MASTER 
 
 NEGATIVE 
 
 NO. 95-82469 
 
COPYRIGHT STATEMENT 
 
 The copyright law of the United States (Title 17, United States Code) 
 governs the making of photocopies or other reproductions of copyrighted 
 materials including foreign works under certain conditions. In addition, 
 the United States extends protection to foreign works by means of 
 various international conventions, bilateral agreements, and 
 proclamations. 
 
 Under certain conditions specified in the law, libraries and archives are 
 authorized to furnish a photocopy or other reproduction. One of these 
 specified conditions is that the photocopy or reproduction is not to be 
 "used for any purpose other than private study, scholarship, or research." 
 If a user makes a request for, or later uses, a photocopy or reproduction 
 for purposes in excess of "fair use," that user may be liable for copyright 
 infringement. 
 
 The Columbia University Libraries reserve the right to refuse to accept a 
 copying order if, in its judgement, fulfillment of the order would involve 
 violation of the copyright law. 
 
Author: 
 
 Johnson, Emory Richard 
 
 Title: 
 
 Relation of taxation to 
 monopolies 
 
 Place: 
 
 Philadelphia 
 
 Date: 
 
 [1 894] 
 
COLUMBIA UNIVERSITY LIBRARIES 
 PRESERVATION DIVISION 
 
 BIBLIOGRAPHIC MICROFORM TARGET 
 
 MASTER NEGATIVE # 
 
 ORIGINAL MATERIAL AS FILMED - EXISTING BIBLIOGRAPHIC RECORD 
 
 Business 
 
 D130 
 
 J63 
 
 Johnson, Emory Richard, 1864- 1950. 
 
 Relation of ta^cation to monopolies; a paper 
 submitted to the American Academy of Political 
 and Social Science. 2d ed. Philadelphia, 
 American Academy of Political and Social 
 
 Science ^1894:2 
 
 cover-title, 93 p. diagrs. (American Acad- 
 emy of Political and Social Science. Publica- 
 tions, no. 116) 
 
 Pages also numbered 764-789. 
 
 ( 
 
 Business 
 
 D130 
 
 J63 
 
 CONTIkUEd OK NEXT CAKD 
 
 Johnson, Emory Richard, 1864- 1950. Relation 
 of taxation to monopolies, t^^^^a (Card 2) 
 
 Reprinted from the Annals of the American 
 Academy of Political and Social Science, vol. 
 4, no. 5. 
 
 1. Taxation. 2. Monopolies. 
 
 RESTRICTIONS ON USE: 
 
 TECHNICAL MICROFORM DATA 
 
 FILM SIZE: SSnTCA^ 
 
 TRACKING # : 
 
 REDUCTION RATIO: \30C 
 
 IMAGE PLACEMENT: lA { IIA ) IB IIB 
 
 DATE FILMED: U-\1-9S 
 
 INITIALS: Vh 
 
 m^H o(,06o 
 
 FILMED BY PRESERVATION RESOURCES, BETHLEHEM, PA, 
 
BIBLIOGRAPHIC IRREGULARITIES 
 
 MAIN ENTRY: Johnson. Emory Richard 
 
 Relation of taxation to monopolies 
 
 Bibliographic Irregularities in the Original Document: 
 
 List all volumes and pages affected; include name of Institution If filming borrowed text, 
 
 .Page(s) missing/not available: 
 
 .Volume(s) missing/not available: 
 
 Illegible and/or damaged page(s):_ 
 .Page(s) or volume(s) misnumbered 
 
 Bound out of sequence: 
 
 Page(s) or volume(s) filmed from copy borrowed from 
 
 X Other: pagination begins with page 764 
 
 TRACKING#: 
 
 MSH06060 
 
> 
 
 to 
 
 .-v^' 
 
 
 
 <it. 
 
 
 ^ 
 
 ^ 
 
 ^. 
 
 ..'^^ 
 
 S/, 
 
 00 
 CJI 
 
 3 
 3 
 
 o > 
 
 qo. a 
 
 Is 
 
 ra 
 
 N CO 
 
 cx> 
 
 CJl 
 
 ^^ 
 OOM 
 
 O 
 
 
 ■^A 
 
 .>:# 
 
 ^%. 
 
 
 cn 
 
 3 
 3 
 
 > 
 DO 
 
 o m 
 
 CD O 
 
 6q 
 
 ^ O O 
 
 CO 
 
 X 
 
 < 
 
 N 
 
 X 
 
 M 
 
 "ii 
 
 'V 
 
 
 
 
 ^. 
 
 
 ^ 
 
 'V? 
 
 '/. 
 
 .■^■s^ 
 
 "<^. 
 '^S' 
 
 
 
 V^'i' 
 
 nP> 
 
 ^J 
 
 ^3 
 
 
 o 
 o 
 
 3 
 3 
 
 > 
 
 U1 
 
 o 
 
 3 
 
 3 
 
 o 
 o 
 
 3 
 3 
 
 
 O 
 
 FIT ^ 
 
 IS is Ills 
 
 bo 
 
 c> 
 
 00 
 
 b 
 
 
 In 
 
 1.0 mm 
 
 1.5 mm 
 
 2.0 mm 
 
 ABCDEFGHIJKLMNOPQRSTUVWXYZ 
 abcdefghi|klmnopqrstuvw)(yzl234667890 
 
 ABCDEFGHIJKLMNOPQRSTUVWXYZ 
 abcdefghijklmnopqrstuvwxyzl234567890 
 
 ABCDEFGHIJKLMNOPQRSTUVWXYZ 
 
 abcdefghijklmnopqrstuvwxyz 
 
 1234567890 
 
 2.5 mm 
 
 ABCDEFGHIJKLMNOPQRSTUVWXYZ 
 
 abcdefghijklmnopqrstuvwxyz 
 
 1234567890 
 
 X^ 
 
 ^ 
 
 V 
 
 <^ 
 
 ..V 
 
 
 ^^ 
 
 ^o 
 
 ip 
 
 ?=p 
 
 f^ 
 
 f^ 
 
 
 '<^ 
 
 ^ 
 
 tS 
 
 ^^ 
 
 V 
 
 
 k^ 
 
 Vo 
 
 ^c. 
 
 H<f 
 
 f^ 
 
 f^ 
 
 m 
 
 H 
 
 O 
 O 
 
 Tj m -o 
 
 > C CO 
 I TJ ^ 
 
 m 
 
 30 
 O 
 
 m 
 
 
 c^ 
 
 '<? 
 
 4^ 
 
 '^ 
 
 ^ 
 
 1-^ 
 
 ro 
 
 CJl 
 
 o 
 
 3 
 3 
 
 3 
 
 
 
 OBNt 
 
 8 
 
 SS 
 
 ^^ 
 
 3 :k 
 
 |3 
 
 ODINI 
 
Columbia (Hnitjersttp 
 
 intljeCitpofBfttilork 
 
 THE LIBRARIES 
 
 GRADUATE 
 
 SCHOOL OF BUSINESS 
 
 LIBRARY 
 
 m 
 
DAMAGED PAGE(S) 
 
 w^ 
 
 m 
 
 i' ... 
 
 illl 
 
 
 
 ''^ 
 
 'iJf«O'a<l,:iK'0i#J "'T«, 
 
 No, TiS, 
 
 
 RELATION OF TAXATION TO 
 
 • • MONOPOLtbS. 
 
 -t^ > 
 
 Emory R. Joh^at 
 
 J PAF.ER SUBM/TTaD TO IHE 
 
 AMERICAN ACADl:.My OFI'OLJTJrAL AND SCtJAl Sxj^. .vc>- 
 
 PH;LAJ.>ELrHIA: 
 AMKKiC'^N AX^i^lMM"' OF POLiinCA' >.!.;• SOCIAL SC(fcKC*, 
 
 <'i»4i>»'.:iv: :< \ jiio,e,Tue '''Wf^ot;;*, Pans. Gu-'K' 
 
 rr^tv: »>:re«i!?ne del Cf3t>r»ak d<.'j:li Ecouoous.t.', Ko *»«, vi.^ kj^tu**w. 
 
 f'nsf, J-, it't-it: 
 
DAMAGED PAGE(S) 
 
 
 
 jV/rt^^ja^ L*. Lu-- 
 
 
 66 2 ^^-- 
 
 
 i. 
 
 The American Academy 
 
 Ot" 
 
 Political and Social Science 
 
 PHILADEU>HIA 
 
 w^ 
 
 
 ,..^^ 
 
 JSrvM^^KJ } jA>..«S, Ph. t>.. I niversity of PecusylvRnla. 
 
 :iENKYC. .,)• A, 
 
 J»"r/' 'j'. ..i'j,. 
 
 
 H. 'Ti. 1 .VG5, A. M ;-uop W. P. JIOI/'OMB, Pp; D., 
 
 
 S-'varlhmore Cnl!«;*4<: 
 
 
 C. R. WOOUHUPF, 
 
 5 1 WiUiiui Street. 
 
 €-nrt a : 5r ' eia t v, /.,> , a- lu n , 
 
 J Oil N T,» i M NC Y Ar> AMv-,. FH , J > . J OHN J^. S TICVv , v^ T, 
 
 I 
 
 RELATION OF TAXATION TO MONOPOLIES. 
 
 * \} 
 
 
 ; \ i • • 
 
 OtNlih^a \rV!SORY COMMiTTEB 
 
 
 ; .? pooi^i . . * ..**.<: . All. n c L. 
 
 '. ' . '. ot. Mich- 
 
 r ■.')[■' ■; ■ ;: ' ■," 
 
 ruoF ^^ . .i .WY 
 
 /I'-- • ■ ^ '•_ •/ .'•.■■. ;.r,. . 
 
 • iGHT Kk;%. JOHX J. i?.KA.vi^, D.»„ 
 Cafnoiic l?aiver.sit> of Americn. 
 
 ■ ivttfitj' of CaOtbruja. 
 I'ROl-. J. vS. NlCtiO.V^ON, M. A., 
 E<iinV>!irgi; I'uivirsity 
 
 rreslic nf No t '- ;v tciv.'; rn V j jvr -sity. 
 PROr. KF'.'RV Sli'GWiCK, 
 
 CambriUgr? Uajverait/. 
 PROr Wii.LrAMSV/IATiT, ' 
 
 V,;iie.M Marga-TCl Ccll<^e, Glasgow, 
 SIMON ;>Tl^RNF., Esq., 
 
 Nev/ Vork City 
 
 HON- H/,:v:viS TAYIOK, U.. j'^., 
 Pitt..- f B. THAYUW 
 
 PROP. F. N. THOR! Iv. 
 
 XJTuvc.rsily -..t l\ ^^isy'vi'iia. 
 PK. FRAVCIS A W^vIKfcK. 
 
 i:>fe!», TiUss. Ii.stitatecf 'IwhnoIoRy, 
 
 PROF. wooiJRovt' w■.l:«J^o^^ 
 
 
 :^>:. 4' fe"-:^ 
 
 .■v.a^- ' -^i ie >^ ji . jiiiiSL^ 
 
INTENTIONAL SECOND EXPOSURE 
 
 m 
 
 EM ir 
 
 
 '^•v i 
 
 
 7 iY 
 
 
 Ihe American Academy? I vi^^^^ 
 
 Ol?^ 
 
 i. 
 
 iCAL AND Social Scy^cE 
 
 PHILADELPHIA. 
 
 ^ 1 
 
 ti?*' 
 
 M 
 
 i. »**■ 
 
 Presid/nl. 
 Kr>MTTXO j JAMBS, Ph.D., lni,'er.>ity uf Pecusylv&nia. 
 
 yice- Pr •: '.. idenis . 
 lENRY C. ijy.\. VMm\ F. H. GIDriNG?, A. M 
 
 ^00.3 Walniii hlreei. Columt'la CoUcge. 
 
 PROF W. P. UOtC.OMB, Pk.O., 
 S'f/arthmore College. 
 
 Secrctartei. 
 f >.r ' ispvndmg Sfc y, 
 R. P. i'AI,KNim, Ph..!', 
 Crt rnmtitowu FhfJa 
 
 STUART WOOD, 
 400 Chestuvil .itreet. 
 
 C R. WOODRUFF, 
 5;.1 Waluut Street. 
 
 Librarian. 
 JCTHN QUiNCy ADAMvS. Ph,. I> . JOHN I,. STKWAP.T, 
 
 :;?o5 Lm-ii^t Street. Manua; TrniuiBig Sctojli 
 
 ( 
 
 GENcRAl. ADVISORY COMMITTEB. 
 
 1 1'* 
 
 DR. C. K. ADAMS, 
 
 I're?iaV.'at of Wiso.-i.sir irnive'sit-v 
 PROF. C. K. BASTABCH. 
 
 lUibliu Umversiil}'. 
 
 TROIi. F U- BLACKM.Mv, 
 
 rt>iv v^ity cf Kansi?. 
 
 I a. BODKi:>i(;T, C.M.G , .tiJ.D., I) C.L., 
 ' Ot:ava. Caoaila. 
 
 PROF. j. W. BCRGliSS. 
 Oc»! li : vh 1 . Col 1 1 g(* , 
 
 HON. '£BOyU9- M COOI.EV, 
 /en! \; Lor, Mich. 
 
 . .fNiOF. R. 'c. i-;ly, 
 
 "^isto^^vin University. 
 
 TROF. HBN..Y W. FAR .\- AM, 
 V%i:e Univctfeity. 
 
 PROF W. IV I'OLWELI. 
 I V niversily of Minneijotsi 
 
 HON". I,YMA^7 J. G 1CI-: 
 
 '» Ch e<»g-o, Tl'. 
 
 'MROF, JOHX K. l>fGKAM LL.D, 
 T* :,nily College, I^ublin. 
 
 Apr or ,\ w. jHxgrs, 
 
 (\ W. TKXR'S, 
 
 h^. V^M. PR-RvSTO-N JOHNSTON, 
 
 ,Pre?-i':l(:i.L of Tuiane Cnivrrsln. 
 
 RIGHT Ki;v. JOHX ;. KEA.VF,, D. D., 
 Catholic University of America. 
 
 PKOF. .BERNARD MOSKB, 
 
 t-nivt rpity of Califor :ia. 
 
 PROF. J. i^. NICKOl^SON, M. A., 
 Edinbtirgl'. Umversity. 
 
 President Noi1b w escern U aiversity. 
 PROF. HK>:RY si DG wick. 
 
 Canibricige Uajveraity. 
 
 PR O r Wl i , h I A M SMAK T, 
 
 yueen Margaret Collcg-e, Qla<igow, 
 SIMON STIJRNK, Esq., 
 
 New York City. 
 
 HON KANNIS TAYLOR, I.I,. D., 
 Ma.lriu, Spain. 
 
 PROP I B. THAYJESR, 
 
 iJarir id l,aw Schc^,! 
 PROF F. X. THOiiPK. 
 
 ITrii'.'r.-stty of K ansylvauia. 
 
 DR. FRA'N-CT,3 A'. Tv^aI.KKK, 
 
 preri. Mass. Ii-.«ttta'.<: of Iwhtwjilogy. 
 
 L^Er^TER F. VfARD. t:SG ■• 
 WaHfcitigtnn, I). C 
 
 . PROF. IVOODROiV Wli^JriOS'", 
 ?-.<-i?Jcetv?n Uuivt-r^ity. 
 
 
 „^pjag;.^w7i« 
 
 •rf.p.'T-'v-wnr 
 
 
 JWtc.,^jJt V-'- lu. 
 
 (? Z' 
 
 
 ^1^1'?? ' 
 
 
 RELATION OF TAXATION TO MONOPOLIES. 
 
 't?^P 
 
 h 
 
 
/ 
 
 
 vi 
 
 v-^ i 
 
 J 
 
 
 RELATION OF TAXATION TO MONOPOLIES. 
 
