The Providence news. (Providence [R.I.]) 1891-1906, 1895-02-26

milan a. Co., New York. II. Gregory,
Providence.
This book, small as ii is, essays q large
task-no less than solution Of the
money problem-and brings forth a plan
that is, to say the least, novel and
interesting. But the author
goes over ground that has
been trampled into almost unrecognizable
mud by myriads OF writer's before him, be-
fore he gets to his own theory, and re-
serves but little room for elaboration or
explanation, which Is more often than
otherwise distinct advantage for
a scheme that is bold and revo-
lutionary as we'll as novel. Mr.. Fonda
devotes about three fourths OF his book
TO setting forth his ideas upon value ana
money, TO comment on existing and pro-
posed monetary systems, to comparisons
OF gold and silver standards, to
foreign commerce, etc. Then he
comes to his proposed standard
OF value. This Is to be established by
taking number of commodities and as
certaining the average price OF each In
their principal markets for few years
past, and the approximate amount OF
each consumed annually In this country.
"From these data" to quote, "a table
should be prepared showing the amount
one dollar would have purchased on the
average, OF each of the commodities for
the time determined, and from this final
table should be made taking such multi
piles of the amounts found in the previous
table as should represent their proportion
ate consumption-ip other words, their
relative Importance in trade. For example,
suppose the time selected were five years,
as representing twice the average time ex-
isting debts had run; that during
that time one dollar would have bought,
on the average, 1.25 bushels OF
wheat, or three bushels OF corn, or 100
pounds Of pig Iron, or 10 pounds OF cot
ton, all OF specified grade in specified
markets; that, further, the Importance OF
each of these commodities in the trade OF
this country was in the approximate pro-
portions OF 8, 3, 2 and /, respectively"
Thus the final table would show:
Bx L95-s.25 bushels of wheat .............-s5 IS 90
3x 5 9bushels of conn. .......... J 90
100 200 pounds OF pig-iron -. .. .......-s 90
TX 10 l0pounds Of cotton. ..,. ......a- i 90
Total. =. sli 90
This shows Mr.. Fonda's method OF ar
irving at a standard of value. His dollar
would be one-eleventh OF the sum of the
'alues OF bushels OF corn, 6.25 bushels of
wheat, 200 pounds of pig iron and 10
pounds Of cotton. To avoid injustice to
creditors he would take for period over
which prices should be taken in arriving
At the standard twice the period existing
debts have run.
Having deterWlSaed upon a just stand
ara OF value, Mr.. Fonda would have
paper currency issued that should be
legal tender for all public and private
debts, except such as whose terms de-
mand gold. These notes would be- the
Same as our present greenbacks, except
that instead OF promising TO pay a definite
quantity OF one commodity OF huctuating
or uncertain value they would promise to
pay definite value: and they would be
made reduemsbie in any commodity at
its current market price, and bear
printed upon them the Governments
pledge that their volume sdould at all
times be 80 controlled that their purchas-
ing power would conform 10 the standard
on which they were based.
This money would be put in circulation
By loaning II on approved securities, such
Is Government and other bonds, ware
house receipts, gold aud silver deposits,
solvent banks, or such other securities as
banks and trust companies loan upon,
the rate OF interest charged to go down as
prices declined and go up as prices appre-
ciated, and the existing silver ana paper
money would be redeemed with the new
notes.
This meager outline but lily shows Mr..
Fonda's plan, and omits all the points OF
argument he uses to explain and advocate
1t, yet 1t gives its salient points with suf-
ficient clearness TO challenge judgment.
1t comes from Denver, which fact need
not be regarded as an unans vera BILE argu-
ment against it. 1t is to be noted that
Mr.. Fonda offers it in a tentative spirit,
seeming not TO be wholly convinced him.
self, and certainly not in the least dog
matte or prejudiced. Macmillan & Co.,
New York; ii. Gregory, Providence.
The Bookman Is new I" literary
Journal" begun by Messrs. Dodd, Mead
q Co. IL seems to b. part reprint from
the English periodical OF the same name
and part American original. The first
number Is exceedingly interesting,
though the exclusively English por-
tion seems somewhat too large. The
English Bookman is edited by
that literary mascot, DIR. Robertson Nicoll,
who has discovered more popular au-
thors than Mr.. Stanley has African won
ders, and who is at present in high feather
with English writers. The American
"Bookman" is edited by Professor Peck
OF Columbia college and Mr.. James Mac
arthur, neither of whom are especially
well known as librarians. With
one exception they have made
good beginning, however, and
may easily prove that notoriety
is not an essential editorial attribute,
as has been proven hundreds Of times al
Tn. -.Ia.n. A. A.