laborer, and changes it into cloth. The tanner takes the skin of an animal, and changes it intole ather. The blacksmith takes iron and steel, and makes an axe. Cloth, leather, and axes illustrate manu- facturing industry. 3. Commercicd industry. — A merchant buys silks in France and broadcloths in England, and sells them in New York. He purchases shoes in Massachusetts, and sells them in South Carolina. His business is to transfer commodities from places where they are less wanted to places where they are more wanted. He is thus instrumental in supplying the wants of men. DIFFERENT KH^BS OF INDUSTRY. 17 asserted that where industry is free, the rate of profits in different departments is the same. Facts show that this is not the case. Mining and fishing. — The miner increases the wealth of a country by extracting minerals from the earth, and the fisherman, by taking fish from the waters. Strictly speaking, mining and fish- ing do not come under any of the heads above mentioned. Those three departments embrace by far the greater portions of human industry. There are operations which cannot properly be said to belong to any one of them. Questions. 1. Of what is all wealth the result ? 2. How many kinds of industry are mentioned ? 3. Explain what is meant by agricultural industry. 4. Explain manufacturing industry. 5. Explain commercial industry. 6. How does the farmer add to the wealth of a country ? 7. How does the manufacturer ? 8. How does the merchant ? 9. State the example showing how the merchant adds to the wealth of the country. 10. What is the most profitable industry for a coun- try? 11. What countries should be devoted to agricul- ture? 12. What countries may engage in manufacturing ? 13. What besides natural facihties is required ? 18 POLITICAL ECONOMY. 14. What is said of the commerce of newly-settled countries ? 15. What is said of the rate of profit in different kinds of industry ? 16. What unwarranted assertion is noticed ? 17. What is said of mining and fishing ? CHAPTER IV. CONDITIONS OF INDUSTRY. As wealth is tlie result of industry, it is proper to inquire what are the circumstances most favor- able to the exercise of industry. A fundamental condition. — Security of prop- erty is a fundamental condition of the existence of continuous industry. No man will labor if he has not a good degree of certainty that he will enjoy the fruit of his labor. No one will sow if it is probable that others will appropriate the har- vest. No one will spend his time and labor in producing that which he cannot claim and hold as his own. All stimulus to labor is taken away when there is no security of property. When a man is secure in the enjoyment of his rights, when he is allowed to do what he wills with his own, he has encouragement to labor. Good govermnent. — Where there is no govern- ment, there is nothing to restrain men from seiz- ing the property of their weaker neighbors. Where lawlessness prevails, there are indolence and poverty. A bad government may unjustly appropriate the property of its subjects, tinder such a gov- ernment, a man who is known to possess prop- erty may be arrested on a false charge, and his 20 POLITICAL ECOi^OMy. property may be confiscated. Hence there is no stimulus to industry and enterprise for the accu- mulation of wealth. Prosperity invites oppres- sion. If a man has wealth, he conceals it lest it should be taken from him. Industry is discour- aged, and capital lies useless. Umvise legislation. — Property can be rendered insecure by unwise legislation. So far as indus- try is concerned, it makes no difference whether insecurity is caused by tyranny or by folly. Whatever produces insecurity discourages indus- try and enterprise. Without industry and en- terprise there is no advancement in wealth. The government may not rob its subjects, and yet may not furnish due protection to life and property. It may fail to enact and enforce laws prevent- ing fraud. It may pass laws which may cause depreciation of property. By an uncertain and changing course in regard to certain departments of busi- ness, it may paralyze industry in regard to those departments. For example. — Suppose the government enters on a course designed to encourage the manufac- ture of cotton. Suppose cotton cloth can be im- ported cheaper than it can be manufactured. No one will build a cotton factory. But let the government pass a law forbidding the importation of cotton cloth, or laying a heavy tariff on its importation, and men will engage in the manufac- ture of cotton. Capital will be invested in man- C02?"DITI0KS OF INDUSTRY. 21 ufactures. Factories will be built, and laborers employed. Now let the government repeal the laws in re- gard to foreign cottons, and the capital invested in domestic manufactures will be well-nigh value- less. Suppose governments alter the coin of the country, and put one third less gold and silver into the coins. They bear the same denomina- tions as before, and are a legal tender as before. The result will be great loss on the part of mul- titudes. Manufacturers and farmers have sold on credit ; and if they were paid what they expected when they sold their commodities, they would be prosperous. But they are paid only two thirds of their debts : all profit is lost, and more besides. The wisest men can form no plans that will be successful, if they are liable to be thwarted by the folly of the government. Honest and wise legislators. — We see the im- portance to the prosperity of a country, of honest and wise legislators, judges, and executive offi- cers. Governments cannot create wealth ; but they can furnish the necessary conditions for the production of wealth. Freedom of industry. — There will be the most labor when men may engage in what kind of la- bor they please, provided they do not interfere with the rights of others. In former times, rulers undertook to direct the employments of men. It is now left to the laborer to choose his employment as his tastes or his interest may lead him. 22 POLITICAL ECOIfOMY. Intelligence. — Intelligence promotes industry and renders it more efficient. An ignorant com- munity do not know what can be obtained by industry, and hence will labor merely to supply their pressing wants. This is true of all savage tribes. When men know what desirable things can be gained by labor, their desires for those things will lead them to perform the requisite labor. Questions. 1. What question is asked at the beginning of the chapter ? 2. What fundamental condition of industry is mentioned ? 3. Show why security of property is necessary. 4. Why is a good government necessary ? 5. What may a bad government do ? G. What effect will this have on industry ? 7. What effects may follow unwise acts of govern- ment? 8. What may the government fail to do ? 9. What may it do with respect to fraud ? 10. What effects may follow a changing course on the part of the government ? 11. What illustration is given ? 12. What illustration is given relating to the coin ? 13. What kind of rulers are needed ? 14. Show the effect of freedom of industry. 15. Show the effect of intelligence. CHAPTER V. HOW THE PRODUCTIVENESS OF INDUSTRY MAY BE INCREASED. At the outset, a mari^s hands were the main instruments of labor. If he had no other instru- ments, he could accomplish very little. With his hands he fashions instruments which add greatly to the productiveness of his labor. Tools and machines. — The gardener can turn up the soil with a spade better than with his hands. One can perform only the simplest kinds of labor with his mere hands. As he increases in knowledge and property, he devises tools which add greatly to the produc- tiveness of his labor. Machines. — By degrees he improves his tools and makes more complex and efficient ones. They are then called machines. A scythe is called a tool. A more complicated instrument for mowing is called a machine. By the use of tools and machines^ the efficiency of human industry is greatly increased, and its products are greatly multiplied. By the use of machinery, there is done every day an amount of work which could not be done by hundreds of millions of manual laborers. Use of animals. — Human industry is rendered 24 POLITICAL ECOI^OMY. more productive by the aid of animals. The horse, the ox, the reindeer, the dog, the ele- phant, and other animals, have been brought un- der the control of man, and have become assist- ant laborers. They greatly increase his indus- trial power. "With a horse and cultivator, the farmer can till ten acres of corn in less time than he can till one acre by hand. Animals are em- ployed in various departments of industry. Poioers of nature. — Man subdues animals and makes them do his bidding. He pursues a sim- ilar course in respect to the powers of nature. Wind. — Wind is used to propel vessels on the water. Before the discoveries relating to steam, wind was the sole instrument of navigation. By human skill it was made to propel vessels in al- most every direction except that directly opposite its course. It was formerly used to propel machinery on land, but is now very generally superseded by steam. Water. — The gravitating power of water is a great aid to human industry. It has furnished motive-power for thousands of factories of every description. Of course it can be had only when it is found in nature. In places where it exists in abun- dance, villages and cities have grown up. Its great advantage is its cheapness. It is subject to some disadvantages. It does not always exist in convenient localities, is not in all cases con- stant ; but is affected by drought, and is liable to inundation. The runninolies. — In former times, monopolies were common in all the countries of Europe. A mo- nopoly is the exclusive right to produce or deal in certain articles. Suppose the King of England (he has not power now to do so) should give to a company in London the monopoly of salt. No other persons could deal in that article. The monopolists might demand whatever price they chose, and the people must pay it ; for they could not do without salt. The monopolist has power to tax the community at will. Monopo- lies ought therefore never to be granted, directly or indirectly, by governments. All citizens should have equal rights in view of the law. Banking. — The privilege of issuing bank-notes to circulate as money, was, for many years, a mo- nopoly in this country. No bank could be estab- lished except by special permission in the form of a charter granted by the legislature. Restrictions have been very generally removed. By means of general banking laws, those who choose can en2:ao;e in the business of bankina; on complying with certain conditions designed to secure the public from loss. Patent laws. — Patent laws give to the inven- tor a temporary monopoly for his invention. The design is to reward the author of a useful invention. If the invention is useful, it will sell, and the inventor will be rewarded. When his patent-right expires, any one is at liberty to en- gage in the manufacture and sale of the article. 48 POLITICAL ECOiq-OMY. Practical monopolies. — Thus far monopolies granted by governments have been considered. The existence of such monopoUes is substantially at an end in all enlightened lands. There are, however, monopolies in operation, the result of causes in some respects beyond the control of government. A railway is, in many respects, a monopoly. Where a single road connects two cities, there can ordinarily be no competition with it, with re- spect to the transportation of passengers and certain kinds of goods. The lav/ of the land should place such restrictions on railways as shall remove the more injurious features of a monopoly. The same remarks apply to the electric telegraph. Large capitalists often have it in their power to monopolize, for a time, the business in which they are engaged. They have the market for a commodity or certain commodities. If a person enters on the same business, they can put down prices so low as to ruin him if he is not a large capitalist. This has been done, and probably will be done again. This shows that something besides what are called the laws of trade are needed ; viz. , the law of right. The so-called laws of trade will not prevent the strong, if they are without moral principle, from oppressing the weak. Just restrictions. — Men should not be allowed to engage in any business which will interfere with the rights of others. Government should secure to every one his rights. RESTRICTION'S OK Iiq-DUSTRY. 49 Men should not be allowed to engage in any business which may prove injurious to others, unless due provision is made for their security. Hence, men should not be allowed to deal in ex- plosive compounds, except under restrictions which remove danger to life and property. Such restrictions do not interfere with the rights of any one ; for no one has a right to injure others. No one has, under any circumstances, a right to do wrong. Questions. 1. What employments were men compelled to fol- low in ancient times ? 3. "What have governments in later times some- times done ? 3. What have been found to be the best guides in the choice of employments ? 4. What connection is there between the prosper- ity of a nation and of the individuals composing it ? 5. What is said of the apprenticeship system ? 6. How is the requisite skill secured in this coun- try? 7. What is a monopoly ? 8. Give an example. 9. Why ought monopolies not to exist ? 10. What is said about banking ? 11. What permission was required ? 13. In what way has the monopoly-feature been removed ? 13. What is said of patent laws ? 50 POLITICAL eco:n'omy. 14. What is said of practical monopolies ? 15. "What is said of railways ? 16. Show how large capitalists may become mo- nopolists. 17. What law is higher than the so-called laws of trade ? 18. Mention some just restrictions. CHAPTER XI. CAPITAL AND LABOR. We have seen that wealth is the result of la- bor employed on materials furnished by nature. It may be asked, Has not capital something to do with the production of wealth ? Certainly it has. Let us see in what way. Capital is that portion of wealth which is em- ployed in carrying on business. The capital of the merchant consists of his shop and his goods offered for sale. These, if he owns them, are a part of his wealth ; but they may not constitute all his wealth. He may own the house in which he lives, a library, and railway stocks ; but, as these are not employed in carrying on his business as a merchant, they do not form a part of his capital. His wealth may be greater than his capital. He may have a pot of gold coin buried in his garden. That forms a part of his wealth, but not of his capi- tal. He may dig it up and use it in his busi- ness. Then it becomes a part of his capital. National capital is that portion of the nation's wealth which is used in carrying on the business enterprises of the nation. Labor before capital. — At first, man has noth- 52 POLITICAL ECOKOMY. ing but Ms hands with which to labor. He soon fashions some rude tools, which render the labor of his hands more efficient. With his bow and arrows he can kill more birds than with his hands. His bow and arrows have value — are items of wealth. They are also items of capital. They are employed as instruments of produc- tion. Capital is the result of labor — the saved result of labor. It has been called accumulated labor. It can more properly be called the saved products of labor. If the laborer consumes every day all that he produces that day, he will never have any capital — unless it is given to him. If he saves a portion of what he produces, he may accumulate capital. If the farmer saves a por- tion of the corn he produces, he can exchange it for whatever form of capital he may desire. Labor by means of capital becomes more pro- ductive. Producers who have capital can pro- duce cheaper than those who are without capital. The larger capitalist can produce cheaper than the smaller capitalist. Increase of capital. — Wlien the people of a country produce more than they consume ; when they save a portion of their annual production and employ it in business — the capital of the country is increased. The production of a coun- try may be very great ; yet if it is all spent with- out being employed in conducting business, the capital of the country is not increased. If the surplus of production over expenditure is unwisely employed as capital and lost, the CAPITAL Ai^D LABOR. 53 capital of the country has not increased, but has diminished. The increase of capital causes an increased de- mand for labor. Increased demand for labor tends to raise the wages of labor. In order to the increase of capital, frugality/ as well as industry is necessary. Industry and fru- gaUty are the great sources of national pros- perity. Capital in a new country. — When settlements are made in a new country, the first settlers sel- dom bring much capital with them. In conse- quence, they labor under great disadvantages. But the lands in a new country are generally very productive, and the industrious and frugal settler soon becomes possessed of capital, which enables him very rapidly to better his condition. Foreign capital. — The people of a new country need capital to enable them to develop the re- sources of the country. If foreigners see fit to lend them capital, and charge a reasonable price for the use of it, the capital thus procured may be of great service to the country. It may cause it to increase in wealth much more rapidly than would otherwise be the case. An objection. — It is objected that the interest paid for the use of foreign capital is sent out of the country. So it may be. If the borrower of a thousand dollars finds himself at the end of the year, and after having paid his interest, much richer than he would have been without the use of the thousand dollars, he has no reason to com- 54 POLITICAL ECOI^rOMY. plain, and the country has no reason to com- plain. Questions. 1. What is capital ? 2. Of what does the capital of the merchant con- sist? 3. Show the difference between his capital and his wealth. 4. Of what does national capital consist ? 5. Which is first in order — capital or labor ? 6. What are man's original instruments of labor ? 7. How does he acquire capital ? 8. Of what is capital the result ? 9. What has it been called ? 10. What can it be more properly called ? 11. Effect of capital on the productiveness of labor ? 12. What advantage has the large capitalist ? 13. When does capital increase ? 14. What is the effect of increase of capital on the demand for labor ? 15. What the effect of increased demand for labor ? 16. What are the great sources of national pros- perity ? 17. What is said respecting capital in a new coun- try? 18. What is said of foreign capital ? 19. What objection is stated ? 20. How may it be answered ? CHAPTER XII. WAGES. Suppose there is a community made up of day- laborers. Every one has to labor with his hands to get the means of daily sustenance. No one has any thing saved — has any capital. Of course no one will wish to hire any one to labor for him ; for he has nothing wherewith to pay for labor. In a community without capital, there will be no demand for labor. Let a number of men of capital join that com- munity and engage in business. They will wish to hire men to labor for them ; there will be some demand for labor. In a community with a capital of one hundred thousand dollars, there will be a certain demand for labor. Wages will be at a certain rate. Let some persons with an additional hundred thousand dollars come into the place and engage in business. They will wish to employ laborers. If no additional laborers come into the place, they will try to hire some of those employed by men already in business. They will offer them some inducement to leave their employer. That inducement will be in the shape of higher wages. In other words, there will be a compe- 5G POLITICAL ECOJS'OMY. tition for laborers among employers, and wages will rise. The rate of wages will tlius be determined by the amount of capital compared with the number of laborers. Suppose while the capital of a community re- mains the same, the number of laborers is doubled. There will now be a competition among laborers for employment. The newcomers vill offer to work for less than the old laborers are receiving. Wages will fall. Supi^ose half the capital of a community is lost or removed, while the number of laborers remains the same. The employers will discharge some of their laborers. Those anxious to retain their situations will offer to work at reduced wages. Thus the truth stated above is abundantly verified, that the rate of wages is determined by the amount of capital compared with the number of laborers. If capital increases while the number of labor- ers remains the same, wages will rise. If capital decreases while the number of labor- ers remains the same, wages will fall. If the number of laborers diminishes while capital remains the same, wages will rise. If the number of laborers increases while capi- tal remains the same, wages will fall. If the population of a country increases faster than its capital, wages will fall. If the capital of a country increases faster than its population, wages will rise. WAGES. 57 It is for the interest of the laborer that capital should increase — that the rich should grow richer. It is the interest of every laborer that his employer should be prosperous. If from envy or any other cause, he obstructs the pros- perity of the capitalist, he does that which tends to his own injury. Capital is the fund from which labor is paid. It is the interest of the laborer that that fund should be increased. The larger it is, other things being equal, the higher his wages will be. If capitalists and laborers render obedience to the law, ' ' Thou shalt love thy neighbor as thyself," they will pursue the course best adapted to promote their pecuniary interests. Immigration. — We have seen that if, while the capital of a country remains the same, the number of laborers increases, wages will fall. Hence the tendency of the immigration of labor- ers is to lessen the wages of labor. That the great immigration of laborers here has not made wages low, is owing to the fact that the capital of the country has increased rapidly by production and borrowing. The increase of capital has kept pace with the increase of population by birth and immigration. Trades-unions. — Men engaged in the same employments sometimes form associations for their mutual benefit. They pay into the treasury of the association a portion of their wages. Thus a fund is secured. Sometimes, when employers propose a reduction of wages, or when the lead- ers see fit to demand higher wages, a strike is ordered. The members of the association refuse 58 POLITICAL ECONOMY. to work. Those without means are supported by the funds above mentioned. Sometimes a large number of laborers are idle for months. Sometimes their demands are acceded to, and sometimes, after long idleness and much suffer- ing, they resume work at the old rates. Evils. — By these associations the great mass of laborers are brought under the control of a few men who may have their own ends to further. Oftentimes many of the laborers would gladly continue to labor, but are prevented by their leaders and associates. Violence is often done to those who would take the place of those who refuse to labor. Laborers have a right to combine for the pro- tection of their rights. They have no right to combine for doing wrong. They have a right to put their own price on their services, but they have no right to force men to pay that price. If not satisfied with the wages offered, they have a right to refuse to work, but they have no right to prevent others from working. So far as strikes destroy capital or hinder the increase of capital, they injure the laboring classes. Employers sometimes combine to lower wages. Being comparatively few in number, they can combine more readily and secretly than the laborers. They have no more right to combine for the purpose of arbitrarily lowering wages than have the laborers for raising them. Law of wages. — The fact that wages will be as the amount of capital compared with the WAGES. 