 To the legislator and taxpayer taxation is a purely prac- 
 tical matter; to the economist it is a theoretical question 
 having practical bearings. In a treatment of the general 
 subject of economics taxation should be discussed in connec- 
 tion with the distribution of wealth. The State obtains 
 most of its revenue by taxation, by appropriating to itself a 
 portion of the goods resulting from productive effort. If 
 the State is to take this intelligently, it must know from what 
 source and upon what fund it is drawing the sums assessed; 
 and it cannot know this unless the laws governing the distri- 
 bution of wealth are understood. The only sound basis of a 
 theory of taxation must be a true theory of distribution. 
 
 A study of the laws of distribution will reveal the ulti- 
 mate source from which taxes must be drawn. The State's 
 chief ccncem in framing tax laws is in the right choice of 
 the particular objects upon which it is wise to levy her 
 assessments. It is known that most objects have the power 
 of shifting the burden of a tax; and it is desirable to know 
 how this shifting process is going to take place, what laws 
 govern the direction it is to take and determine where it is 
 to end. Whenever a tax has been shifted the object taxed 
 has been able to raise prices and change objective values. 
 This change in objective values may not, but quite likely 
 will, modify consumption. Now, the State may set out 
 with the purpose of raising a revenue without altering 
 objective values or modifying consumption, or it may desire 
 to use the taxing power to accomplish just the opposite. 
 Can the State do either one or both of these things, and if 
 so, how ? The legislator must find in the laws of distribu- 
 tion, including those which reveal the basis and nature of 
 
 [764] 
 
 Rb;i,ation of Taxation to Monopoues. 69 
 
 value, the knowledge that will enable him to answer the 
 question. 
 
 No eclectic treatment of taxation can be fruitful of results, 
 hence the successive arguments which are here presented in 
 the development of a theory of taxation constitute the links 
 in a chain of deductive reasoning. The premises from 
 which this reasoning sets forth being the laws of distribu- 
 tion, these laws are first enunciated as succinctly as is con- 
 sistent with clearness. As the result of definite laws, which 
 have been stated by the more recent economists, the several 
 factors in production share very unequally in the distribu- 
 tion of the results of productive effort. Monopolies, in 
 whatever way the one using the term may define its mean- 
 ing, are generally conceded to receive an especially large 
 share in distribution at the present time. In the case of no 
 other recipient of the surplus of production, however, is 
 there so much confiision in the meaning of terms used, and 
 such indefiniteness of thinking; thus the following discus- 
 sion of distribution may well devote a considerable space to 
 discussing the basis of monopolies, to setting forth their 
 real nature, and to classifying them as sharers in the surplus 
 arising from production. 
 
 Economics has ample need of such an analysis as this, A 
 clearer definition and classification of monopolies, if based on 
 a fiindamental analysis of the subjective and objective con- 
 ditions of consumption and production, will throw much light 
 on future discussions of distribution generally, and of taxa- 
 tion in particular. Having enunciated the laws of distribu- 
 tion and classified monopolies, the essay will pause briefly to 
 characterize the different kinds of taxes in such a way as to 
 bring out their real nature, and then proceed with the elab- 
 oration of so much of the general theory of taxation as 
 pertains to taxes levied with the purpose of producing no 
 other effect than that of yielding the State a revenue. The 
 purpose of the essay as a whole is to make clearer the relation 
 of taxation to monopolies. 
 
 [765] 
 
 
 I 
 
 
 .'>.. , ^•'s r '^^•'v>r^.^»-« T> CTV'r.y >•'•!«▼:■. 
 
1*^ 
 
 11^ 
 
 X'' 
 
 
 70 
 
 Annai^ of the American Academy. 
 
 The laws which, taken together, constitute the general 
 theory of distribution are several in number. The gross 
 results of productive effort must cover six items: First, the 
 costs or sacrifices which producers undergo in production. 
 Measured objectively in material goods, this item includes 
 what society must give producers in order to place them in 
 as good a position at the end of production as they were at 
 the beginning. Second, the wages which laborers are able 
 to secure in excess of remuneration for sacrifices. This 
 share of the surplus may be termed surplus wages. It is 
 not a differential fund, and its amount depends upon the 
 standard of life which laborers seek to maintain, and upon 
 the strength which they can exercise in enforcing their 
 demands for such wages as will enable them to maintain or 
 to raise their conditions of living. Third, land rents, the 
 differential income received by the owners of those appro- 
 priated natural agents, whose productivity or desirability is 
 greater than that of the least productive or desirable natural 
 agents which society finds it necessary to appropriate. To 
 this must be added a fourth share, commonly called rent by 
 the business man. It is the income received by the owners 
 of the natural agents on the margin of appropriation. 
 There are no lands but what can command some rent; the 
 owners of lands on the margin receive an income which, in 
 economic literature, has been termed marginal rent. Fifth, 
 the differential income which undertakers and skilled laborers 
 can demand because of their superior intelligence or skill. 
 General Walker has applied the term ** profits " to the dif- 
 ferential income of undertakers, but in the case of laborers, 
 as well, special intelligence and skill enable them to secure 
 differential wages. In the case of undertakers and laborers 
 the differential amounts secured depend upon personal differ- 
 ences in endowments or attainments, and the common term 
 of personal rent may well be employed for the income of 
 both classes. This use of personal rent is exactly analogous 
 to the use of land rent to designate the differential income 
 
 [766] 
 
 i 
 
 
 RE1.AT10N OF Taxation to Monopoues. 71 
 
 from natural agents. The sixth, and last, item, which the 
 results of productive effort must cover, is interest on capital. 
 The amount of this share is fixed, as the recent economists 
 have shown, by the conditions which determine the value 
 that men put on present, as compared with future, goods. 
 
 The fact that these items are here stated seriatim is not 
 meant to imply that they share according to any given order 
 in the distribution of the gross product. The portion which 
 each receives is fixed according to a definite law of its own. 
 None of the factors in distribution plays the role of a residual 
 claimant. 
 
 These several shares having been provided for, each 
 according to its own peculiar law, there still remains, in a 
 progressive society such as our own, a large residue or free 
 surplus, the study of whose distribution among the factors 
 of production gives rise to some of the most fiiiitful investi- 
 gations that have recently been made in economic theory. 
 It is the distribution of this free surplus which chiefly 
 interests us in this discussion of a theory of taxation; it is 
 necessary, then, to state with some fullness the law which 
 governs the apportionment of this fiind among the factors 
 of production. 
 
 Before doing this, however, it will be well to present, as 
 clearly as may be, the relation which the several shares of 
 distribution hold to each other. This can best be done by 
 employing, in a modified form, some diagrams, with which 
 the readers of Professor Patten's works are already familiar: 
 
 It is, perhaps, hardly necessary to explain that in Figure I 
 the line a j indicates the quantity of goods produced, that 
 the line a f represents the utility derived from the first 
 increment of consumption, that the line / g that derived 
 from the last increment, and that the whole figure a f g j^ 
 indicates the total sum of utiUties possessing value. The 
 costs necessary to produce these utilities are shown by the 
 figure a b i j. The value of goods produced being fixed 
 
 [767] 
 
 ^ 
 
 
 M 
 
 ^^^ 
 
 I 
 
 •-xTm/K-tmi.- 
 
mm 
 
 ^ , 
 
 ^^' 
 
 . i 
 
 -;< 
 
 
 72 
 
 Annai^ of thk American Acadkmy. 
 
 by the margin of consumption, their total value is repre- 
 sented by the figure a e g j. The total utility which the 
 consumption of goods affords consumers exceeds their total 
 value by an amotmt indicated by the area e f g. This is 
 the consumer's surplus. The difference between the costs 
 and the total value of produced goods is the producer's sur- 
 plus, represented by the figure b e g i. 
 
 Figure I. 
 
 Let this fundament diagram now be so modified as to show 
 the relationship which the several shares in distribution 
 have been declared to hold to each other: 
 
 Figure II indicates the way in which the several shares 
 participate in the distribution of the producer's surplus — 
 that portion of the entire figure covered by the area b e g i. 
 That part of the producer's surplus which goes to owners 
 of natural agents, undertakers and other producers possess- 
 ing especial intelligence or skill, as the differential incomes 
 of land rents and personal rents, is shown by the triangle h 
 c i. Within the quadrilateral c d h i are indicated the non- 
 differential shares distributed as marginal rents, interest, 
 and surplus wages. The five parts of the producer's surplus, 
 personal rents, land rents, marginal rents, interest and 
 
 [768] 
 
 ^ii'il yw mm 
 
 Relation of Taxation to Monopolies. 
 
 73 
 
 surplus wages, being each determined by an independent 
 law, their amount at any particular time is a definite and 
 fixed quantity. Hence this part of the producer's surplus 
 may rightly be designated (as has been done in Figure II) 
 as the fixed surplus. The remainder of the producer's sur- 
 plus, d e g h, represents a fund which the various factors 
 of production strive to secure. It is a free surplus which 
 
 fht Sxirbl 
 
 us 
 
 Surplus Yila^s 
 
 hrsonai ^tjit 
 
 Land T^^nf 
 
 Figure II. 
 
 goes to the strongest contestants. The producer's surplus 
 is divided into a fixed and a free portion. When speaking 
 subsequently of fixed and free surplus, the fact that they are 
 parts of the producer's surplus will be understood without 
 using such a clumsy term as fixed or free producer's sur- 
 plus. 
 
 The law according to which this free surplus is distributed 
 may now be discussed. As stated by Professor Patten, in 
 his "Stability of Prices," the law is as follows: ''Of the 
 factors necessary for production, that factor which tends to 
 increase at the slowest rate will reduce the shares of the other 
 factors to their lowest limits, will have the benefits of all 
 improvements, and must bear all permanent burdens.'* 
 These factors, according to the classification usual at the 
 
 [769] 
 
 ■IM»" 
 
( 
 
 74 
 
 Annals of the American Academy. 
 
 present time, are grouped under the four heads, natural re- 
 sources or land, labor, capital and intelligence. As concerns 
 the rates of the increase of these four groups, it is probable 
 that the first is, as a whole, increasing the most slowly. 
 Each group, however, consists of many parts, or of many 
 di£ferent kinds of enterprises and industries, which are in- 
 creasing as productive agents at various rates of rapidity and 
 slowness. Although land constitutes the group which, as a 
 whole, is increasing the slowest, it is nevertheless true that 
 parts of other groups are increasing more slowly than some 
 forms of natural resources are being utilized in production. 
 It is necessary, then, in discussing the distribution of the free 
 surplus, not to compare the four large groups with each other, 
 but rather to contrast the individual parts or factors which 
 enter into the large groups. If factor be used in this nar- 
 rower sense. Professor Patten is strictly accurate when he 
 says that, "Whether any factor obtains a large or small 
 share depends upon its relative rate of increase."* Stated 
 with mathematical precision the law of the distribution of 
 the free surplus would be formulated in this wise: The free 
 surplus of production, the benefits of improvements which 
 increase the free surplus, and all permanent burdens are 
 distributed among the factors necessary to production in 
 
 * " The Theory of Dynamic Economics," p. 93. Professor Patten illustrates the 
 working of the above law as follows : " The most extreme case would be when 
 there was no demand for an increase of any of the factors but one. The most 
 slowlj' increasing factor would secure all the surplus value, and the more rapidly 
 increasing factors would obtain none of the surplus, except their share of the dif- 
 ferential gains. Such a condition of aflfairs would never happen under actual 
 conditions. It merely represents an ideal case, and shows how the distribution of 
 surplus value depends on objective values. Most of the differential gains, however, 
 will be absorbed by rent and profits. In the earlier stage of progress rent will be 
 the prominent element, while in the later stages profits become more important. 
 The increase of intelligence causes society to esteem more highly what were pre- 
 viously regarded as the poorer natural resources, thus reducing the relative im- 
 portance of rent, and at the same time the increasing differences in men tend to 
 
 augment profits There is, however, no sharply defined line between 
 
 rent and profits on the one hand, and interest and wages on the other 
 
 In a dynamic society the tendency becomes stronger to confine rent and profits to 
 differential gains, and to give all the surplus value to the capitalists and laborers. 
 Yet any change in the relative rates of increase will change the distribution of the 
 surplus value, giving a part of it to landlords or to the managers of industries." 
 
 [770] 
 
 ". 
 
 ReIvATion of Taxation to Monopoi^ies. 75 
 
 inverse ratio to their rates of increase. This law, however, 
 is to be understood as a general one, explaining the normal 
 distribution of the free surplus. It is possible for sudden 
 changes in particular industrial activities, or in legislation, 
 temporarily to suspend the regular operation of the law, to 
 the advantage of the less favored factors in production. 
 
 In order fully to explain this law it is necessary first, to 
 show what are the slowest increasing factors which obtain 
 the benefits arising from production and absorb the increas- 
 ing fund of the free surplus; and second, to demonstrate 
 that these slowest increasing factors must also bear the per- 
 manent burdens which nature, or society by tax laws or 
 otherwise, may impose on any agent of production. The 
 former of these two considerations involves the definition, 
 discussion and classification of monopolies; for it will be 
 found that the slowest increasing factors of production are 
 certain kinds of monopolies, whose real nature can be 
 explained only by showmg their relation to the various other 
 forms of monopoly. 
 
 By a monopoly is meant any productive agent possessing 
 monopoly force. A monopoly force is that which gives to a 
 productive agent the disposal of a definite portion of the 
 surplus resulting from production. This is a broad definition 
 but it is one that will be seen, as the discussion proceeds, 
 to apply to but few factors that have not been more or less 
 frequently termed monopoHes. It is broad, chiefly because 
 it indicates the common element of all monopolies and makes 
 it possible to bring them all into relation with each other. 
 
 No progress can be made with a discussion of monopolies 
 without first clearly perceiving the basis upon which they 
 rest. This basis is a dual one, to be found in the subjective 
 conditions of men as consumers and producers, and in the 
 objective conditions under which production is carried on. 
 The observation and analysis of objective industrial phe- 
 nomena will not alone suffice; indeed, the initial point of 
 
 [771] 
 
 b 
 
*l^l'' 
 
 I » 
 
 Ml 
 
 n 
 
 ;i 
 
 I 
 
 !! 
 
 
 ' 
 
 
 76 
 
 Annaxs of the American Academy. 
 
 the study must be the investigation of the wants and desires 
 of men. These wants and desires are the forces which 
 impel men to adopt and insist on certain peculiar forms of 
 consumption. Consumption thus holds the helm and dictates 
 the course which production must follow. If consumption 
 insist stoutly upon having things which are scarce or difficult 
 to obtain, it furnishes the first of the conditions which 
 make possible the establishment of a strong monopoly. If 
 consumption have the inclination and ability easily to read- 
 just its demands when the objective conditions of production 
 make the satisfaction of those demands a difficult matter, it 
 can partially, if not wholly, take from any particular industry 
 its monopoly power. As between the laws of consumption 
 and those of production, the former are of the greater assist- 
 ance in disclosing the real foundation of monopolies, what- 
 ever may be the form they take in production. 
 
 The other fact which gives monopolies a subjective basis 
 is the existence, among producers, of different degrees of 
 intelligence and skill. In producing the things demanded 
 by consumers certain producers, by virtue of their superior 
 endowments or attainments, have an advantage over others; 
 they possess a monopoly force by means of which they are 
 able to secure an extra portion of distributed wealth. 
 
 The objective basis of monopolies, that is, the objective 
 phenomena of production which assist an industry to secure 
 a monopoly force, results, as is well known, from the natural 
 and artificial limitations, which condition the supply of those 
 goods and services that consumers demand. Natural 
 resources, especially those necessarily employed in the pro- 
 duction of particular kinds of goods, are either limited in 
 quantity or available at any given time imder conditions of 
 increasing cost; the same is true of the number of desirable 
 locations for dwellings, sites for business blocks and manufac- 
 turing establishments, and of possible routes for profitable 
 transportation lines. This fact gives to the owners of natural 
 agents or desirable sites and routes a monopoly power, 
 
 [772] 
 
 
 Rei^tion of Taxation to Monopolies. yj 
 
 provided the condition of consumption be such as to enable 
 them to take advantage of their ownership by raising prices. 
 At any given time, then, the strength of the monopoly 
 force which may be secured by an industry will be decided 
 by two things: Objectively, by the physical conditions under 
 which production is carried on to supply the goods demanded 
 by consumers. These conditions decide in what lines of 
 productive effort competition is wholly or partially restricted 
 without recourse to artificial means, and determine in what 
 industries competition can be checked or eliminated by 
 legislation, combination of capital or other artificial devices. 
 These objective conditions, however, are of significance 
 only because of the conditions controlling the consumption 
 of the goods produced. To restrict or exclude competition in 
 any line of production, and thus to gain control of it, is of 
 value only to the extent that consumption is controUable. 
 The intensity and stability of the demand for the articles 
 produced by a monopoly are what give the monopoly its 
 strength and make it a source of profit. The intensity of 
 the demand which consumers make for the products of a 
 monopolized industry determines the height to which the 
 prices of those products can be raised. The stability of the 
 consumers' demand measures the extent to which they will 
 insist on consuming a particular product instead of trying to 
 satisfy their desires by using some other article. 
 
