Imagens das páginas

ment of the equation of exchange, and of Kemmerer on the quantity theory of money. In appendices the author makes a few independent mathematical analyses.

BERNIS, F. Estudios estadisticos. Contribucion à la Investigacion de
la situacion economica de los trabajadores en Espana. (Barcelona:
Tipografia La Académia. 1914.)
BOEHMER, J. Our currency problem.

Cartoons by R. WILDER. (Bloomington, Ill.: Peoples' Currency League. 1913. Pp. 43. $1.) BOISSEVAIN, A. G. Over prijzen, loonen en goudproductie. (Haarlem: Tjeenk Willink. 1913. 1 fr.)

COMBAT, F.-J. Banques et opérations de banque. (Paris: BergerLevrault. 1914. Pp. xi, 446. 7 fr.)

To be reviewed.

DANIEL, J. W. A treatise on the law of negotiable instruments. Sixth edition, re-edited and enlarged by THOMAS H. CALVERT. (New York: Baker, Voorhis. 1918. $15.)

DECOURDEMANCHE, J.-A. Traité des monnaies, mesures et poids anciens et modernes de l'Inde et de la Chine. (Paris: E. Leroux. 1913. 4 fr.)

DITTMAR, H. Depositenbanken eines Agrarlandes. Archiv für exakte Wirtschaftsforschung, 10. (Jena: Fischer. 1913. Pp. xi, 286. 10.80 M.)

DORSAINVIL, J. B. La monnaie. La circulation fiduciaire et les échanges internationaux. (Paris: Giard & Brière. 1913. Pp. viii, 107. 2.50 fr.)


Recueil des principales lois étrangères régissant le crédit populaire. (Menton: Impr. Coopérative Mentonnaise. 1913.)

DUVERGIER, D. Le rôle économique du chèque. (Paris: Tenin. 1914.) FISHER, I. Why is the dollar shrinking: A study of the causes underlying the high cost of living. (New York: Macmillan. 1914. $1.25.) ILLIG, H. Das Geldwesen Frankreichs zur Zeit der ersten Revolution bis zum Ende der Papiergeldwährung. (Strassburg: K. J. Trübner. 1914. 8 M.)

KAUTSKY, K. The high cost of living, changes in gold-production and the rise in prices. Translated by A. LEWIS. (Chicago: Kerr. 1914. Pp. 114. 50c.)

KLINKER, F. W. Studien zur Entwicklung und Typenbildung von vier rheinisch-westfälischen Provinzaktienbanken. (Karlsruhe: Braun. 1913. Pp. viii, 199. 4.20 M.)

LABORDERE, M. Mouvements de l'or aux Etats-Unis (1890-1911) et tableau des mouvements de l'or dans le monde en 1911. (Coulommiers Paul Brodard. 1913. Pp. 29, maps.)

LANDRY, A. Le crédit industriel et commercial. (Paris: Dunod & Pinat. 1914. Pp. 313. 4.50 fr.)

To be reviewed.

MARTIN, W. M. Ten more talks on banking law. (St. Louis: Mississippi Valley Trust Co. 1913. Pp. 51.)

MICHIE, T. J., editor. A treatise on the law of banks and banking. Three volumes. (Charlottesville, Va.: The Michie Co.

$6.50 per vol.)


PERLMANN, L. Die Bewegung der Weizenpreise und ihre Ursachen. Schriften des Vereins für Sozialpolitik, 139. (Munich: Duncker & Humblot. 1914. Pp. 73. 2 M.)

REYNOLDS, F. E. Uncle Sam, our banker and employer, how he could be and why he should be. (Oakland, Cal.: The author. 1913 Pp. 95. 25c.)

ROBINSON, J. Oriental numismatics: a catalogue of the collection of books relating to the coinage of the East presented to the Essex Institute, Salem, Mass. (Salem, Mass.: J. Robinson, 18 Summer St. 1913. Pp. 102. $3.)

SCHILLING, J. Ueber die Frage der Errichtung eines deutschen Gold-
marktes. (Karlsruhe: Braun. 1914. Pp. iv, 83. 1.80 M.)
SCHMID, A. Die aargauische Bank (1854-1912.)
Sauerländer. 1913. Pp. viii, 192. 3 M.)

(Aarau: H. R.

SCOTT, W. A. Money. (Chicago: McClurg. 1913. Pp. 124. 50c.)

A clear statement for the general reader in which the author follows the theory of value developed in his larger work on Money and Banking. This will be supplemented by another primer on Banking. On page 92 the author criticises Fisher's proposal for a compensated dollar.

SIMON, H. V. Die Interimsscheine. Zugleich ein Beitrag zur Geschichte und Lehre der Aktien- und Anleihepapiere. (Berlin: Guttentag. 1913. 8 M.)

THOMSEN, H. Der Scheck im englischen und deutschen Recht. (Berlin: E. Frensdorf. 1913. Pp. 98. 2 M.)

TYSZKA, C. Löhne und Lebenskosten in Westeuropa im 19. Jahrhundert (Frankreich, England, Spanien, Belgien). Schriften des Vereins für Sozialpolitik, 145. (Munich: Duncker & Humblot. 1914. Pp. viii, 291. 8 M.)


(Berlin: Lie

WALTER, M. Wörterbuch des Geld- Bank- und Börsenwesens.
einem Anhang: Wechselordnung und Scheckgesetz.
belsche Buchh. 1913. Pp. 105. 1.25 M.)

YOUNGMAN, E. H. The new banking and currency law. (New York:

Bankers Pub. Co. 1914.)

Food prices in London. (London: Charity Organ. Soc. 1913. Pp. 85. 2d.)