59 number of laborers, bas been called the law of wages. The term law implies something that we are to obey, and which we do right to obey. This would imply that it is right for the capital- ist to employ men at starvation prices if he can. He may say, " The wages I pay are the result of fair competition. My laborers were at liberty to accept or reject the wages offered. If those now employed leave me, there are others ready and anxious to take their places. A thing is worth what it will bring in an open market. T am paying all that wages will bring in an open market. It is true men cannot live on what I pay them, but that is not my concern." In the business affairs of men, a law higher than the so-called laws of political economy is needed — the law of justice. Questions. 1. What demand for labor would there be in a community composed wholly of day -laborers ? 2. Why? 3. Suppose one hundred thousand dollars of capi- tal is brought into the community : what effect on the demand for labor ? 4. Why? 5. Suppose an additional hundred thousand of capital is introduced : what effect ? 6. How is the rate of wages determined ? 7. What is the tendency of an increased number of laborers ? 60 POLITICAL ECONOMY. 8. Suppose the capital diminishes while the num. ber of laborers remains the same ? 9. Suppose the number of laborers increase while capital remains the same ? 10. Suppose the population of a country increases faster than its capital ? 11. Suppose the capital of a country increases faster than its population ? 12. How is the interest of the laborer connected with that of the capitalist ? 13. Obedience to what law would benefit capitalist and laborer ? 14. "What effect has immigration on wages ? 15. What are " trades-unions "? 16. What is a strike ? 17. How are the laborers supported during a strike ? 18. State some evils resulting from the associations. 19. What have laborers a right to do ? 20. What have they not a right to do ? 21. What is said about combinations of employers ? 22. What is said to be the law of wages ? 23. What does the use of the term law imply ? 24. What law should be supreme in business mat- ters? CHAPTER XIII. MORALITY AND NATIONAL PROSPERITY. Morality on the part of a community tends to industry and frugality ; consequently it tends to national prosperity. Expensiveness of vice. — In a moral community, tlie expensiveness of vice is avoided. It is avoided just in proportion as a community is moral. In a perfectly moral community, there will be no vice. Consider the cost of a single vice — intemper- ance. The amount paid for intoxicating drinks amounts to hundreds of millions annually. The amount thus expended is expended unproduc- tively. It brings no pecuniary returns. It is so much value annihilated. If all the people were moral, this vast sum would be saved, and a large portion of it em- ployed in enterprises of industry. It would be added to the fund from which the wages of labor are paid. Drunkards are usually idlers. They do not belong to the producing class. The loss to the country occasioned by the idleness of an exceed- ing great army is to be set to the account of in- temperance. Loss of property. — Add to this the loss occa- 62 POLITICAL ECOI^OMY. sioned by the carelessness and incompetency caused by strong drink, the accidents by sea and land, the breaches of trust, and the amount is largely increased. Consider the cost of legal processes relating to crimes caused by intemperance, and the cost of prisons, and you have another large item. Suppose the immense cost of intemperance were saved and added to the capital of the coun- try. Production would be greatly increased. The wages of labor would be augmented. Expensiveness of war. — If all men were moral, there would be neither private nor public wars. Consider the expensiveness of war. The soldiers are taken, for the most part, from the vigorous laborers of the country. They are changed from producers of wealth into de- stroyers of wealth. Consider the daily loss to the country when one hundred thousand or five hundred thousand productive laborers are trans- formed into soldiers ! The immense sums paid in wages to the soldiers form but a small part of the cost of war. There is the enormous cost of the materials used in war. There is the loss occasioned by the pa- ralysis of industry. There is the destruction of property in the portion of a country which is the seat of war. These give some idea of the ex- pensiveness of war. Suppose the cost direct and indirect of the late civil war had been saved and employed as capital, would laborers be out of employment, and would the cry of hard times be heard ? KATIOiq-AL PROSPERITY. 63 Poverty. — If all men were moral, poverty would be unknown. We inhabit a bountiful earth, adapted to produce in abundance the necessaries, comforts, and luxuries of life. And yet there are millions in poverty ! To what is it owing ? Does population in- crease too rapidly for the capacity of the earth to furnish adequate sustenance ? This has been affirmed. JSIalthus taught that the tendency of population was to outrun capital — that is, to increase faster than the earth has capacity for producing food and the necessaries of life. Hence wars and pestilences are neces- sary to thin off the people and keep them from starving ! Let us see if the all-wise Creator has created men for whose support he has failed to make adequate provision. It is admitted that, in the present condition of things, population has a tendency to press on the means of subsistence. It is admitted that in some countries many perish for want of sufficient nourishment. To what is this owing ? Has the Heavenly Father failed to make sufficient provision for the wants of His children ? Why do such multi- tudes perish through want ? Suppose the father of a family proposes to take a voyage to Europe, and to be absent some months. He provides an abundant supply of provisions for his family during his absence. In course of two or three months, the members of his family begin to be in want. They are in 64 POLITICAL ECO]S"OMY. want of flour, because they have rolled a number of barrels down a precipice to see the white cloud raised by their bursting. They are in want of other things which they have wantonly wasted. Can they blame their father for the want caused by their own folly and wickedness ? The case is similar to that of the great Father with respect to His children. He has furnished them with a world richly adapted to supply all their wants. He has commanded them to be industrious, temperate in all things, moral. If his commands had been obeyed, the popu- lation of the earth would have been very much greater than it is, and poverty would have been unknown. Men have wasted thousands upon thousands of millions in war, intemperance, and every form of vice, and then have complained that adequate provision has not been made for the supply of human wants ! Questions. 1. State the connection between morality and na- tional prosperity. 2. What is said of the expensiveness of vice ? 3. Describe the cost of intemperance, mentioning the different items. 4. What would be the effects if this cost were saved and added to the capital of the country ? 5. Describe the cost of war, mentioning the differ- ent items. 6. What effects if the cost of the late war had been saved and used as capital ? KATIOKAL PROSPERITY. 65 7. What effect on poverty if a community were moral ? 8. Why are so many in poverty ? 9. What did Malthus teach ? 10. What consequence follows his doctrine ? 11. What does that doctrine imply in regard to the wisdom of God ? 13. What supposition is made ? 13. Apply it to the case in hand. 14. Show how poverty might have been avoided. CHAPTER XIV. MONEY. Use of ploughs. — The plough is an instrument for upturning the soil — preparing, it for planting and sowing. The soil may be prepared by the spade ; but the plough is a better instrument for that purpose. Experience has shown that it is the best instrument for loosening the soil. Number of ploughs wanted. — In every country there are wanted a number of ploughs sufficient to do the ploughing. If one thousand will conven- iently and efficiently do the ploughing, then a greater number cannot be used to advantage. If there are two thousand ploughs, and only one thousand can be used to advantage, the remain- ing thousand will be of little value unless they can be sold. A sensible people will send them away and sell them. Carriages. — Carriages are instruments for con- veying persons from one place to another. For that purpose a certain number of carriages are wanted. If only ten carriages can be used to advantage, and one hundred are kept on hand, ninety of them are kept at a loss. If a man should say : " Carriages are good things ; let us get and keep as many of them as we can, ' ' he would not be regarded as a very wise man. MO]S"EY. 67 Money. — Money is an instrument used in effecting exchanges of commodities, such as grain, hats, beef, watches, flutes, and other articles of value. Exchanges may be effected without money. The farmer may take his corn to the shoemaker, and receive shoes in exchange for his corn. The collier may take his coal to the miller, and re- ceive flour in exchange. The laborer may culti- vate the land of the tailor, and receive clothes in exchange for his labor. This kind of exchange is called barter. Barter is not a convenient mode of exchange. A man has potatoes to spare, and wants tea. The man who has tea to spare may not want potatoes. Now if the man who has potatoes can exchange them for a commodity which the tea-merchant wants, he can get his tea. Such a commodity is money. It is a commodity in universal request. If a man has any thing to dispose of, he is willing to dispose of it for money, because he can always buy for money whatever there is to be sold. Money is an instrument for facilitating ex- changes. It is an instrument by which exchanges can be effected more easily and economically than in any other way. Hoio much money is wanted in a country ? " The more the better," would be the reply of ignorance. How many ploughs are wanted in a country ? How many carriages are wanted in a country ? How much money is wanted in a country ? Enough to effect the exchanges of the country. 68 POLITICAL ECON-QMY. As a country needs ploughs enough to do its ploughing, so it needs money enough to do its exchanging. As only a certain number of ploughs can be used to advantage in doing the ploughing, so only a certain amount of money can be used to advantage in doing the exchang- ing. Surplus commodities. — "When there is more flour in a country than is wanted to feed the inhabitants, the surplus is sent abroad if there is any demand for it abroad. Suppose a country needs a thousand barrels of flour, and two thousand barrels are produced. There is twice as much flour in the country as is needed for consumption. Flour will be cheap. If it is worth more abroad than it is at home, it will be sent abroad. If one should say, *' Flour is a good thing ; let us produce as much as we can and keep it all in the country. Don't let us allow any to be sent out of the country, ' ' he would not be re- garded as a wise man. A great deal of flour might thus be collected in the country. What effect would this accu- mulation of flour have on its value ? If there are three thousand barrels in a country, and only one thousand are needed for use, and if the other two thousand could not be sent abroad, how much more would the three thousand barrels be worth than one thousand ? Not a great deal. Whenever a country has more of a commodity than it needs, the commodity should be sent MOKEY. 69 abroad, and exchanged for some commodity needed. This is as true of money as of any other com- modity. If there is more money in a country than is needed to effect the exchanges of the country, it should be sent abroad and exchanged for commodities which are needed. Some men are disposed to say, " Money is a good thing ; we cannot have too much of it. Let us get as much of it as possible. Let none be sent out of the country. ' ' By such a course, a great deal of money might be collected in a country ; what would be the effect of this accumulation on its value ? Suppose one hundred thousand dollars are needed to effect the exchanges of a country, and there are a million dollars collected in the coun- try. If they cannot be sent abroad, nine hun- dred thousand dollars will be useless. If the million could be used in effecting exchanges which can be effected by one hundred thousand dollars, the value of the million would not greatly exceed that of the one hundred thousand. Ob- serve, the supposition is that they cannot be sent abroad. If you use four coaches to carry four passen- gers, each carrying one, and can use them for nothing else, the value of the four coaches is not much greater than the value of one coach. Ob- serve, the supposition is that they must be used in carrying four passengers — that three of them cannot be sold. 70 POLITICAL ECONOMY. Questions. 1. What is a plough ? 2. How many ploughs are wanted in a country ? 3. What is a carriage ? 4. How many are wanted in a country ? 5. If there are more ploughs and carriages than are wanted to plough and carry passengers, what should be done with them ? 6. What is money ? 7. Can exchanges be made without money ? 8. Illustrate. 9. What is barter ? 10. What is said of exchange by barter ? 11. Why are men willing to exchange for money whatever they have to spare ? 12. How much money is wanted in a country ? 13. What should be done with surplus commodi- ties? 14. What example is given ? 15. If more flour is produced than is wanted, and it is all kept in the country, what effect on its value ? 16. What woiild be thought of a man who should insist that as much flour as possible should be collect- ed and kept in the country ? 17. What should be done with money when there is more than is needed to effect exchange ? 18. Suppose a million dollars are used in doing what could be done as well with one hundred thou- sand? CHAPTER Xy. MONEY — (continued). The money of a country constitutes but a small i^art of its wealth. The wealth of a country comprises all objects having exchangeable value — lands, houses, ma- chines, gTain, furniture, money, clothes, etc. The sum of a nation's wealth is the sum of all its items of value. Money is a small item com- pared with the sum of all other items. It is an important part, but a very small part of national wealth. A farmer has a farm worth five thousand dol- lars. On an average he may have on hand, say thirty dollars. His property consists of five thousand dollars in real estate and thirty dollars in money. His money forms a very small por- tion of his wealth. A manufacturer has a factory, machinery, raw material, and manufactured goods. The value of the whole may be one hundred thousand dol- lars. He keeps on hand from three to five thousand dollars in money. His money consti- tutes a small part of his wealth. What is true of the farmer and the manufac- turer is true of nearly all the inhabitants of a country. The money of a country constitutes but a small portion of its wealth. A wrong notion, — For a long time it was 72 POLITICAL ECONOMY. thought that money alone constituted wealth — or at least that money was wealth par excellence. Hence governments did all they could to bring" money into the country, and to prevent it from going out. Loans were made giving special privileges to those departments of industry which brought money into the country. Severe penal- ties were attached to the act of sending money out of the country. The great object was not an increase of the various articles of value needed, but simply an accumulation of the precious metals. Suppose all the stones of our country were turned into gold and silver : how much would gold and silver be worth if it could not be ex- ported ? Another wrong notion. — Some think that the money of a country is equal in value to all the other commodities in the country. They put the money in one heap, and all the rest of the property of the country in another heap, and consider them as equal in value. If all the commodities of a country were ex- changed at the same moment for money, the money used would equal in value all other com- modities. But all commodities are not exchang- ed for money thus simultaneously. Exchanges are successive. The same dollar is often the instrument of exchanging ten times its value in the course of a few hours. For example, a man pays a dollar for a shovel. The man who receives the dollar pays it for some tea. The tea merchant pays it to the blacksmith for shoe- MOKEY. 73 ing liis horse. The blacksmith pays it to the miller for flour. The miller pays it to the farmer for chickens. The farmer pays it to the merchant for cotton cloths. Thus the same dol- lar is the instrument of effecting a large number of exchanges, but it is not equal in value to the aggregate of all the articles for which it was ex- changed. Material used for money. — The precious met- als, gold and silver, have been used by all civi- lized nations as the instruments of exchange. Why have they been so generally used ? Because they were found to be better adapted to that purpose than any other commodities. Steel is used for the material of edged tools, be- cause it is better adapted to that purpose than any thing else. Gold and silver are used for money for the same reason that steel is used for edged tools. The precious metals have great value in small bulk, can be divided without loss of value, are not liable to decay, and are less fluctuating in value than other commodities. These and other qualities render them better adapted for use as the instrument of exchange and the measure of values than any thing else. If they were perfectly invariable in value, they would be still better adapted to the purposes for which they are used. Questions. 1. What part of a nation's wealth consists in money ? 3. Illustrate in case of the farmer. 74 POLITICAL ECONOMY. 3. Illustrate in case of the manufacturer 4. State the conclusion. 5. What wrong notion is mentioned ? 6. What was done in consequence ? 7. Mention another wrong notion, 8. Show it to be wrong. 9. What material is used for money ? 10. Why are gold and silver used ? 11. State the qualities fitting them for the purpose. 12. Suppose they were perfectly invariable in value ? CHAPTER XVI. COINAGE. At first, tlie precious metals passed hy weight. This rendered it necessary to have scales for weighing in connection with every act of ex- change. This was very inconvenient ; and in or- der to avoid this and other inconveniences, coin- ing was resorted to. Coins of different sizes and values were made, thus adapting them to the va- rious acts of exchange. The most valuable coins were made of gold, and less valuable ones of sil- ver. For coins of small denominations, copper was used. A silver coin of the value of twenty dol- lars would be unwieldy. The value of the coin depends upon the value of the gold and silver it contains — not upon the form, or the fact that it was made by the govern- ment. The government stamp is a certificate as to the quantity and purity of the metal contained in the coin. It may be said that if the value of a gold dollar does not depend upon the fact that it was made by the government, but upon the quantity and purity of gold it contains, then a gold dollar made by an individual would be as valuable as one made at the mint. 76 POLITICAL ECONOMY. It would, if it contained just as much gold of the same fineness as the mint dollar. Such coins would not circulate as freely as mint dollars, be- cause of a want of confidence in their purity ; but their market value would be equal to that of mint dollars. If a man wished to buy gold for some purpose in the arts, he would give as much for the individual as for the government dollar. If individuals were allowed to coin money, there would be no security for the purity of the coin. Every piece would need to be weighed and tested. When issued by the government, there is greater security ; but the security is not absolute. History informs us that governments have sometimes been unfaithful to their trust in this matter. They have adulterated the coin ; that is, they have substituted baser metals for a por- tion of the gold and silver which the coin was declared to contain. This can be done without altering the name, form, and general appearance of the coin. Effect of adulteration. — So long as the adulter- ation is unknown, the base coin will circulate as well as the genuine. When the adulteration is discovered, the value of the coin will fall in pro- portion to the adulteration. If the coin contains half as much gold as the old coin, it will be worth half as much — will buy half as much. Suppose the government should resolve to put just half as much gold and silver in their coins as they have been accustomed to do. They do not change the denomination of the coin. They issue COINAGE. 77 ^old and silver dollars and half-dollars and dimes. The coins bear the same names as they do now, but they contain just half as much gold and sil- ver ; what would be the value of the new coin as compared with the old ? Suppose it were made in legal-tender for debts contracted under the old coinage. Suppose Con- gress should declare by an unanimous vote that the new dollars should be as valuable as the old ones : would they be thus valuable ? They would not. Men might pay their debts with the new coin ; they would not discharge their moral ob- ligations by so doing. They would defraud their creditor to the extent of half his claim. The debtor agreed to pay a certain number of dollars whose value was well known. He pays a certain number of dollars whose value is less by one half than the dollars in circulation at the time of the contract. The law may compel the creditor to submit to the fraud ; but it cannot compel the people to regard the new coin as valuable as the old. If they receive the new coin for goods, they will put a price on their goods proportionate to the value of the coin. A man asks a flour-dealer the price of a barrel of flour. Before he answers, he will learn in what kind of coin payment is to be m.ade. If he finds he is to be paid in the old coin, he will say, perhaps, " Eight dollars a bar- rel." If he finds it is to be paid in the new coin, he will say " Sixteen dollars." The value of money — that is, of gold and silver — is not the result of law. Legislation cannot ere- 78 POLITICAL ECONOMY. ate gold, nor can it determine the value of gold. It can say that so much gold shall be called a dollar ; but it cannot fix the value — that is, the purchasing power — of that dollar. Questions. 1. How did the precious metals at first pass ? 2. To what inconveuience did they subject the dealer ? 3. How is that inconvenience avoided ? 4. Why are coins of different denominations and values ? 5. Why are coins of the highest denomination made of gold ? 6. What does the value of a coin depend upon? 7. Wliat effect has the government stamp ? 8. Why may not individuals make coin ? 9. How have governments sometimes debased the coin? 10. What is the effect of adulteration ? 11. Suppose it is not discovered ? 12. Suppose government should issue dollars hav- ing half as much gold as those now in existence ? 13. Suppose they were made a legal-tender ? 14. Suppose Congress should ordain that the new dollar should be just as valuable as the old ? 15. What would be the purchasing power of the new coin ? 16. What would be the effect of a decreased value of coin on prices ? 17. Illustrate in the case of flour. 