 A monopoly was declared to be any productive agent pos- 
 sessing a force which gives the productive agent the disposal 
 of a definite portion of the producer's surplus; and in the 
 preceding discussion of the basis of monopolies it was said 
 that better grades of land and superior intelligence and skill 
 give their possessors a monopoly force. The incomes 
 derived have been referred to as differential, and termed land 
 rents and personal rents. I,ands on the margin of cultiva- 
 tion of availability for other uses than cultivation also consti- 
 tute monopolies. There being no no-rent lands, and land for 
 many purposes being of limited quantity, the owners of the 
 
 [773] 
 
 [J 
 
 I • ■ r 
 
 5'^j^.«;- y 
 
 [^IWVfi-^T.rrrrpt 
 
f <!l 
 
 (1 
 
 i If 
 
 J 1:1 
 
 ^11 
 
 ! ':: 
 
 { I' 
 
 78 
 
 Annai^ of the American Academy. 
 
 least desirable, but necessary, lands are able to command a 
 definite portion of the surplus. The income was named 
 marginal rent. Likewise capital is able to command a defi- 
 nite portion of the producer's surplus; the strength of its 
 monopoly force being dependent on the value which men 
 place on present, as compared with future, goods. Wage- 
 earners, as a class, also secure a portion of the surplus; the 
 force of the monopoly they possess being determined by their 
 standard of life. Such are the monopoly forces that control 
 the distribution of the fixed surplus into five general funds. 
 The forces which account for the disposal of the free surplus 
 give to certain monopolies not only what they may secure in 
 the form of land rents, personal and marginal rents, surplus 
 wages or interest, but more than this. Unless prevented by 
 the State, certain monopolies will receive the entire free 
 surplus. 
 
 Before proceeding to discuss the monopolies which secure 
 the free surplus it will be best to give an outline of the com- 
 plete classification* of monopolies that is here had in mind. 
 A few terms used will require explanation: 
 
 ' Differential . . 
 
 Monopolies. . 
 
 { 
 
 FORM. 
 
 Land, 
 Personal, 
 
 Non- differential 
 or Marginal . . 
 
 Optional 
 
 ■{ 
 
 Land, 
 
 Goods, 
 
 Labor, 
 
 Exclusive / S"J^te' 
 \ Public, 
 
 INCOMB. 
 
 Land Rent. 
 Personal Rent. 
 
 Marginal Rent. 
 Interest. 
 Surplus Wages. 
 
 Tallage. 
 Fiscal Taxes. 
 
 * The classification of monopolies presented and discussed in this paper is to be 
 accredited mostly to Professor Patten. On January 15, 1894, the author read before 
 Professor Patten's Seminary, at the University of Pennsylvania, a paper on "The 
 Theory of Taxation," in which a distinction was drawn between the two kinds of 
 monopolies here classed as "Differential" and "Exclusive." The discussion 
 which followed the paper induced Professor Patten to elaborate and present to 
 certain members of the Seminary a much more comprehensive classification, 
 which, after slight modifications as the result of suggestions made by the members 
 of the Seminary, assumed the above form. In rewriting his original paper for 
 publication the author has thought it best to strengthen his discussion of taxation 
 "by bringing it into relationship with the more comprehensive and fundamental 
 classification of monopolies. 
 
 [774] 
 
 ^Bm 
 
 Rei^ation of Taxation to Monopolies. 
 
 79 
 
 By this classification every recipient of the distributed 
 surplus is termed a monopoly; it receives a definite portion 
 because it possesses a monopoly force which enables it to 
 command that particular amount. The preceding pages 
 have sufficiently explained the basis of the division of 
 monopolies into differential and non-diff"erential made in the 
 classification. The non-differential monopolies may with 
 equal propriety be termed marginal. The fiind firom which 
 they draw is one fixed by the margin of consumption. The 
 former include lands of superior fertility, locations of 
 especial desirability, and personal intelligence and skill of 
 the higher order possessed by undertakers and skilled 
 laborers. These differential monopolies have no power of 
 exerting any influence upon prices. They simply control 
 the distribution of a fund whose amount is determined by 
 prices. Prices are determined at the margin of consump- 
 tion by the forces possessed by the marginal monopolies. 
 These forces not only determine what the prices of labor 
 and capital as a whole shall be, but also decide how much 
 society must pay in order to secure the articles which are 
 produced at the margin. The non-differential or marginal 
 monopolies are of two kinds, which may be described as 
 Optional and Exclusive. 
 
 This use of the term optional being new in economic liter- 
 ature calls for explanation. It includes the non-differential 
 monopolies enjoyed by individual owners of land, goods or 
 capital and labor. Now, as was stated in a preceding para- 
 graph, each one of these three general factors of production 
 possesses a monopoly force resulting from an independent 
 and definite law. Capital, as a whole, can command a cer- 
 tain part of the surplus as interest because men value present 
 goods higher than future ones. The individual owner of 
 capital, however, possesses not only this, but an additional 
 monopoly force, because of the fact that he enjoys several 
 options as to the way or place in which he may invest his 
 means, and because he always has the choice between 
 
 [775] 
 
taemt 
 
 III 
 
 ! ill 
 
 w 
 
 ■ti 
 
 I If 
 \l 
 
 \f, 
 
 ill; 
 
 .,i;) 
 
 ^ 
 4 
 
 im 
 
 So 
 
 ANNAIyS OF THB AmKRICAN AcADKMY. 
 
 investing his capital or deriving enjoyment by consuming 
 it. If the demands for capital in the railroad or banking 
 business be weak, he has the option of investing in a 
 hundred other enterprises; if no opportunities for investment 
 offer as much satisfaction as can be gotten from consuming 
 the capital, he will choose to do the latter. He possesses by 
 virtue of these facts a monopoly force, which may rightly be 
 termed optional. The marginal landowner, likewise, pos- 
 sesses a similar optional monopoly. The marginal rent 
 which he can command by using his land for agricultural 
 purposes will never be less than he can secure by changing 
 his farm into pastures or ranches. The rent which he can 
 secure by raising wheat will not be less than he can obtain 
 by growing com, oats or barley. In a similar way an indi- 
 vidual wage-earner has a monopoly force, due to the fact that 
 he has the option of several kinds of work. The option is, 
 of course, limited to the group of laborers of which he is a 
 member. He does not have the option of entering another 
 non-competing group; but within his group he may choose 
 between several kinds of manual labor, between bookkeep- 
 ing and running a small store, or between many other 
 employments. His option allows him to command the 
 wages of the most advantageous occupation in his group. 
 Reference is here had to non-differential wages; if the person 
 possess greater skill or intelligence than other workmen 
 doing the same kind of labor he will also be able to secure 
 differential wages. 
 
 The other kind of non- differential monopolies was termed 
 exclusive, because they represent factors of production that 
 are able to exclude competition. In the differential and 
 optional monopolies the various subjective and objective 
 conditions to which attention has been called bring about a 
 restriction of competition, but not an elimination. Land 
 rents and personal rents are competitive. Marginal rent, 
 surplus wages and interest have each a very definite maxi- 
 mum which competition will not let them pass. In certain 
 
 [776] 
 
 
 * f I 
 
 RK1.AT10N OF Taxation to Monopowks. 
 
 81 
 
 industries, however, it is possible to exclude competition, 
 and they thus possess an exclusive monopoly force. This 
 exclusive monopoly force may be possessed by a business as 
 a whole, or may be held only by certain branches of a large 
 enterprise; every complex business necessarily includes 
 many factors of production under one common organization; 
 some of these factors will be differential monopolies, some 
 optional and others exclusive. 
 
 Exclusive monopolies are classified as Private and Public. 
 What each of these is and what kind of an income each 
 obtains require a discussion of some length. Before begin- 
 ning this it will be well to stop at this point in the discus- 
 sion of monopolies long enough to bring out more clearly 
 the relationship of the foregoing classification of monopolies 
 with the general theory of distribution that was represented 
 by Figure II on page 73. The following diagram will 
 show that relation graphically; 
 
 :v->.t 
 
 Frei SurMus 
 
 ^"ife^iife^l - — 
 
 Costs 
 
 
 ^'^ 
 
 F' .. 
 
 4#' 
 
 kM 
 
 J 
 
 FiGURK III. 
 
 The exclusive monopolies are here represented as receiv- 
 ing all the free surplus, they being of two kinds, public and 
 private. The former kind will be discussed more at length 
 later on; it is the monopoly which the State holds in her 
 
 [777] 
 
jM.jm 
 
 !! 
 
 1 1, 
 
 f'l 
 
 fill 
 
 II 
 
 "•■ ! 
 
 82 
 
 Annai^ of thk American Academy. 
 
 taxing power, a power that enables her to take of the surplus 
 of production such a sum as she may desire. Under private 
 exclusive monopolies are included those that are able to 
 exclude competition. 
 
 There are several means through the aid of one or more 
 of which an industry or a factor of production can exclude 
 competition. Legislation affords one of these means in 
 granting patents, copyrights and charters. The charters 
 granted to transportation, electric lighting and gas companies 
 often furnish the only condition necessary for the exclusion 
 of competition. By the combination of capital in large 
 amounts, also, competition is often prevented. The operation 
 of the trust and pool is well known. The industrial enter- 
 prises, thus combined imder one ownership or management, 
 may consist principally of the differential monopolies, land 
 and intelligence or skill, as in the case with the Standard Oil 
 Company, or the businesses which these unite may be but 
 secondarily differential monopolies, and consist chiefly of the 
 optional class. Land may be required in but comparatively 
 small amount, and the employment of labor and capital be 
 necessarily large, a condition of things which holds true of 
 the Sugar Trust. The Standard Oil monopoly was made pos- 
 sible because of the limited area of oil lands; the Sugar 
 Trust has been established because Mr. Havemeyer has 
 great sagacity, and has had command of very large amounts 
 of capital. The Sugar Trust has driven competition from a 
 field where it was strong, and holds it out at present only 
 by a very sagacious management of large amounts of capital. 
 The various special ways by which competition is actually 
 excluded or restricted in industry need not be dwelt upon at 
 length. Suffice it to say that the more fully competition can 
 be excluded from an industry the stronger becomes that in- 
 dustry's position in production, the more is it able to check 
 the rate of its increase, and thus to compel society to pay 
 liberally for any rapid expansion that may be desired of the 
 business. ^ The slowest increasing factors of production are 
 
 [778] 
 
 V 
 
 I 
 
 {J, 
 ( 
 
 J 
 
 4 
 
 i 
 
 REI.ATION OP Taxation to Monopouks. 
 
 83 
 
 those that are able to exclude competition, in other words, the \ { 
 exclusive monopolies. Theirs is the industrially strong posi- / 
 tion. The differential and optional monopolies possess forces 
 which give them definite portions of the producer's surplus; 
 the exclusive monopolies obtain these portions and more; to 
 them goes the free surplus. 
 
 As Figure III indicates, the producers on the margin of 
 production obtain none of the fund secured by holders of 
 differential monopolies. If these marginal producers possess 
 only optional monopolies, they will, as a class, receive, at 
 any given time, only that portion of the surplus which the 
 monopoly forces of marginal rent, surplus wages, and interest 
 are able to command. The individual members of this class 
 of producers will be able to control differing portions of the 
 fund thus distributed, because they possess options of im- 
 equal strength. 
 
 If the holders of optional monopolies are not producing 
 along the margin, they will also secure a part of the differential 
 fund distributed as rents, land and personal. Any producer 
 or business having only differential and optional monopoly 
 forces is operating in the realm of competition. If, however, 
 the subjective conditions controlling consumption, and the 
 objective conditions of production, to which reference has 
 been made, be such that the increase of any form of produc- 
 tion can be rendered slower than the rate with which society 
 enlarges its demand for the products of that particular kind 
 of production, then the producers in that field possess a 
 monopoly due to the exclusion of competition. The compara- 
 tive strength of the monopoly forces thus held depends upon 
 the relative rates of the increase of those factors of produc- 
 tion in which the exclusion of competition is possible. The 
 exclusive monopolies divide among themselves the free sur- 
 plus which exists for distribution at any given time in the 
 ratio of their relative strength. 
 
 The restricting phrase, "at any given time," is inserted 
 in the preceding sentence because the different portions of 
 
 [779] 
 
 
 ^^m Kip 
 

 
 fit: 
 
 .11 
 
 ! ;■ 
 
 .; 
 
 i*.' 
 
 84 
 
 Annals of the American Academy. 
 
 the fixed surplus change in amount from time to time. The 
 monopoly forces yielding the incomes, rents, interest and 
 wages vary. While agricultural rents, for various reasons, 
 are falling in America, urban rents are rising with the 
 growth of cities, and with the increase of economic and 
 social conditions which give to limited areas great value, as 
 business sites or as ' * fashionable quarters' ' for the residence 
 of the wealthy. The differential incomes which skill and in- 
 telligence command as personal rents are probably increasing 
 somewhat. Surplus wages are growing with the rise in the 
 standard of life. Interest is doubtless falling. In a word, 
 the fixed portion of the producer's surplus is a definite sum 
 at any given time; but changes constantly, and is at present 
 probably increasing. But the growth of the fixed surplus, 
 as a whole, does not keep pace with the progress in produc- 
 tion. The free surplus is becoming steadily larger as society 
 advances. 
 
 The free surplus has been shown to go to exclusive monop- 
 olies. At present the monopoly force which commands 
 most of the free surplus is held by private individuals. It 
 will be shown directly that the State may possess herself, 
 through tax laws, of as strong an exclusive monopoly force as 
 she may choose to have. The income derived by private ex- 
 clusive monopolies is one with which economic literature thus 
 far has not dealt. It has no name. In the classification on 
 page 78, I have called it "tallage." The term suggests a 
 levy which the politically or industrially strong make upon 
 those who are weaker. According to Webster the verb 
 * * tallage' ' still means * ' to lay an impost upon; to cause to pay 
 tallage." In presenting this word for introduction, I have 
 sought to coin a term whose meaning suggests as much of 
 the new idea as possible. This tallage does, and, at the same 
 time, has the advantage of not being in common use. 
 
 It was said that in order to explain the law of distribu- 
 tion fully, it was necessary to show which are the slowest 
 
 [780] 
 
 
 u^ 
 
 
 Rei<ation of Taxation to Monopolies. 
 
 85 
 
 increasing factors that obtain the benefits arising from im- 
 provements in production; and second, to prove that these 
 slowest increasing factors are also obliged to bear all the 
 permanent burdens that may be imposed by nature or society 
 upon any agent of production. The former of these two 
 tasks has been performed by the foregoing analysis and clas- 
 sification of the several monopoly forces which control the 
 distribution of the surplus. The second task can be accom- 
 plished more quickly. 
 
