Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-08-09
hook Notices.

Book Notices.
MONEY AND BANKING ILLUSrRA-
TED BY AMERICAN HISTORY. BY
Horace White. Boston and London:
Published by CHM q Co.
This is an exceedingly valuable book OF
$50 well-printed and amply indexed pages.
1t is full of information. The author is
opposed TO free silver, but he favors a
better banking system. He says:
1T is apparent that the first step to-
ward rational banking system is the
retirement and cancellation Of the legal
tender notes and the restriction Of the
Treasury TO the duties for which it was
originally and solely designed. When this
is done the public mind will be so cleared
that other reforms, and especially bank
ing reforms, may be hopefully undertaken
Although banking is here treated his
torically, this volume must not be taken
as a history OF banking. 1 have merely
selected such parts as serve to illustrate
the principles OF the science TO show what
should be striven for and what avoided.
The work of John jay Knox, published
after his death in Rhodess Journal OF
Banking. was left in an unfinished state.
If his life had been spared to give it the
completeness and finish of his lesser work
on United States Notes. there would
have been little left to be desired. Under
the circumstances there is still room fol-
such a work which should be a co-ordina-
ton of facts and principles showing the
movement of ideas.
my opinion is that the Scotch bank sys-
tenn is the best in the world. and that we
might borrow from it, as the Canadians
have done, TO our advantage. There are
only ten banks in Scotland. but they have
nearly one thousand branches, reaching
every hamlet in the nation. Deposits are
received and loans are made at each
branch, but the branches pay out only
the notes Of the bank. which are redeem
able at the head office. So It is necessary
TO have real money only in one place in
stead Of perhaps one hundred different
places At the branches the banks cir
culating notes answer the purposes OF re-
tail trade, while checks drawn against de-
posits answer all other purposes. Thus the
maximum of business is done with the
minimum Of capital which is the raison
detre Of banking. In other words, credit
has been systematized in Scotland to the
last degree, and is found 10 answer all
purposes so long as the paper sovereig'
can be converted into the gold sovereign
at some convenient commercial centre, at
the pleasure Of the holder.
Il nave Dccu WIllilS Oh THESE SuhJcCt.
in lectures and magazines several years.
Thus the greater part of the chapters on
the gold standard was published in a
pamphlet in 1898, but It has been rewritten
and important additions made. There may
be some other passages that the reader
ha sseen before, but the text is my own
except where credit is given to others.
New York. August, 1895. II. W."
The selling price OF the book IS not
stated on the copy that we have.
THE PURPLE EAST. 4 Series OF sonnets
on England's Desertion OF Armenia.
BY William Watson. Chicago: Stone &
Kimball. London: John Lane. 1896. ltmO
Pages. 49, IS cents.
The author Of these sonnets was I'M
derstood 10 have been an aspirant 10
succeed Tennyson as Poet Laureate OF
England. but the spirit which breathes
in these verses is far from that OF
courtier poet The booklet contains
eighteen sonnets-252 lines in all-p0b-
ushod at different times during the last
eighteen months. The earlier sonnets
ELECTED from his successful rival, the
present Poet Laureate. a poetic response
OF indignant rebuke, which provoked two
or three Of the later sonnets in this
booklet. our sympathies are with the
author much more than with the Lau-
q
10 seek in a few lines Of verse to arouse
a public sentiment among so conservative
a people as those OF England, which
would force reversal Of the action, or,
rather. the non-actiOn OF the Ministry. 1t
has been suggested that the forbearance
OF England was measureably due 10 the
warcloud which Mr.. Cleveland's mes
sage TO Congress upon the Venezuela
dispute provoked. IL so, It is not mat
ter Of pleasant reflection 70 Americans
that our country is partially responsible
for the immunity which Turkish barbarity
has thus far enjoyed in its ievilish
cruelty to the Armenians.
These sonnets can scarcely be conceded
poetic merit OF the highest order but
they are fully up TO the standard Of many
OF the aforetime laureates OF England.
We cannot help thinking that the author
had somewhat in mind the word painting
Of Sheridan's great phlllippic against
Warren Hastings. in his denuneiation or
the wrongs inflicted upon India by Eng
land and had some ambitious aspirations
10 share TO modified extent the eulogy
OF Byron In his noted monody upon
Sheridan's death:
When the loud cry OF trampled Hindos-
tan
Arose to Heaven in her appeal from man,
His was the thunder. his the avenging
rod.
The wrath. the delegated voice of God,
which shook the nations through his
lips and blazed
TIL vanquished senaies trenbled as they
praised"
A Novel. BY Frank Frank
fort Moore. author OF Il Forbid the
Banns." sale OF Soul" etc. New
York: r. Fenno & Co. 1896. Pages. S72.
illustrated.
This Is a very readable story OF West
ireland. the English settlements OF South
Africa. and n long voyage between them.
A good part OF II IS taken up. with the
savjngs and doings OF the various pas
scngers during Nat trip. Daireen Is the
daughter Of Colonel Gerald. an officer
on high standing I'm the British army, who
was very IN In India, and had been caS
r,ed 10 Cape Town, and might die there.
yet she obeyed the summons 10 go
thstrer. She is loved devotedly by one
OF her irish neighbors, who becomes