18. Can an act of legislation create gold ? u ^ CHAPTER XYII. ON WHAT THE VALUE OF GOLD AND SILVER DE- PENDS. "We have seen in a former cliapter on wliat tlie exchangeable value of commodities depends. We have seen that it depends on the cost of produc- tion and the supply compared with the demand. We have seen that the value of commodities fluctuates. When the cost of production is les- sened, the value is commonly less, unless the de- mand is greatly increased. When the supply is increased, the value is less, unless it is met by a j. correspondingly increased demand. It is possible that the cost of producing an article can be greatly lessened, and yet the demand as com- A "K P^^^^ ^^t^i ^^^ supply may keep the value and price unchanged. /^ ■! The value of gold and silver depends upon the same principles which determine the value of iron, wheat, or any other commodity. The cost of producing gold consists mainly in the labor of mining. It, of course, includes the I/) cost of machinery used, and the wages and ex- y penses of the miners and workmen. This is one element of the value of gold. The other is the supply compared with the de- mand. 80 POLITICAL ECOKOMY. If gold could be produced at no greater cost than iron, and in as gTeat abundance as iron, it would not be more valuable than iron. It would not be fitted for a circulating medium, and could be used only in the arts. If gold could be produced as easily and as abundantly as potatoes, its value would be com- paratively small. The cost of producing gold has been, during long periods, very uniform, and the annual amount produced very uniform. This is not owing to the nature of gold. The same thing might be true in regard to iron or lead or any other mineral. Whatever caused the deposits of gold to be as they are, caused the cost of producing it to be as it has been — in a good degree uniform. It is owing to the de- posits of gold that the annual yield has been in a good degree uniform. The facts might have been otherwise. Had they been otherwise, gold would have been dif- ferent both as to value and fluctuation. When the South American mines were dis- covered, the cost of producing gold was dimin- ished and the supply greatly increased. The con- sequence was a fall in the value of gold. The fall in the value of money appears in the rise of prices. It will take more gold to pur- chase the same articles. A gold dollar is a gold dollar still, but it has less purchasing power. The yearly production again became quite uni- form, and gold experienced but little change in value till the discovery of gold in California and GOLD AKD SILVER. 81 Australia. The increased supply has diminished the value of gold. This appears in the general rise of prices. Silver, within a year or two past, has fluctuat- ed in value to a much greater degree than gold. The average price of silver for thirty years was, in the London market, about 60 pence per ounce in gold. In 1786, it fell to about 46^ pence per ounce, and then slowly rose till in January, 1877, it was worth about 57 pence per ounce. This decline was probably owing to the ex- pected productiveness of the silver mines of our country, and to the fact that some of the leading nations of Europe have ceased to use it for money, except in what are called subsidiary coins. Money is used as the measure of value. That which is used as the measure of other values ought to be invariable in value itself. Gold and silver are not invariable in value ; but they are more so than any other articles which could be used as instruments of exchange. When a nation uses both gold and silver for coining, it becomes necessary for the government to fix the legal relative value between them. This is a work of great difficulty. Government cannot fix the real relative value. It can declare that so many ounces of silver shall be equal to an ounce of gold. It can proceed to coin gold and silver in accordance with that declaration ; but if the legal value, does not correspond exactly with the real value, the metal which has been under- valued will disappear from circulation. The relative value of gold and silver was fixed 82 POLITICAL ECOiq"OMY.' when the mint was established in 1792, at 1 to 15.. This proved to be an undervahiation of gold. Very few gold coins were in circulation. Gold was sent abroad, where it had a higher value. In 1834, Congress sought to remedy the evil, and made the relative legal value I to 16. This was an error in the other direction. It was an undervaluation of silver. Gold coins came into circulation, and silver was sent abroad. In 1853, the coinage of silver was abandoned, except for subsidiary coins. Gold then became the standard measure of value. In 18*78, Congress restored the double stand- ard, and authorized a return to the coinage of silver. Questions. 1. On what does the exchangeable value of com- modities depend ? 2. What effect does lessening the cost of produc- tion tend to produce ? 3. What is the tendency of an increased supply ? 4. On what does the value of 2:old and silver de- pend? 5. What does the cost of producing gold consist in ? 6. If gold could be produced as easily as iron, what effect on its value ? 7. Suppose it could be produced as easily and as abundantly as potatoes ? 8. What is said as to the uniformity of the cost of producing gold ? 9. To what has this been owins ? GOLD AKD SILVER. 83 10. What took place when the South American mines were discovered ? 11. How does the fall in the value of money ap- pear? 13. What effect had the discovery of the Califor- nian and Australian mines ? 13. What is said about the fluctuations of silver within a few years ? 14. To what was the decline in value probably owing ? 15. What should be true of the measure of value ? 16. Are gold and silver invariable in value ? 17. How do they compare with other commodities ? 18. When gold and silver are used by a nation, what must the government do ? 19. Can government fix the real relative value ? 30. If, in fixing the relative value, one metal is un- dervalued, what takes place ? 31. What was the relative value of silver and gold fixed in 1793 ? 23. Which metal was undervalued ? 23. What was the effect ? 24. What was the relative value fixed in 1834 ? 25. Which metal was undervalued then ? 26. When was the double standard abolished ? 27. When was it restored ? CHAPTER XVIII. A DOUBLE STANDARD. MONEY PLENTY AND SCARCE. EXPORTATION. Great Britain and Germany use gold alone as tlie standard of value. Silver is used for sums smaller than the lowest denomination of gold coins. It is a legal tender for such sums only. Those nations were led to adopt a single standard or measure of value by the inconven- iences resulting from a double standard. We have seen that the value of commodities does not depend upon legislation. Legislation may incidentally affect the value of commodities, and that very seriously ; but it cannot give value to that which is valueless in itself. If legislation could create wealth, we could dispense with all industry except the industry of legislation. The value of gold and silver does not depend upon legislation. It can say that a piece of gold or of silver worth a certain amount shall be worth double that amount ; but the value will remain unchanged. When a double standard is used, when both metals are coined and are alike made a legal-ten- der, the legal relative value between the two met- A DOUBLE STANDARD. 85 als ought to correspond witli the real relative value, and ought to be invariable. Suppose standard yardsticks are, made of two different materials. One sometimes grows longer and the other shorter, and vice versa. The seller of cloth will use the shorter yardstick, for there- by he will sell more yards from the same piece. If the materials of which yardsticks are made are thus liable to expansion and contraction, it would be best to have all yardsticks made of the same material. And if, having two metals for the measure of value, one is liable to fluctuate more than the other, it would seem best to use but one metal. Money ivhen plenty. — When there is more money in a community than there is wanted to effect the exchanges, money is said to be plenty. In the minds of many men, plentifulness of money is associated with prosperity in the com- munity. But plentifulness of money does not necessarily indicate prosperity, and scarcity of money does not necessarily indicate adversity. We must look beyond the fact to the cause. Suppose the productiveness of every depart- ment of industry were suddenly doubled ; sup- pose there were twice as much flour, twice as much leather, twice as much iron, twice as much butter, twice as much of every thing except money. Suppose that the amount of money re- mained the same. The country, with all its pro- ducts doubled, would be richer than before — would be in a more prosperous condition. There would be twice as much to be ex- 86 POLITICAL ECONOMY. changed, and not twice as much money to effect the exchanges. It would be like doubling the number of pas- sengers without increasing the number of coaches. There would not be money enough to eSect the exchanges ; money would be scarce, but the scarcity would not indicate adversity. It would indicate prosperity. Again, suppose the productiveness of every branch of industry should fall off one half, and the amount of money should remain the same. There would then be more money than would be wanted to effect the exchanges. Money would be plenty. But the country with the loss of half its products would not be in a very prosperous condition. In this case, the plentifulness of monc}^ would indicate adversity. A shalloiv remark. — Tt has been said that it is of little consequence what happens, provided all the money is kept in the country. This remark implies the old idea that money alone constitutes wealth, or the most important kind of wealth. Suppose one should say of a large storehouse filled with goods and liable to be consumed by fire : " It is of no consequence what becomes of the goods provided the trucks and wheelbarrows that took them to the building are saved. ' ' This remark would be about as sensible as the other. Money is one item of wealth, and a small one compared with the aggregate of other items. If it were preserved, and all other items lost, the country would not be in a very prosperous state. JN^o danger of excessive exportation. — If we have A DOUBLE STA]S"DARD. 87 rtiore flour, cheese, or oil than is wanted for home consumption, we send it abroad, if there is a marliet for it. If the merchant can get more for bis flour in London than he can get for it in New York, he will send it to London. Every one tliinks he does a sensible thing by so doing. No one thinks the flour will all be sent out of the country, and that, in consequence, people will starve. They know that before suffering for want of flour would take place, the price would rise so that the merchant would make more by selling it at home than by sending it abroad. When there is more money than is wanted to effect home exchanges, it will be sent abroad and exchanged for what the country needs. When money is cheaper in New York than it is in Lon- don, it will be sent to London. When money is wanted at home, it will stay at home, just as when flour is wanted at home, it will stay at home. It may be said that money is always wanted at home. So it may be said that flour is always wanted at home ; but it does not follow that all the energies of a country should be directed to producing flour and keeping it in the country. In like manner, because money is always wanted in a country, it does not follow that all the ener- gies of a country should be devoted to producing it and keeping it in the country. If money, gold, could be collected till it was abundant as paving-stones, it would not be worth much more than paving-stones if it could not be sent out of the country and exchanged for what the country needs. 88 POLITICAL ECONOMY. When one has come habitually to view money as a commodity whose value is determined by the same principles which determine the value of other commodities — that it is wanted for a certain purpose, just as hats are wanted for a certain purpose, and that when there is more than is wanted for that purpose it should l)e dis- posed of to the best advantage, he is in a con- dition to think correctly on matters pertaining to finance. If all the money in the country were annihi- lated and all other commodities remained, there would be loss and inconvenience; but the great bulk of national wealth would remain. Questions. 1. What is said of the standard of value in Ger- many and England ? 2. For what sums is silver a legal-tender in those countries ? 3. What led those nations to adopt a single stand- ard? 4. Can legislation create wealth ? 5. What is affirmed of the value of gold and silver ? 6. When two metals, or a double standard, is used, what should be true of the legal relative value of the two? 7. State the illustration given relating to the yard- stick. 8. Apply the illustration to money. 9. When is money plenty in a community ? 10. What does plentif ulness of money indicate ? A DOUBLE STANDARD. 89 11. State the supposition in relation to increased production. 12. What would the scarcity of money indicate ? 13. State the next supposition made. 14. AVhat would the plentifulness of money then indicate ? 15. What shallow remark is noticed ? 16. What notion does it imply ? 17. What supposition is made ? 18. How does it apply to the remark above noticed ? 19. Suppose all the money in a country annihilated : what effect ? 20. Show that there is no danger of excessive ex- portation of money. 21. What should be done when there is more money in a country than is wanted ? 22. Is not money always wanted ? Explain. 23. Suppose gold should become as plenty as pav- ing-stones : what effect on its value ? 24. When has one right ideas of money ? CHAPTER XIX. PAPER MONEY SO CALLED. We have seen that legislation cannot create wealth. Legislation cannot give value to that which is valueless. The legislature may vote that all the stones on a man's farm shall be gold ; but they will remain stones. The legislature may vote that stones shall have the same value as gold ; but they will have only the value of stones. Wealth is not created by legislation, but by in- dustry acting upon materials furnished by na- ture. Bank-notes. — Suppose you have in your hand a piece of paper on which is written or printed, " On demand we promise to give the bearer a sewing-machine," and signed by Wheeler & Wilson. Suppose some one asks you what you have in your hand. You will not answer, " I have a sewing-machine ;" for you have only the promise of a sewing-machine. You have in your hand what is called a five- dollar bill. You have the promise of a bank, or of the United States, it may be, to pay you five dollars. The note is a promise to pay money ; it is no more money than Wheeler & Wilson's prom- ise is a sewing-machine. Bank-notes are often called paper-money. They are really promises PAPER MONEY — SO CALLED. 91 to pay money. Tlieir value depends upon the .ability and disposition of the promiser to pay. Legislation can increase the quantity of prom- ises to pay. That only requires paper, print- ing, and penmanship. To procure the material wherewith to pay those promises is another mat- ter. Bank-notes at par. — Bank-notes are said to be at par — that is, of equal value with legal coin — when they can be exchanged for coin at the will of the holder. If a man has bank-notes for one hundred dollars, and knows that by going to the bank just at hand he can receive for those notes one hundred dollars in coin, he will not ordinarily exchange them for coin ; for the paper is more convenient to handle. If he is sure that his notes are genuine, and that they will be paid in coin on presentation at the bank, he will retain and use them on account of their greater con- venience. Such notes are said to be redeemable at the will of the holder. All efforts to make irredeemable paper of the same value as gold have failed, and will always fail. Suppose one thousand dollars' worth of real es- tate for the ultimate redemption of every paper dollar issued ; yet, if the paper dollar is not re- deemable at the will of the holder, it will not be equal in value to coin. Such notes would have value, just as the note-of-hand of a man of means has value ; but it would not be equal in value to gold and silver. A man cannot pay his note at the bank in promises to pay, which are 92 POLITICAL ECOKOMY. not kept. To pay liis note, lie must have money or what can be exchanged for money at will. When governments make mere promises to pay a legal tender, they authorize the debtor to cheat his creditor to the amount of the difference between the paper promise and money — that is, gold or silver coin. This is true, at least, of all debts contracted before the issue of the paper. When gold is said to be at ten per cent premium, the meaning is that a gold dollar is worth ten cents more than the paper dollar ; that is, the paper dollar as compared with gold is worth ninety cents. The debtor who pays in paper a debt contracted before the issue of the paper dollar, pays ten per cent less than he agreed to pay. He agreed to pay a real dollar. He does pay a nominal dollar worth ninety cents. If he contracted the debt after the issue of paper, if he agreed to pay in paper dollars, it is right for him to do so. Questions. 1. Suppose the legislature declare that all stones shall be changed into gold ? 2. What difference is there between a written order for a sewing machine and a sewing-machine ? 3. What is the difference between a bank-note for five dollars and five dollars in money ? 4. What are bank-notes often called ? 5. What are they in reality ? 6. What can legislators do with respect to paper money ? PAPER MOKEY — SO CALLED. 93 7. What is a more difficult matter ? 8. When will, bank-notes be at par ; that is, equal in value to gold or silver ? 9. Why do the holders of such notes seldom de- mand specie ? 10. What is said of efforts to make irredeemable paper of equal value with gold ? 11. Suppose a thousand dollars' worth of land is pledged as security for each dollar note ? 12. Why would not such notes be as good as coin ? 13. When government makes them a legal tender, what does it authorize the debtor to do ? 14. With respect to what debts is this true ? 15. What is meant when gold is said to be at ten per cent premium ? 16. Suppose a debt contracted after the issue of the irredeemable paper, in what may it be paid ? 17. Whv? CHAPTER XX. ADVANTAGES OF A PAPER CURRENCY. Convenience. — If we can have bank-notes or any other paper promises to pay, which can at all times be converted into money at the will of the holder, these notes will circulate as money. They will, on account of their convenience, be preferred to coin. Five hundred or a thousand dollars in coin would be an inconvenient burden ; but five hundred or a thousand dollars in notes would have but little weight, and would occupy but little space. A sound paper currency is more convenient than a metallic currency. Economy. — Suppose ten millions of dollars are required to effect the exchanges of a country. If the currency be gold, the cost of the instrument of exchange will be ten millions of dollars. If five millions of gold be used, and five mil- lions of bank-notes, the cost of the instrument of exchange will be five million dollars, and the comparatively trifling cost of manufacturing the bank-notes. If less gold and more paper is used, the cost of the instrument of exchange — that is, the cost of exchange — will be still less. Paper costs less than gold. If exchanges can be made just as well by ADVANTAGES OF A PAPER CURRENCY. 95 a paper as by a metallic currency, the cheapest instrument should be used. If iron ploughs turn up the soil as well as gold ploughs, it would be folly to use gold ploughs simply be- cause they cost more. If paper will do just as well as gold, it would be folly to use gold simply because it costs more — because it is gold. A mired currencij. — A. currency composed of bank-notes or of govenment notes redeemable at the will of the holder is, in reality, a mixed cur- renc}^. It is a paper currency on a specie basis. A purely paper currency will not be at par with gold and silver. Circumstances may cause it to approach very near to par ; but it may be laid down as a maxim that paper — that is, paper that cannot at any time be exchanged for coin — will not be at par with gold and silver. Previous to the issue of promissory notes by the United States, the currency of the country was a mixed currency. The banks issued, their notes payable on demand, and they were sup- posed to have specie enough in their vaults to pay- them on presentation. Amount of specie needed. — If for every dollar issued in notes the bank had a dollar in specie, the notes would form a sound and convenient currency, but there would be no gain on the score of economy. The bank might as well lend its specie as its notes. The currency would be more convenient than a metallic currency, but it would be more expensive by the cost of paper and engraving. If the specie were lent, the notes would not be needed. 96 POLITICAL ECONOMY. Advantage of notes. — The bank can safely is- sue more notes than it has specie in its vaults, and it receives interest in advance on all the notes it lends. A bank has, say, twenty-five thousand dollars in specie. If it lent that, it would receive the interest of twenty -five thousand dollars. It lends, say, seventy -five thousand dollars of its notes. It thus receives interest on three times as much money as it has in its vaults. The chief advantage of a bank lies in the fact that it can issue notes and receive interest for a much greater amount than the specie it has on hand. The bank can issue its notes beyond the amount of specie it has, and still be pre oared to redeem all notes that may be presented. Is it asked. How can a bank issue more promises to pay than it has money to pay, and pay all prom- ises or notes which are presented ? If they were all presented at the same mo- ment, they could not all be redeemed. Twenty- five thousand dollars will not pay notes for seventy-five thousand. But it is certain that all the notes issued will not be presented for re- demption at the same time. Hence the amount of specie may be less than the amount of the notes issued. The currency is cheaper by this difference, and the profits of the bank are great- er in the same degree. Hoio much more paper can be issued than the amount of specie held by the bank, cannot be as- certained ; that is, the ratio between the paper and the specie cannot be fixed. It varies with ADVANTAGES OF A PAPER CURREN'CY. 9? circumstances relating to the financial condition, of the country. Attempts to fix the proportion have been made, but without success. Legislators have ordained that banks should have one dollar in specie for every three dollars in notes. But that regulation, if faithfully conformed to, would not render the currency safe. There may be a de- mand for specie which shall exhaust the resources of the bank long before all its notes are redeem- ed. In ordinary times, that proportion may be sufficient and more than sufficient ; but when, from any cause, confidence is weakened and a run on the bank takes place, the bank is soon compelled to suspend payment — that is, to re- fuse to pay its debts. Sometimes, when there is no demand for spe- cie, when the condition of trade is such that coin is coming into the country instead of going out, a much smaller proportion would be sufficient. An able and experienced bank president once said : "I have seen times when we had only five per cent of specie in our vaults, and we felt perfectly safe. I have seen times when we had sixty per cent of specie, and had to strain every nerve to increase the amount in order to be able to meet the demands upon us. ' ' The skilful banker can foresee when demands for specie are likely to be made, and make due preparation. He can learn when the course of trade is bringing specie into the country and when it is taking it out. When specie is flowing into the country, there will be no call on the 98 POLITICAL eco:n'Omy. banks for specie. The specie of tlie banks will be increased. Men wlio receive it from abroad will take it to the banks and exchange it for notes on account of their convenience. When specie is wanted for exportation, men will take the notes of the banks and demand specie for them. The demand will continue so long as specie is wanted for exportation. The honest and skilful banker will be prepared to meet all demands. The legislature should not attempt to fix the amount of specie the bank should possess. It should require, under the severest penalties, the banks to redeem at sight all notes presented for redemption. When the legislature fixes the proportion, the bank may say, when its specie is all paid out and a large portion of its notes unpaid, " We have obeyed the law ; we issued three dollars in paper for one in specie ; we are obliged to stop pay- ment ; but we are not to blame, for we have obeyed the law !" A foolish law does not re- lieve men or institutions from moral obligation to pay their just debts. Effect of failure to redeem. — The moment a bank suspends payment — that is, refuses to pay its notes — those notes depreciate in value. The degree of depreciation will depend upon the sup- posed ability of the bank to pay the whole or a portion of its notes at a future day. The bank may have a large amount of property, so that the holders of the notes may feel quite sure that they will ultimately be paid. In such a case, the de- ADVANTAGES OF A PAPER CUEREi^CY. 90 preciation may not be very great. Still those notes will not circulate as money. The loss caused by the failure of a bank falls on the holders of its notes at the time of failure. Various attempts have been made to establish banks without specie as a basis for circulation. They have all failed to furnish a currency at par. Suppose a bank should issue its notes, not redeemable in specie, but secured by the mort- gage of an immense amount of real estate. Such notes would have value, but they would not circulate as money. No device has been found for making promises on paper equal in value to money, without making them convertible into money at the will of the holder. Whi/ notes circulate. — Bank-notes, then, do not circulate as money on account of their being engraved, or on account of their being issued by a corporation authorized by the government ; but because the holders have confidence that they will be paid in coin on presentation to the bank. If, from any cause, this confidence is impaired, the notes will be taken to the bank for redemp- tion. If the bank is sound, its soundness will soon be made apparent, and confidence will be re- stored. If it is not restored by the prompt pay- ment of all the notes presented, depreciation will take place. An act of the legislature declaring that depreciation shall not take place would have just as much effect as a law repealing the law of gravitation. 