 The statement of the law of distribution was: The free 
 surplus of production, the benefits of improvements which 
 increase the free surplus, and all permanent burdens are dis- 
 tributed among the factors necessary to production in inverse 
 ratio to their rates of increase. That the slowest increasing 
 factors of production, the exclusive monopolies, must bear all 
 permanent burdens, can be shown by either one of two lines 
 of argument : The factors of production possessing the mo- 
 nopoly force which makes them differential monopolies, have 
 that force because society has need of those factors. Society 
 having this need gives the differential monopolies enough of 
 the surplus to cause them to increase with sufficient rapidity 
 to enable them to supply society's wants. If an added bur- 
 den be permanently imposed upon such factors and a part of 
 the surplus formerly obtained by them be taken, their rate 
 of increase will lessen. This will strengthen their monopoly 
 force. Society will lose a part of the supply desired, unless 
 it increase the portion of the surplus given the differential 
 monopolies by bidding higher for the products of these fac- 
 tors of production. The same is true of those factors which 
 are optional monopolies. Both kinds of monopolies obtain de- 
 finite portions of the surplus, portions which are safe-guarded 
 for them by the monopoly forces whose nature and basis were 
 outlined above. Society does not give these differential and 
 optional monopolies all the surplus, and, as long as that is 
 true, these factors will be able to pass the burdens, which 
 may be permanently imposed on them, over to those factors, 
 
 [781] 
 
 ^^M£W 
 
 ^f-^'^&ifF' 
 
I 
 
 I 
 
 h 
 
 !■« 
 
 
 86 
 
 Annai^ of thk American Academy. 
 
 a part of whose income is derived from the free surplus, 
 and is, therefore, not insured against attack by virtue of 
 possessing differential or monopoly forces. The truth of this 
 conclusion has been excellently shown by every attempt to tax 
 interest. Capital, possessing a monopoly force which enables 
 it to command a definite portion of the fixed surplus, is safe- 
 guarded against the burdens which taxes may impose upon in 
 terest. Such burdens are inevitably shifted to the free surplus. 
 The other line of argument by which the same conclusion 
 is reached is similar and differs only in being based more 
 directly upon the phenomena of value. The industries 
 receiving none of the free surplus can bear no added bur- 
 dens, because, if such burdens be imposed, they must either 
 raise the prices of their products or lessen the supply. If 
 the supply be kept intact, and prices be increased by the 
 amount of the burden, prices of other products must fall. 
 The burden will be shifted upon other producers, because 
 general values cannot rise. Likewise a burden falling on 
 an industry increasing at a medium rate will also be shifted. 
 The amount of free surplus which such an industry is receiv^ 
 ing is only sufficient to induce it to maintain the position it 
 holds in production. Society gives it a certain amount of 
 the surplus to induce it thus to maintain itself. Unless it 
 can shift the permanently added burdens, society will find 
 the desired supply of the products of that industry lessened. 
 Permanent burdens therefore, rest on the slowest increasing 
 factors. 
 
 Taxes are one form which a permanent burden, or requi- 
 sition, upon the surplus of production may take. Like 
 other burdens, they will, after they have been in force long 
 enough for business to adjust itself to the conditions they 
 establish, falL in their final incidence, on the slowest increas- 
 ing factors of production, the exclusive monopolies. Taxes 
 thus stand most intimately connected with the problem of 
 distribution and the theory of monopolies. 
 
 [782] 
 
 . 
 
 Relation op Taxation to Monopolies. 
 
 87 
 
 This relationship of taxation to distribution and monop- 
 olies can be considered to somewhat better advantage if the 
 foregoing classification of monopolies be somewhat modified, 
 so that the fixed and free surplus will be more definitely con- 
 trasted. Thus changed the classification becomes: 
 
 Monopolies 
 
 Restrictive 
 
 Differential 
 
 Optional 
 
 Exclusive 
 
 { 
 
 FORM. 
 
 INCOME. 
 
 
 ' Ivand 
 Personal 
 
 Land Rent ] 
 
 
 Personal Rent 
 
 
 flyand 
 -I Goods 
 
 Marginal Rent 
 Interest 
 
 Fixed 
 Surplus 
 
 (.Labor 
 
 
 
 f Private 
 t Public 
 
 Tallage 
 Fiscal Taxes 
 
 (Free 
 
 Surplus 
 
 There is only one new term introduced into this classifica- 
 tion — ' * restrictive. ' ' As was said above, the differential and 
 optional monopolies are the realm of competition. The 
 monopoly forces do not here prevent competition, but merely 
 restrict it within certain limits. The forces say where com- 
 petition shall have sway. The exclusive monopolies, how- 
 ever, exist by means of excluding competition. The division 
 of monopolies into restrictive and exclusive, therefore, is 
 a rational one. It is a useful one for the purposes of this 
 paper, because it puts those monopolies to be discussed into 
 a separate class. 
 
 In entering upon the discussion of taxation we ought to 
 keep clearly in mind both the relation which costs, the fixed 
 and free surplus, and consumer's surplus bear to each other, 
 and the forces which control their changes. In a progres- 
 sive society the producer's surplus is increased both by a 
 decrease in cost and by a rise of the margin of consumption. 
 The line which divides the consumer's surplus and pro- 
 ducer's surplus (compare Figure I.) is not fixed. Were 
 the margin of consumption to fall the consumer's surplus 
 would grow larger and the producer's surplus would 
 decrease; if the margin of consumption rises the opposite 
 will take place. Social progress implies a rise in the margin 
 of consumption, and a consequent increase in the producer's 
 
 [783] 
 
 'if •-_— 
 

 ti 
 
 
 83 
 
 Annals of th« American Academy. 
 
 surplus as a whole. Furthermore, as was pointed out on 
 page 84 the line dividing the fixed and free portions of the 
 producer's surplus is a variable one, the increase of the free 
 surplus being, at present, more rapid than that of the fixed 
 surplus. 
 
 Among the forces which have the power of altering the 
 relation of the consumer's and producer's surpluses, or of 
 changing the relative amounts of the fixed and free portions 
 of the producer's surplus, are tax laws. The real nature of 
 taxes is shown by the changes which they produce of this 
 kind; in this way is their influence on consumption produc- 
 tion, and distribution indicated. The best classification of 
 taxes that can be made is one based on their power to pro- 
 duce such changes. 
 
 Classified upon this basis taxes are of three kinds, fiscal, 
 social and industrial. That may properly be called a fiscal 
 tax which takes a portion of the free producer's surplus 
 without affecting the amount of the fixed surplus, or pro- 
 ducing any change in the consumer's surplus. Such a tax 
 has no effect on consumption, nor on production as a whole; 
 it simply diverts a larger or smaller part of the free surplus 
 from the pockets of the owners of the slowest increasing 
 factors in production into the public treasury. That may be 
 called a social tax which, although it falls ultimately on the 
 producer's surplus — ^as all permanent burdens do—has, for 
 its immediate effects, modifications either of the fixed sur- 
 plus or of the consumer's surplus. Such modifications pro- 
 duce social effects through changes in production and con- 
 sumption. That tax may be called industrial, which is 
 levied for the purpose of so applying the proceeds of the 
 tax as to increase the free stuplus by more than the amount 
 of the tax. A tax, raised and applied to the improvement 
 of such an important waterway as the Great I^akes, would 
 be an example. An industrial tax may sometimes take the 
 form of a pure business transaction. Such will be the case 
 if the United States decides to sell its bonds to secure capital 
 
 [784] 
 
 ' 
 
 i 
 
 W&m 
 
 RsifATioN OF Taxation to Monopowes. 
 
 «9 
 
 with which to build the Nicaragua Canal, and then pays the 
 interest and principal of the bonds out of the future receipts 
 from the canal. 
 
 To give a complete presentation of the theory of taxation, 
 one that treated each of the three kinds of taxes ftiUy and 
 brought them into relationship with the theory of monopolies 
 as presented above, would carry the discussion beyond the 
 limits of this paper. From the sociological standpoint, the 
 social taxes are the most important. A great deal of good 
 can be accomplished by an intelligent use of them by the 
 State. Their nature and influence is inadequately recognized, 
 they demand a full and searching analysis. In this paper, 
 however, that analysis will be waived in order to direct 
 attention to fiscal taxes with the purpose of answering the 
 question, how and where a tax may be levied so that it will 
 yield a revenue without affecting either consumption or pro- 
 duction, z. e.y without having any social effects. 
 
 The source of fiscal taxes, as has been indicated, is the 
 free surplus. The objects upon which such taxes ultimately 
 fall are the slowest increasing factors of production. These 
 are the exclusive monopolies, by whom the free surplus is ob- 
 tained. Fiscal taxes are paid out of the tallage, the income 
 which the exclusive monopolies derive from the free surplus. 
 
 A tax having the free surplus as its source, and the tallage 
 received by the various special monopolies as the objects 
 which bear its burdens, may be so levied as to have no social 
 effects. This levy may be made directly upon the tallage, or 
 it may be placed there indirectly by being first imposed upon 
 objects having the power of shifting the imposition in such 
 a way that neither consumption nor production will be 
 modified. 
 
 A direct tax on the slowest increasing factors of produc- 
 tion can have no social effects until the tax becomes heavy 
 enough to absorb the entire tallage. There will be no social 
 changes resulting from an alteration in consumption, because 
 
 [785] 
 
 liili 
 
I 
 
 ;■ :-> •, ■ 1 
 
 :r-:- 'J: iJ. 
 
 v^nr:^..:..* 
 
 
 -^.,1 
 
 90 
 
 Annals of the American Academy. 
 
 the absorption of the tallage by the State will not affect 
 prices. The products or services of the exclusive monopolies 
 have prices so fixed as to yield maximtun gains, hence 
 these prices cannot be raised, to cover the tax, without 
 decreasing the gains. (These direct fiscal taxes, however,! 
 must be levied upon the gross receipts of exclusive monopA 
 olies rather than upon the gross product. ) If every product 
 be taxed, the exclusive monopoly may find that the point of 
 maximum gains is to be reached by raising prices and 
 decreasing sales. The tax on gross product in that case 
 would not be purely fiscal, but partly social. A direct tax 
 of this kind may be imposed upon tallage without diminish- 
 ing production. The output of exclusive monopolies will not 
 be lessened nor the investment of capital in them be checked 
 before the tax absorbs all the tallage. As long as the exclu- 
 sive monopolies receive gains equal to those which they com- 
 mand as possessors of optional and differential monopoly for- 
 ces, they will prosecute and develop their business activities. 
 Fiscal taxes may also be indirect. This can be shown to 
 be possible by a line of reasoning analogous to that employed 
 to prove that permanent burdens imposed upon production 
 must be borne by the slowest increasing factors. Fiscal 
 taxes were defined to be those which take a portion of the 
 free producer's surplus without affecting the amount of the 
 fixed surplus or producing any change in the consumer's 
 surplus. An indirect tax being shifted by the first objects 
 upon which it is imposed, cannot be fiscal, unless the tax is 
 shifted from the fixed to the free surplus without lessening 
 the former and without increasing or decreasing the con- 
 sumer's surplus through changes in consumption. If, how- 
 ever, a moderate tax be levied on a factor of production in 
 which competition obtains, /. <?., on a differential or an 
 optional monopoly, and if the factor be one whose articles of 
 production are those for which there is a strong and stable de- 
 mand, the tax can be shifted without producing social effects. 
 The prices of the articles produced by such a factor can rise 
 
 [786] 
 
 I 
 
 nnnrrtiti 
 
 ■i;fc.a>aBiBfcrt I 
 
 REI.ATION OF Taxation to Monopoi^ies. 
 
 91 
 
 sufiiciently to cover a moderate imposition, without sensibly 
 affecting the consumption of staple and strongly demanded 
 articles. This rise in the prices of the taxed articles will 
 cause a readjustment of objective values. General objective 
 value cannot rise, hence the value of some articles must fall. 
 The articles whose price will permanently fall will be those 
 produced by the exclusive monopolies. They are the slowest 
 increasing factors, and, according to the law of distribution, 
 must bear permanent burdens. The shifted tax will thus 
 reach the tallage and be borne by it. Production, however, 
 will not be affected, as was shown above, unless the entire 
 tallage be taken. 
 
 It will be seen by the above that the number of indirect 
 taxes which are purely fiscal cannot be very large; the num- 
 ber of articles whose price can be increased without sensibly 
 affecting their consumption being relatively small. There 
 are, however, many staple articles whose price may be 
 moderately increased without exerting more than a slight 
 influence upon consumption. Indirect taxes imposed upon 
 them would have but small social effects and would be chiefly 
 fiscal in character. The legislator, therefore, who is desirous 
 of imposing indirect taxes for the purpose of securing a reve- 
 nue without thereby modifying social relations to any notice- 
 able extent, has ample opportunity for realizing his aims. 
 
 In the imposition of an indirect fiscal tax there is no 
 ethical question involved. Such a tax is a purely economic 
 phenomenon. The tax having been shifted, by changes in 
 prices, from the fixed to the free portion of the surplus, and 
 this having taken place without sensibly modifying the con- 
 sumer's surplus, the ultimate effect of the tax is simply to 
 take a part of the free surplus. Society simply prevents a 
 part of the free surplus from becoming private property. 
 Without the tax, the entire free surplus would go as tallage 
 to the owners of exclusive monopolies; with the tax imposed, 
 they receive a sum decreased by the amount appropriated by 
 the public. Society has the first claim on the results of social 
 
 [787] 
 
 
 
Miin^fcrifM^«*jf. 
 
 11 
 
 
 I * 
 
 92 
 
 Annals of the American Academy. 
 
 progress; and, in the case of indirect fiscal taxes, the State 
 supplies its needs by a law as purely economic as that gov- 
 erning the rate of interest. Should the owners of exclusive 
 monopolies find that the State had enacted a law which 
 diminished by a certain common percentage the tallage they 
 respectively received they would have no grounds for com- 
 plaint. The tax law would change the conditions under 
 which they must produce, but all would produce under the 
 same conditions. A change in the current rate of interest 
 would produce a like effect. Questions of equity and justice 
 would arise in neither case. 
 
 If, however, the State does not in this general manner 
 divert into its own possession that part of the free surplus, 
 which the public finances may require, before the same has 
 become private property, but allows the entire free surplus to be 
 distributed as tallage to the exclusive monopolies, then the 
 levy of taxes may involve problems of equity. Indirect 
 fiscal taxes affect all individuals alike, in that they modify 
 the conditions of production equally for all. This cannot be 
 true of direct fiscal taxes. They must be levied on the tall- 
 age of particular exclusive monopolies, and must necessarily 
 change the relation which these monopolies bear to each 
 other, and alter the respective positions which they hold as 
 industrial factors. There are different classes of producers 
 enjoying exclusive monopoly privileges and a direct fiscal 
 tax must change the apportionment of the free surplus 
 among these classes. These classes are of various degrees 
 of importance to the economic and moral progress of society. 
 As long as the State does not take by direct taxes all the tall- 
 age obtained by these different exclusive monopolies, they 
 may rightly insist that the State distribute its impositions 
 among them with equity. The only true basis of an ethic- 
 ally just apportionment of the surplus among these several 
 classes is the services which they respectively render society. 
 Hence, in levying direct fiscal taxes upon the slowest in- 
 creasing factors of production, /. e., upon the tallage of the 
 
 [788] 
 
 5 
 
 « 1 1 » 
 
 Relation of Taxation to Monopolies. 
 
 93 
 
 exclusive monopolies, the State ought so to distribute its im- 
 positions among the several kinds of exclusive monopolies 
 as to favor the respective classes according to the economic use 
 they make of the free surplus received. This should be done in 
 order that the larger amounts may be left in the possession of 
 those who do most to promote social welfare and progress. 
 It will, of course, be obvious to many that the facts of 
 distribution, as outlined in this paper, and especially the 
 theory of monopolies here presented, have important bear- 
 ings on other questions than taxation. Probably nobody 
 regards the present distribution of wealth as an ideal one. 
 That it is far from being such is attested by our desire to see 
 it made better. It is being improved at present by the 
 steadily growing strength of the forces which give larger 
 shares to the lower ranks of producers. As these forces are 
 made stronger, will distribution become less unequal. The 
 existence of dependent social classes having no firm standard 
 of life, and little power or desire to raise that which they do 
 possess, is cause as well as evidence of the present glaring in- 
 equalities in distribution. A larger sharing in the results of 
 social progress is to be secured the less fortunate classes by 
 improving the objective and subjective conditions which 
 operate to raise the standard of life. In this way will the 
 monopoly force be strengthened that gives them command 
 over a portion of the surplus. Taxation is one, but only one, 
 of the forces that may be employed to further that end. Fis- 
 cal and industrial taxes will yield a revenue by means of 
 which the objective conditions of life may be made better. 
 Social taxes will do this also, and may, at the same time, be 
 employed to effect desirable social changes. At any given 
 time the surplus of production is distributed by definite 
 monopoly forces. The operation of these forces can be 
 modified by fiscal, social and industrial taxes, the nature and 
 operation of which this paper has attempted partially to set 
 
 forth. Emory R. Johnson. 
 
