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legends. He writes with his eye on the object, free from conventional bias. The Frankish town was “a network of filthy narrow lanes, swarming with beggars” (p. 39); the Christianity taught to the Saxons was “a dry collection of dogmas and anathemas. Its preaching was composed of invectives against the old worships; its catechism of barren formulae” (p. 105); the Slavonic tribes were not a part of the Empire but merely a "sphere of influence” (p. 208); the capitularies were “a medley of scattered suggestions, reflections and commands,” and not one-tenth of them were ever put into execution (p. 221). Sometimes the reader is struck by a word or a phrase which is not familiar in American usage: for example, span (past of spin), deteriorate (used as a transitive verb), "the more part are.” As a rule the style is simple and agreeable. The illustrations are abundant, well chosen and well executed; the source of each is given, as it should be. There is one map of Europe in black and white, and there are small maps of the various countries in the Empire, but these are very sketchy as can be seen from the location of towns in the map of Brittany (opp. p. 264). The book is provided with contents, index, genealogy and chronological table.

CLIVE DAY. Yale University.

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Das Sparen, Sein Wesen und Seine Volkswirtschaftliche Wirkung.

Dr. Karl Freiherr v. Manteuffel. Jena, Gustav Fischer, 1900pp. 147.

Dr. Manteuffel's monograph is a critical discussion of the theories of savings. By savings, the author means (p. 4) the creation of new capital through abstinence. He quotes (p. 6) as aptly expressing his conception, the words of Adam Smith: "Parsimony and not industry is the immediate cause of the increase of capital. Industry indeed provides the subject which parsimony accumulates. But whatever industry might acquire, if parsimony did not save and store up, the capital would never be the greater." He devotes the second part of the thesis to an elaborate excursus into the psychology of savings, distinguishing three motives: the ethical motive (p. 31), saving from temperance; the native motive (p. 32), saving from instinct, and the economic motive (p. 34), saving from desire of profit. Throughout this discussion, the writer is in open agreement with Roscher, whose influence is here as elsewhere very apparent by the frequent foot references to the “Grundlagen der Nationalökono

mie." The third division is by far the most valuable part of the work, treating historically the various theories of savings. He traces minutely and in a scholarly style the development of the underconsumption theories from the publication of Bernard de Mandeville's Fable of the bees. Melon, Forbonnais, James Steuart and Sonnenfels as well as Smith, Maitland, Proudhon, Blank, Vidal, Herkner, Kirchmann and Hertzka figure in this historical sketch. He especially criticises the views of Herkner (p. 68) and Kirchmann (p. 83), and in general all the underconsumption theories (p. 94), denying (p. 100) the possibility of overcapitalization. The essay closes with a positive Spar politik, warmly advocating all of Roscher's proposals to encourage saving among the poorer classes of the people. Two features, especially emphasized, are the postal savings bank system, and the plan of the graded interest-rate, decreasing in amount with increased size of deposit and thus establishing a differential in favor of very small savings.

The one defect-almost impossible to avoid in a monograph of this sort-arises in isolating the subject of saving from the general theory of population with which it is so vitally intertwined. More saving on the part of the poorer members of society means after all less nourishing food, more ill health and the accompanying higher death-rate. Many will doubtless feel that the dictum of the Italian is unanswered, that the best savings bank for the laboring man is his stomach.

JOHN PEASE NORTON. Yale University.


The translation of Professor Ladislas Zaleski's monograph on the philosophy of objective law into French under the title "Le Pouvoir et Le Droit" (Paris, Librarie C. Reinwald, 1899), not only puts within reach in brief compass the views of the more important writers on the philosophy of law, but in addition serves to remind one, first, of the work already accomplished by the Russian writers on the theory of law, and second, of the insignificant position now occupied in the philosophy of law by the once dominant theory of "natural rights” and of “natural law.” In the historical part of the work, the author treats critically the historical school of law as affected by evolutionary utilitarianism of the school of Ihering, but dismisses from consideration the theory of "droit naturel et d'autres théories metaphysiques

car leur caractère erroné a été suffisamment établi dans la science.”—a striking commentary on the present position of that principle of law, which in the hands of Grotius and his disciples contributed so much toward the development of International Law, and again in the hands of Locke, Rousseau and others to a revolution on two continents. The work consists of three parts: (1) an examination of utilitarianism as the basis of law, as developed in the writings of Bentham, Mill, Spencer, Darwin and Weissmann; (2) a critical history of the two leading schools above mentioned from the time of Savigny's Beruf unserer Zeit" (1814) to the present time, together with summary statements of the views of the principal writers on law, of the English, French, Italian, and Russian schools; and (3) a detailed statement of the author's views which he names “'une théorie générale utilitaire évolutioniste du droit." The author has given his chief attention to the doctrines of the German jurists who, as Lightwood shows, have failed to distinguish or see the desirability of separating the domain of morals from that of law. It is not strange, therefore, that M. Zaleski, failing to understand or appreciate the work of the analytical school of jurists, concludes that "la réunion de deux domaines -de la morale et droit -c'est l'idéal auquel nous aspirons."