100 POLITICAL ECONOMY. Questions. 1. When will bank-notes circulate as money ? 2. Why will they be preferred to coin ? 3. What, then, is the first advantage of a paper currency ? 4. What is the next advantage mentioned ? 5. Explain this advantage ? 6. Of two instruments doing the work equally well, which should be used ? 7. What is a mixed currency ? 8. Can a purely paper currency be at par with gold? 9. What currency had we before the issue of green-backs ? 10. Suppose a bank has as many dollars in specie as it has issued notes : what advantage ? 11. Can a bank safely issue more notes than it has specie ? 12. How does that appear ? 13. What must be the proportion of specie to the notes issued ? 14. Can the proportion be fixed ? 15. When does a bank require very little specie ? 16. When does it require a great deal ? 17. State the remark of a skilful banker. 18. How can the bank be prepared to meet de- mands upon it ? 19. When specie is wanted for exportation, whence is it drawn ? 20. Why should not the legislature determine the amount of specie to be kept by the bank ? ADYAiq"TAGES OF A PAPER CURRENCY. 101 21. What is the effect of failure to redeem ? 22. What will determine the degree of depreciation ? 23. State what is said about a real-estate bank. 24. Why do bank-notes circulate as money ? CHAPTER XXI. DISADVANTAGES OF A PAPER CURRENCY. It will be seen that by a paper currency we mean a paper currency on a specie basis. We have considered some of the advantages of such a currency. We will now consider some of its disadvantages. Fluctuation. — If the quantity of coin in the country could be doubled in a few days, or if it could be lessened one half in a few days, it would fluctuate in value just as commodities whose quantity is increased or diminished rapidly. One year there is a great crop of apples ; apples are cheap. The next year there are very few ap- ples ; apples are dear. Apples thus fluctuate in value from year to year. The same would be true of coin, if its quantity could in like manner be increased and diminished in a short time. The quantity of coin cannot be rapidly in- creased or diminished. The process of produc- ing gold and silver is a slow one. The yearly products are quite uniform. The case is different with respect to a paper currency. It can be speedily manufactured. Millions can be made in a day. An article whose quantity can be so rapidly increased and diminished must be subject to great fluctuation DISADYAKTAGES OF A PAPER CURRE^TCY. 103 in value. This liability of a paper currency to fluctuation renders it inferior in a very impor- tant respect to a metallic currency. Expansion. — We will suppose that from some cause there is an unusual spirit of enterprise in the community. Men think that they see good prospects of success in business. They want to borrow money. They appl}'^ to the banks. The banks, of course, wish to lend their notes ; they get as much interest on them as they would get on the same amount of gold. Lending their notes is the chief source of their profits. There is great competition among borrowers. They besiege the banks, and thus induce them to issue a large amount of notes. The currency is expanded. Money is plenty. The banks have now issued as many notes as they dare to issue. Some of the notes come in for redemption. They begin to feel the Jieces- sity of lessening their liabilities. They cease to discount paper ; that is, they stop lending their notes. Those paid in by their debtors are not issued again. They have already as much out- standing paper as they can manage. A course of contraction is necessary to their safety. This course will continue till a considerable portion of their notes have been called in. The quan- tity of currency in circulation is now less by one half, perhaps, than it was three months before. All this has taken place in the natural course of things. There has been no intention on the parts of the banks of causing suffering. But a great deal of suffering has been caused. 104 POLITICAL ECONOMY. When money was plenty, made plenty by the liberal issues of the banks, men contracted obli- gations which they thought they could meet. They acted on the assumption that money would continue plenty, and could be easily borrowed. When the banks have ceased to lend, it is diffi- cult to borrow. Those men who incurred debts when money was plenty are now compelled to fail. Such expansions and contractions will, ever and anon, take place in the ordinary course of business. The fluctuation thus occasioned seri- ously interferes with the calculations and success of business men. Fraud. — Those who have control of a bank may issue notes with the intention of defrauding the public. They may issue their notes before their capital has been paid in — when they have nothing wherewith to redeem them. Or if they have their capital paid in, they may issue notes far in excess of their power to redeem them. Such a course could not be continued for a long time without awakening suspicions. Then spe- cie would be demanded and the notes become worthless. Those in the secret have exchanged their notes for real values. The loss falls on those holding the notes when the collapse of the bank takes place. Frauds of this kind have been frequently per- petrated. Fraudulent banking has cost the country hundreds of millions of dollars. This reduces the cheapness of a paper currency. Instances have occurred of men's paying for DISADVAi^TAGES OF A PAPER CURREi^CY. 105 the stock of their banks with their notes-of-hand. They partook of the profits of villany, and when the end came, surrendered their stock and re- ceived their notes-of-hand. Such institutions are mere swindling machines. Forgery. — Bank-notes are hable to forgery. The engraving and signature of the officers of the bank can be so accurately imitated as to de- ceive all except experts. Those who do not handle much money are most likely to be de- ceived by the counterfeit note. Such persons are commonly least able to sustain loss caused by the possession of a counterfeit note. Coin is also liable to be counterfeited, but the counterfeit is more easily detected. Still there is often a large amount of base coin put into cir- culation. The disadvantage of forgery apper- tains in a measure to coin as well as to bank- notes. Questions. 1. What is the first disadvantage of a paper cur- rency mentioned ? 2. What would be the effect of sudden changes in the amount of coin in a country ? 3. What illustration or comparison is made ? 4. Show why the amount of coin cannot be sud- denly changed. 5. Show how the amount of bank notes can he suddenly changed. 6. How does this render a paper inferior to a me- tallic currency ? 106 POLITICAL ECOi^OMY. 7, Show how the banks may be led to issue a large quantity of their notes. 8. What will prevent their keeping on issuing ? ' 9. How will the amount in circulation be lessened ? 10. What effect may this have on debtors ? 11. Are the banks to be blamed for contracting their circulation ? 13. What would take place if they did not ? 13. Will such expansions and contractions continue to take place ? 14. What evils do they cause ? 15. State in what way fraudulent issues of notes are made. 16. How long will such notes circulate ? 17. What is their value when the fraud is discov- ered? 18. On whom does the loss fall ? 19. What other disadvantage of a paper currency is mentioned ? 20. What persons are most likely to be deceived by counterfeit notes? 21. May not coin be counterfeited ? 22. Why is the evil less in case of coin than of "bank notes ? CHAPTER XXII. BANKS AS INSTITUTIONS FOR DEPOSITS AND LOANS. In treating of a paper currency, we have been led to speak of banks as f urnisliing a circulating medium. Banks as constituted in this country perform other important functions. They receive money on deposit, and keep it for the owner — paying it to him whenever he calls for it. In our large cities, men seldom keep much money in their places of business or in their dwellings. When they receive money, they send it to the bank, where it is entered to their credit. When they wish to pay any person money, they give him an order on the bank. This order is commonly called a check. The receiver sends his check to the bank, where it is entered to his credit. Thus the labor of keeping, counting, and transferring money from place to place is saved by the system of bank deposits. If every merchant in New York had to count the money used in every exchange, if he had to send it from his place from business to that of the person with whom the exchange is made, a very large number of clerks and messengers would be 108 POLITICAL ECONOMY. required. All tliese are rendered unnecessary by a few moments' use of the pen. If every man kept liis own money instead of intrusting it to the bank for safe-keeping, a great number of watchmen would be employed. Banks of deposit and exchange are thus labor- saving machines. The banks do not charge their depositors any- thing for keeping and transferring their money. They compensate themselves by the temporary use of a portion of the amount deposited. Men are depositing money and drawing it out every day. Those who have charge of the bank soon learn the average amount deposited and the aver- age amount withdrawn every day. If they find there is constantly remaining on deposit a cer- tain sum, they can safely use a portion of that sum without interfering with the rights of their depositors. Banks of discount or loan. — In every com- munity, there are men who wish to borrow capital by means of which they can make their industry more productive. They wish to borrow money because they can by it procure any kind of capi- tal they may want. If there were no banks of loan, the borrower might have to spend time and labor in finding persons having money to lend. When found, those persons might not have the amount required. This trouble is avoided by going to an institu- tion whose business it is to lend money, and to accommodate borrowers with the sums they may require. BANKS OF DEPOSIT AND LOAN. 109 Banks collect capital that is scattered about, and bring it within the reach of those who wish to borrow. The amount of loanable capital in the market is thus increased. Men who devote themselves to the business of lending money will acquire skill in the work. They will have an extended acquaintance with borrowers, and hence will make safer loans. It is for the interest of the whole community that there shall be no bad debts. A note is said to be discounted when the in- terest is deducted — that is, paid in advance. A man offers his note to the bank for one hun- dred dollars three months after date. If the bank conclude to lend him the money, they take his note and let him have a hundred dollars, less the interest for three months. They are said to have discounted his note. Thus, we see, banks perform important offices, besides furnishing a paper currency. The stock of a bank is its capital divided into shares. The owners of the stock are called stockholders. The stockholders elect a board of directors, to which is committed the geneial management of the affairs of the bank. The}'- choose a president and a cashier, on whom de- volve the more immediate conduct of the affairs of the bank. The directors meet on certain days to consider the notes offered for discount, and to decide which they will discount. The notes offered for discount are commonly for sixty or ninety days. At the end of that 110 POLITICAL ECONOMY. time they are frequently renewed. A refusal to renew a note is often a cause of failure. The notes offered are signed by the applicant for discount, and indorsed by at least one re- sponsible person. The bank is thus supposed to have a double security for the payment of the note.* Questions. 1. In our cities where do men keep their money ? 2. In what way do they make payments ? 3. What labor is saved by these means ? 4. What would be required if every man kept his own money ? 5. What effect would this have on the cost of ex- changes ? 6. What do the banks charge for keeping and transferring money ? 7. How are they compensated ? 8. Show how they can safely use a portion of the money deposited. 9. What advantage in having institutions for lend- ing money ? 10, What labor is saved ? 11. What skill is acquired ? 13. When is a note said to be discounted ? 13. Describe the process of discount at a bank. 14. What is the stock of a bank. * The discounts of banks in the large cities are mostly upon what is termed commercial paper. That is, A buys a bill of goods of B, and gives his note, payable to B's order, at three or four months, for tl>e amount of the purchase. B, when he is in want of money, takes this note to the bank, which discounts it. BAiq^KS OF DEPOSIT AND LOAN. Ill 15. What is a stockholder ? 16. What officers do they elect ? 17. What officers do the directors elect ? 18. For what length of time are notes commonly, discounted ? 19. What often takes place when the note is due ? 20. How does it appear that the bank has a double security for the payment of notes discounted ? CHAPTER XXIII. INTEREST. When men Lire wagons and horses, they ex- pect to pay for the use of them. When they hire money, they expect to pay for the use of it. That which is paid for the use of money is called interest. To speak more correctly, that which is paid for the use of capital is called interest. Capital is commonly borrowed in the form of money. Many men do business on borrowed capital. A blacksmith is without capital. He needs a shop, tools, and iron, to carry on the operations of his trade. He borrows money and builds a shop, and buys tools and iron. His borrowed capital is now in the form de- sired. He borrowed money because he could thus more conveniently procure the items of capital needed. Men who do business on bor- rowed caj^ital usually borrow it in the form of money. It is right and reasonable that men pay for the use of money. Some think it wrong to re- ceive interest. The Jewish law forbade the taking of interest from a brother Jew. Some have thought the regulation binding on Chris- tians. Is it right for one to pay for the use of capi- INTEREST. 113 tal in tlie shape of a horse, a wagon, a house, a farm ? If so, why is it not right to require one to pay for the use of capital in the shape of money ? Those who have wrong views on this subject are pretty sure to have wrong views in regard to the nature of money. When one sees that it is an item of wealth, a commodity useful for a certain purpose and depending upon the same laws of value as other commodities, he will see that interest is just as reasonable and lawful as rent. On ivhat the rate of interest depends. — If there are only a few horses for hire in a place, and if there are a great many persons who wish to hire horses, those who have the horses will charge a high price for their services. Horse-hire will be high. If there are many horses, and only a few per- sons who wish to hire horses, horse-hire will be low. The rate of horse-hire depends upon the num- ber of horses compared with the demand for them. The rate of interest depends upon the amount of loanable money in a community compared with the demand for money. If there is a small supply of money and a great many persons want to borrow money — that is, if the supply is small and the demand is great — the rate of interest will be high. If the supply of money is great and the demand small, the rate of interest will be low. Thus interest is liable to fluctuate, as well as the prices of other commodities. It may sometimes 114 POLITICAL ECONOMY. be high, and sometimes low. Legislators may ordain that money shall be worth a certain sum, and so they may ordain that flour shall always be worth a certain sum. That will not hinder money or flour from being sometimes higher and sometimes lower. Interest in a neiv country. — The first settlers in a country are commonly men of limited means. In a new country there is very little loanable capital — very little capital in the form of money. There are many opportunities of employing capital with profit. Hence the demand will be great compared with the supply. Hence the rate of interest in a new and prosperous country will be high. Effect of risk. — If a man lets another have his horse, and if there is great risk that the horse be lost, he will charge a higher price for the loan. The risk incurred by the lender affects the rate of interest. Of two borrowers, the one who offers the best security will have the preference. If the rate of interest is six per cent on good security, the rate will be higher when the securi- ty is not good. The lender will require pay for the risk he runs. He will demand not only what the use of the money is worth, but some- thing additional for the risk he runs of losing it. Effect of wars and revolutions. — In countries which are the seat of war, or in which there are civil dissensions and threatened revolutions, there are two causes affecting the rate of interest. The paralysis of enterprise and industry will make the demand for capital small. There will II^TEREST. 115 be increased risk. The small demand will tend to lessen the rate of interest. The increased risk will tend to raise it. This cause will be far more influential than the former. Hence the rate of interest will be high. Effect of bad government. — When the govern- ment does not execute justice between man and man, and when it oppresses its subjects, there will be risk connected with the loan of capital. As a consequence, the rate of interest will be in- creased. Well-established and well-regulated governments can borrow at a low rate of interest. Badly governed nations, like the republics of South America, can borrow only at a high rate, if they can borrow at all. Interest as regulated by law. — In former times it was thought that government ought to fix the rate of interest. It was thought that this was necessary to protect the borrower from the ra- pacity of the lender. It was thought that gov- ernment ought to fix the price of other com- modities in order to protect the buyer from ex- tortion on the part of the seller. It was at length seen that the best thing the government could do for buyers and sellers was to let them alone ; that government could not equitably fix the price of commodities ; that prices should be left to be adjusted by a free competition. It is now seen by all intelligent persons that such a course is best adapted to promote the interest of both buyer and seller. While it is admitted that government should not interfere in the case of other commodities, it 116 POLITICAL ECOKOMY. is contended by some persons that it should fix the price of money. It is said that if the money-dealers are not forbidden by law, they will demand more for the use of money than the borrower can afford to pay ; there will be nothing to hinder them. It may be asked, What is to hinder the flour- dealer from demanding a higher price for flour than the buyer can afford to pay ? Flour is a necessary of life. Why will not the flour-dealer ask more for his flour than it is worth ? He is quite as anxious to make money as the dealer in money. Every one knows that the dealer in flour, un- less he has a monopoly, cannot fix the price of flour at will. He may ask what price he pleases, but he cannot compel men to pay. Competi- tion among sellers will fix the price and prevent it from becoming excessive. Why will not free competition among money- lenders prevent the price of money from becom- ing excessive ? Questions. 1. When one hires a horse and wagon what does he expect ? 2. When he hires money what does he expect ? 3. What is interest ? 4. In what form is capital commonly borrowed ? 5. Why? 6. Give an example. 7. What was the Jewish law in regard to interest ? 8. Does that law apply to Christians ? IN"TEREST. 117 9. Show that it is right to receive pay for the use of money. 10. What has led to wrong views on this subject ? 11. Show on what the rate of interest mainly de- pends. 13. What illustrations are given ? 13. What is said as to fluctuation ? 14. What is said of interest in a new country ? 15. Show the effect of risk. 16. Show the effect of wars and revolutions. 17. Show the effect of bad government. CHAPTER XXIY. USURY LAWS. It lias been stated in a preceding chapter, that in former times it was thought proper that gov- ernment should fix the price of many if not of all commodities. Experience has shown that the interests of the people are best promoted by- leaving prices to take care of themselves by the process of free competition. It has been found that the true function of government is to give security to life and property, and to mete out justice between man and man. Governments were not made to engage in agricultural, manu- facturing, or commercial industry, but to fur- nish protection to the rights of individuals and corporations who may properly engage in those industries. Hence there is a tendency in all enlightened nations to interfere less and less with the business affairs of a country — to leave industry unshackled, except to prevent interfer- ence with the rights of others. It is admitted that the price or value of all commodities except money cannot be fixed by law. This is owing to the facts that their value fluctuates, is sometimes higher and sometimes lower. This is often owing to causes entirely disconnected with the government, and over USUEY LAWS/ 119 wliicli the government lias no control. The val- ue of flour, hats, cloths, fluctuates. Flour is one year, owing to a short crop, worth ten dol- lars a barrel, and the next year, owing to a good crop, it is worth six dollars a barrel. The gov- ernment had no control over the crops. It would not be wise and right for government to compel men to sell flour for six dollars when it is worth ten. It would be wrong to compel men to buy and sell flour at the same price dur- ing those two years. If a law were passed fixing the price of flour at eight dollars a barrel, it would not have the effect designed. Men will not sell flour for eight dollars when it is worth ten. Men w411 not pay eight dollars for flour when it is worth only six. We will suppose that severe penalties are at- tached to the violation of the law fixing the price of flour ; that if a seller asks more than the legal price he shall forfeit the flour to the buyer. Such a law would never make men exchange ten dollars for eight. No man will give away two dollars in connection with the sale of every barrel of flour. The practical working of such a law would be as follows : Flour, we will suppose, is worth ten dollars a barrel. The law fixes the price of flour at eight dollars. The man who takes more than eight dollars violates the law. There are conscientious men who will not vio- late the law. They will withdraw their flour from the market. That will lessen the supply. 