New-York tribune., 1893-12-28


| Gnement Of reasoning mower and the conclusion
is reached that neither of these Is susceptlpie
of arbitrary division and redistribution. Inc
! aurhor considers in turn various factors In the
production of the national income, such as lalid'
! machinery or fixed capital. and circulating OF
wage capital. and demonstrates that the chlei
productive agent in the modern Word IS not
/ labor but ability or the faculty that directs
| labor. He exposes the confusion IN noclailHtc
/ thought respecting the main agent IN MODERN
| production. and contends that ability is nat
ura monopoly due to the congehitai pecu"-
aritIes Of minority He demonstrates that
ability produces at least eight-hlr'een'hs Oh '"t
present income of the United Kingdom and
labor at the utmost lve-thirteenths; or, IN more
practical terms. that 96 per cent of the produc-
ing classes contribute little more than onc-thiTu
of the national income, and that minority
| comprising ore-sixteenth Of those classes pro-
duces little less than two-thirds OF II. II thei'
the increase or maintenance of the average III
come be the supreme object Of human gov
crnment the exercise Of ability must not pe
intorferad with. Otherwise the increment Of ma
tioral income will dwindle and disappear. Ability
p directs labor. and capital Is its instrument
The factors Of national wealth are not Iaoo'
and capital. but two bodies Of living men, i"po'-
ors and mon Of ability. While all social cond-
should
70 stimulate the exercise of ability under ihr
most favorable conditions by the nature OF 'Hc
rewards offered for it. yet a considerable por-
tjon of the wealth produced by it may be han9ed
o,er IN labor without detrment. This IS repre-
eonted as the sole process by which labor mas
improved It's position during the ast "uH'' ="
wears or by which 1t can ever nope ~ I'M
prove it further in the future
The authors chief proposition Is that the
future and hopes Of the laboring Classes "le
bound up with the prosperity of the classes WHO
exercise ability. Fifty years ago no orea'"'i
could have venturcd to hope mat III Ni'"'
Britain the wealth Of those VINO were 'nch '''"
could be taken away; that a sum equal to the
rent of .he whole landed aristocracy' al '"'
interest On capital. all the profits Of commerce
and manufactures could be added To What was
then the income Of the aboring classes. l'ul
within fifty wears the same number Of lab3FeTs
and their families as then formed the Wh"'
,aboring nopulation Of the country have come
i,to the nossession Of what was then the en-
fire national income: they have gained all tha'
they would have had II every rich man IN Inc
United Kingdom had given all that ne h'u '''''
the treasury Of labor; not only that, bN' Io'N-
seven millions of pounds sterling more. l"'S'
gains have been made in large part from 'he
proceeds Of ability under circumstances Wh''n
have stimulated its productive power ana noun
ing can stop this process except an m'r'a "'
population in excess Of the increase in TIE pro-
ductive powers Of ability. The author from
these considerations finds enormous encouf't'-
MON. IN the nrcsent condition of the laboring
classes since tho normal forces OF distributor
are all in his favor and their prosperity IL
nonds rron the continued action Of ability and
the best conditions for securing its operation.
His hook IS a remarkable contribution to the
economic literature Of the day. Is written III
o nonular vein. and can hardly fail 10 exert
wholesome and beneficial influence upon public
thought
Professor Commons IN his treatise on The
Distribution If Wealth." considers land. capital.
personal abilities. monopoly privileges. rights ''
property and other factors of the problem. lie
also discusses the laws Of rent and diminishing
returns and has well-writtcn chapter 'n value
price and cost. He arrives at the conclusion
that the struggle between capital ana labor -
at bottom a conflict between capital and labor
on the one hand and the owners OF oppor-
tunities' on the other lie makes effective use
of The Trbune's investigation Of the origin oi
the fortunes Of American millicnaros. re
describes it as undertaken 10 show that IN" sys-
TEN Of protection has not been the main cause
for monopolies and great fortunes. and declares /
that the proposition was amply Cf'Ili'lnti''''i.
The summaries. he remarks. show that about .
per cent of the fortunes were derived from
permanent monopoly privileges and only p per
cent from competitive Industries unaided ly
natural and artificial mcnopolies. and mostly
obtained from manufactures based on patents.
'Besides" the author adds fortunate invest /
ments in real estate, stocks etc, have often /
contributed to fortunes whore they DO not ap- .
pear prominently" The author analyses the /
tables in his own way. and points the moral that
tax reform should seek to remove all burdens .
from capital and labor and impose them on +.
monopolies
Golden prizeman. Arthur T.. Bow'cy has |
rccast his essay on England's foreign trade. and I
enlarged it so to bring it within the scope /
of the Social Science series. Ii contains ,
great mass Of imperfecty digested Information +
and ten excellent diagrams. As much perhaps /
can be learned from the plates as from the text. ,
and without the diagrams the essay would /
hardly have meri,ed its place in valuable f
series of social science manuals
Professor Mlnro's elementary textbook for .
commercial classes in schools and colleges merits .
commentator for aimplicty Of style and luc!dty .
OF statement. II is a practical manual for .
accountants and young business men. who +
attend lectures on commercial law in large Eng
lsh towns. or In schools and colleges. aHd IS .
designed 10 take the place Of larger and NOR"
elaborate works which are too advanced for nr-
ginncrs. 1t deals with mercantile property, D.
contracts bankruptcy. insurance and other .
matters Of everyday commercial practice. Tho .
illustrations are taken from cases decided I'm th"
English courts. 1t is study of English COM
incrcial law, and is model which might be-
copied with marked advantage b. an Amori-
can author in the same field.
Dr. Sch;inles work on the THEORY and Policy
OF Labor Protection" vinGicatcs tho German
Emperors policy in tn, convocatior In the Berlin
Labor Conference from the charge Of being
revolutionary. The author. while Convinced Of