New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-03-22
NEW PUBLICATIONS.
ENGLISH ECONOMIC HISTORY.

centre of English learning and were open to all
students of the university; but not more than
dozen men listened TO them, although the lecturer
had the reputation of being one Of the most eminent
students of economic science The editor is justified
in his statement that if any apology were needed
for the publication of the lectures this alone would
suffice. At the same time IL is only Just TO add
that if the authors life had been spared he would
have condensed the chapters and modified their
form essentially before publishing them The
editor has been embarrassed by the consciousness
that his father would have made many changes
in the text, but has shown good judgment in re-
Ssting the temptation 10 do much more than TO
read the proofs carefully. Professor Thorold
Rogers's main contribution to economic science
was the exposition of scientific methods of investi-
cation. This volume, while difuse in style ana
adapted directly to the ecture-room, discloses his
characteristic methods of analysing the results of
original research.
There are twenty lectures as many CONNER
cia and industrial topics, together in this vol
ume without much regard for logical order and
connection; but each is complete and useful
study Among these topics are the development
of industrial skill in England, the progress of popu
Iation, credit agencies, transit, chartered trade
companies, the joint stock principle in capital and
labor the theory of economic rent, contracts for
the use of land, movements of labor and currency,
peasant agriculture and manufacture, home trade
and domestic and economic international competi-
ton, and English economic legislation. All these
questions are discussed with lucdity and analyti-
cal power and the historical evidence bearing upon
each is summed up with painstaking care and
judicial mind Professor Thorold Rogers was an
ingrained freetrader and his conclusions were
strongly cOlored by his English training and pre-
conceptions but in these lectures he did not take
the part of a controverSialist, but rather of a
scientific investigator who had collected great
fund of historical information and sought reason
about it without academic cant. Sometimes Eng
iish prejudice is blurted out as in this sentence
THE subtlest arts of your Bsmarcks and your
Blaincs and the other economic quacks who have
pretended to regulate production and trade on be-
half of municipal local interests are, outside the
limits of the country whose affairs to the misfor-
tune of their patients they are allowed TO admin
lister, of no significance" Such outbreaks are rare
and only serve 10 indicate the authors untimcly
death before he could put the of his lectures
in proper state for judiciOus publication.
One Of the finest chapters in the volume is that
relating TO bimetallism from which the concluding
paragraphs are here reprinted:
Bimetallism would become practicable if every
civilized government would agree TO give
the same artificial value to their silver
coins, and all would guarantee an inter
national currency But they must make
a hXed ratio, and they must enter into
AN International agreement To regulate their
issues. They must next devise penalties and the
means of enforcing these penalties OH those who
violate the convention. by the agency of a pow
erfuI and respected international! police. If they
do not, governments will do IS they always have
done. when circumstances almost established
ratio, coin III the cheapest metal | confess
cannot tell how the convention is TO agree, and
how the police is to be established.
Now lei us suppose this done. and tie silver
coins by the act OF Government, or rather. of
all the governments in unison, dragged up TO gold
prices. What would be the result? You would
have two currencies of equal mint value circulat-
ing instead of one. If / am TO receive a debt. my
debtor pay it in silver coins or in silver cur
rency notes at my pleasure, and l can do the
same with my creditor But by the very terms
of the hypothesis money would be none the more
plentiful, none the cheaper and prices would re-
main unaffected. There would, il Is true. be an
exceedingly difficult machine to wOrk-the inter
national conventions and it would be fortunate
if suspicion to irregular practices did not rien
into conviction, and very violent strain he put
on the intrepational agreement. One thing might
perhaps be gained-a certain class Of traders
would be relieved of some trouble and little
risk. But TO this answer that private interests
are not necessarily tie public good.
Another striking passage Of the chapters on
home trade reveals the results Of English policy in
eecting the destruction of Irish manufactures. the
author bearing out the testimony of every histo-
ran who has investigated the economic misgovern-
ment of the island
More notable still is the effect induced by bad
government. In 1867. when Cromwell ordered an
assessment for Scotland and Ireland, the assess
ment Of Dublin City was more than twice a. high
as that of Edinburgh, the only Scotch town winch
paid as much three figures. Glasgow. now the
second city in the United Kingdom, was then
less wealthy than Dundee, and the taxation
of each was not much more than a hundredth part
Of the London payment. But even alter the
union of the two crowns Scotland made progress.
The progress rapid indeed after the union
of 1905 for the Scottish Parliament laid the
basis of their negotiations in the absolute equality
of the two nations. and in the maintenance OF
Scottish nationality in the Church and the Courts
of Law Scotland claimed and obtained entire
freedom of manufacture and trade. But from the
Restoration onward. much more after the Reyo-
luton and the Treaty Of Limerick, II was the
polcy Of the British Parliament TO destroy the
manufactures and trade Of Ireland with the eN,
ception Of the Ulster linen factories, which owed
their existence or first development to STAFFORD
Now what has been destroyed has never been re,
yiyed though the natural advantages OF ireland
a. home for textile industries are as great as
those of England In point Of fact: the ilfncSS
of Ireland for competition with England IN the
woollcn manufacture and trade was made the plea
for destroying its industry.
Two lectures which are especially admirable Tor
tudicious historical treatment are those in which
economic legislation in England before and after
1871 is reviewed. Perhaps the most marked
characteristic Of these chapters is the frankneSS
with which income taxation, which lies at the base
OF the English nscal system, j cohdeHihcd i"'
author argues that such fax is unfair IN prlncl-
pie and capricous in its incidence IL taxes uncer-
tain or precarous income at the same rate that ii
does certain and permanent income. IL involves
discrimination against professional incomes enables
retail traders TO transfer il 10 the price put on
other goods, and when imposed on Government
securities gives the impression Of coniiscaton
After recounting the vicissitudes of Financial
Ministers and the rise and fall Of the penny III The
income taxes imposed by various Administrations
the author remarks: " | am not conscious of any
bias in what have said or say when allege that
the extraordinary expenditure of Government
seems likely TO he provided, as it has been in re-
cent wears. from the most unfair, indeiensbe, and