Dr. John R. Commons, under the title "Representative Democracy" (New York: Bureau of Economic Research), has collected a series of essays contributed to various publications to which he has added two others that appear here for the first time. The central theme of the work is well expressed in the title. Dr. Commons has dis

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covered the reason for the so-called failure of democracy and is ready with a remedy. His remedy is, in a word, the representation of interests rather than of majorities. Each group of interests with unity of purpose sufficient to organize a party would, under the author's plan, be entitled to its share of representation in the legislature. This is to be supplemented by the initiative and the referendum, in order that any group above a certain size may propose legislation, or may call for a vote on any act approved by the legislature before it takes effect. The fundamental defect of all of Dr. Commons' devices is that they depend for their efficacy, not upon men but upon machinery. We already have the referendum largely in use in connection with the ratification of constitutional amendments in many of the States. The strikingly small per cent. of voters who care to express their convictions on such occasions is a continual warning to those who depend, primarily, upon any other method of improving our political life than that of elevating the morale of the citizens.

The American Academy of Political and Social Science has published (McClure, Phillips & Co., New York, 1900) the addresses delivered at its fourth annual meeting under the title "Corporations and Public Welfare.” The series of addresses are grouped under four heads: I. The Control of Public-Service Corporations; II. The Influence of Corporations on Political Life; III. Combination of Capital as a Factor in Industrial Progress; IV. The Future of Protection.

The Academy, in its last two annual meetings, has reached a standard of excellence which it will find difficult to maintain, and other similar organizations to surpass. The strongest group of papers is, undoubtedly, that which is given the position of honor in the text. Of these Professor Gray's, on "The Control of Gas Companies," is at the same time of the greatest popular interest and of the highest scientific value.

The series of papers on the “Combination of Capital” are in economic value distinctly below those read at the annual meeting of the American Economic Association at Ithaca, in December, 1899; from the practical side, however, they must be rated of at least equal importance. Mr. Dill, whose practical experience with corporations gives his words peculiar weight, has developed a new dictum by which the industrial progress of the future is to be judged, viz., "The industrial movement must stand or fall by the proposition whether industrials are or are not to become an investment for the small capitalist.” This is worthy to be put beside Professor Sidney Sherwood's statement in his address before the American Economic Association at Ithaca, New York, December, 1899: "The successful management of legitimate industry means adequate wages and dividends, no less than lowered prices to the consumer. It is the ability to maintain the proper balance between these three forces which will decide the ultimate fate of the trust as a form of industrial organization." The character of the speakers, representing as they did both economics and politics on the practical as well as the academic side, emphasizes the fact that in the face of our new and exacting problems in industry, finance and government, we are likely to see in the future a greater solidarity of interests accompanied by a much more active coöperation in their solution.

Professor A. Garelli of Turin in his "Il Diritto Internazionale Tributario(Turin, Roux Frassati e Co.) has undertaken the development of a hitherto neglected phase of private international law—that relating to taxation. The migration of capital and capitalists, residence of wealthy people abroad and the circulation of capital across national boundaries raises many perplexing problems of taxation. In this first part of his work he discusses the general theory of the taxation of such property by the states which have a chance to strike it if they choose to do so. The forms of such taxation whether direct or indirect, on income or expenditure, its incidence, and the status of the persons whether resident foreigners or citizens living abroad, are all fully discussed. A later installment will examine the actual practice of modern states in dealing with this problem.

The eighth number, dated 1900, of Neefe's "Statistisches Jahrbuch deutscher Städte" contains the usual carefully prepared tables and well digested text on a large variety of topics connected with city life as well as new material on the finances of German cities and on the liquor traffic. It would be difficult to suggest any improvement in form or any additions to the now complete array of subjects covered by the year-book. A full subject index to the first eight numbers, 1890-1900, is appended to the volume.

"Die Entwickelung der Preise des Städtischen und Ländlichen Immobiliarbesitzes zu Halle (Saale) und im Saalkreise," by Dr. Carl Steinbrück (Jena, Fischer, 1900, Conrad's Sammlung nationalökonomischer und statistischer Abhandlungen, X) gives the results of a careful study of the changes in the price of city real estate and farm land in a small district of central Germany during the past

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