 University of Pennsylvania. 
 
 [789] 
 
 W^ 
 
 »ii 
 
; 
 
 : 
 
 s < 
 
 i i 
 
 m 
 
 
 THE AMERICAN ACADEMY OF POLITICAI, AND 
 
 SOCIAI, SCIENCE. 
 
 The American Academy of Political and Social Science 
 was formed in Philadelphia, December 14, 1889, for the 
 purpose of promoting the Political and Social Sciences. 
 
 While it does not exclude any portion of the field indi- 
 cated in its title, yet its chief object is the development of 
 those aspects of the Political and Social Sciences which 
 are either entirely omitted from the programmes of other 
 societies, or which do not at present receive the attention 
 they deserve. 
 
 Among such subjects may be mentioned: Sociology, 
 Comparative Constitutional and Administrative Law, Phi- 
 losophy of the State, and such portions of the field of Poli- 
 tics, including Finance and Banking, as are not adequately 
 cultivated by existing organizations. 
 
 A special effort will be made to collect and publish mate- 
 rial which will be of use to students, and which does not 
 now reach the public in any systematic way, as, for ex- 
 ample, the texts in English of the Constitutions of leading 
 foreign countries; regular accounts of current instruction 
 in Political and Social topics at home and abroad ; descrip- 
 tive bibliographies ; discussions of Municipal Government, etCo 
 
 It will be seen that the Academy thus supplements the 
 efforts of existing societies of similar aims, and sub- 
 stantially strengthens their work by contributing its share 
 to beget a deeper and more widespread interest in the gene- 
 ral subject of Political and Social Science. 
 
 The plan of the Academy includes regular scientific meet- 
 ings for the presentation of papers and communications, 
 establishment of a library, and the dissemination of knowl- 
 edge on Political and Social topics through its publications 
 and by such other means as may seem suitable. 
 
 During the winter, regular monthly meetings have been 
 held since the Academy was formed at which the papers 
 submitted have been read and discussed 
 
 1 -'' i kM. 
 
 To carry on the work of the Academy satisfactorily, large 
 funds are necessary. The mcome of the Academy at present 
 is derived from the Annual Membership Fee, which is $5.00 ; 
 the Life Membership Fee, which is $100 ; and from the contri- 
 butions of those who may be willing to assist in its work. It 
 is desired to secure the establishment of prizes and fellowships. 
 
 Anyone may become a member on being approved by 
 the Council and paying the Annual or Life Membership Fee. 
 Members are entitled to receive the regular publications of 
 the Academy, submit papers and communications, and to 
 attend and take part in all scientific meetings. Life mem- 
 bers are exempt from all annual fees. 
 
 The list of members now includes the names of nearly all 
 the prominent thinkers and writers on Political, Economic 
 and Social topics in the United States and Canada, and many 
 
 in Europe. . . 
 
 The co-operation of all persons interested in the scientific in- 
 vestigation of Political and Social affairs is earnestly solicited. 
 
 The proceedings of the Academy are published in the 
 form of a periodical called the Annals of thk American 
 Academy of Politicai, and Sociai. Science, which, 
 together with such other matter as may be published for 
 that purpose, is sent to all members of the Academy free 
 of charge. A copy of the current number of the Annai^ 
 will be sent to anyone for examination. 
 
 Papers and communications which the writers wish to 
 submit to the Academy with a view to their being read in a 
 Scientific Session and subsequently published in the Proceed- 
 ings, as well as applications for membership, should be sent 
 to the following address : 
 
 American Acaflemy of Political and Social Science, 
 
 STATION B. PHILADELPHIA. PA. 
 
 ^, B.-— Fees and contributions may be remitted by postal 
 order on Philadelphia, or by draft on New York, drawn to 
 the order of the Treasurer, Mr. Stuart Wood, 400 Chestnut 
 Street, Philadelphia. 
 
 'X-:,^^0^>:^msssm^BSFM. 
 
'■:■•-■•■- '^.y-^ 
 
 i^«i :.:.■' r 
 
 Ji 
 
 Ik 
 
 I 
 
 It 
 
 I' 
 
 f^-^' 
 
 Iv-.'vt 
 
 
 i*>. 
 
 r 
 
 HI 
 
 I! 
 ii 
 
 M 
 
 PUBLICATIONS 
 
 OF THB 
 
 American Academy of Political 
 
 Axa> 
 
 Social Science. 
 
 station B, Philadelphia. 
 
 The Proceedings of the Ac^'demy, together with Personal Notes, 
 Book Reviews and Notes are published in the ANNALS. The principal 
 papers which were submitted to the Academy and published in the 
 ANNALS have also been reprinted in separate editions as given in the 
 following list : 
 
 July, 1890— June, 1894. 
 
 !• Canada and the United States 35c. 
 
 . , J. G. BOUBINOT. 
 
 An analysis of the Canadian Constitutional System, 
 and a comparison between it and the American Polity. 
 
 a. Decay of State and Local Government 
 
 asc. 
 
 S. N. Pattbn. 
 A survey of the causes which hare led to the loss of 
 vitality in local gorernment in this country. 
 
 3. liaw of Wages and Interest 35c. 
 
 ..... ^^ J. B. Clabk. 
 
 A discussion of the manner m which capital deter- 
 mines wages through its influence on products. 
 
 *• Province of Sociology- aSc. 
 
 ... F. IL OiDDmos. 
 
 An explanation of the province of the science, the 
 underlying conceptions of sociological theory and the 
 spirit of sociological investigation. 
 
 5. Instruction in Public I.aMr and Eco- 
 nomics in Germany- 35c. 
 
 *\ 4. t ' .' . ^o S. ROWK. 
 
 Out of print in separate form. 
 
 6. Railroad Passenger Fares in Hnngary- 
 
 35c. 
 
 . , , . , J. J. Wetheeell. 
 
 An explanation of the Zone system as in use in 
 Austria-Hungary. 
 
 7. Origin of Connecticut Towns 25c. 
 
 . . C M.Andrews. 
 
 A discussion of the question whether the constitution 
 
 of 1639 was founded by the towns, as such, or by the 
 
 people. This was the first written constitution in this 
 
 country, 
 
 8. The Original Package Case 15c. 
 
 A 1 » . , ., « ^•^- PA.TTER80N. 
 
 A lawyer's view of the Supreme Court decision. 
 
 9. Original Features in the U. S. Constitn- 
 "<»"» 35c. 
 
 . J. H. BOBINSO^- 
 
 An examination of the elements of the government 
 as it was originally established, separating those 
 which were created from the select^ features, 
 
 10. Historical vs. Deductive Political 
 Kconomy- jj5c. 
 
 A defence of the Deductive Method, as having equal 
 •laims with its rival, tbe inductive, or kiatorical 
 
 a) 
 
 No. 
 
 11. Instruction in Public liaw and 
 Elconomics in Germany, II age, 
 
 1- -J^-^count of the methods of work and a complete 
 list of the subjects announced for lectures in Political 
 Economy and Public Law. 
 
 12. The Austrian Economists asc. 
 
 £. v. Boehm-Bawbkk. 
 
 *r.^^A ^^^^^*^ o' *he achievements and methods of 
 the Austrian Scliool, by one of its most eminent reo- 
 resentatives. *^ 
 
 13. On the Conception of Sovereignty^ 
 
 a5c. 
 
 D. G. BiTCHu. 
 A theoretical discussion of legal, political and 
 nominal sovereignty. 
 
 14. The Character of VUlein Tenure... I5e. 
 
 W . J. ASHLST. 
 
 An explanation of the position of the English labor«r 
 at the time of the Tudors. -wroc 
 
 15. Critique of Wages Theories 35e. 
 
 Stuabt Woo». 
 A discussion of the various wage theories that hav« 
 been held by economists. 
 
 16. RaUroad Passenger Tariffs in Austria 
 15c 
 
 J. J. Wethbekul. 
 
 The more important provisions of the law, taken 
 
 from the book of instructions issued by the Austrian 
 
 Government for the use of the pubhc and railway 
 
 ofScials. * 
 
 17. Public Health and Municipal Goveni- 
 
 "*«»* asc 
 
 J. S. Baxmas. 
 
 Science, New York says : "The author sets forth in 
 
 a clear way the proper municipal organization ol 
 
 health. Every city council in the country, as well as 
 
 every citiaen, should read this paper." 
 
 ^^'^'ii"^"^' TfeeoT »nd Teehniqne oi 
 Statistics .^#1.50. 
 
 AUSUST lAwitiMit, 
 Translated into English by Roland P. Falkner. 
 (Two parts.) 
 
 This is the most complete treatise on statirtlos ■ 
 the German language, and the translation oomas into 
 a fl«ld which la Sngliah had besu satirely uaooeapie^ 
 
 PUBLICATIONS OF THE ACADEMY, 
 
 It. Oenesis of a Wrtttan Constitution 
 
 ,,, ,. $i5c* 
 
 " Wm. C. Mobet. 
 
 The Constitution of the United States is shown to 
 Iwve been & legitimate development of the colonml 
 ooDstitution, which, in turn, has grown out of the 
 original charters. 
 
 90. Ii»w of Nature •;r" -v;-.;;"^*®' 
 
 Feed M. Tatlob. 
 
 A defence of the doctrine held by the philosophers 
 
 from Cicero to Kant, but now in disrepute. 
 
 %1, On the Concept of "Wealth 25c. 
 
 C. A. TUTTLE. 
 
 A definition of that which Mill called " the uni- 
 versal popular notion of Wealth," and an analysis of 
 the concept underlying it. 
 
 JK8. Compulsory Voting i;-;^*"^'*®*'* 
 
 A plan to compel every voter to exercise his right 
 of sufifrage under certain penalties provided by law, 
 and discussed in this monograph. 
 
 Italy 
 ... 25c. 
 
 JI3. Instruction in Economics in 
 
 R. P. FAIiKNEB. 
 
 An exhibit of the work done in economics in Italian 
 oniversities. ^ 
 
 24. PhUadelphla Social Science Associa- 
 tion vA-v; ^®*'' 
 
 J. G ROSENGARTEN. 
 
 A report of the work of the Philadelphia Branch 
 of the American Association for the Promotion of 
 Social Science during its twenty years of existence 
 from 1869. 
 
 25. Handbook of the Academy $2.00. 
 
 Contains a list of the membership at the date 
 
 of publication, Constitution, By-Laws, Report of 
 Bzecutive Committee, etc. 
 
 JB6. In Memoriam. John Alexander 
 
 Jameson, Lli.D 25c. 
 
 F. N. Thorpe. 
 
 A biographical sketch, with portrait, of the late 
 Judge Jameson. 
 
 187. Constitution of Mexico 35c. 
 
 Bernabd Moses. 
 Translation of the text with an historical introduc- 
 tion. « 
 
 28. Iiiind Transfer Reform 15c. 
 
 J. W. Jenks. 
 A proposed plan of simplifying the method of trans- 
 ferring real estate. 
 
 29. Economic Basis of Prohibition 15c. 
 
 S. N. Patten. 
 An argument in favor of Prohibition from an eco- 
 nomic standpoint. 
 
 80. International Ijlablllty for Mob In- 
 juries 25c. 
 
 E. W. HUBTCUT. 
 
 An examination of the cases when a government is 
 liable for injuries to foreign residents, with particular 
 reference to the New Orleans aif air in 1891. 
 
 81. Political Science at Oxford 15c. 
 
 D. G. Ritchie. 
 A description of the work done at Oxford in Eco- 
 nomic and Pulitical Science, and an exhibit of the 
 courses for 1891. 
 
 32. Recent Constitution-Making in the 
 
 U. ». ~ ■■-•■ -;• 35c. 
 
 F. N. Thobpe. 
 An analysis and comparison of the constitutions of 
 the four new States, North and South Dakota, Wash- 
 ington and Montana. 
 
 33. Economics in Italy 25c. 
 
 Achille Loria. 
 
 A sarvey of the present tendencies of Italian econo- 
 
 ji Hr, and of the past development of the science 
 
 No. 
 
 34. Present Condition of the 
 Russia 
 
 COMBKS DB . 
 
 An explanation of the communal system in TOgv* in 
 Russia, under which the peasants are now slaves oC 
 the mir instead of serfs of the seigneurs. 
 
 35. Statistical Publications of the Vnltatf 
 States Government l*o» 
 
 WX. F. WUXOUSHBT. 
 
 A description of the work of the different bureaus 
 which issue statistical publications of any description. 
 
 86. Supplement to the Handbook of the 
 
 Academy 50c 
 
 Contains a list of the accessions to membership in 
 the Academy from April 15, 1891, to August 10, 189L 
 
 37. Congress and the Cabinet ISe. 
 
 Gamalikl BKADfOSn. 
 
 A plan for giving members of the cabinet seats \m 
 Congress, for the purpose of giving advice in debate 
 aud answering such questions as the Cougressmsn 
 may ask. 
 
 38. Place of Party in the Political System 
 15c. 
 
 Anson D. Hobsk. 
 A defence of the party system. i 
 
 39. Recent Tendencies in the Refomt o< 
 Land Tenure 15c. 
 
 Edw. P. Chbtnet. 
 
 The monograph shows that we are coming to recog- 
 nize that land is not like other properties, but has 
 intrinsic peculiarities which necessitate a certain 
 degree of communistic control. 
 
 4:0. liaw-Mahlng by Popular Vote 25c. 
 
 E. P. OBEBHOI.TZBR. 
 
 An examination into the number of times the 
 Referendum, as known In Switzerland, has been used 
 in the United States. 
 
 4:1. Neglected Points in the Theory orf 
 
 Socialism .....25c 
 
 T. B. Ybblbn. 
 
 The author gives reasons based on political economy 
 for the existing unrest that finds expression in the 
 demands of the Socialists. 
 
 42. Basis of the Demand for the Public 
 
 Regulation of Industries 25c. 
 
 •* W. D. Dabket. 
 
 A defence of the theory that government r^fulation 
 
 of private business is the best remedy for the existing 
 
 evils of private monopolies. 
 
 43. Study of the 
 Government 
 
 Science of Municipal 
 
 15c 
 
 F. P. Pricrabo. 
 The author advocates the establishment of colleges 
 for the training of men for the public service, just as 
 the Government School at West Point trains officers 
 for the army. Under such a method our offices would 
 be held by men who had a thorough knowledge of 
 political and administrative science. 
 
 44. Political Organization of a Modem 
 Municipality ^..^.....15e. 
 
 W. D. Lkwu. 
 
 Dr. Lewis claims that the reason of the present poor 
 administration of municipal affairs lies largely in the 
 fact that National affairs obtrude themselves too muok 
 into local politics. 
 
 45. International Arbitration 25«i 
 
 Elbamob L. Lord. 
 An argument for this mode of settling international 
 quarrels. 
 
 46. Jurisprudence in American Universi- 
 ties 15c. 
 
 B. W. Hotfcot. 
 
 A plea for better instruction in this subject, wit* 
 an outline of a model course. 
 
 01^ 
 
 \ 
 
 * 
 
 §M4 
 
 ■\.,..-J.Ay- t-'Wfc 
 
 :*gr;lg, yj^ 
 
 II Xi 
 
 %.'.^Ts a Ka> 
 
:t- • r '-> 
 
 ■^mam 
 
 tfHHIHlta 
 
 ■I 
 
 mmb. 
 
 liUS^ 
 
 mii 
 
 B.52::; 
 
 h 
 
 I-' 
 
 
 W 
 
 
 ^ 
 
 ' 1 
 
 ,•>' , '' 
 
 k ■■• 
 
 Pi 
 
 V 
 
 ■I 
 
 PUBLICATIONS OF THE ACADEMY. 
 