120 POLITICAL ECONOMY. Tliat will tend to raise the price of flour stiil more. The object of the law was to keep down the price of flour. The act of withdrawal caused by the law has a tendency to raise the price higher than it would have been without the law. "VVe have thus seen one effect of the law. Now let us look at another effect. The con- scientious men have withdrawn from the busi- ness. It is now in the hands of men who are ready to violate the law. Of course they are ready to take advantage of their customers. It may be said that the danger of forfeiture will prevent them from breaking the law. It will lead them to evade the law, and they will make the buyer pay for the risk they run in so doing. Flour, we will suppose, is worth ten dollars a barrel. Buyers are willing to give that for it. One offers the dealer ten dollars for a barrel, knowing that he cannot get it for less. The seller remarks that he cannot take ten dollars because it would be contrary to law. " My price, ' ' he says, ' ' when I sell is eight dollars. I will sell you a barrel for eight dollars, provided you will also buy a jack-knife." The price of the knife is four dollars. The buyer pays eight dollars for the flour and four for the knife. If there had been no law respecting the price of flour, he could have got a barrel for ten dollars. Now for twelve dollars he has a barrel of flour worth ten dollars, and a knife worth fifty cents. He has paid at least one dollar and fifty cents more for his flour than he would have paid but for the law designed for his protection. He has USURY LAWS. 121 paid one dollar and fifty cents as an offset to the risk run by the seller in evading the law. Money fluctuates in value as flour does, but less in degree. It is worth more at one time than at another. When there is a legal rate, it is sometimes worth more than the legal rate, and sometimes less. When it is worth more than the legal rate, conscientious men who will not violate the law withdraw their money from the market and employ it in some other way. This diminishes the supply of money to be loaned, and has a tendency to raise the price. The market is then in the hands of men who will evade the law, and make the borrower pay for the risk of so doing. The effect will be, as was seen in the case of flour, to make the borrower pay more' than if the rate had not been fixed by law. Thus usury laws instead of favoring the bor- rower injure him. Instead of keeping the price of money uniform, they cause greater fluctuation than would otherwise take place. The price of money, like that of all other commodities, should be agreed upon by the par- ties concerned. Wlien no agreement is made between the borrower and the lender, the law should fix the rate, in order to prevent dispute and litigation. Questions. 1. What has experience shown ? 2. What is the business of government ? 3. What is the present tendency ? 122 POLITICAL ECOKOMY. 4. What truth is admitted ? 5. To what is it owing ? 6. Illustrate in the case of flour. 7. Suppose a law fixing the price of flour : what effect if fixed too low ? 8. What will conscientious men do ? 9. What effect on the price ? 10. What will other men do ? 11. Show how they may evade the law. 12. What effect on the buyer ? 13. Has the law been of benefit to him ? 14. What is said of the fluctuation of money as compared with flour ? 15. Suppose a legal rate is fixed, and money is worth more than that rate ? IG. What will conscientious men do ? 17. What will result from their action ? 18. What will other money-lenders do ? 19. What will the borrower be compelled to pay ? 20. What the design and the effect of usury laws ? 21. When should the rate of interest be fixed by law? CHAPTER XXY. THE CREDIT SYSTEM. A MAN may have learned the blacksmith's trade. He has strength and skill, but is without capital. He has no shop, no tools to work with, no material to work upon. He can labor as a journeyman blacksmith till he has saved enough from his wages to purchase the articles needed in order to do business on his own account. This may take a long time. If he can borrow the necessary capital, he can set up for himself at once. It is quite possible that by so doing he may make enough to pay for his shop and tools sooner than by saving his wages. Suppose that by borrowing money with which to purchase a shop and tools, he can in seven years make enough to repay the loan. Suppose it would take him ten years to pay for a shop and tools by his wages as a journey- man. He would by means of credit be as well oft at the end of seven years as he would be at the end of ten years without credit. By means of credit he gains three years of increased pro- duction. At the end of ten years he will own his shop and tools, and probably a house and other things, the product of the last three years' 124 POLITICAL ECO]!^OMY. labor. A system of credit is therefore beneficial to those who have skill without capital. If a man is honest and industrious, men will lend him money on such security as he can give. His industry and skill will be thus rendered more productive. He v/ill benefit himself, and in so doing, will benefit others. In order that there may be borrowers, there must be lenders. If it is proper to borrow money, it is proper to lend money. Some men have a prejudice against money- lenders — men who live on the interest of their money — as though they lived on other people's labor. Suppose that, instead of lending his money, a man invests it in sewing-machines, and lends his sewing-machines. He requires his customers to pay for the use of his machines. His charges are reasonable, and no one thinks of complaining on account of his taking pay for the use of his machines. There is no difference in principle between requiring pay for the use of capital in the form of money, and requiring pay for the use of capital in the form of sewing-machines. It is proper, therefore, and for the advantage of the community, that some men should devote themselves to the business of lending to other men. They aid in facilitating the system of credit which we have seen may be of great ad- vantage to the individual and to the community. While the credit system is a good thing, yet it may be extended too far, and produce very evil results. THE CEEDIT SYSTEM. 125 The credit system is of advantage to the com- munity. National wealth is the aggregate of in- dividual wealth. Whatever aids individuals by honest industry to enrich themselves more rap- idly, enriches the country more rapidly. Were it not for this system, a great deal of capital would remain unemployed. A man en- gages in business — in manufacturing. He is prosperous and increases his capital, thus enlarg- ing his business. But there is a limit to this en- largement. When it has become as extended as is desirable, he will wish to dispose of his gains so that they may be a source of income. Accordingly he will place them in the money market for loan. But for the credit system, those gains would lie unused and unproductive. Men would be tempted to extend their business beyond their capacity to manage it. It is the interest of the laborer that all the surplus production of a country should be used as capital. It is thus added to the fund that cre- ates the demand for labor. But for the credit system, the number of laborers employed w^ould be much smaller than it is. The system of credit should not be carried to excess — that is, too much business should not be done by means of borrowed capital. The fre- quent crises in the commercial world are generally caused by an undue extension of credit. When there is a paper currency which can be easily expanded, the danger of an abuse of the credit system is the greatest. Men borrow 126 POLITICAL ECOiq"OMY. money and extend tlieir business, so that con- tinued borrowing is necessary. What is done by one will be done by another. One man sees his neighbor enlarge his business by means of borrowed capital. He is stimulated to do the same. Men are anxious to borrow, and those who have money are willing to lend ; for the more they lend, the more interest they get. It at length happens that the resources of the lenders are exhausted ; they have no more to lend. But the borrowers have so extended their business that they must borrow more or fail. There is no more money to be had ; or if there were, the lenders would be slow to lend to those who have extended their business to such an ex- tent. The consequence is the failure of one and then of another, till there is a very general bankruptcy among business men. The frequent financial crashes caused by an abuse of the credit system doubtless caused the remark, said to have been made by General An- drew Jackson, that " those who do business on borrowed capital ought to break. ' ' The abuse of a thing is not an argument against its legitimate use. Questions. 1. In wiiat two ways can one who has learned the blacksmith's trade get a shop and tools ? 2. Show how the second mode may operate to his advantage. THE CREDIT SYSTEM. 127 3. "What may be said of a system of credit ? 4. To what class of men does it especially offer advantages ? 5. What is said with respect to lenders ? 6. What prejudice is noticed ? 7. Show that this prejudice is unfounded. 8. What is said as to the extension of credit ? 9. What is said of the advantages of the system ? , 10. Without it, what would be true of a great deal of capital ? 11. How does that appear ? 12. What is said of the interest of the laborer ? 13. How does that appear ? 14. What are financial crises usually caused by ? 15. Show how such crises take place. 16. Why do a succession of failures take place ? 17. What remark is ascribed to Andrew Jackson ? 18. What maxim was disregarded in making that remark ? CHAPTER XXYI. RENT. Rent is that wliicli is paid for the use of land. In a new country land can often be had for noth- ing. So long as such a state of things continues, land will not command rent. Men will not pay for the use of that which they can have for nothing. When lands have been appropriated, they will command rent in proportion to their productive- ness. The more productive a piece of land is, the more men will be willing to pay for the use of it. Situation tvith reference to market has an in- fluence on rent. Of two farms equally produc- tive, the one best situated with respect to market will command the higher rent. Very fertile land far removed from market will command lit- tle if any rent ; for the cost of transporting prod- ucts to market may prevent profit. The effect of railways and canals is to increase the vahie of land in their vicinity. Whatever brings lands nearer to market, or, what amounts to the same thing, diminishes the time and cost of bringing things to market, increases their val- ue. The railways and canals of our country have added many millions to the wealth of the country by increasing the value of lands. REITT. 129 They also affect tlie price of agricultural prod- ucts in a way to benefit both the seller and the buyer. Before the Erie Canal was constructed, wheat was very cheap in Western New York and very dear in New York City, on account of the cost of transportation. The canal lessened the cost of transportation, raising the price of wheat in Western New York and lowering the price in New York City. Thus both parties were bene- fited. Lands in the vicinity of cities are more valuable than lands at a distance. The farmer in the vi- cinity of the city has wellnigh a monopoly of certain vegetable products. Moreover, land in the vicinity is wanted for building purposes, and consequently commands a high price. Manufacturing establishments increase the val- ue of lands in their vicinity. Numerous laborers are employed. This creates a demand for agri- cultural products. 'J'hey are supplied to the best advantage by farmers in the vicinity. The character of the surrounding population has an influence on the value of land. A farm in the midst of an intelligent, moral, industrious, law-abiding community is worth more than one of equal fertility in the midst of an ignorant and vicious population. Hence whatever tends to increase intelligence and morality tends to in- crease the value of real estate. The income from land is commonly less than the income from capital in other forms. Capital in the form of land is more secure than capital in most other forms. Banks may break, ships 130 POLITICAL ECOK,OMY. may be wrecked, manufactories may be burned or swept away by a flood, but land is, for the most part, secure. Because of its greater se- curity, men are content with less income from their investment in land. The landlord, it is true, may lose his rent ; but he cannot, in the ordinary course of nature, lose his land. Land in cities commands a high price for build- ing and business purposes. A few square feet of land in the business parts of New York City will command a higher price than a large farm in the interior. Some writers have affirmed that if all lands were of equal fertility they would not command rent. They affirm that the varying and decreas- ing fertility of lands is the cause of rent. They have mistaken the ineasure of rent for its cause. Questions. 1. What is rent ? 2. What is said of rent in a new country ? 3. When lands command rent, wliat will the rent be proportioned to ? 4. What, besides productiveness, has an influence in determining rent ? 5. Illustrate. 6. What is the effect of railways and canals ? 7. How do they affect the price of agricultural products ? 8. Give an example. 9. What is said of lands in the vicinity of cities? 10. What is said of manufacturing establishments ? KEKT. 131 11. What effect has the character of the surround- ing population ? 12. What is said of the income from investment in land ? . IS. Why are the owners of land content with less ? 14. Why does land in cities command a high price ? 15. To what have some writers said that rent is owing ? 16. What mistake do they make ? CHAPTER XXYII. TAXES, Every nation must have a government. Its operations cannot be carried on without expense. This expense must be borne by the people for whose benefit the government exists. Provision for this expense must be made by taxation. Taxes are of two kinds, direct and indirect. A direct tax is a sum assessed upon every tax- payer in proportion to the property he possesses or is supposed to possess. If the exact amount of property possessed could be known, a certain percentage levied on all property would, it is thought, constitute a just tax. This would be true if all persons ought to be taxed in exact proportion to their property. Let us look at the matter. Mr. A. has prop- erty worth ten thousand dollars. It brings him in, we will suppose, ten per cent per annum. His income from his property will be one thou- sand dollars. Mr. B. has property worth one hundred thou- sand dollars. It brings him in, we will suppose, ten per cent. His income will be ten thousand dollars. If the taxes are one per cent, Mr. A. will pay one hundred dollars, and Mr. B. one thousand dollars — ten times as much as A. Some TAXES. 133 persons think that B. should, on account of hav- ing more property protected, and on account of superior pecuniary ability, pay at a higher rate than A. Again, A. has property worth ten thousand dollars. His income from it is a thousand dol- lars. B. has property worth ten thousand dol- lars. His income from it is two thousand dol- lars. The latter is able to pay a higher tax than the former. Should he be required to do so ? Would it not be equitable to tax men in pro- portion to their net incomes ? An income-tax may be the most equitable if the income of each one could be exactly ascer- tained. This is in some cases impossible. The inquisition relating to the personal business of each one has always rendered an income-tax a very unpopular tax. It cannot be denied that in many cases there is but a remote approximation to justice in the levying of direct taxes. This is owing in some cases to defects in the laws, and in other cases to a want of honesty. An indirect tax is a sum levied on goods im- ported, or on articles produced in the country. A tax on imported cloth is an indirect tax. A tax on matches is an indirect tax. A tax on gold watches worn is an indirect tax. Indirect taxes are paid hy the consumer of the taxed article. The importer pays the tax on the broadcloth he imports. He adds it to the price charged to the wholesale dealer. The wholesale dealer does the same with respect to 134 POLITICAL ECOiq"OMY. tlie retail dealer. The retail dealer throws the increased price on his customers. Suppose the tax on broadcloth is one dollar a yard. The man who buys a broadcloth coat pays one dollar a yard on the score of taxes — pays one dohar a yard more than he would pay but for the tax. Hence, when taxation is indirect, the taxpayer pays in proportion to what he consumes, not in proportion to what he possesses. An indirect tax may tax the poor more heavily than the rich. If, therefore, men ought to contribute to the support of government according to their pro- perty, indirect taxation is not a just mode of taxation. It is urged in favor of an indirect tax that it is more easily collected. This is true so far as a tax on imports is concerned. The ports of en- try are few in number, and a few men stationed at each port can collect the taxes. Whereas, in case of a direct tax, the assessors and collectors must visit nearly every family in the land. It is said that an indirect tax is more willingly paid, since the people do not know when they pay it, as it is blended with the prices of articles bought. This consideration ought not to be urged in favor of indirect taxation. The people ought to know what they pay and when they pay it. It will make them more watchful over government expenditure. This will have a tendency to check extravagance and corruption. TAXES. 135 Questions. 1. By what means are the expenses of government met? 2. What is a direct tax ? 3. Ought every one to pay in proportion to his property ? 4. For what have some contended ? 5. What is said of a tax on incomes ? 6. Why is an income-tax unpopular ? 7. What is an indirect tax ? 8. Give examples. 9. Who pays the indirect tax ? 10. Show how this takes place. 11. What is said of the justice of an indirect tax ? • 13. What is said about its collection ? 13. Why is it more willingly paid ? 14. Show that this is an objection. CHAPTER XXYIII. GOVERNMENT EXPENDITURE. How much should be expended for the sup- port of government ? As much as is necessary to secure a good government, and no more. Some think that because the money paid for the support of government is usually expended in the country, it is of little consequence how much the government expends. " The money," they say, "is all in the country." Here you see the erroneous notion respecting mondy spoken of in a former chapter. All expenditure beyond what is necessary to secure a good government is unproductive ex- penditure. A large portion of what is raised by taxes is taken from the capital of the country, or a large portion of it would have been added to the capital of the country, were it not for taxes. For example : a large manufacturer pays twenty thousand dollars in taxes. If he had not to pay the twenty thousand in taxes, he would doubt- less have added it to his capital, enlarging his operations, or he would have loaned it to some one wishing to borrow capital. In either case it would have been employed in increasing the productiveness of the country and increasing the demand for labor. GOYERNMEKT EXPENDITUEE. 137 The oflScers of government should be paid salaries that will secure the men competent to fill the different offices. The services of such men as Georofe Washinoion and John Marshall would be cheap at any price. Such salaries should be paid as will secure the services of the best men. All government expenditure should be carefully- watched by the people. The public funds should be intrusted to such men as will use them as carefully as they use their own. Public works ought to be done by the government at as little cost as they would be done by individuals. Excessive profit by contractors is simply robbing the people. The idea that profuse expenditure by the government is beneficial to the country ought to be abandoned by all. All that the government expends must first be taken from the people. It is often taken from productive industry and unproductively consumed. A portion of government expenditure should be used in promoting the cause of education. A certain degree of intelligence is necessary in order to enable one to discharge the ordinary duties of a citizen. The existence of a govern- ment of law and the prosperity of a nation de- pend, in a good degree, on the intelligence of the people. If, then, it is the duty of govern- ment to promote good government and national prosperity, it is its duty to foster education. It should place the elements of a good education within the reach of every one. Its first and chief duty with respect to educa- 138 POLITICAL ECOiq-OMY. tion is to make provision for tlie education of the masses, so far as to enable them to perform tlieir duty as citizens. When tlie rich are taxed for the education of the poor, they are taxed to render their own property more secure and their business operations more prosperous. The government should also foster institutions for higher education — institutions for the ad- vancement and diffusion of science. Men of higher culture are needed to give direction to pub- lic sentiment and reflect credit on the country. Experience has shown that such men usually come from our higher institutions of learning. Most of the discoveries of science are made by men trained in our higher institutions. The pecuniary benefit of such men to the country is incalculable. It would require volumes to describe the con- nection between science and industrial success. A single paragraph in relation to one depart- ment of science will ba given from Herbert Spen- cer. He remarks that " Physics joined with mathematics have given us the steam-engine, which does the work of millions of laborers. That section of physics which deals with the laws of heat has taught us how to economize fuel in our various industries ; how to increase the produce of our smelting furnaces by substi- tuting the hot for the cold blast ; how to venti- late our mines ; how to prevent explosions by using the safety-lamp ; and, through the ther- mometer, how to regulate innumerable processes. GOVERKMEKT EXPEKDITUEE. 