Revision of the act respecting banks and banking. Minutes of proceedings, evidence, etc., committee on banking and commerce during parliamentary session of 1912-1913. Appendix no. 2 to journals of the House of Commons. (Ottawa: Committee on Banking and Commerce. 1913. Pp. 725.)

Public Finance, Taxation, and Tariff

Betrachtungen über die Finanzreform des Reiches und über Verwandtes. By GUSTAV COHN. (Stuttgart: Verlag von Ferdinand Enke. 1913. Pp. vi, 516. 14 M.)

This volume is a collection of eight essays originally published in scientific journals. Four deal with German imperial finance, two treat of American taxation, and two discuss the scientific character of economics and the relation of this science to economic policy. The author's studies in German and American finance lead him to the conclusion that the underlying problem is the same in both countries; and the concluding essays upon the science of economics have a similar theme, thus giving a certain unity to the collection.

Professor Cohn has long been interested in German imperial finance; and, like all thoughtful Germans, has been profoundly dissatisfied with the treatment the Empire's finances have received at the hands of contending parties and factions, in the Reichstag and elsewhere. He sees no satisfactory solution in the various newfangled taxes proposed, and holds that the real trouble is that Germans have been lacking in the sense of public duty. Heavier taxation of people with the greatest ability to contribute is what he considers necessary; and since he would leave the property tax to the states, he favors the development of the inheritance tax into an important source of revenue for the Empire. The last of these essays was written before the novel legislation of 1913 was enacted, and may well be supplemented by a reading of the article contributed by Professor Cohn to the December, 1913, number of the British Economic Journal.

The two essays upon American taxation review interestingly and somewhat critically recent American discussion of the subject. Professor Cohn is not inclined to look with favor upon current proposals to convert state and local taxation into a system of objective taxes, and holds that they lead away from the true goal of tax reform, which he evidently regards as taxation in accordance with subjective ability. Neither will an income tax help at present, since this would mean a mere change in form and would not go to the root of the difficulty. The real trouble

is that Americans, on account of their self-seeking disposition, are unwilling to perform their duty as taxpayers. Fundamentally the situation is the same as in German imperial finance, although Professor Cohn has not such a low opinion of his countrymen as he entertains of Americans.

Much of Professor Cohn's criticism of American plans of tax reform is sound, and these plans are gradually undergoing change. The situation, however, is not as dark as the distinguished critic supposes. Changes in administrative methods have improved conditions materially within a decade. Changes in methods of taxing personal property give at least some hope for the future. And finally Wisconsin's experience with the income tax is going to require a revision of our notions and Professor Cohn's notions about the American taxpayer.


Harvard University.

Sources of Municipal Revenue in Illinois. By LENT DAYTON UPSON. (Urbana-Champaign: The University of Illinois. 1912. Pp. 126. $.75.)

Taxation of Corporations in Illinois, other than Railroads, since 1872. By JOEL ROSCOE MOORE. (Urbana-Champaign: The University of Illinois. 1913. Pp. 110. $.55.)

Illinois is one of the states which has had no share in the movement for reform of the system of state and local taxation which has been so marked within the last few years. It is still living under a revenue law which has undergone no substantial change for more than forty years, and which has been administered in a notoriously inefficient manner. These two studies have evidently been prepared with a view to contributing to the reform of the existing system. Mr. Upson deals with the revenue systems of twenty-four cities, the largest, East St. Louis, having a population of 58,547, and the smallest, Urbana, 8,245. The majority of these cities publish no annual financial statement and "no printed report gave a complete statement for a single city." The study discloses no special features of municipal finance which differentiates the cities of Illinois from cities in other states. Revenue is derived from the general property tax supplemented by licenses, among which liquor licenses are the most important, and other minor sources of revenue. These minor sources of revenue as well as the financial aspects of public waterworks and electric plants and also municipal indebtedness are treated in considerable detail.

Mr. Moore furnishes an historical sketch of the methods employed in Illinois for the taxation of corporations in general, and of the special methods applied to banks and insurance companies.

Illinois has developed no system of taxation of corporations as a source of state revenue. It derives a considerable revenue from fees paid by corporations on the occasion of obtaining their charters and increasing their capital stock, as well as from taxes and charges, in the nature of fees, levied upon insurance companies, the most productive of which are, apparently, the "reciprocal" (more accurately, retaliatory) taxes levied on insurance companies incorporated in other states.

Under the revenue law of 1872 corporations with Illinois charters were, generally speaking, taxable locally on the full value of their property as represented by their stocks and bonds, and the securities in the hands of their holders were exempt. The tangible property of such corporations was assessed where situated by the local authorities. The "corporate excess," i.e., the excess of the value of the securities over the tangible property assessed locally, was determined by the state board of equalization and the amount returned to the authorities of the locality in which the corporation was situated to be taxed by them. From time to time the corporate excess of corporations engaged in manufacturing and mercantile business, in printing, publishing newspapers, mining and selling coal, stock breeding, and building and loan associations was exempted from assessment by the board and practically from all assessment, although the courts decided later that such exemption simply transferred to the local authorities the duty of assessing such corporate excess. As a result of these changes, assessment by the board is practically confined to public service corporations in Cook County.

Leaving out of account railroads, which are assessed under special provisions of the law and are not considered by Mr. Moore, the assessments of such companies amounted in 1909 to $30,903,341 out of a total assessment of $34,404,441. In considering these figures it should be noted that property in Illinois is legally assessed at one third (prior to 1909 at one fifth) of its cash value. Such studies furnish a welcome addition to our fund of information concerning existing tax systems. Both would, however, have been improved by greater attention to style and clearness of exposition.

The reviewer, at least, has been unable to get a clear idea of

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