 4n. Iiftfltractton 
 
 In Frenclk 
 
 Universities 
 
 - asc. 
 
 Leo. S. Rowe. 
 An exposition of the system of Faculties in vogue 
 fai France, together v,ith a brief history of the higher 
 educational system from the time of Napoleon to the 
 present. It also explains the new system of universi- 
 ties which is being advocated. 
 
 48. Crrazlani's 
 Macbiuery 
 
 £cunomlc 
 
 Theory tit 
 
 15c. 
 
 Stuabt Wood. 
 An analysis of the economy of machines, taking 
 Prof. Graziani's work as a basis for the discussion. 
 
 49. StKical Training in tlie Public 
 Scliools asc. 
 
 Chas. Dk Garmo. 
 An argument to show that the public school can be 
 made an important factor in the moral development of 
 the scholars. 
 
 50. Tbeory of Value „ 25c. 
 
 F. V. WiESER. 
 
 A scientific explanation of the theory of value as 
 held by the Aut^trian School. 
 
 61. Basis of Interest aSc. 
 
 * . . DWIGHT M. LOWREY. 
 
 A criticism of Henry George's theory of interest. 
 After showing that this theory is not true, Mr. Lowrey 
 points out what he thinks is the true basis of iuterest. 
 5a. EUectric Street JLigliting in Cliicai^o 
 15c. 
 
 M. A. MiKKELSBM. 
 
 An explanation of Chicago's excellent, but cheap, 
 system of lighting her streets. 
 
 63. Party Government 35c. 
 
 C. Richardson. 
 An attack on the idea that devotion to party is a 
 political virtue. 
 
 64. Proportional Representation 15c. 
 
 John R. Commons. 
 A plan to secure representation for ihe minority as 
 well as for the majority party. 
 
 65. Australian System ot Voting in Mass. 
 25c. 
 
 Snows how much State politics have been benefited 
 by the adoption of this system. 
 
 66. Penna. Ballot Law of 1891 25c. 
 
 C, C. BiNNEY. 
 
 The author shows the defects In this law, and in 
 doing so, gives an explanation of the Australian 
 System, 
 
 67. A Tbird Revolution 15c. 
 
 Edward P. Chkyney. 
 The author endeavors to prove that we are about to 
 undergo a third revolution, which will be, as he shows, 
 an economic revolution. 
 
 58. River and Harbor Bills 35c, 
 
 E. R Johnson. 
 A defence of river and harbor appropriations, show- 
 ing how much benefit they have brought to the 
 country. 
 
 59. Indian Education 25c. 
 
 F. W. Blackmar. 
 
 Prof. Blackmar shows that the only salvatidu for the 
 
 Indian is to educate all the Indian children, teaching 
 
 each some practical trade or profession, and after they 
 
 are educatal not to send them back to the reservation. 
 
 60. Cabinet Government in the United 
 States 15c. 
 
 . , Freeman Snow. 
 
 A reply to the arguments which have been advanced 
 in favor of adopting in the United States a form of 
 Cabinet Government as known abroad. Cabinet 
 Government would be not only unconstitutional, but 
 also, as Prof. Snow proves, highly undesirable. 
 
 61. Scliool Savings Banks I5c. 
 
 Sara L. Obrbholtzeb. 
 
 What and how numerous they are, what they have 
 and what they will acoomplJab. 
 
 (im 
 
 No. 
 
 63. Patten's Dynamic Beonomlcs 1S«, 
 
 John B. Clark. 
 
 Prof. Clark explains this late system of political 
 
 economy, taking Prof. Patten's receut book as a basis. 
 
 63. Geometrical Theory of the Deten 
 
 miuation of Prices aSc, 
 
 _, ^, Leon Walras. 
 
 The author presents a geometric picture of tbi 
 
 causation of all prices. 
 
 64. Economic Causes of Moral Progresi 
 
 a5c. 
 
 S. N. Papten 
 An attempt to phow the causes of moral progress 
 through a comparison with economic progress. 
 
 65. Sir Wm. Temple on the Origin and 
 
 Nature of Governmeut asc. 
 
 ..... ^ . F. I. Hebriott. 
 
 A criticism and digest of Temple's works on govem- 
 ment. 
 
 66. Influence on Business of the Indepen* 
 dent Treasury 25c. 
 
 -. ,, , David KiNLET. 
 
 bhows the great dangers to the financial stability of 
 the country that are inherent in the " Sub-treasury " 
 system. 
 
 67. Sidgwick's Elements of Politic8...15c 
 
 ... ^ J. H. Robinson. 
 
 A discussion of the science of politics and the 
 theories current in that science. Prof. Sidgwick'a 
 recent work is taken as a basis for the discussion. 
 
 68. Preventive Legislation in Relation to 
 
 C'*>«« 15c. 
 
 . , - ^^ C. H. Rbevk. 
 
 A. plea for the suppression of crime by thorough 
 preventive measures. 
 
 69. Effects of Consumption of "Wealth on 
 Distribution 35^ 
 
 , .^, . William Smart. 
 
 An exposition of the effects of the consumption of 
 wealth, with an argument for the socializing of 
 consumption and throwing wide the doors of wealth, 
 that humanity may enter in and enjoy much of what 
 the individual now consumes in solitude. 
 
 70. Standard of Deferred Payments ...15c. 
 
 . ^.^ , , , Edward A. Ross. 
 
 A scientific delencc of bimetallism. 
 
 Tl. Parliamentary Procedure 25c 
 
 . , . . Jesse Macy. 
 
 An explanation of the difference between Um 
 
 English and American systems. 
 
 72. Social Work at the BImpp Foundries 
 25c 
 
 4 , .. , ., S. R. Lindsay. 
 
 An explanation of the work that has been done at 
 
 these foundries to better the condition of the laborers. 
 
 73. Local Government of County Com- 
 munities in Prussia 155, 
 
 . .... Conrad BoRNHAK. 
 
 An exammation from an historical and a political 
 point of view of the character of the reforms which 
 were brought about in Prussia by the passage, in 1891 
 of two local government acts, which put an end to the 
 last remains of the feudal system. 
 
 74. Cost and UtUity 35^ 
 
 m, ^ , ^^. S. N, Patten. 
 
 yt^^ purpose of this paper is to make the reader 
 more conscious of the contrasts involved in th« 
 development of the two radically different ways of 
 investigating economic phenomena, whether as a 
 theory of prosperity or as a theory of distribution 
 and value. 
 
 75. Alcohol Question in Switxerland..l5c 
 
 Xhe paper shows what has been done in that countn 
 along other lines than those of prohibition, towant 
 preventing the misuse of intoxicating drinks, -i^ 
 
 '\ 
 
 ti! 
 
 
 JPUBL/CAT/ONS OF THjS^. ACAUBMY, 
 
 IP*. a«ll«n>aB'fl Sbin>n%* *»d Xn-cldentw itf 
 
 1'*aB«.tWtt - ''*^C' 
 
 A mmtti^ of the cubject *fi v«Tati<Mi, tiiklogr i'.^t 
 S«Iisio«Jo'» recsfit oook as a basbj fikr the UiBOB&siDo. 
 77. Psyf:ho)o|!;i<c Haitis 4>f Social Koono- 
 
 M*tea. .,...-.. . 85c. 
 
 Lmtsr F. Ward. 
 
 I^e Ohfect of thlv paprn: ia to emphasise the d^»> 
 ^v»ii,\^^ bctwaett (hat ey»tMJU of noiitictai ecoaoriy 
 , irhiuh k» basod u t>oo the actions of the human anlTual 
 ar i th&t i/ifeeAii wWoh is baaed tipoo th« acticus of 
 Uwra^ioosJ xn^iL. 
 y«. 'I'hMity of Fluad Utili^ in lis Kx;« 
 
 lation to th« St^adiurd of DeCbrr«d P»y« 
 
 J.I. S. MsnBiAK. 
 
 A »ttMljr >f the relation of U»« theory of linaJ iitiHty 
 
 tonioiKfty in ^.tr^ncriu \vA the stAndsti of dfierr«d Pi y- 
 
 TQ^ttfe in pan.i(n»var, ioiio^ved oy a cricioism of VvA. 
 
 Ihns' IM|p«r on^tha *♦ 8t«ndayd of Deferred Peymeott. " 
 
 Ti). l;«>a»tltMittoA. of Coi<«mbia. KOc. 
 
 Bbevaad Mosrs, 
 Xr4iwv»«t-lcm of the ^s.t, ^Ith an UiBr^thcai introduo- 
 tlott. ^ 
 
 ti'OU Katioxuil andi^tatc itanks 25e. 
 
 HORAOI Whi'-b. 
 A phm for continuing the uation&l bn u ii-note systeai , 
 without boukJ a*«ifrity. 
 
 81. Annertcau Banlt^iu^ and the Bfouitjy 
 
 t^upply 4»rflro Fuiur* lac. 
 
 M. IJ. Ha&tbk. 
 ' A brief »k«tch of American banking hi"»tory with 
 aa ontlook ictn t>'.e fat are, followed by a plan for ra- 
 fcqganJaiiig the utt'J-nid bwiking Bjstem- 
 
 K9. StMi<nMUd Natioikal Bank Circulation 
 
 A. B. Hispunaw. 
 
 Aa at^mmeat sgaiost iatnlt/j? oii-cuUtian notea 
 
 *!fchoiit li. S. bond* o? othoi- choice eoourif its as their 
 
 i»a«i£. 
 
 «3. BatililUK Syftena —Old *nd If cw ... »r>c. 
 
 J, H. W.M.1KR. 
 
 k pioa tot Uie »df)pfcHia of the Vrnkinsj syfteai out- 
 K\u-A in Mr Walker'^ b.ll before Congresw. 
 
 »4. Basis tit SfMiurity for Kntlonal Biuic 
 
 BJotea... l&c* 
 
 ^2 HjcsevBajoh. 
 
 A ^>lan for parpetuatlng' the n^tioual bauK-isote 
 eytitsin. 
 
 .>*&. %^^e\^\rk.% Cjai.vi;) of I..al>or,... ...10«i> 
 
 J. B. OLAac, 
 An urpinifa t;j nhow t U.'iS ihe lal)Oi-«r does not rf-aUte 
 \ &u79ius gaii) fron. the lat^c 'ab*.)! perfotaied in a 
 iiituial wotkinyr-day. 
 
 80. Cmifttitniionai and OrKaaLio JLavTA otr 
 
 F ran**^, i 8Tfi-1889 ;. ..., ftOc. 
 
 C. F. A. OuaniBK. 
 
 rTani%]8Xioi) of ihe taxi, with an historical iatro^lac- 
 tiou iU'd uct i*. 
 
 t7. Relation of tho 8tat< to K&acatton 
 
 la BSn^laxvd and Airiorica .« /)dc. 
 
 laiAC BoAcri-JBtw. 
 .\ cor.paitr c.ii V)etwoen the Hoglish educational 
 
 syalioza atvi tje Anse-'icau, w;'th sj-kjcUI referen vi to 
 
 tha i«4.rt tak«;a t? the g;over/:iineu£ in regx.Iatiiifj thfc 
 
 uyialeuu. 
 
 %fi. C»Mr Fa4lare« Ijii Municipal tto-rem- 
 
 !at*Mi J,. ....13c. 
 
 QAMAJilXb BBAl)r)Sl.>. 
 
 A cofninirlitoTi l^tvcea rsnjjliali aa4 Ameroan 
 raan"r,ii*4l govoriimwit. 
 
 ?*;j. Co«t.*m*{. mxp«i<i»«>! W5c, 
 
 Siiitow Bf. I'ATTjy? 
 
 Coi i.".^!;. ■.t;fc two %f.xta.s dud tbo IdebA tfcey sliould 
 *n ?ftj . A w^afclu'aa:'on of ;Vo> 74- 
 
 Sl 
 
 w 
 
 *>3, l»**oicre*«> 
 Frantic 
 
 9U. Home fi^.tite for aiar .AnkCirlcan Ci&iat 
 
 , . .., ; %iic 
 
 BLLIS p. OaKHOOtLTUtlB. 
 
 An urgumet^t kgamst f.he creation and consteat 
 amendment at cit^ charters by State I«.><^U^QI«ftk 
 In liea of ttds it if ^opoeod to have cltus ounV?*? 
 thorn leWo? Qji<ler a gou^ral coiUitiluta<.)>a) cld^vtsat 
 perniitUn^ them to ado][tt and atB<.i;J l£.air onra 
 charters bj popuiur alectica. 
 
 01. Relatiuu uf ITiConouUv Condittona im 
 
 ti&e Cavuea of Criuie ii6«. 
 
 Cucao.!. D. Wb aiw. 
 A atady of tlie Uiaring eoocoaiti eoa(;Li;!<^/ua \:»f* 
 
 opon criaie, ff llc'Wfd by cuijiefiCi.iiB of pians, wMsK 
 
 if adi'pt-ed will it»'jac cjime, 
 
 IMS. Nature of tJiu Federal State a5o. 
 
 E. V. 2tovR«»oii. 
 Att argument to show that tiiu ?•• imi*', latiioiM ika 
 truly aUblv St.ivd, elnne it alouo • < bjltt t^a ta» 
 fft^rsal rook of natural law- 
 
 (»r Eeonomi« 1«1c>a« f« 
 
 An acroaijt of the 'ievelopment ;u Pruic.^ uf .ae 
 ecienc* of political e'cnony, txeatiug in t..rT; the 
 Phybi Kr^Ts, :\ e Classical School, tti-'. Su<jialist.*, the 
 ProteotioT.ist^, the school of I* ?lay and the modem 
 econouiista. 
 
 04. RelatioM of E«*oaomlc Study toPnHlie 
 and Private 1Jt*»»"Jty ~ aa**. 
 
 James BLkVMt 
 
 The purposti stc Jho^ how the study «;f eoonoTiiea 
 may he luadt? tf use In the piacwirul w.ik of "" ' "7 
 with the problems of pivorty. In ricinc " \t 
 
 authrsr gives ;'>j iiocount of the leading m.'; t.Ji tka* 
 have been ose-1 to ,n\!dy poverty, and of t.i' ; l«n» t-irg. 
 ge«t«d to help a joIi«h poverty. 
 
 05. Monetary Sitaalloiiii lu C9r?nniiy...Me. 
 
 WA::xHAa Loia. 
 
 At explanation ot wh?.t thetlennaa i.ionetHry «5«» 
 
 tem is and how Geriuuay came ioa'.'0][>c the ^old l>at>^!>. 
 
 tojt'ither Willi, an aTgumeut to shuw that tJermaiij 
 
 mcst stand tv' tlie single i^old standard. 
 
 9<J. Vae of Oliver &s Jloury in th« IT. -^ ' • r 
 
 A.Ji. W 
 AhiestOTyot Ai.eHctin Roinaare, wUh *• - ». 
 ence ia ^U>•f)r, fro tiie dnt^ of t'^ft hrnt <■ i. 
 the pasfage i>f tta mj (»]I<id She'-a.\n Act in 
 au:n'.)er of ch.trtd and talAca are apji'-U'laJ 
 I lufonaatli/u ix<y« given in detail in the i*Rper itacil' 
 
 ! tf7. Taxaiiicn of I<arffc Ratatea. 
 
 y 
 
 j A plan to pr'iv^nt rich men from t 
 
 \ iuring life or to make them f«j' up »,f 
 
 ( v>re»te a 5iptH!ia} i->.>ard or conmil vh- / it slia '. 
 
 i b<> to derotd the pvo«^ee<Jfi <>( all Iiiiier; i i? -a ti\xe« to 
 
 I tlio work of making &o.iety better and h&pj.iei . 
 