139 *' That division which has the phenomena of light for its subject gives eyes to the old and the myopic, aids through the microscope in detect- ing diseases and adulterations, and by improved lighthouses prevents shipwrecks. ' ' Researches in electricity and magnetism have saved incalculable life and property by the compass ; have subserved sundry arts by the electrotype ; and now, in the telegraph, have supplied us with the agency by which, for the future, all mercantile transactions will be regula- ted, political intercourse carried on, and perhaps national quarrels often avoided. ' ' In the details of indoor life, from the im- proved kitchen-range up to the stereoscope on the drawing-room table, the applications of ad- vanced physics underlie our comfort and our gratifications. ' ' Thus we see from a brief glance at a single de- partment, how close is the connection between the advancement of science and industrial suc- cess. Questions. 1. How much ought to be expended for support of the government ? 2. Why do some think it to be of little conse- quence how much the government expends ? 3. What erroneous notion appears in the remark ? 4. What is true of all expenditure beyond what is necessary to secure good government ? 5. From what is the money taken ? 6. Give an example. 140 POLITICAL ECOKOMY. 7. What salaries should government oificials re- ceive ? 8. What is said of the services of such men as Washington and Marshall ? 9. Why should government expenditure be watch- ed by the people ? 10. To whom should public funds be intrusted ? 11. At what cost should operations be carried on by the government ? 12. What is said of excessive profits on the part of contractors ? 13. What is the next object of government expen- diture mentioned ? 14. Why is it the duty of government to provide education for the masses ? 15. What is said of institutions for higher educa- tion ? 16. What has experience shown ? 17. What does the extract from Spencer show ? CHAPTER XXIX. STOCKS. When a company is formed for conducting some business for profit, the capital is divided into portions called shares. For example, the capital may be $100,000 and may be divided into 1000 shares of $100 each. The shares are dis- tributed among the members of the company. If the capital is divided into shares of one hun- dred dollars, the members pay one hundred dol- lars for every share they take. For every share thus purchased, the purchaser receives a certifi- cate of ownership. The holders of these certifi- cates are called stockholders, and have power in the management of the company in proportion to the number of their shares. These certificates are called stocks. They are bought and sold like other things. Of this nature are bank stocks, insurance stocks, railroad stocks, mining stocks, govern- ment stocks, and various other kinds. There is a difference between government stocks and other stocks. The holders are not members of a governmental stock society. They are simply creditors of the government. Suppose a government borrows one hundred thousand dollars, and issues certificates to the 142 POLITICAL ECONOMY. lenders for the sums lent. These certificates of government indebtedness are called bonds, and are of various denominations to suit the conveni- ence of the lenders. These denominations may- vary from $10,000 or more to $50. The value of stocks in market depends on the dividends or income they afford, their security, and the prospect of continued dividends prompt- ly paid. If a man has stock in a company which pays seven dollars annually on each share of one hun- dred dollars, and the prospect is good that it will continue to pay seven dollars a year, the share will be worth in market at least one hun- dred dollars. If the capital of the company has been wisely invested, and its affairs are skilfully managed, its stock will be high in market. The stocks of some companies are so valuable that they can seldom be bought. Those who hold them value them too highly to part with them. Such stocks are not quoted in the reports of sales. When a share which originally cost one hun- dred dollars, or when a certificate of ownership of a share for one hundred dollars will sell for one hundred dollars, it is said to be at par. If it will sell for more than one hundred dollars, it is said to be above par. If it will sell for one hundred and ten dollars, it is said to be ten per cent above par. If it will not sell for one hun- dred dollars, it is said to be below par. Some stocks which pay large dividends are not high in market on account of their uncertainty and risk. STOCKS. 143 The value of government bonds depends upon the rate of interest and the security and perma- nence of the investment. When capitalists can loan their money for a long period and have per- fect confidence in the ability and integrity of the government borrowing, they will be satisfied with a low rate of interest. England can borrow for three per cent, because no act of the government has tended to impair its credit. Lenders have perfect confidence that England will promptly meet all her pecuniary engagements. It is for the interest of nations as well as of individuals to be honest. The value of different stocks fluctuates from time to time — being at one time higher and at another lower. When dealers think that a cer- tain stock will rise, they will purchase in order to sell at an advanced price. It is said, and no doubt truly, that sometimes secret measures are taken to elevate or depress certain stocks for the benefit of those concerned. A false report may be spread which may de- press certain stocks two or three per cent or more. The operators purchase a large quantity of the depressed stock. As soon as the report is known to be false, the stock rises to where it was before the report. The operators then sell out, and make a profit proportioned to the fac- titious depression. 144 POLITICAL ECON"OMY. Questions. 1. How is tlie capital of a company commonly di- vided ? 2. How are the shares distributed ? 3. How much is commonly paid for a share of $100? 4. What do the shareholders receive for the money paid? 5. What power does this give them ? 6. What are these certificates called ? 7. What takes place in regard to them in market ? 8. Mention several kinds of stocks. 9. Show wherein government stocks differ from other stocks ? 10. What are government certificates of indebted- ness called ? 11. What is said of their denominations ? 12. On what does the value of stocks in market de- pend? 13. When are they said to be at par ? 14. When above par ? 15. When below par ? 16. On what does the value of government bonds depend ? 17. What nations can borrow at a low rate of in- terest ? 18. What is said of the fluctuation of stocks ? 19. What measures are sometimes taken to cause fluctuation ? CHAPTER XXX. BILLS OF EXCHANaE. A New York merchant sends a cargo of flour to London, and sells it to a London merchant for $5000. The London merchant owes the New York merchant $5000. A London merchant sends a cargo of English goods to New York, and sells them to a New York merchant for $5000. The New York merchant owes the London merchant $5000. To save the trouble and expense of sending the money across the Atlantic in each case, let the London debtor pay the London creditor $5000, and the accounts are settled. The New York merchant can send his debtor in London an order to pay $5000 to the London creditor of the New York debtor. Such an order is called a bill of exchange. By the use of bills of exchange, the necessity of sending money from one country to another is in a great measure avoided. Mr. A. wants to pay a debt in London. He goes to Mr. B. , who has money due him in Lon- don, and gets an order, a bill of exchange on London. He can afford, and is willing to pay for the bill. If he could not get a bill, he would have to send over the coin. He is willing to 140 I'OLITJdAI. ECONOMY. ]);iy for a l)ill hh Triiicli, ni Icjist, us it would coHt jiiiii to Hciid tlio coin. I'lic, (lucHtion boforo liim in, *' Will it 1)0 di(\'i|)cr .'1)1(1 more convcnioiit for mo to Luy a hill of oxch.'iii^c tliutj to Hcud tlio inoncy ?" If Jk; oaimot buy a ])ill for what it will cost liini to Hoiid tlio inoiKsy, ho will not buy it. IJilJH of (!xcliaiiuj(! aro so convoiiioiit for busi- ii(!HH {)Mrj)osoH tliat tlicy an; l^(',j)t for sahi. 'J'lK'y fiiniiKli a iiioHt coiiV('-ni(M)t way of adjustitiiH botwccti dist.'iiit ])lac,(!H. 'I'ln'y diH))ons(; with tlio iiHO and tin; tnuisiuission of lar^o ainounlH of nioncy. WluiU tlio ^(Hxh ])ur(;lia.scd by London in Now York and tho floods purcliasod by Now York in London aro o(|ual in vahn;, tho bills diawn by London on Now York will bo y Um; <;oinilry ,'i;L!;HiiiHt vvliirJi iUc. (ixcliarj^c; lias turned. Jl* tlic; iinfavorahlo (jxcluui^c; ootitlriiKiH for any comulcs- aldc, l(!njrtli of tiriKj, ^old will he, H(!nt from tlio (l(!l)tor to tlic creditor till ihc par of (ixcluuigo is nistonid, TIh; par may Ix; n^slorcd williout Kcndiriir ^^old from a country. 'lUa N(!W York mcr- <'.liarit instead of HcrMliiifr gold to London may send goods to I'aris or Honn; otlnT })Ia(M', and h('I1 tlicm for goM and .s(!nd tlic. gold to I>ondon, or lie may Hcnd tlic creditor a hill on I'ari.s. " When tli.n individuals or (inns in those connt,ri(!S to draw hills on (;acli other, with the understanding that they are in all cases to he honored. ^ Vvrry. 148 POLITICAL ECOKOMY. Questions. 1. Explain what is meant by a bill of exchange. 2. What is saved by the use of bills of exchange ? 3. Suppose a man wants to pay a debt in Loudon ? 4. Why is he willing to pay for such an order ? 5. When will he send money instead of a bill ? 6. What advantages have bills of exchange ? 7. When will the debts between two countries be equal ? 8. What will then be true of the bills drawn ? 9. When is exchange said to be at par ? 10. When is exchange said to be against a country ? 11. What does an unfavorable exchange indicate ? 12. What will take place if it continues long ? 13. In what other way may the par of exchange be restored ? 14. What was the pound sterling reckoned as equal to ? 15. What has since taken place ? 16. What is the pound now equal to ? 17. Why is exchange with England really at par when quoted 9i per cent above par ? 18. Are bills of exchange always based on debts due from one country to another ? 19. What arrangements are often made ? CHAPTER XXXI. COMMERCE. BALANCE OF TRADE. The products of one country are exchanged for those of other countries. This is owing to the fact that one country has not the capabihties for producing all that it wants. Canada wants oranges, and finds it cheaper to buy them in the West Indies than to produce them in hot-houses. No nation will exchange its products for those of another nation unless it wants those products, and unless it is cheaper to get them by exchange in- stead of producing them. The nation A. will not carry on trade with nation B, unless it finds it profitable to do so, and B. will not carry on trade with A. unless it finds it profitable to do so. Commerce is thus profitable to both parties. Both parties gain by a just commerce. Men of other times held very erroneous no- tions respecting commerce. In consequence, they did many unwise things. They thought that only one party could gain by commerce — that what was one nation's gain was another nation's loss. Hence they were anxious to se- cure for their own nation the gains which it was thought could accrue to only one of the parties engaged in commerce. 150 POLITICAL ECONOMY. For this reason obstructions were often thrown in the Avay of a profitable commerce. Those entertaining the idea that what was one country's gain was another country's loss soon came to think that what was one country's loss was another country's gain. This led to efforts to lessen the prosperity of other nations. It is now understood that both parties gain by a wise and just commerce. It is now under- stood that it is for the interest of one nation that all other nations should be prosperous. It is with nations as with individuals. They want customers who are able to pay for what they buy. If a shopkeeper establishes himself in a village, it is for his interest that the people around him should be prosperous. The richer they are, the more they will buy of him, and they will pay for what they buy. He would work against his own interest if he labored to obstruct the pros- perity of the farmer, the blacksmith, and his other customers, under the impression that the less they had the more there would be for him. In former times it was thought that the most profitable commerce was that which brought the most money into the country. Many nations favored, by bounties and special privileges, the commerce which brought money into the coun- try in exchange for exports. They laid heavy restrictions on the commerce which took money out of the country, no matter what it brought in. A large amount of the legislation of former times proceeded on the assumption that the COMMERCE. — BALAKCE OF TRADE. 151 great end of commerce was tlie accmnulation of the precious metals. The influence of that exploded notion is some- times seen in our halls of legislation. The balance of trade, — Few errors have wrought greater financial mischief than the doctrine of the balance of trade. " By an unfavorable bal- ance of trade, ' ' says Daniel Webster, ' ' I under- stand is meant that state of things in which im- portation exceeds exportation. To apply it to our own case, if the value of goods imported ex- ceed the value of those exported, then the bal- ance of trade is said to be against us, inasmuch as we have run in debt to the amount of this difference. Therefore it is said, that, if a na- tion continue long in a commerce like this, it must be rendered absolutely bankrupt. It is in the condition of a man that buys more than he sells ; and how can such a traffic be maintained without ruin ? Now, sir, the whole fallacy of this argument consists in supposing that when- ever the value of imports exceeds that of exports a debt is necessarily created to the extent of the difference ; whereas, ordinarily, the import is no more than the result of the export, augmented in value by the labor of transportation. The ex- cess of imports over exports, in truth, usually shows the gains, not the losses, of trade ; or, in a country that not only buys and sells goods, but employs ships in carrying goods also, it shows the profits of commerce and the earnings of navi- gation. '* Allow me, sir, to give an instance tending 152 POLITICAL ECONOMY. to show how unaccountably individuals deceive themselves, and imagine themselves to be some- what rapidly mending their condition, while they ought to be persuaded that, by that infalli- ble standard, the balance of trade, they are on the high road to ruin. Some years ago, in better times than the present, a ship left one of the -towns of New England with 70,000 specie dol- lars. She proceeded to Mocha, on the Red Sea, and there laid out these dollars in coffee, drugs, spices, and other articles procured in that mar- ket. With this new cargo she proceeded to Europe ; two thirds of it were sold in Holland for $130,000, which the ship brought back and placed in the same bank from the vaults of which she had taken her original outfit. The other third was sent to the ports of the Mediterranean, and produced a return of $25,000 in specie, and $15,000 in Italian merchandise. These sums together make $170,000 imported, which is $100,000 more than was exported, and is there- fore proof of an unfavorable balance of trade, to that amount, in this adventure. We should find no great difficulty, sir, in paying off our balances if this were the nature of them all.'^ Questions. 1. "Why do nations exchange products ? 2. What example is given ? 3. When will a nation exchange products with an- other nation ? 4. To which party is a just commerce profitable ? COMMERCE. — BALAKCE OF TRADE. 153 5. "What erroneous notion is mentioned ? 6. To what efforts did it lead ? 7. What other erroneous idea is mentioned ? 8. To what did it lead ? 9. What is now understood respecting commerce ? 10. State the analogy between individuals and na- tions with respect to trade. 11. What was formerly thought to be the most profitable commerce? 13. On what error w^as that notion founded ? 13. To what did it lead ? 14. What is meant by the balance of trade ? 15. Give Mr. Webster's statement. 16. In what does the fallacy consist ? 17. What do the excess of imports over exports usually show ? 18. State the facts given in illustration. FINIS, BOOKS FOR TEACHERS. PUBLISHED AND FOR SALE BY DAVIS, BARDEEN & CO., SYRACUSE, N. Y. ABBOTT (Jacob). Gentle Measures in the Man- agement and Training of the Young. 12". New York. I 75 The Teacher. Moral Influences employed in the Instruction and Government of the Young. 120. New York. i 75 Abbott (J. S. C.) The Child at Home ; or, The Principles of Filial Duty familiarly illustrated. i6». New York. i 00 The Mother at Home ; or, The Principles of Maternal Duty familiarly illustrated. 16°. New York. I 00 Adams (F.) Free School System of the United States. I2<>. London. 3 60 Alcott (Amos Bronson). Record of a School ; exemplifying the Principles and Methods of Moral Culture. 16^ Boston. i 50 Alden (J.) Outlines on Teaching. 12". New York. 25 Alexander (S. D.) Princeton College during the iSth Century. 8». New York. 2 50 Alison (A.) Essays on the Nature and Principles ol Taste. 12°. New York. i 50 American Educational Cyclopedia. A Ref- erence-book for all Matters pertaining to Education. 8". New York. Cloth. 2 00 American Educational Monthly. 10 vols. (II to XI), uniformly bound in cloth. Per set $5.00; each 75 Ames, Jr. (Azel). Sex in Industry. A Plea for the Working- girl. 16°. Boston. I 25 Armstrong (Mrs. M. F.) and Ludlow (Helen W.) Hampton and its Students, by Two of its Teach- ers, with fifty Cabin and Plantation Songs arranged by T. P. Fenner. 8« New York. " i 50 Arnold (F.) Oxford and Cambridge: Their Col- leges, Memories, and Associations; with engravings by Mr. Edward Whymper. Small 4". London. 4 00 Arnold (M.) A French Eton ; or Middle-Class Education and the State. 8". London. i 00 Arnold (M.) Higher Schools and Universities in Germany. 12°. London. 2 00 Popular Education in France, with Notices of Holland. 8°. London. 4 20 Essays in Criticism. 12". New York. 2 00 Literature and Dogma. 12**. N.York, i 50 God and the Bible. 120. New York, i 50 ASCHAM (Roger). The Schole Master, with copi- ous Notes and a Glossary by J. E. B. Mayor. 12°. London. 2 40 A Short System of Polite Learning. Being an Epitome of the Arts and Sciences. 18°. Phila- delphia. 50 BARDEEN (C. W.) Common School Law for Common School Teachers. To which are added the Questions given at the New York Examinations for State Certificates. 16". Syracuse. 50 Barnard (H.) Official Reports — as Superintend- ent of Common Schools in Connecticut, I vol. ; as Commissioner of Public Schools, R. L, I vol.; as National Commissioner of Education, 3 vols. Per volume, 4 $0 Connecticut Common School Journal, 1838- 42, 4 vols. Second Series, 1851-54. 4 00 Journal of R. L Institute of Instruction, 1845-48, 3 vols. 3 75 The American Journal of Education — irom 1856 to 1873. 24 Volumes (over 20,000 octavo pages), with 800 v/ood cuts of structures for educational pur- poses, and 125 portraits of eminent educators and teachers. Cloth, $120; half goat, $132. Single voh, cloth, $5.00; half goat, $5.50. O^ The following 1 'realises zoere originally published as separate chapters in the American Journal of Educa- tion, bitt were prepared with special reference to being ultimately issued in the form in which they now appear. National Education : General and Special. 10 vols. I. Elementary and Secondary Instnictioji in the Ger* man States; with a general summary of the Educa- tional Systems and Statistics for tlie whole of Ger. many, 1 87 1. 856 pages. 5 S*^ 2. Elementary and Secondary InstrndioJi in other Eu- ropean Countries, 1872. 800 pages. _ 5.50 3. Contributions to the History and Statistics of Com- mon or Public Schools {Elementary and IIigh),Acad- emies. Colleges, and Professional Schools in the United States, and other American States. 900 pages. 5 50 4. Elementary, Secondary, and Superior Instruction in England, Scotland, and Ireland, and the diflerent dependencies of Great Britain. Two Parts, (i ) El- ementary, Parochial, and National Schools, includ- ing Training Colleges. (2) Grammar, Burgh, and Endowed Schools, and the Universities. Each, 3 50 5. Superior histriution iu Different Countries. 960 pages. 5 50 6. Scientific and Ind7istrial Education in European Countries. 800 pages. _ 5 5° 7. Special Jjistruction in Science and the Arts in Great Britain. 256 pages. ^ 3 0° 8. Schools and Colleges of Science, Agriculture, and the Mechanic Arts in the United States. In press. 3 00 9. Military and Naval Schools in Europe and the United States. 960 pages. 6 00 10. Professional Training ajid hnprovement in (i) Teaching; (2) Theology; (3) Law; (4) Medicine, &c., in Different Countries. 850 pages. 5 50 Barnard (H.) National Pedagogy and Library of Practical Education: 1. Studies and Conduct: Letters, Essays, and Sugges- tions on the Relative Value of Studies, Books and the best Methods of Reading, Manners and the Art of Conversation, the Acquisition and True Uses of Wealth, and the Conduct of Life generally. 564 pages. 1875. ^ 3 50 2. Primary Schools and Elementary Instruction : ^ Ob- ject Teaching and Oral Lessons on Social Science and Common Things, with the Principles and Prac- tice of Elementary Instruction in the Primary, Mod- el, and Training Schools of Great Britain. Revised Edition. 544 pages. 3 00 3- English Pedagogy — Old and New: or, Treatises and Thoughts on Education, the School, and the Teacher. First Series, Ascham to Wottcn. 480 pages. Second Series, Arnold to Wolsey. 608 pages. 1876. Each 3 50 4. American Pedagogy: Contributions to the Princi- ples and Methods of Education. 576 pages. 3 50 5. Ger??ian Pedagogy: Views of German Educators and Teachers on the Principles of Education, and Methods of Instruction for Schools of different Grades. 640 pages. 3 50 6. Pestalozzi and Swiss Pedagogy: Memoir, and Edu- cational Principles, Methods, and Influence of John Henry Pestalozzi, and Biographical Sketches of sev- eral of his Assistants and Disciples ; together with Selections from his Publications, and Accounts of Schools and Teachers in Switzerland. 656 pages. 3 SO 7. German Teachers and Educational Reformer's : Me- moirs of Eminent Teachers and Educators with contributions to the History of Education in Ger- many. 1876. 586 pages. 3 50 8. French Teachers, Schools, and Pedagogy — Old and Nezv. 648 pages. 3 50 9. English Teachers, Educators, and Promotors of Ed- ucation. 556 pages. 3 50 10. American Teachers, Educators, and Benefactors of Education, with Portraits. 5 vols. Per vol., 3 50 11. American Graded Public Schools, with Plans of School-houses and Equipment and Regulations for Schools in Cities. 556 pages. 3 50 12. Aphorisms and Suggestions on Education and Methods of Instruction — Ancient and Modern. 3 00 13. School Codes: Constitutional Provisions respect- ing Education, State School Codes, and City School Regulations. 3 00 14. School Architecture: Principles, Plans and Speci- fications for Structures for Educational Purposes. Revised Edition — 800 pages, 1000 illus'tions. 5 00 15. Oi'al Training Lessons for Teachers. 12° New York. I 00 I6--20. Papers for the Teacher. Five Series. 8®. Each 3 oo 21. The Polytechnic School at Paris. i 50 22. Tribute to Rev. Thomas H. Gallaudet, LL.D. i 50 23. Pe/ormatory Education in Different Countries. 3 00 Bartle (Geo.) A Few Words to Parents and Guardians on Education of Youth. CI. 16^. Lond. 25 Hartley (Geo. C. T.) The Schools for the Peo- ple; containing the History, Development, gnd pres- ent Working of each description of English School for the Industrial and Poorer Classes. Thick 8". London. 7 50 Bates (Samuel P.) Lectures on Mental and Moral Culture. 12°. New York. I 50 • Method of Teachers' Institutes and the Theory of Education. 12'*. New York. 75 Beebe (L. N.) First Steps among Figures. A Book to assist Teachers to use the Grube Method. l6<». Syracuse. i 00 Beecher (Catharine E.) Educational Reminis- cences and Suggestions. 16°. New York. i 00 Physiology and Calisthenics in Schools and Families. Over 100 illustrations. 160. N. Y. i 00 Belding (Pamelia). Infant-Class Manual. i8». New York. 75 Bible in the Public Schools (The). Argu- ments in the case of John D. Minor et al. v. The Board of Education of the City of Cincinnati et al,, in the Superior Court of Cincinnati; with the Opinion and Decision of the Court. 