New-York tribune., 1878-01-18
NEW PUBLICATIONS.
MONEY. By Francs A. WNEEn. svo pi' ooo'
Henry Holt a Co.

ratio- or .1o Laws of money. Is Professor ~ it'
md Lecturer on Political Economy al the J0hna
UeDsis University, Fraucis A. "aitef has ho'
merely accepted the teachings OF his iahei o!t h's
done far In1rc ilc frankly 2cAn'"ied-c7 ~ hs pr
f.s," .b,.s ai Judgment al7ing FROM possession
m favor oi the monetary doctrine maintained WIN
RELIGIONS cairc.1uess for moro than thirty years by
L. bo7srct father AMI yot be has treated tbs most
diT,u,t subject with remarkable cand3r and rare
judicial inpris'tr Perhaps no Of ser human III
cnir, h,, e scl more heated and bitter controversy
tn te study Of money. Il is the more cred'tapic
holsrs,. ,f tl.e exceedingly religious eaTnestheas
which sometimes marked the writings o. his !athcr
that Professor Francis A. Walker has added h"'hi's
to te heal OF bitterness. Of the discussion, b"J much
to tts Information and reasoning needed io' Sou"u
conclusions.
luauo.L.r respect ,his book is emitted to mSH
praisc. lisa real tr a-1rt-Aousc OF Information aS
to the ss,s o. msur.a .ary experience ana discus
s;o,, IN AL a-es and lands. We DO not recall the
name Of an author Of any Important contribution 10
tbo discussion of the Jaws OF money who IS not here
brrqv bat ntelli1cnry quoted. Tho work IS rot
overloaded with teiou5 details. But the essential
faces of monetary experience in every country arc
nraseptcd with sufficient flHcss, ana with JudIclons
minglmg Of authority on disputed points. Inc WORK
viii be fouad Of great ylue for r,croncc' the more
because Of It's very sensible arrangement and II VIII
be useful guide in The study Of the laws Of money,
even fer those who have already made no small
progress therein. It's pages show patient ana lohe
confined research Ancient volumes and late Is
spes of economic journals, rare pampnletS'
official documents not easy OF access ana
works in many language. an con1Hbuic 10
the information of the reader. We Judge th"t
the difficult and delicate work OF St lection mas oech
nerformed bv the author with more than ordinary
. -y,,r,lG 1of he efr
if of such mass OF information some part had not
been thoroughly digested, and the critic may OBJ
serve that the author has not always caught the en-
tire force of a fact mentioned or appreciated the
fnIL weight of an argument quoted. Yet these who
least arca with him viii award him high credit, on
the whole fuY pans in arrangement, stualouS under
standing aud just appreciation. il, at tnnes' the
author seems embarrassed by the wealth OF mate
rial be has gathered: it, times, arguments ol emil
nent writers seem 10 have been enumerated rather
than weighed the work Will nevertheless win a
very honorable place for its author among the lew
who are advancing toward the mastery OF most
difficult science aud the discriminating TeaGer VIII
confidently expect that Mr.. Walker, if permitted 10
give other years to this study, VIII make a sui
moro v,luabie contribution to the science of money.
From such work extracts would unaVoidaoiy
give an Inadequate and partially incorrect idea OF
TO give an outline Of the work calling attention to
point, which will elicit discussion or which seem to
deserve criticism The book is very clear and inter-
estlngl STYLE and not little spced with Wit and
bumor. Indeed few droll remarks may perhaps
b. udced better suited the lecture room than to
scientific work. bat these not merely entertain but
always help to illustrate the subject.
Early in the work appears the dissent of the au-
thor from doctrines commonly accepted That mon
ey is first a medium Of exchange, or " interposed
commodity" he admits, hut he maintains, as to NJ
second function. that Mr.. Mil and other eminent
writers confouud the common denpmlnator with
"the common measure of valGcs' and holds the lat
fer phrose Incorrect The criticism is not mere lar
splitting as the author shows, but we fear 1t IS not
quite sound. To the phrase, a standard OF value,
he prefers standard for deferred payments" but
the change does not seem essential. lie dehle5 lha'
money eau serve as store OF vauc. therein com
batting the suggestion of Professor Jevons; but this
raises the question whether coin IN hand. and po-
tentay for use does not act upon prices and is not
in an economic sense money. On one hand, he holds
that Mr. Wells was in IN saying that less pro-
duction would not result from a destruction of all
currency and on the other, he thinks too broad the
abatement of Professor Perry, that money stlmu-
lates and facilitates all of the processes of prOduc
tion.D The Importance Of money in production OF
wealth herecOgnizes. and denies that gold and sill
ver if i'll circulation, to he capital or become
unproductive capital General acccptabilty" ap-
,ears ia him the one condition which is absolutely
essentialn and he crticses the idea of Professor
Price that money is in any sense "a guarantee"
Curious illustrations given of the fact that ar
ticlcs have been made acceptable IL money either
by general consumption or by ready exportablhty.
1t is held that in gold and silver che essential requi
-. -. .l..Y. than uraNsn flt.p
articles.
The exploded " mercantile theory" is discussed in
CHAPTER Ill. The author notes tine persistence in
popular feeling of the oft refuted notion that money
is something more OF other than tool for specific
purpose" and generally adopts Ricardo's theory as
to the distribution OF the metals, making possibly,
not enough allowance for the greatly changed con-
ditions of modern commerce. But he urges. as
qualification of Mr. MilPs teaching, that the supply
of money needed depends in part upon the rapidfty
of circulation and that the credit system greatly
reduces the amount Of money required. so that, " III
respect to no community can we say In advance
what amount of money it should possess III order.
satisfactorily, to perform its exchanges" In the
next chapter he asks What matters it whether the
amount Of money be increased or decreasedY After
freely quoting and criticising eminent writers on
both Sides he holds it desirable to have " the pres
sure of the whole body Of Indebtedness dlminished.'
Not asserting that it is solely "a question between
sacrificing the present to the past the past to the
present" the author yet to give little thought
to the desirablcncss of stimulating economy, and
making savings secure Bat nc shows very justly
that increase of circulation does not reduce the rate
of interest, and that, What the West wants is
more capital what it thinks it wants is more
money"-an observation not at all new. but very
true.
The production of the precious metals is next ex-
amincd, with n remarkably clear exposition of the
economic conditions in early times, aud the causes
of comparatively large accumulations of gold and