 »«i. Fi>^t 8tate I oascltutiona.. »5c. 
 
 j T'le purpose of the paper la t/) fchow ho* tie < irvj • 
 , law a of tlie colonies wcrv irnns.-ited i:.to ilto cot rita- 
 I tiou^cf tiie orijmai St4*tos, which pwc**.^ W!w »h .> 
 second staij^ ia the gi-owth of American c. t>Rtirutiot.i\ 
 1 law. The ILrr.t gTu,grt c.f this gniwti) wi-j v;ii<;vi»»tj<J '</ 
 I Frofeaeor Morey in No, ly, 
 
 •9. ?ff.iirrl«iJ IVomen'-* Fropt'r^y iix A^mufX^' 
 
 i 4 »ir,ndy of the ori/fiu ei:d growth of tiic ' ..\mL- 
 
 [ tiei. in n:«pe(r to owuii'^ t'^'^l'*'*''^' nud'.^r . iij-^r- 
 
 i nod V ouneis weiuvi"c«i ' until withinvuostixx^^atytgue. 
 
 I 
 
 t 100, P«ontiof «h«> <ionih . ... .. •, . 
 
 ' Shjwshow 1 Jv«« eouf;;if-n> far ■' w n; 
 
 : bon'Jiv^t* by t.'ie niercitaivt. by - ... '. t. r ^ 9 
 h'.JjT', todovpto L'« €n«rgi*v to raiiiin;^ .^>tr'U ■t.s.f-4l vf 
 I otJiP' CT.>nit w'.ioK would be inov '>,»v',f '"v' »•-. ^,. 
 ! fai'. ■- 
 
 3,i 
 
 1; ^,»^ 
 
 jr. Cowttrf. 
 
 caplug taiee 
 
 ■;. -i i autl to 
 
INTENTIONAL SECOND EXPOSURE 
 
 ttm 
 
 PUBLICATIONS OF THE ACADEMY. 
 
 jPUBUCATTONS OF TI/^ ACA/^EMY. 
 
 47* iBfltmctlon 
 
 In Frencli 
 
 Universities 
 
 asc. 
 
 . . . Leo. S. Rowe. 
 
 An exposition of the system of Facultiea in vogue 
 in France, together v. ith a brief history of the hijjher 
 educational system from tlie time of Napoleou to the 
 present. It also explains the new system of universi- 
 ties which is being aUvocattd. 
 
 48. Graziani's 
 Machinery 
 
 Economic 
 
 Theorj' of 
 
 15c. 
 
 Stuart AVoon, 
 An analysis of the economy of macliices, taking 
 Prof. Graziani's work as a basis for tlie discussion. 
 
 49. E:t]iical Training in tlie Public 
 
 ScllOOls 5354.. 
 
 Chas. Dk Garmo. 
 An argument to show that the public school can be 
 made an impoitant factor in the moral development of 
 the scholars. 
 
 60. Theory of Value „ 25©, 
 
 P« V. WlESER 
 
 A scientific explanation of the theory of value as 
 held by the Austrian School. 
 
 51. Basis of Interest jJSc, 
 
 . \^. . DWIGHT M. LOWREY. 
 
 A criticism of Henry George's theory of intere5=t. 
 After showing that this theory is not true, Mr. Lowrey 
 points out wliat he tliinks is the true basis of iuterest. 
 
 52. Electric Street JLighting^ in Chicago 
 • ••.... ^ 15c. 
 
 M. A. MiKKELSEN. 
 
 An explanation of Chicago's excellent, but cheap, 
 system of ligliting her streets. 
 
 53. Party Government 25c. 
 
 C. Richardson. 
 An attack on the idea that devotion to party is a 
 political virtue. 
 
 54. Proportional Representation 15c. 
 
 John R. Commons. 
 A plan to secure representation for ilie minority as 
 well as for the majority party. 
 
 65. Australian System of Voting in Ma$s. 
 
 25c. 
 
 o- , ^ « R. H. Dana. 
 
 bhows how much State politics have been benefited 
 by the adoption of tliis system, 
 
 56. Peuna. Ballot Law of 1891 25c. 
 
 C. C. BiNNEY. 
 
 The author shows the defects In this law, and in 
 doing so, gives an explanation of the Australian 
 System. 
 
 57. A Tliird Revolution iSc. 
 
 Edward P. Chkyney. 
 The author endeavors to prove that we are about to 
 undergo a third revolution, which will be, as he shows, 
 an economic revolution. 
 
 58. River and Harbor Bills 35©, 
 
 E. R Johnson. 
 A defence of nver and harbor appropriations, show- 
 ing how much benefit they have brought to the 
 country. 
 
 59. Indian Education 25c. 
 
 __,_,, , , F. W. Blackmar, 
 
 Prof. Blackmar shows that the only salvatinn for the 
 
 Indian is to educate all the Indian children, teaching 
 each some practical trado or profession, and after they 
 are educated not to send them back to the reservation. 
 
 60. Cabinet Government in the United 
 
 S*»*«» 15c. 
 
 . , . , Freeman Snow. 
 
 A reply to the arguments which have been advanced 
 m favor of adopting in the United States a form of 
 Cabinet Government as known abroail. Cabinet 
 Government would be not only unconstitutional, but 
 also, as Prof. Snow proves, liighly undesirable. 
 
 61. Scbool Savings Banks I5c. 
 
 ^f.. Saha L. Obeeholtzeb. 
 
 Wnas and now nnmerous they are, what they have 
 
 "■^ — ** what they will accomplish. 
 
 No. 
 
 62. Patten's Dynamic EU$onontl«8 ISd, 
 
 T> * y,, , John B. Clark. 
 
 Frof. Clark explains t'lis late system of political 
 
 economy, taking i'roi. Pacten's receut book as a basis. 
 
 63. Geontetrical Theory of the Deter« 
 mination of Prices jjs©, 
 
 -,,^ 4.U . LbonWalras 
 
 The author presents a geometric picture ol the 
 causation of all prices. 
 
 64. Economic Causes of Moral Progress 
 
 25c. 
 
 \^ ** i X , ., S* N. Patten. 
 
 An attempt to .show the causes of mnral progress 
 through a comparison with economic progress. 
 
 65. Sir Wm. Temple on the Orictn and 
 
 Nature of Government . 25c. 
 
 ..... , ,. F. I. IIebriott. 
 
 A criticism and digest of Temple's works on govern* 
 ment. 
 
 66. Influence on Business of the Indepen- 
 dent Treasiu-y .^5c. 
 
 ou .1- . , David KiNLKT. 
 
 bbows the great dangers to the financial stability o< 
 the country that are inherent in the " Sub-treasury » 
 system. "' 
 
 67. Sidgwich's Klemcnts of Politics...l5c. 
 
 .,..,, J. H. ROBIKSOK. 
 
 A discussion of the science of politics and the 
 theories current in that science. Prof. Sidgwick's 
 recent work is taken as a basis for the discussion. 
 
 68. Preventive Legislation in Relation to 
 
 ^'*«»« 15c 
 
 . , - ^, C. U. Rbbvk. 
 
 A^ plea for the suppiession of crime by thoromrh 
 preventive measures. 
 
 69. Effects of Consumption of IVealth on 
 Distribution 35^ 
 
 . .^. . William Smart. 
 
 An exposition of the effects of the consumption of 
 wealth, with an argument for the socializing of 
 consumption and throwing wide the doors of wealth, 
 that humanity may enter in and enjoy much of what 
 the individual now consumes in solitude. 
 
 70. Standard of Deferred Payments ,..15c. 
 
 . ^.^ , Edward A. Ross. 
 
 A scientific delencc of bimetallism. 
 
 71. Parliamentary Procedure „ asc. 
 
 . , . - Jesse Mact. 
 
 An eM>l!»narion of the difference between Um 
 English and American systems. 
 
 72. Social Work at the Krnpp FonndHci 
 25c. 
 
 4 1 .^. . , S. R. Lindsay. 
 
 ^\n explanation of the work that has been done at 
 
 these foundries to better the condition of the laborers. 
 
 73. liocal Government of County Com- 
 ntunities in Prussia m« 
 
 . . .. , , . COSBAD BOBNHAK. 
 
 An examination from an historical and a political 
 point (.f view of the character of the reformrwhich 
 were brought about in Prussia by the passage, in 18^1 
 of two local government acts, which put an end to the 
 last remains of the feudal system. 
 
 74. Cost and Utility aSc. 
 
 S N Patt"«m 
 
 The purpose of this paper is to make* the reader 
 more conscious of the contrasts involved in the 
 development of the two radically dilferent ways of 
 investigating economic phenomena, whether as a 
 theory of prosperity or as a theory of distributiOD 
 aud value. 
 
 75. Alcohol Q,nestion in Swltzerland..l5c« 
 
 rhe paper ghowe what has been done in that countn 
 along other lines than those of prohibition, towant 
 preventing the misuse of intoxicating drinks. «^ 
 
 i 
 
 1 
 
 Ho. 
 
 TCv. »«l»«;«t*.n's Slbif?.vA^- aird Xr»tJl<t*mMc of 
 
 *ji'*3a«.ti«"'i» ..•■ifto 
 
 ilv»w. A. R< <«. 
 A tc!;i«';?i€ af ^ht» itti'ii.ct o- ^,irst*^im, tiiilc?: t'.-of. 
 
 IT- P;<ye:ho1(ou,l»; ita^ia •>r Social Koono- 
 
 .)m1cs >85c« 
 
 LtfTSR F. Ward. 
 i>.« ahj«''t 0! iihii! ti-jyer is v-i <HfipVu>l4v t'le d.'.»- 
 (i!>.4;&'.;^<u tietwwjrt Ithat syst-nm •>)! poiitic-AJ c'MVSiVtj 
 t»fiu:L ii! iiftd'^d u.ton ti/e actioiU; cf t.^9 hamarA aniuial 
 ardthv f.. ita.u whloh »^ bai»l •■;>0D '-ii'9 «otu. • of 
 Uier».'iooaj m«t.. 
 
 »«« TlAeoiy »r F*T»al UiiVity u% >t» ir i- 
 lAt&oia to ^li* St*n<kardL \>l' Dt-fcrxod l»itv • 
 lisafittts •••• .... %'?«:• 
 
 J(. {.V MS««IAM, 
 
 A 'jLuUy }\ the r*iatiou of thn th<;oiy of UnsJ ut!!'ty 
 totij-jofly in t,.v.!Ciftt >j.fi .')«i stAicAii of «?<»'.:«prt;=J P. y- 
 wei.f. h\ p.-. r./.oui!u. tyilcvoo ay n crijioifrve 0/ Vv.l. 
 .H«2v' pdtrer ott tb».i " ^tav*d8i-d cf i)ef4irr<»d .* tiTOieotv. •* 
 
 tlJ. ConiPtttw%.10M «!«■ CoiS-wiKOiit ..wO<., 
 
 Cl>An/ ''jik'tt of the )».\i, ^Ith lu* h'jsr.iricai i-ifc.'rxju-j- 
 tktu. ^ 
 t'tf. .Katiottf.l luml f«rai« i^fc.ks.. JJ.^v., 
 
 A plan fnr-iOi-.tiDiJ'ci vaa '.ifttioi.i',1 b!»-»i-rot.e.s>s^>u.', 
 without h.>uOLa»!cirity. 
 81« Ar««>«*c*M JBanliltucr ftwtl the Ho.v. j 
 
 . S-Mjuuiy •.»!' tksr Vxi% <i« •» .,., loc. 
 
 M. 1> HA^T■-• 
 
 A hr«f *k'.*ri '(i ■-£ .!>.U!.»)i<siJ bankioj; h^'^fory ri-.-. 
 »a 'WMook ittrt '<''.« fi'iiii'j loU'.wtd bj' A jiliji for r.^- 
 4»ri»ar.:'J».'!| the nu'i •ri..ll.a>. KTm^; ; /*t<sHi 
 
 JIa at.'VioiO'it sgaicst ismit^u/ Oiicali'ian nx^'^AH 
 •!tiso;;t l; . J;. bomij oy othi) cl;ck>e f- .-^uili.'te as thejv 
 2*a»i£. 
 
 e». 'ilutil&in^-' •■lyvtf.u—Ohi • m J T«».'w... 5."»« 
 
 .«', 1-4. 'v7.'. i.BK.;. 
 h k)u>a for U e er.<.pta.i •f the 1 Uilroj ,':yi-;«,Trt 0»i .- 
 Uu «I ja JJ.' Wttlke/'*'bi!l Vi-fute Coi.),"''?'- 
 i*4-. HasIa rtf -?'*'.: tttUy lv»r ITnii.wial Bt ».•■;: 
 
 fljOlfS .., . . -'ivl'. 
 
 A. I'Jan fc» v*'l'<'^'"*f'^e' ^'^'^ 'n,»tiO«iGT baui'-j^ote 
 eyaleiiri. 
 N5. ^fc irj, fK '. ?>ia4.w:3of i.-ifchcn- 15*. 
 
 \ *ii/oJu8 )?;»•.>> froiL 6ln' fdjiC ■xo'.ir i&'ti-^ocnied in •» 
 iktijai votl'-iuvf-dftv. 
 
 J'TaU'.H'^ »'<7S-<8*jf» ■. ., ....r»0«. 
 
 rrsnr.is.Uo!. of ihe tb<t, vLthe-Ti JiistoricaJ ' jt,rc^'a:' 
 
 i?T- Rtlatlt^Ji of th«-s Statf to KtiucatJikrjt 
 In ii;f»jrHv;«»l aud A«!#.f?rlt% ...,.» JlSc. 
 
 A cor^i)«ri. M» betwo^n t)te Kujjlrub ,?a'icatior»» 
 svHl,eia M\\ t'-ie .'•.a/j.««.;Hj, v.tii !y.v<'n;»l r?f»'eii m 10 
 tM f'.i/t- tak» :.' I » f;ha ?,ov'ii.ii:noii; in ?';8i.'.wfh'4|i tu^ 
 ay.»i.B.)n. 
 
 '%fi. «'»fir i^tt-i'i«4r<tu Jm 5Sni»4clp».'i r«!t>vi;i'«- 
 
 »t-r«.i»t ,.., i,;.t,. 
 
 (3 « j-fAJ. . ;j c l»a a: >* >e i '. 
 
 A cou-.j>t»-JiiO's U-t'c^o ri'ii^jiiiiit ind K.txbx.itkix 
 raan .fipa* g'D ?<:■ : r. m^ihi t 
 
 fill. Cf.«5f. AXUv. 1cl'*i>«ivfc»* '45*!, 
 
 C.M-^toi«tf' '.iit tv/>> t"rm:i ji.d tho ;ii.'fi.', :.•;«/ si 3ij;d 
 *n^i'>. A w;it*na»::'t'ii af ..Vo, *'4. 
 
 &U, HooK« ! ''.«i.l« 1t<f»r ««r .** ««ke4-ie«» Ci-t:*« 
 
 • •«•(•••«•■• •....'■-■.a .-I. ••.•««*'r*«. ». *•••**• •■•••*■••>...«•. '•'\"^- 
 
 An ergunuj <* iife'ii»» f.Ue »-.'-^.Afcioo ^r'* 
 am^i'ndnieot ■>' i-^cjr chirttt* by i%».y& In'*,!...; .-*«*» 
 Jn liati of ti.is -if * nii>\>c>f»!d tc bava cUui* cst)nSr»J 
 tl"j!mjel7w c.i'Iei a fcM<:.-dil ccnar.' ^ ' -Uxi*?, 
 jnrai;i«iii.J :6i( i; 'O i*fiv>;t Ral jc; iv. o**ii 
 
 tb»rf:e.r« by j^opui*r /iieciica. 
 
 91. Reltttii'iv (if liw^«>*iii*u >^L. Conilltlans tm 
 
 tiif; it7«x4isee o* Ccctit.. 45«. 
 
 UuuBO-T. We aie*. 
 A ntudiy of t>'«> L-.ariiJ;? Bouconiu eoaiiii.vt* \.;--»» 
 
 upoi» crian, tr\»'',vt.i by "tJt^^e^w ts tf (^JU}f, whiiK 
 
 F.. V. !.•;««•• >»• 
 
 Aq «S'Ju'?Gr.v to sliow Mittt tiif T".. I*.!*! '1. . ! H 
 
 tr.5l/ «Ub«-:i Sti'-f. f 'vnw it k!oi..>4 I'^b-ilf ; 
 
 A'j'jan^r' *«*<♦. 
 