8°. Cincinnati. 2 00 Arguments of Messrs. Ramsey, Sage, and King in the above case in favor of the use of the Bi- ble. 80. Cincinnati. 50 • Arguments of Messrs. Stallo, Hoadly, and Matthews in the above case against the use of the Bi- ble. 8°. Cincinnati. 5a — Opinion and Decision of the Supreme Court of Ohio in the above case. 8°. Cincinnati. 25 See Library of Education. BiGELOW Q.) Modern Inquiries ; Classical, Pro- fessional, and Miscellaneous. 12®. Boston. 2 50 Blackie (John Stuart). On Sell-culture, Intel- lectual, Pliysical, and Moral. A Vade Mecum for Young Men and Students. i6<'. New York. i 00 Bower (A.) The History of the University of Edinburgh, chiefly compiled from original papers and records never before published. 2 vols. S'*. Boards, uncut. Edinburgh, 181 7. 3 50 Brace (Chas. L.) 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New York. i 50 Canada Educational Directory and Year Book. 8". Toronto. 60 Carpenter Q. E.) Popular Readings in Prose and Verse. 12". London. 2 00 Cassell's New Popular Educator. Revised to the present date. With numerous additions. Complete in 6 vols. 8*». London. Per vol., 2 50 Cassell's Technical Educator. With colored de- signs and numerous illustrations. Illustrated. 4 vols. 4<*. London. Per vol., 3 go Central Society of Education. Papers by eminent English Educators. 12*'. London. i 25 Chapman (J. G.) Schools and School-masters, from the Writings of Charles Dickens. 12°. New York. I 25 Clarke (E. H.) Sex in Education ; or, a Fair Chance for Girls. 16". Boston. I 25 The Building- of a Brain. 16". Best, i 25 Classical Studies, as Information, or as Train- ing. By a Scotch Graduate. 12*'. New York. 50 Classified Catalogue of Educational Works in use in Great Britain in the early part of 1871, with prices and publishers. 8°. Lond. 3 00 Cole (W. H.) The Institute Reader and Normal Class Book. 12°. Cincinnati. I 50 Commissioner of Education (U. S.) Annual Reports, 1870, i, 2, 3, 4, 5. 80. Each 2 00 Comfort (Geo. F. and Mrs. Anna M.) Woman's Education and Woman's Health ; chiefly in reply to " Sex in Education." i6<>. Syracuse. i 25 Combe (A.) A Treatise on the Physiological and Moral Management of Infancy. For the use of pa- rents. 18° New York. 75 Corson (Hiram). Elocutionary Manual. Phila- delphia. I 50 COUTIE (Geo.) The Education of Boys for Busi- ness ; being Practical Suggestions to Parents on the Education of their Sons for Commercial Life. 12''. London. i 60 Currie (J.) Common School Education. 12". London. i 50 The Principles and Practice of Common School Education. I2<*. London. 3 00 The Principles and Practice of Early and Infant School Education. With an Appendix of Hymns and Songs, with Appropriate Melodies. 12". London. 2 00 Cyclop/Edia of Education (The). Edited by H. Kiddle and A. J. Schem. 8». New York. 5 00 DAILY Public Schools in the United States. 80. Philadelphia. i 50 Dall (Caroline H.) The College, the Market, and the Court ; or Woman's Relation to Education, Employment, and Citizenship. 8° cl. Boston. 2 50 Davies (Emily). The Higher Education of Wom- en. 120. I 50 Davis (Emerson). The Teacher Taught ; or the Principles and the Modes of Teaching. 12°. Bos- ton. I 00 Day (H. N.) The Science of Esthetics ; or the Nature, Kinds, Laws and Uses of Beauty. 120. New York. 2 00 Deaf and Dumb. See Latham, Reet, Scott. DeGraff's School-room Guide. Embodying the instruction given by the author at Teachers' In- stitutes, in New York and other States, and especially intended to assist Public School Teachers in the prac- tical work of the school-room. By E. V. DeGrafF, A.M. 160. I 50 The Institute Song Budget. A Collection of Songs and Music for Schools and Educational Gatherings. 160. Syracuse. Ppr. o. 15; cl. 50 De Tocqueville (Alex.) American Institutions. 120. I 50 Diaz (Mrs. A. M.) The School-master's Trunk. Illustrated. 160. Boston. I 00 Dickens (Chas.) Schools and School-masters. Edited by T. J. Chapman. 1 2". New York. I 25 Dialogues and Dramas for School and Home. 120. New York. i 50 Donaldson (James). Lectures on the History of Education in Prussia and England, and on kindred Topics. 120. Edinburgh. I 40 Donaldson (John Wm.) Classical Scholarship and Classical Learning considered, with especial ref- erence to Competitive Tests and University Teaching : A Practical Essay on Liberal Education. 120. Lon- don. 2 GO DOUAI (A.) A Reform of the Common English Branches of Instruction. Manual introductory to and explanatory of the Series of Rational Readers. 80. New York. , . 30 DUFFEY (Mrs. E. B.) No Sex in Education; or, An Equal Chance for both Girls and Boys. Being a Review of Dr. Clarke's "Sex in Education." 160. Philadelphia. , . \ P? Duncan (A1.) The Examiner ; or Teacher s Aid. Designed to assist Candidates for Teachers' Certifi- cates in preparing for Examination, Pupils in review- ing Studies, Teachers in examining Classes. 120. Cincinnati. S^ Dunn (H.) Principles of Teaching. 12". Lon- don. . ^ 75 DUPANLOUP (Monseigneur). The Child. Trans- lated, with the author's permission, by Kate Ander- son, 120. Boston. \ 5^ DwiGHT (B. W.) Higher Christian Education. 1 20. New York. i 5° EDGEWORTH (R. L. and Maria). A Treatise on Practical Education. 120. New York. 150 Edison (J. S.) Legitimate System of National Education. 80. London. , -r^ ^ ^^ Education in Ireland. Thirty-seventh Report of the Commissioners of National Education in Ire- land. With Appendices. 80. Paper. Dublin, i 75 Education in Japan. A Series of Letters ad- dressed by Prominent Americans to Arinori Mori, Japanese Minister. I2». New York. I 50 Educational Year Book. 1873. 12^ New York. , .. ' ?? Eggleston (G. C.) How to Educate Yourself. A complete Guide to Students, showing how to Study, what to Study, how and what to Read. 120. New York. ^ ^ .75 Ellis (W.) Education as a Means of Preventing Destitution. 8". London. I 60 EvELETH. School-house ArcTiitecture. Designs for School -houses, with Perspectives, Elevations, Plans, Sections, Details, and Specifications, all drawn to working scale, with methods of Heating and Ven- tilation. 4". New York. 6 oo Everett (Edward). Importance of Practical Ed- ucation and Useful Knowledge ; being a Selection from his Orations and other Discourses. 12°. N. Y. I 50 Examiner (The), or Teacher's Aid. 12°. Cin- cinnati. $0 FARRAR (F. W.) Essays on a Liberal Educa- tion. 8<». London. 3 00 Fearon (D. R.) School Inspection. 12". Lon- don. I 00 FiCHTE (J. G.) On the Nature of the Scholar and its Manifestations. 12". London. I 25 The Vocation of the Scholar. 12". Lon- don. I 00 The Science of Knowledge. 12°. Phila- delphia. 2 00 Popular Works of. Translated from the German, with a Memoir of the Author, by Wm. Smith. Portrait. 8«. London. 6 00 Fitch (J. G.) Art of Questioning. i6<'. Paper. New York. 15 . Art of Securing Attention. 16''. Paper. New York. 15 Fitzgerald (Percy). Pictures of School Lite. 8®. London. I 75 Five Hundrbd Mistakes of Daily Occurrence in Speaking, Pronouncing and Writing the English Lan- guage. 12°. New York. 80 ■^LETCHER (Matilda). Practical Ethics for Schools and Families. 8". New York. I 00 Forrester (A.) The Teacher's Text-book. 8". Halifax. 4 00 Foster (J.) On the Evils of Popular Ignorance. 12^ New York. I 25 Four Years at Yale. By a Graduate of '69. I2*». New Haven. 4 00 FOWLE (W. B.) The Teachers' Institute; or, Familiar Hints to Young Teachers. 120. N. Y. 125 Fowler (O. S.) Education and Self-improvement Complete. Comprising Physiology — Animal and Men- tal ; Self-culture and Perfection of Character ; includ- ing the Management of Youth ; Memory and Intellect- ual Improvement. 12". New York. 3 50 Frankland (Ed.) How to Teach Chemistry. Hints to Science Teachers and Students. Being the Substance of Six Lectures delivered at the Royal College of Chemistry, June, 1872. Summarized and edited by G. Chaloner. 120. Philadelphia. I 25 ROBISHER (J. E.) Selected Readings, Serious and Humorous, in Prose and Poetry, with an Appen- dix on Elocution, etc. 12". Syracuse. Paper, 0.25 ; boards, 50 Fry (Herbert). Our Schools and Colleges, giving the principal particulars respecting English educational institutions. 12". London, 1867. 2 00 Fuller (Thos.) The History of the University of Cambridge, from the Conquest to the Year 1634, with illustrative notes. 8°. Cambridge, 1840. 3 00 FURNIVALL (Fr. J.) Education in Early England. Some Notes used as forewords to a Collection of Treadses on "Manners and Meals in Olden Times," for the Early English Text Society. 8". Paper. Lon- don. 50 GARVEY (M. A.) A Manual of Human Culture. 1 2". London. 3 00 Gill (John). The Art of Teaching Young Minds to Observe and Think. 16". London. I 00 Systems of Education. A History and Criticism. 12". London. I 40 GiLMORE (J. H.) Outlines of the Art of Expres- sion. 12". Boston. I 25 Gow (A. M.) Good Morals and Gentle Manners for Schools and Families. 12". Cincinnati. I 25 Grant (Horace). Exercises for the improvement of the Senses, and providing Instruction and Amuse- ment for Children who are too Young to learn to Read and Write. 18". London. 40 Grey (Mrs. Wm.) Paper on the Study cf Educa- tion as a Science. London. 20 Gross (Magnus). Languages and Popular Edu- cation. Three Addresses. (The Study of the German Language. — The Value of Popular Education. — The Study of Languages [with a Table showing the Pedi- gree of the Aryan or Indo-European Tribe of Lan- guages.]) 120. Paper. New York. 30 Grosser (W. H.) Illustrative Teaching. 18". Flexible cloth. New York. 30 HAILMAN (W. N.) Outlines. A System of Object Teaching prepared for Teachers and Parents. With an Introduction by J. N. McElHgotL 120. New York. I 00 Twelve Lectures on the History of Peda- gogy, delivered before the Cincinnati Teachers' Asso- ciation. 16*. Cincinnati. 75 Hall (Rev. John.) Familiar Talks to Boys. 120. New York. I 00 Hamilton (Richard W.) The Institutions of Popular Education. Second edition. 12°. London, 1846. I 25 Hanna (Sarah R.) Bible History: a Text-book for Seminaries, Schools and Families. 12*'. New York. _ _ I 50 Hart Qames Morgan). German Universities. A Narrative of Personal Experience, together with re- cent Statistical Information, Practical Suggestions, and a Comparison of the German, English, and American Systems of Higher Education. 12". New York. I 75 Hart (J. S.) In the School-room ; or, Chapters in the Philosophy of Education. 120. Phila. I 25 Mistakes of Educated Men. 18°. Phila- delphia. 50 Harvard Examination Papers. 12°. Bos- ton. I 50 Hazen (W, B.) The School and the Army in Germany and in France. With a Diary of Siege Life at Versailles. 120. New York. 2 50 Heberden (W.) On Education. A Dialogue after the manner of Cicero's Philosophical Disquisi tions. 18". London, 1818. 2 25 Hecker (John). The Scientific Basis of Educa tion, Demonstrated by an Analysis of the Tempera ments and of Phrenological Facts in connection with Mental Phenomena and the Office of the Holy Spiri* in the Processes of the Mind, in a Series of Letter? to the Department of Public Instruction in the City of New York. Second edition. 8°. New York. 2 5c Hiatus: The Void in Modern Education. It? Causes and Antidote, by Outis. S°. London. 3 00 Hill (Florence). Children of the State ; the Train- ing of Juvenile Paupers. 16". London. 2 00 Hill (Rev. Thomas). The* True Order of Studies. I2<'. New York. I 25 History and Progress of Education. 12°. New York. I 50 Hittell Qohn S.) A Brief History of Culture. 12°. New York. i 50 HOARE (Mrs. Sam'l). Hints on Early Education, etc. 12". London. I 00 'HODGINS (J. G.) The School-house : its Architec- ture, Arrangements and Discipline, with Additional Papers on Various Subjects. 8^. Toronto, 1858. 2 00 Special Report on the Ontario Educational Exhibit and the Educational Features of the Inter- national Exhibition at Philadelphia, 1876. 8". Paper. I'oronto. 3 00 HODGSON (W. B.) The Education of Girls, and the Employment of Women of the Upper Classes, educationally considered. Two lectures. Crown, 8°. London. i 40 HOLBROOK (Alfred). School Management. 12*. Lebanon. I 50 The Normal ; or, Methods of Teaching the Common Branches. 120. New York. I 50 Hooper (E.) Our Nurseries and Schocl-rooms : Being remarks on Home Training and Teaching, specially for Ladies engaged in Tuition. Cio\^n8o. London. 75 HOOSE (J. H.) Studies in Articulation : a Study and Drill Book in the Alphabetic Elements of thf English Language. 1 60, Syracuse. 5c • Notes on the Departments of Public In- struction in England and Scotland. 16". Syracuse. 15 Hope (A. R.) A Book about Boys. 16°. Bos- ton. 75 A Book about Dominies. 16". Boston. 75 Howe (Julia Ward). Sex and Education. A Re- ply to Dr. Clarke's "Sex in Education." 160. Bos ton. I 25 HOYT (John W.) University Progress. 8". New York. 2 oc Hurst (J. F.) Life and Literature in the Father- land. The result of four years' professional residence in Germany, and describes fully German Domestic and Social Life ; the Schools, Universities, and Gen eral Educational Features of the Country. S®. New York. 2 25 INFANTRY Tactics for Schools. N. Y 75 JEAN PAUL. Levana; or, the Doctrine of Edu- cation. Boston. 2 oc Jewell (F. S.) School Government. A Practical Treatise presenting a Thorough Discussion of its Facts, Principles, and their Applications ; with Crit- iques upon Current Theories of Punishment, and Schemes of Administration. 12*'. New York. I 50 Jex-Blake (Sophia). A Visit to some American Schools and Colleges. 8". London. I 75 JOHONNOT Q.) Our School-houses. Containing, (i) An Exposition of the Faults of Sthool-houses, (2) An analysis of the Needs of Modern Schools, (3) About fifty Plans, (4) A simple system of Ventilation, (5) Admission of Light and other Sanitary Conditions, (6) Arrangement of Grounds, etc., (7) School Furni- ture, (8) Apparatus, (9) System for grading Country Schools, (10) Conduct and Management of Schools. Illustrated. 8<'. Syracuse. 2 oc Jolly (S.) Harmony of Education. 12°, Lond. 8c Thoughts on Vocation and Progression of the Teacher. 120. London. 6q KAY (J.) The Social Condition and Education of the People in England. 12°. New York. I 50 Kennedy (H. A.) The Heart and the Mind. True Words on Training and Teaching. 120. Lon- don. 75 Kennedy (J.) Philosophy of School Disciphne. 160. Syracuse. 25 Kiddle (H.), Harrison (T.), and Calkins (N. A.) How to Teach. A Manual of Methods for a Grade Course of Instruction ; embracing the Subjects usuall pursued in Primary, Intermediate, Grammar, an High Schools ; also suggestions relative to Discipline and School Management. For the use of Teachers. 1 20. New York- i 25 KiNGSLEY (Chas.) Health and Education. 12°. New York. I 75 Kriege (Matilda H.) Friederich Froebel. A Bi- ographical Sketch. 12®. New York. 50 Krusi (H.) Pestalozzi: His Life, Work and In- fluence. 8. Cincinnati. 30 Laurie (S. S.) Primary Instruction in relation to Education. 12". London. I 50 Leighton (R. F.) Harvard Examination Papers, collected and arranged. 12c. Boston. I 56 Leitch (James). Practical Educationists and their Systems of Teaching. 12°. Glasgow. 2 40 Lessing (G. E.) The Education of the Human Race. Translated by F. W. Robertson. iS". Lon- don. I 00 Lessons on Objects, as g-iven to Children be- tween the Ages of Six and Eight, in a Pestalozzian School at Cheam, Surry. From the twenty-second London edition. 12°. San Francisco. i 75 Le Vaux (G. V.) The Science and Art of Teach- ing. 120. Toronto. I 25 Library of Education. Selected from the best writers of all countries. Vol. I : Some Thoughts concerning Education, by John Locke. Vol. 2 : Some Thoughts concerning Education, by John Locke ; part 2, and a Treatise on Education, by John Milton. Vol. 3 : The Study of Physiology in Schools, by Hor- ace Mann. Vol. 4: Scottish University Addresses, by John S. Mill, James A. Froude, and Thos. Car- lyle. Vol. 5 : The Bible in the Public Schools, from the press, etc. Vol. 6: The same, part 2. 180. Pa- per. Syracuse. Each, 25 LiLLiENTHAL (M. E.) and Allyn (Robt.) Things Taught : Systematic Instruction in Composition and Object Lessons. 160. Cincinnati. 25 LOOMIS (L. C.) Mental and Social Culture, for Teachers, Schools, and Families. In Fourteen Chap- ters. Adapted for use as a reading book. 120. New York. 75 Lord (John). Life of Emma Willard. 120. New York. 2 00 Lowe (R.) Primary and Classical Education. An Address. 80, Paper. Edinburgh. 50 MACBRAIR (R. M.) Chapters on National Edu- cation. 80. London. 50 MaCLAREN (Archibald). A System of Physical Education, Theoretical and Practical. With illustra- tions. 16". Oxford. 2 25 Mandeville (Henry). Elements of Reading and Oratory. 80. New York. I 50 Mann (Horace). Annual Reports on Education from 1839 to 1848. Crown 8°. 770 pages. Cloth. Boston. 3 00 Lectures and Annual Reports on Education. Crown 80. 584 pages. Cloth. Boston, 3 00 Thoughts selected from the Writings of Horace Mann. 16". 240 pages. Cloth. Bost. I 25 Mann (Mrs. Horace). The Life of Horace Mann. Crown 80. Boston. 3 00 • Education by Work, according to Froebel's Method. Translated from Bertha Von Marenholz- Bulow. 12°. Camden. i 00 Mansfield (E. D.) American Education: Its Principles and Elements. Dedicated to the Teachers of the United States. 120. New York. I 50 Markby (Rev. Thos.) Practical Essays on Edu- cation. 12". London. 2 00 Martineau (Harriet). Household Education. 16°. Boston. I 25 Mathias (G. H. D.) A Tutor's Counsel to his Pupils. 1 20. Philadelphia. I 00 Maudsley (H.) Sex in Mind and Education. 16". New York. 25 Maurice (F. D.) Representation and Education of the People. Chapters from EngHsh History. Crown 8°. Paper. London. 75 Learning and Working. Six Chapters on the Foundation of Colleges for Working Men. 80. London. 2 50 Mayhew (Ira). Universal Education : Its Means and Ends. 12". New York. I 75 Mayo (Miss and Dr.) Practical Remarks on In- fant Education, 120. London. 50 Mayor (J. B.) Guide to the Choice of Classical Books. 120. London. i 00 Menet (J.) Practical Hints on Teaching. Con- taining Advice as to Organization, Discipline, Instruc- tion, and Practical Management. With plans of Schools which have heen thoroughly Tested, and are now being thoroughly Adopted in various Localities. 120. London. I 25 Miller (Hugh). My Schools and School-masters. 1 20. New York. i 50 More (Hannah). Strictures on the Modem System of Female Education ; with a View of the Principles and Conduct prevalent among Women of Rank and Fortune. 2 vols. 120. London, 1799. 2 25 MORLEY (J.) Struggle for National Education. 8». London. I 20 Morse (E. S.) First Book of Zoology. 12". New York. I 25 MULLER (M.) Public School Education. 12°. Boston. I 50 NASH (Simeon). Crime and the Family. 12". Cincinnati. I 25 National Educational Association. Pro- ceedings and addresses for 1872, 3, 4, 5, 6 and 7. 8". Cloth. Each, 2 00 Newman (Dr. John Henry). Idea of a University ; considered in Nine Discourses, Occasional Lectures, and Essays. Crown 8°. London. 2 80 New York City. An Account of the Free School Society of New York. 80. 1 8 14. Very rare. 5 00 '■ Public Education in its History, Condition and Statistics. An Official Report to the Board of Education, by Thomas Boese, CJerk of the Board. 8". New York. 3 00 History of the Pubhc School Society of, with Portx-aits of the Presidents of the Society, by Wm. Oland Bourne, A.M. 8°. New York. 6 00 New York State. See Randall (S. S.), Regents' Questions. Regents' Reports. Natural History. This magnificent work, which gave to the world the nomenclature now every- where adopted, is now rare. It consists of 22 vols. Zoology, 5 vols., (Mammals I, Reptiles and Fishes 2, Birds I, Molluscs i). Botany, 2 vols. Mineralogy y I vol. Geology, 4 vols. Agriculture, 5 vols., and Paleontology, 5 vols. The set contains several thou- sand plates, nearly half of them colored by hand, and cost the State more than $500,000. We have several sets on hand, at from $60 to $100, and single volumes at from $2.00 to $15.00. Northam (H. C.) Civil Government for Common Schools. Prepared as a Manual for Public Instruction in the State of New York. To which is appended the Constitution of the State of New York, as recently amended. 16". Syracuse. 75 NORTHEND (C.) The Teachers' Assistant; or, Hints and Methods in School Discipline and Instruc* tion ; being a Series of Familiar Letters to one enter- ing upon the Teacher's Work. 12°. New York. I 50 • The Teacher and the Parent: A Treatise upon Common School Education ; containing Practical Suggestions to Teachers and Parents. 12". New York. I 50 Northrop (B. G.) Education Abroad, and other Papers. 8°. New York. I 50 )GDEN (J.) The Science of Education and Art of Teaching. 12°. Cincinnati. I 50 Oljn (St.) College Life : Its Theory and Practice. 120. New York. I 50 Oppler (A.) Three Lectures on Education, de- livered before the College of Preceptors. Revised and enlarged. 120. London. I 40 Orcutt (Hiram). Home and School Training. 120. Boston. I 00 Teachers' Manual. 12". Boston. i 00 Orton (J.) The Liberal Education of Women. The Demand and the Method. 12°. New York, i 50 Our Children : How to Rear and Train Them. A Manual for Parents in the Physical, Educational, Religious, and Moral Training of their Children. 120 London. I 50 PAGE (D. P.) Theory and Practice of Teaching. 1 20. New York. I 50 Payne (J.) Pestalozzi : The Influence of his Prin- ciples and Practice on Elementary Education. 80. Paper. London. 25 ^- Froebel and the Kindergarten System. 12°. Paper. New York. 15 The Science and Art of Education. 8". New York. 50 The True Foundation of Science Teaching. 80. Paper. London. 25 A Visit to German Schools. Notes of a Professional Tour to inspect some of the Kindergarten Primary Schools, Public Girls' Schools, and Schools for Technical Instruction, in Hamburg, Berlin, Dres- den, Weimar, Gotha, and Eisenach, in the Autumn of 1874, with critical Discussions of the General Princi- ples and Pi-actice of Kindergarten and other Schemes of Elementary Education. 12^ London. i 80 Payne (Wm. H.) Chapters on School Supervision. A Practical Treatise on Superintendence, Grading, Arranging Courses of Study, etc. 120. Cin. I 25 Peabody (Elizabeth P.) Record of Mr. Alcott's School, exemphfying the Principles and Methods of Moral Culture. 16°. Boston. I 50 Peets (H. P.) Course of Instruction for the Deaf and Dumb. N. Y. Part i, net, . 75 ; Part 3, net, I 00 Language Lessons. 12". N. Y. Net, i 25 Pestalozzi (H.) and His Plan of Education ; be- ing an Account of His Life and Writings. Portrait. 8". London, 1831. 3 oc Letters on Early Education. With Me- moir. 12". London, 1850. 75 See Krusi, Payne, Cullen, Barnard, Quick, and Lessons on Objects. Phelps (Mrs. L.) The Student ; or, Fireside Friend. With an Appendix on Moral and Religious Education. 12<». New York. i 50 Discipline of Life. 120. New York, i 75 The Educator; or, Hours with my Pupils. 1 20. New York. I 50 Phelps (W. F.) The Teacher's Hand-book for the Institute and Class-room. 120. New York. I 50 "Philobiblius." History and Progress of Edu- cation, from the Earliest Times to the Present. In- tended as a Manual for Teachers and Students. With an Introduction by H. Barnard. 12°. N. Y. I 50 Porter (Noah). Addresses at the Inauguration of, as President of Yale College, Wednesday, Octo- ber II, 1S71. 8". New York. i 00 Books and Reading ; or, What Books shall I Read, and how shall I Read Them. I2». New York. 2 GO The American Colleges and the American PubKc. 12*. New Haven. I 50 Potter (Alonzo) and Emerson (G. B.) The School and the School-master. A Manual for the use of Teachers, Employers, Trustees, Inspectors, etc. I a". New York. i 50 Public Schools (The). Winchester, Westmin- ster, Shrewsbury, Harrow, Rugby. Notes of their History and Traditions. By the author of " Etoma." 12''. Edinburgh. 3 00 PULLEN (P. H.) The Mother's Book; or, Gram- mar of English Parsing ; exemplifying Pestalozzi's Plan of Awakening the Understanding of Children in Language, Drawing, Geometry, Geography, and Numbers. Second edition. 12". Lond., 1822. i 25 QUAIN (R.) On some Defects in General Educa- tion. Crown 8**. London. i 25 Quick (Robert Hebert). Essays on Educational Reformers. 12". Cincinnati. 2 oc RANDALL (S. S.) A History of the Common School System of the State of New York, from its Origin, in 1795, to 1871. Including the various City and other Special Organizations, and the Religious Controversies of 1821, 1832, and 1840. 8°. New York. 3 00 History of the State of New York, for the use of Common Schools, Academies, Normal and High Schools, and other Seminaries of Instruction. 12*'. Syracuse. I 50 First Principles of Popular Education and Popular Instruction. 12°. New York. i 50 Raub (A. N.) Plain Educational Talks with Teachers and Parents. 120. Philadelphia. I 50 Regents' Questions (The). 1866 to 1876. Be- ing the Questions for the Preliminary Examinations for admission to the University of the State of New York, prepared by the Regents of the University. Compiled by D. J. Pratt. i8<*. Syracuse. I 00 Regents' Reports on the Academies and Colleges of New York together with the Proceedings and ad- dresses at the Annual Convocations. By far the most complete and detailed educatioral reports ever pub- lished. 1837-1876. S°. Albany. Price variable according to scarcity of volumes. Regents' Reports on the New York Museum of Natural History, 1848-1874, 27 vols, published, fully illustrated, forming an appendix to the Natural His- tory of the State of New York. Scajxe. Price vari- able according to size and variety of the volumes. We have complete sets and extra volumes always on hand. Rhode Island History of Public Education, 1636 to 1876, Thos. B. Stockwell. S". Providence. 3 00 RiCHTER Qean Paul Friedrich). Levana ; or, The Doctrine of Education. Translated from the German. la^. Boston. 2 00 RiGG (J. H.) National Education in its Social Condition and Aspects, and Public Elementary School Education, English and Foreign. 17P. London. 4 50 RiOFREY (A. M. B.) Treatise on Physical Educa- tion ; specially adapted to young Ladies. S'*. Lon- don, 1838. 2 50 ROBBINS (Eliza). The Guide to Knowledge ; being a Collection of Useful and Familiar Questions and Answers on Every-day Subjects. 18**. N. Y. i 00 Roberts (C. R.) National Education ; with Hints to People and Rulers. 8". London. 2 40 Roe (Martha). A Work in Number, for Junior Classes. 16°. Syracuse. 50 Rogers (Edward). A Guide Book for Parents, Teachers, and Scholars, designed as a System of Ethics for Common Schools. 16°. Utica, 1849. i 00 Rogers (J. E. T.) Education in Oxford: Its Method ; its Aids, and its Rewards. 8°. Lond. 2 40 Ronneger (Madame). On Certain Moral and Esthetic Deficiencies in the Education of the Present Day. Lecture delivered at the College of Preceptors, April 15, 1874. London. 20 Root (N. W. Taylor). School Amusements; or. How to make the School Interesting, and hints upon the General Management of the School-room. With Engravings. 120. New York. I 50 ROSENKRANZ (Carl). The Science of Education; or. Pedagogics as a System. Translated from the German by Anna Brackett. S". Si. Louis. Paper, $i.oo; cloth I 50 Ross (Mary Ann). How to Train Young Eyes and Ears ; being a Manual of Objects-lessons for Parents and Teachers. London. 75 RoiH (M.) Gymnastic Exercises, according to Ling's System, for the due Development and Strength- ening of the Human Body. New York. 50 Russell (J.) Normal Training. 120. N. Y. i 25 SANDS (Nathaniel). The Philosophy of Teaching. The Teacher, the Pupil, the School. 8". N. Y. i oo Schmidt (H. L) Education. Part i, History of Education, Ancient and Modern ; Part 2, A Plan of Culture and Instruction. 18". New York. 75 SCOONES (W. B.) The Public Schools and the Public Service. 8**. London. 50 Scott (W. R.) The Deaf and Dumb: Their Education and Social Position. 8°. London. 3 00 Sears (Bamas). Ciceronian: or, the Prussian Method of Teaching the Elements of the Latin Lan- guage. iS*'. Boston, 65 Senior (N. W.) Suggestions on Popular Educa- tion. 80. Half morocco. London. 3 25 Sewell (E. M.) Principles of Education, drawn from Nature and Revelation, and applied to Female Education in the Upper Classes. 12°. N. Y. 2 oo Sheldon (E. A.) Lessons on Objects. Gradu- ated series. Designed for Children between the Ages of Six and Fourteen Years. Containing also Inform- ation on Common Objects. 120. New York. i 75 A Manual of Elementaiy Instruction. Con- taining a Graduated Course of Object Lessons for Training the Senses and Developing the Faculties of Children. I2<». New York. i 75 Shirreff (Emily). Intellectual Education, and its Influence on the Character and Happiness of Women. Crown S9. London. 2 40 Sizer (Nelson). What to Do and Why, and how to Educate each Man for his Proper Work. Describ. ing Seventy-five Trades and Professions, and the Tal- ents and Temperaments required for Each. 12®. New York. I 75 2jMART (J. H.) The Indiana Schools and the Men who have Worked in Them. 12". Cincinnati. I 00 A Manual of Free Gymnastic and Dumb Bell Exercises. 16°. Cincinnati. 20 Spencer (Herbert). Education, Intellectual, Mor- al, and Physical. 1 20. New York. I 25 Spurzheim (J. G.) Education : Its Elementary Principles, founded on the Study of the Nature of Man. With an Appendix, containing the Tempera- ments and a Brief Analysis of the Faculties. 12". New York. i 25 The Same. S°. London, 1828. 2 00 Staunton (Howard). The Great Schools of En- gland. An Account of the Foundations, Endow- ments, and Disciphne of the Chief Seminaries of Learning in England. Crown 8**. London. 2 50 Steffens (Heinrich). German University Life. The Story of My Career as Student and Professor. With Personal Reminiscences of Goethe, Schiller, Schelling, and others. Translated by W. L. Gage. 120. Philadelphia. I 25 Stetson (C. B.) Technical Education : What it is, and what American Public Schools should Teach. An Essay based on the Examination of the Methods and Results of Technical Education in Europe, as shown by Official Reports. 160. Boston. I 25 Stone (J.) The Teacher's Examiner. 120. New York. I 25 Stow (David). The Life and Educational Princi- ples of. Founder of the Training System of Educa- tion. By the Rev. Wm. Eraser. With Portrait. Crown 8". London. 2 00 The Training- System. Moral Training in School and Normal Seminary, or College. 12°. Lon- don, 1858. OtU of Print, Stowell (T. B.) Syllabus of Lectures in Physi- olo^ given at the State Normal and Training School at Cortland. 8". Boards. Syracuse. 50 Sweet (J.) Questions for Examinations. An Aid to Candidates for Certificates, and a Handbook for Examinations and Teachers, iz^. New York I 00 Syntax (Dr.) Three Tours of ; in search of (i) The Picturesque, (2) Consolation, (3) A Wife. Col- ored Illustrations. 120. London. 3 00 Sypher (J. R.) The Art of Teaching School. 12°. Philadelphia. I 50 TATE(Thos.) The Philosophy of Education. I2». London. 2 60 Taylor (I.) Home Education. 8". Lond. 2 00 Taylor (O. M.) Histoiy of Annapolis and the United States Naval Academy. 12°. Baltimore. I 00 Taylor (S. H.) Method of Classical Study. 120. Boston. I 25 Taylor (W. B. S.) History of the University of Dublin : Its Origin, Progress, and Present Condition. Colored illustrations. Thick S^. London. Cloth. Uncut. 2 50 Ten Brook (Andrew). American State Univer- sities : Their Origin and Progress. A History of Congressional University Land Grants. A Particular Account of the Rise and Development of the Univer- sity of Michigan, and Hints toward the Future of the American University System. S^. Cincinnati. 3 50 Testas (M. F.) Virtues and Faults of Childhood. From the French by Susan E. Harris. 12°, Bos- ton. I 25 Thayer's Lectures to a Young Teacher. 16*'. New York. 50 Thomas (W. C.) Symmetrical Education ; or, The Importance of Just Proportion in Mind and Body. Crown 80. London. i 00 Thompson (D'Arcy W.) Day Dreams of a School- master. 12". London. 2 50 Wayside Thoughts on Education. 120. Edinburgh. 2 40 Thomson (E.) Educational Essays. 12*. New York. I 50 Thornley (M.) True End of Education Devel- oped. 120. Edinburgh. I 2$ Thring (E.) Education and School. I2^ Lon- don. I 75 TiMBS (J.) School Days of Eminent Men. I2«». Cloth. New York. i 5c Todd (J.) The Student's Manual. Designed by Specific Directions, to aid in Forming and Strengthen- ing the Intellectual and Moral Character, and Habits of the Student. I2». Northampton. i 75 TODHUNTER (I.) The Conflict of Studies, and other Subjects connected with Education. 8<>. Lon- don. 3 50 Twining (T.) Technical Training : Being a Sug- gestive Sketch of a National System of Industrial In- struction, founded on a General Diffusion of Practical Science among the People. 8°. London. 4 50 WALSH (McN.) The Lawyer in the School- room; comprising the Laws of all the States on Im- portant Educational Subjects. Carefully compiled, arranged, cited, and explained. In nine chapters. 12". New York. i 00 Warren (S. E.) Notes on Polytechnic or Scien- tific Schools in the United States : Their Nature, Position, Aims, and Wants. 8®. Paper. N. Y. 40 Watson's (J. M.) Handbook of Gymnastics. With illustrations and music to accompany the exer- cises. 80. New York. 2 00 Manual of Calisthenics. A Complete Course of Physical Exercises, without Apparaus. 160. New York. I 25 Welch (A. S.) Object Lessons. Prepared for Teachers of Primary Schools and Primary Classes. 160. New York. i 00 Welch (F. G.) Moral, Intellectual, and Physical Culture; or. The Philosophy of True Living. 120. New York. 2 00 Wells (W. H.) A Graded Course of Instruction for Public Schools. With Copious Practical Direc- tions to Teachers, and Observations on Primary Schools, School DisciLJine, School Records, etc. I20. New York. " l 25 Western Literary Institute and College of Pro- fessional Teachers. Transactions of Fourth Annual Meeting. 8°. Cincinnati, 1835. 2 00 Whewell (Wm.) Of a Liberal Education in Gen- eral, and with Particular Reference to the Leading Studies of the University of Cambridge. 8». Boards. London. 2 00 On the Principles of English University Education. 12°. London, 1838. I 25 Influence of the History of Science upon In- tellectual Education. 12°. Paper. Boston. 40 White (R. G.) Life and Genius of Shakspere. 12". Boston. 2 50 Whitcomb (Ida P.) A Summary of History. 1 20. New York. 5° WiCKERSHAM Q. P.) Methods of Instruction ; or, That Part of the Philosophy of Education, which Treats of the Nature of the Several Branches of Knowledge, and the Method of Teaching Them. I2». Philadelphia. i 75 School Economy. A Treatise on the Prep- aration, Organization, Employments, Government, and Authorities of Schools. 12°. Philadelphia. 150 WiLLARD (Emma). The Life of, by John Lord. 12°. New York. 2 00 WiLLSON (M.) Manual of Information and Sug- gestions for Object Lessons, in a Course of Element- ary Instruction. Adapted to the use of the School, and Family Charts, and other aids in Teaching. 1 2°. New York. I 5° WiLLiN (J.) The Education of the People ; with T. P. Nichols's Prehminary Dissertation. 12°. Glas- gow. I 50 Wordsworth (C.) Social Life at the English Universities in the Eighteenth Century. 12°. Lon- don. 6 00 Work's New Education according to Froebel s Method, by Bertha Von Marenholtz-Bulow. Trans. lated by Mrs. Horace Mann, wi.h the assistance of Prof. Leopold Noa. 16°. 1876. 50 jfONGE (Miss). Landmarks of Ancient History. 120. New York. i 00 • Landmarks of Mediaeval History. 12". New York. I 25 ' Landmarks of Modern History. 12^ New York. I 50 YOUMANS (E. L.) The Culture Demanded by Modern Life : A Series of Addresses and Arguments on the Claims of Scientific Education. Edited with an Introduction on Mental Discipline in Education. 120. New York. 2 00 YoUMANS (EUza A.) First Book of Botany. De- signed to Cultivate the Observing Powers of Children. 120. New York. I 25 Second Book of Botany. 12". N. Y. i 50 SCHOOL REPORTS Of all leading States and Cities for many years past on hand, for sale or exchange. KINDERGARTEN. BORSCHITZKY (J, F.) Kindergarten Lieder, with German and English words. Containing the 32 Songs in Ronge's Guide. Arranged with an accompaniment of a second voice and piano-forte guidance. New York. 3 50 Thirty-two Songs from Ronge's Kinder- garten Guide, with words in English and German. New York. i 75 New Kindergarten Songs. New York. 50 CURRIE (James). The Principles and Practice of Early and Infant School Education, with an Appendix of Infant School Hymns and Songs with appropriate Melodies. la**. London. 2 00 DouAi (Adolt). The Kindergarten. A Manual for the Introduction of Froebel's System of Primary Education into Public Schools, and for the Use of Mothers and Private Teachers. With 16 plates. Fourth edition. 120. New York. i 00 Froebel (F.) The Founder of the Kindergarten System. A Biographical Sketch by Matilda H. Kriege, with porti-ait. Cloth. New York. 5a Reminiscences, by B. Von Marenholz-Bu- low. 1 20. Boston. I 50 The Mother's Book of Song. Two-part Songs for little Singers, on the Kindergarten System. The music composed by Lady Baker; edited by G. A. Macfarran. 16*. New York. 75 Froebel (Karl). Elements of Designing on the Developing System, for Elementary School Classes, and for Families. 4 parts. Leipsic. Each, paper, $0.35; cloth 50 Hailman (W. N.) Kindergarten Culture in the Family and Kindergarten. A Complete Sketch of Froebel's System of Early Education, adapted to American Institutions. For the use of Mothers and Teachers. Illustrated. 16**. Cincinnati. 75 Hoffmann (H.) Kindergarten Toys, and how to use Them. A Practical Explanation of the First Six Gifts of Froebel's Kindergarten. Illustrated. Paper. New York. 20 Hyde (Anna M.) A Ladder to Learning for Little Climbers. Showing how Play and Study may be Combined. Prepared for the Use of Kindergartens, Infants, Primary, and Parish Schools. 18". Phila- delphia. 50 Kraus-Boelte (Maria) and John Kraus. The Kindergarten Guide. An Illustrated Hand-book, de- signed for the Self-instruction of Kindergartners, Mothers, and Nurses. S**. New York. No. I, 1st and 2d Gifts, $0.65; II, 3d-6th, $1.00; HI, 7th Gift, 80 Kriege (A. L.) Rhymes and Tales for the Kin- dergarten and Nursery. Collected and revised. 120. New York. Paper, $0.50; cloth i 00 Kriege (Matilda H.) The Child : Its Nature and Relations. An Elucidation of Froebel's Principles of Education. Second edition. 12". New York, i 00 Little (Ella). Kindergarten Spelling-book. Part first. 160. Boston. 25 Mann (Mrs. H.) and Peabody (E. O.) Moral Culture of Infancy and Kindergarten Guide, with music for the Plays. 12®. New York. i 25 NOA (Henrietta). Plays for the Kindergarten; music by C. J. Richter. (The Text of the 19 Plays is in both German and English.) 18°. Paper. New York. 30 Payne Qoseph). Froebel and the Kindergarten System of Elementary Education. Paper. N. Y. 15 Peabody (Elizabeth P.) Lectures on the Nursery and Kindergartner. No. i. Education of the Kin- dergartner. 12*'. Paper. Pittsburg. 25 Ronge (Johannes and Bertha). A Practical Guide to the English Kindergarten, for the use of Mothers, Governesses, and Infant Teachers ; being an Exposi- tion of Froebel's System of Infant Training, accompa- nied with a great variety of Instructive and Amusing Games, and Industrial and Gymnastic Exercises. With numerous Songs set to Music, and arranged for the Exercises. With 71 lithographic plates. New York. 2 10 Wiebe (Ed.) The Paradise of Childhood. A Manual for Self-instruction in Friedrich Froebel's Ed- ucational Principles, and a Practical Guide to Kinder- gartners. With 74 plates of Illustrations. In four parts. 4°. Springfield, Mass. Paper, $2.50; cl. 3 00 See also Works on "Objects." NATURAL HISTORY OF THE STATE OF NEW YORK. This magnificent work was issued by this State at an expense "exceeding $500,000, and gave to the world the accepted nomenclature of geological formations. Twen- ty-two volumes have been issued : the first in 1842, the last in 1870. Complete sets are now scarce and valuable, but we have for several years purchased all copies offered for sale, and have now on hand several complete sets, and a great many single volumes. The prices of the different volumes vary with their scarcity and condition. The Mineralogy we can furnish at $3.00. The Orni* Ihology is scarce at $15.00. Complete sets are worth from $So.oo to $120.00, according to the condition and coloring of the plates. We shall be glad to correspond with persons desiring either to buy or to sell. Full sets have been furnished to Principal Veeder, of Ives Seminary, Antwerp; Principal Dolph, of Port Jervis High School; J. Dorman Steele, Ph.D., of El- mira, and several others, and we have filled incomplete sets in every part of the State. SUBJECTS. Zoology. — Vol. i. Historical introduction to th Series, by Hon. William H. Seward, and Zoology of New York, or The New York Fauna. Mammalia. Text and 33 full page Plates. By James E. De Kay. Issued in 1842. — Vol. 2. Birds (Ornithology). Text and 308 Colored Figures. By James E De Kay. 1 844. — ^Vol. 3. Reptiles, Fishes and Amphibia. Text. By James E. De Kay. 1842. —Vol. 4. Reptiles, Fishes and Amphibia. 102 full page Plates. By James E. De Kay. 1842. — Vol. 5. Mollusca and Crustacea. Text with 53 full page Colored Plates. By James E. De Kay. 1843 and 1844. Botany.— Vol. 6. Flora of the State of New York Text and 72 full page Plates. By John Torrey, M.D., F.L.S. 1843. —VoL 7. Flora of the State of New York, Text and 89 full page Plates. By John Torrey, M.D., F.L.S. 1843. Mineralogy.— 'Vol. 8. Mineralogy of New York (in one vol.) By Lewis C. Beck, M.D., Prof, of Chem- istry and Natural History. Profuse Illustrations and 8 full page Plates. 1842. Geology. — Vol. 9. Geology of New York, conipris- ing the Geology of Washington, Saratoga, Schene(5^dy, Schoharie and Delaware counties, and all territory with- in the State south and east of these counties, with 9 fold- ed and 37 full page Plates, colored. By WiUiam W. Mather, Prof, of Nat. Hist. 1843.— Vol. lo. Second Geological District, embracing St. Lawrence, Frankhn., Clinton, Essex, Warren, Hamilton and Jefferson coun- ties, with 10 folded and 7 full page maps, colored. By Ebenezer Emmons, Prof, of Nat. Hist. 1842.— Vot II. Third Geological District, embracing Montgom- ery, Fulton, Otsego, Herkimer, Oneida, Lewis, Oswe- go, Madison, Onondaga, Cayuga, Cortland, Chenango, Broome, Tioga and the eastern half of Tompkins coun- ties, with many illustrations. By Lardner Vanuxem. 1842. — Vol. 12. Fourth Geological District, embracing Wayne, Monroe, Orleans, Niagara, Seneca, Ontario, Yates, Livingston, Genesee, Erie, Chemung, Steuben, Allegany, Cattaraugus, Chautauqua and the western part of Tompkins counties, with 15 folded Plates, colored, and 80 full page Plates. By James Hall. 1843. Agriculture. — Vol. 13. Agriculture of New York, jlassification, etc., of Soils and Rocks. 8 folded, 13 full page Plates, colored. By Ebenezer Emmons, M.D. 1846. — Vol. 14. Agriculture of New York, analysis of Soils, Plants, Cereals, etc. 43 full page Plates, colored. By Ebenezer Emmons, M.D. 1849. — Vol. 15. Agri- culture of New York, Fruits of the State. Many Illus- trations. By Ebenezer Emmons, M.D. 185 1. — Vol. 16. Agriculture of New York, Fruits (vol. HI on title page). 99 full page Colored Plates. By Ebenezer Em- mons, M.D. 1851. — Vol. 17. Agriculture of New- York, Insects injurious to Agriculture. Over looo Col- ored Figures. By Ebenezer Emmons, M.D. 1854. Paleontology. — Vol. 18. Palaeontology of New York, Organic remains of the Lower Silurian. 97 full page and folded Plates. By James Hall. 1847. — Vol. 19. Organic remains of the Middle Silurian. 98 full page and folded Plates. By James Hall. 1853. — Vol. 20, Organic remains of the Lower Helderberg Group and Oriskany Sandstone. By James Hall. 1859. — Vol. 21. 150 full page Plates to the same. By James Hall. 1862. — Vol. 22. Fossil Brachiopoda of the Upper Helderberg, Hamilton, Portage and Chemung Groups, etc. 75 full page Plates. By James Hall. Issued 1870. REGENTS' REPORTS ON THE MUSEUM OF NATURAL HISTORY. These Reports form Annual Supplements to the Nat- ural History of the State of New York, and are even more rare and in some cases more valuable than the vol' umes of Natural History themselves. We have one complete set, except the first two volumes, and many duplicates, including the Report of the Legislative Com- mittee upon the history and cost of the Natural History of New York. Prices furnished on application. Index to the Reports. No. Ill, 1850. Catalogue*; of Quadrupeds, Reptiles and Amphibians, Minerals and Fossils, Historical and Antiquarian Collection. Reports — on Indian Collection, by Lewis H. Morgan, with cuts and beautifully colored full page plates ; on ancient Remains of Art in Jefferson and St. Lawrence counties, by Franklin B. Hough, with 5 full page illustrations ; on the Mineralogy of New York, by Lewis H. Beck, with cuts. References to various Essays and Writings on the Natural History of New York. Index to the Volumes in the State Cabinet of Natural History. Description of New Species of Fos- sils from the Trenton Limestone, by James Hall, with 3 full page and I folded illustrations. Pp. 183. No. IV, 1 85 1. Catalogues of Quadrupeds, Birds, Reptiles, Amphibians, Insects, Botanical Specimens, Minerals and Fossils, with cuts, Historical Collection. Ancient Remains, continued from No. Ill, with cuts and 5 full page illustrations, etc. Pp. 146. No. V, 1852. The usual annual catalogues of addi- tions. Description of the means employed by E. Mer- riam to remove the rocks of Hurlgate, etc. Pp. 66. Appendix. Report on the Fabrics, Inventions, Im- plements and Utensils of the Iroquois, by Lewis H. Morgan, with many cuts and 20 full page colored illustra- tions. Pp. 66. No. VI, 1853. The usual annual catalogues. Pp.35. No. VII, 1854. The usual annual catalogues. Com- munication from Prof. Geo. H. Cook, on Salt and Salt Water. On the Serpents of Nev/ York, by Spencer F. Baird, with 2 full page plates. Pp. 127. No. VIII, 1855. The usual catalogues, with folded plate of Trilobite. Also, catalogue of the Fishes of the State, by James E. De Kay. Pp. 69. No. IX, 1856. The usual catalogues. Pp. 48. No. X, 1857. Addresses delivered at the Inaugura tion of the State Geological Hall. The usual catalogues, with cuts of Fossils. Pp. 190. No. XI, 1858. The usual catalogues. Pp. 44. No. XII, 1859. Contributions to the Palceontology of New York, 1855-8, by James Hall. The usual cata- logues. Pp. III. No. XIII, i860. The usual catalogues. Catalogue of the Mazatlan Mollusca. Ancient Monuments of Western New York, by T. Apoleon Cheney, with map and 27 full page plates. Contributions to Palaeontology, 1858-9, by James Hall. Pp. 128. No. XIV, 1 86 1. The usual catalogues. Guide to the Geology of New York, by Ledyard Lincklaen, with cuts and 19 full page plates. Contributions, 1859-60, by James Hall. Pp. 1 10. No. XV, 1862. The usual catalogues. Contributions as to the Upper Helderberg, Hamilton and Chemung Groups, by James Hall, with n full page plates. Pp. 181. No. XVI, 1863. The usual catalogues. Radical Words of the Mohawk Language, by Rev. James Bruyas, S.J. Pp.123. -^//^-^^//-'^ 2? (separate volume). Contributions to Palceontology, 1 86 1-2, by James Hall, with cuts and 15 full page illustrations. Pp. 226. No. XVII, 1864. The usual catalogues. Prelimi- nary List of Plants of Buffalo and its Vicinity, by Geo. W. Clinton. Meteorological Observations. Contribu- tions to Palceontology, by James Plall. Pp. 60. No. XVIII, 1865. The usual catalogues. Descrip- tion of the Wadsworth Gallery of Casts of Fossil Ani- mals, by Henry A. Ward, with profuse illustrations. Catalogue of Plants found in Oneida county and Vicinity, by John A. Paine. Catalogue of Mosses, by Charles H. Peck. Facts and Observations touching the Flora of the State of New York. Meteorological Observations. Table of the Variation of the Needle. Pp. 232. Con- tributions to Palaeontology, by James Hall, are indexed, Dut were printed in the Twentieth Report. No. XIX, 1866. Special Report on increasing the Cabinet of Natural History. The usual catalogues. Catalogue of Mosses and Observations on Flora of the State continued. Contributions, by James Hall. Pp. 8o. No. XX, 1867, The usual catalogues. Catalogue of Books. Local Climatology. Metorological Observa- tions. Local Climatology, by Prof. W. D. Wilson. Observations on the Atrypa, with cuts. Contributions to Palaeontology, by James Hall, including the study of Graptolitcs, etc., profusely illustrated, 23 full page illus- trations. Pp. 410. No. XXI, 1868. The usual catalogues. The Stone