 ..; 'r.-. iavclop.'icnt .a Fninv..* 'i* 
 
 »ci€i";«»j f i i<!it.>.A' "cnoc.y, ti'^at^jg ;a > 
 P.*iyh; ir.r.. : f, Olo*' :^al Schot)?, tt- i?.oi.5,.- , . "i 
 Pro'iectjoi is*. . . "i of Ia V'^a> Jtaa the £t.»jvni»fii 
 
 » :Cr:0.!i!'jt3. 
 
 0*. lile^tat^oii «»<"K«*oao?ni«ii»t»i<ly i«l*nJ»lle 
 iXW^ f*V*v.:!<«: •VIf,^*-'lty 2:j*-. 
 
 The pMrpo.*.-! stc sho-v >.c.w the ti-udy !.r a wo >•«.«* 
 may 'ne uivlti if use In th-^ pia.?i:? til w'ik of a'tM-'rij 
 "r.-icK' tbi* yrot-iQuis o: piV'rtv In <*r'n.-> ?:> ih*» 
 *uth'r iMvet? :i>! ?*•'>".■ '."if -t' t}«c 'OAdinr " ' '".t 
 
 i)iVi^ l»5en 0;:-<?l Ii" -''"iy jn%i-;->, aj\:i ->i t . •.• 'j^ 
 iTosteti to hftij/ fuKTljsn py ve;iy. 
 
 «J8. Hovnefwiw ** 
 
 *o>^ i»> t ■ 
 
 teB-t !s art V iiow «.'i'.fm>'..\y cair fc H' ;!■ '.'in the iold !»a*'s 
 io;:*.fchflr i^it)- fci o-^uiDcut ■:) !>>« .T that 'iermikiiy 
 -« .; (?t«n<i 1^:, tl'.-.^ ft'uglft L-old 6\.iii*.r('.. 
 
 »»^. i'r*^ of ?*i!v<J-«' cs >I;,»iif v •;»>. n - V . •»..;■;:.<•. 
 
 A };i-;tOTy ot ■' ;v« r.'.icu.ie, v. ;tii - > :. <>•- 
 
 ■; . "e 111 tiiv .i , • . '.; dnre v>f •• •!> 61st < ■. J, i' 
 
 s.iic jas-iue "i iLi> .-. . oAilod Sh-i-u. ♦.& Avt it» isi».5 4 
 ;virn''Pr '>f rt> -rt.^ at-U la'-i-i* a:e at p '.-li;?'! '"> Ki'..r 
 infoiuioli i-n u :. giv^i. 'n ieti'il \\\ tl'.!- t«.jiei' ir- 
 
 '<;*. TastJt^-UJM of Ia!»ii5f<? RUfar<>» 
 
 ' . t '. 
 A plart io pro V Jilt licl: sn»'n f.om i-»|»lu|; 'li 
 Ijiing !i?e or t> i^a1c« '.'irftt £«)• Uj -^f ■ ■;, ; '• 
 ore 'to a ^'.; aJ l.'.'vrd o.' •>juiirii ••■;■■ - 
 L-j to dftvot.' tho proi'p.ajfi «.( all 5;,^»-r. \_;\ .-.. i,,x»:s» to 
 th^ work of U'akic^' b..>..i^ty bettt- ..nd V'-.pvi'^: 
 
 T'>'»p'»r; ■ . ; :ti. paper 13 ?.') taoTF v./.' v . 
 ;av } of ti)i( ( «<I..<iJ*)(j tv..i;i Iraur itt i i:.*c i.iu <-<>•. ;!.:• 
 ti'jaT?cf t.io oii/inai btacvjs, whith pr'M«'.^» '!* w 'h 
 seto,\,l atii:; ' J 1 tiia (^"on-th of Aiaencun c nf^^tifuiiai-i' 
 lav,-. The ',r- 1 r.ia;ivc.f r'-Jv jip* ■>'''' -r •■ j d w 
 P>x.ftis«ior Movtsy »7t iio. ly. 
 
 99. '^%:*i\\90. "iV«»»nejfj''4 tVw|Mf«*^y- fit .*w:<|->'' 
 Kux.t,.ti r»j»«t A •»;:!«>- >.', J ».»a« L.ttv... -i*^% 
 
 *. j'."'iv- t»' ih:* origin M d tTOTvtJi -A totw?'' •" * ■' 
 '.-.';. in rt:vj»' ' t*> (.wiijii^: ,>>c('«v;:> \:TvJ'r r'.i ^ ; • 
 
 rrvi.i V OlJi'M ' . (.- i? WitlutllUV}Sin^;4Qtyi>r!U« 
 
 l^P, S**jf»tin .. . . ^xi-vjkTji \'%v. 
 
 biavJik'^i* \-^ I -»rc't.i.:t V • . J. ' !,u t;:?-'" « 
 
 h-'j-. fc» '>vrtf' ?.'H t.nnrgiM. u. rai.iin.. . ;iti u "ik '.. ' 
 otii?r cT.'n=' "*' i.'^- •» >vi>'?. IL*« UiO'"' ''V'Kvf' ' V rc» iL . 
 fa» ;'ii>' 
 
 
 f!.E>!S 
 
 H'^ 
 
 r . 
 
JULk 
 
 :Jb 
 
 UbM£ 
 
 
 rO^,S OF THJi ACADEMY. 
 
 
 *?6 
 
 101. T'"^- *r'^df."<»val ?Ii.-vn*!Ji'". 13'.'. 
 
 F.i'W. ■;•. Ci'.VY.iKV. 
 \V,,it?.r.iv ♦by trst)SU>tio^i rj a rvpios) ex*ent. The 
 
 eiteiiv wii s csv'rii'tiijx* r..i i v!-l'i*(s.tt of ?hf H5-«.i ■a'i 
 Tfailno of *a 15ntrli.,b raaro.-, 'uoly'^iug a lii.'- cl 
 
 U3*nt3. «.'v''i iuvir ti>i-^ Jjiis.r.JTir. a: d -•;ji'- icrs 
 
 104. t-.kl«i'«t W;ii«<?':--jy ^■..;»/*. »'ii'4-*«s- JU^r^rinr, 
 
 In T- •. ' : '."!. . . 81. ,<»•>. 
 
 <». pl«5a IT * •■ I ■■■ ■•.I'.jin^ «'/ fara' ' . ^-ae^ of 
 
 f:c;-..j. ..; ,.■ ,, ... :• . . .•; -l-uUv/.- y «. iij l>«l;i 
 
 T" ^r'/t.'.' ^ ■^ •-/ - ^Uj^, ; ',' i. *'.•!;>..•.■* Im.'^ Till pf.!"l'jit 
 
 *h«ni tog«tlier. 
 
 iOU. lutiifeiieait sA'.idl f''«fc*ilt«» iT/c. 
 
 i'he liici •.■* t If; pi,;j:r i 'o r*.cv* rhaf. f,';t fusiil>cf«- 
 
 tiv;; '■* »■■'♦■»;'•>•* '-^ ■■^> )»v'' -"-ogUt. tr. vip .".»<•'; vt-til '^ '».!:•■ 
 
 >•';''?. .tat. »;.'^., VI >.-d'ffir-y wl ^' wJii*-....,... 25e. 
 
 A T«p'y to (•i'>It->'%'^or ? •.-■»:. U.??'.'t'% '•■ThtT'ry o' 
 V-.^.ln-.'' f'c ;•■• b;j r. .t. i;-ri.;«' c£ t.ht' v'^'iic^ at »•■'»«» 
 
 fccS-=- ■■ '■.'■«. ■ ■ ■■■ •' ^.■.■^ < .a.-'sical titfe'jries, 
 
 OI«»'..rJ<»«t^'«>r.» .. ..., , . .4^f.. 
 
 JOrSK h, .li<'B30".V. 
 
 A; A^tt;>> ., . .i^:«'.'.., .r); J irpose i.-> • to auo'v 
 t!"S vMe •?ivv»T;»enct v»'(»)i:u rli«» theory ri .iiKtrtV .'tv-i 
 
 piiifeiiVB . >.'.<:< r-^,ir.;' •■ . V.', ; ; ti;.i.'.\j it '.* 'Tc'i'. witH olyeiit- 
 
 X\m • l>iecit''>- ^.rr'i *!•-< i-'a'r«:' "jv » j ,v>Mo.,fl oi i,'...rj>lus. " 
 lOf'i. Coav 4.I" ilM. < »! *u««- If ar».». 
 
 of «. 'sliHK'jt tL^orer uncut. >"<•■ ii .i ,ir, ..•..' i_; v ;>. j-. J«>'>. 37. 
 
 I07, "jCoftsS T'«34lly ^tn-.i.«att'«l of HH'if fi%-i^ 
 
 H'^iayttVifuij*.. ., .. a>*'. 
 
 An jn'airy iiitc :-h : <|»'.»^,doi; -^i it>w"!ii8.» • «»r.>t of 
 fMi.u*''-' ;>TvT-.rni, 1 / u tut qw^'iifi^'! a*. U w''-<i !*!'. the 
 
 VMS. Ifntl?.!!* ft^a-Ttr.'...-'- . . , ,. ..*!l3n'. 
 
 f ..? .•.. 1_. STOI^RIWOH ''.c 
 
 Au expiAtmViOM oi the pa%t 1111^1""^''^ «**-'■ '^tai'' •* 
 
 i.'.vfi '. '"!l r "Si'.lc i'^j\'\ cioi.ug th^ ini7)(^ : - inViia. ti> 
 
 Krgta-..:* •f\'\'\ t:» t^.e \vot1;1 Tiivi • ■ "■•' '' • 
 
 fj'Xi'^Mt ...S*J<'. 
 
 '■■\\l. j>ttAPi.uLiCrt:-. 
 
 vas ... a**<'. 
 
 r.' : C. Txo'h".. 
 
 :'•', ■■ ■ ■ . . .■; '■'■:. ;..cc-3Tri Tax 
 f . iih ft pJe% for t'»e 
 
 ' • • . . . •■ ■ tuiMnr ;i'V- o •;' 
 
 ! So, 
 
 ; lis. X^it J*ti«»u«u'4> MiO€l»i« *5<K 
 
 I The En'^li^b-ew'.^MnKpnbl!*; ha*; r-^rLai'S jiCifr hi)\t 
 j i.ivJonstO'.Ni tr'.>'''?a ii» ior th« dnisi ii a/i#»* tto oie«lfl 
 
 .""rsi. T lis ,.>3!;.Kr Vx^.lsirs ;■.•)!> thai iwxM^'U kft fclifc 
 
 >">..»if»iyMM i , V ,. iit$*» 
 
 Tl.*8 ya,*.^. ovijjiraUr put' '^iHtlby Fr '■' tsfic^3:ru)^x 
 iri biBy«A>-4i^.-A., .'S ♦.h:j ethio i/TofMifvif u : ( l\\io. ot (.bo 
 leaufcv at! the HlotiCXiiiil £tUo»A in OPTi.»air^ 
 
 111. Ciuft«fX^cjiiilf>u>k»fl,<aTi' ...Ih^, 
 
 .\4t j(ft,ti»iEjii to HTfi ft clftfldf cftfcion 0/ /i.v«C't »i\ijft- 
 ciei't- .sft;"i)e to .leVve ^a *.htt las-is lor fch« *r;»ag«;iiiati* 
 
 cf the laM-s ./ i n: 
 
 •V.t! ;. ;vt -ir ■• ^t'lgj- of ■'" ''.'^r.'iop- ' 
 
 i^e, 
 
 \j ''re, lavato.-! 0! I! 7 mfr;:):'^''-} ?•: vci,^ue lu ^iJ* 
 ir.'Sj!i-j.» e ooiiiva'i'*'* tor. collootfu^ i.'remiura'i.. upjif i-- 
 
 the rciupurtjcr'. 
 
 •3*S, *^"*- *Jo»% &l' Tax %s%i Attn {u .^ou.>K»o5ii<*» 
 
 .. .■....•*...•■■*•.....<■...... ■.....*•<■.-■'•. . - ......fct** a 
 
 Aa i»»iiitid£l?on of tJie law? of Ulst. Tf^ati.-n. to^<■'-^v•^iC r 
 *--^tli -i oV'...';f. :&t'o-i of mcucpoHftii .^iA ,ii> ciijI'jm-'Uoc. ; 
 of t'ifidiffctfnt kiu\9 cf t..ir?8, ''r '?c'n<l br uii tiu^- 
 cKit;i>nof so ur. -'i of 'li? jfei.«?M; tj^oj/ of taxatioo 
 .iS )>drtalo» £< t%<h.* kTlod with the puvpo*? ':i proiac- 
 ing i»f> ctH?r ofittt t^ian that of yieliirt; ;)■& State » 
 
 %l MiK . 
 
 r.nfc51'.;a{:i,Ti In ^iwi!5h lose. M«'i en tha- ^cctijiit 
 forn:: a jei^irabU «\n»{»k«u«nt to oth jr w'v^fi o^i th" 
 H:st<iry of £( o;iCtli".icf . 
 
 i»«in« .._..;l»<% . 
 
 Ti^khig iltvr York aa tluj typical Aiuericau .■•'ty, ha i 
 «!:3\vs tb^ t}5Ti£;*ir^ rh;*;h 4i.<.' hrv** :.p4t'> fr.r-»=. imdit .' 
 4*i-i : ^ , bv ' points p.!.t t.>ic '■'T»n to »^'] ^ •■ tbi-f. 1 pTol'letf.*. 
 
 £^'». Tlie ?-*'i-»'vvrs-* -;•>!' «»nr ^^'«;::' 1 j« -..«-» ■->■ 
 
 !«*'«• l:v . ....... — j^... -..'JSC ; 
 
 In t.>i*i |>ap«r Mr "Biadfcrd trH tli*.cuMc« Hm dw- 
 jv .fi ;., nir Stat'* r''^''"wr;i»r.;» ffcnflraily ni'l vh»"».'» 
 
 I r.'ti<iv.x ap r»? v''**^'^^ f or|et.^^ation vf y<"v York 
 
 .^'li 
 
 •v,f w't's it «;i)«ld i-e clmr.'. 
 
 J)Kt'i 
 
 ?1 icr^r-r in U 3tcu!d be ondt. 
 
 
 ITU' f>ut whar t)i*y re:''.Tj ind oaite urn to i>ie piiwptr.tjf ■« 
 
 liTJ, J*:»ii;j! 
 
 A CTlM 
 
 , ... 3 /♦•!•. 
 
 L'-.jTB'i I. W/' D. 
 
 ..-• «'>■•';. < 
 
 A rovkn ol tUo V(!tfc ^£ the Biolog'i; SfhMl oll?o- ^ 
 ciolo^i'i". i*a£J pol-.^ ' n-^ out why they h.^,Te faJlr 1 ,i 
 
 
 m 
 
 :■ .1 
 
 ; 
 
 u 
 

 COLUMBIA UNIVERSITY LIBRARIES 
 
 This book is due on the date indicated below, or at the 
 expiration of a definite period after the date of borrowing, as i 
 provided by the hbrary rules or by special arrangement with 
 the Librarian in charge. 
 
 DATE BORROWED 
 
 DATE DUE 
 
 DATE BORROWED 
 
 DATE DUE ! 
 
 
 
 
 i 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 i 
 
 
 
 ■ 
 
 
 
 
 
 i 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 1 
 
 
 
 
 
 C28(955)100MEE 
 
 
 
 ( 
 
 y<Xiffor/\ 
 
 
 COLUMBIA UNIVERSITY LIBRARIES 
 
 0044247095 
 
 D130 
 J 63 
 
 D130 
 J63 
 
 Johiison, Emory Richard 
 
 Relation of taxation to monopol--ijj 
 ies* 
 
 L 
 
 -./^-- ,-r 
 
i 
 
END OF 
 TITLE