The Minneapolis journal., 1902-06-26
The Elements of Political Economy

With Some Applications to Questions OF the
Day BY J. Lawrence Laughlin, Ph.D., pro
= fessor Of political economy in the University
of Chicago. Revised Edition. Chicago: The
American Book company. o.
The first edition of this work Was issued IN
1887 and the author has amplifed it-by In
cluding recognition of certain economic ana
other questions which press more urgently
for discussion than formersly. Professor
.jLaughlin's definitions and arguments are
generally very forcible. Speaking OF the
great combinations of Industrial activity in
this country which amaze the world, he says:
THE great combination can, of course, II
properly managed, obtain advantages OF
cheapened expenses of production through an
exceptional division of labor, thus giving
bodies of labor unusual skill in separate
parts Of the manufacture; and giving, also,
the opportunity to Introduce special machin-
cry, too expensive in small establishments
But, in the main, great industry Is created
and maintained by building up a highly eff
fcient body of selected men, who know the
business better than others. large combi-
patton has the power to pay large salaries
and thus to draw to itself the best manager
ial ability in the country. If wisely managed
the interests of the consumer may be also the
interest of the producer; but this Is not
always the case. ometimes, too great haste
to grow rich, the managers may resort TO
illegitimate means of obtaining results. To
legislatures, or control courts, in order to
obtain special privileges. great combina-
ton of capital Is form of great power,
like high office in political life and 1t may be
liable to abuse. To many the objections to
trusts is that they monopolize the market,
and keep prices too high. This is possible in
some cases. but the danger is likely to be
| overrated and the facts are not always easy
to ascertain, although there are Well-proyen
ncta Of
in general, an entire control of the market
| is not often possible; the source of supply
is very large, means of transportation are
easy rapid and cheap, and in different coun-
tries the interests cannot easily combine IN
| International monopoly. Moreover, demand is
! not always under the control OF the producer:
| he cannot control the subjective estimate of
the voluntary buyer, nor prevent him from
| refusing to buy at high prices, or adopting
| substitutes for the high-priced goods. In
| short, the producer must, in the long run,
| sell his goods so low that it will be the self
| ish interest of consumers ITO buy the COM
| modities on q large scale II this Is not done,
| production on a large scale is impossible. "
AS to abuses of corporate powers, their con-
| troll should be in the hands of the state in
| their activities, not by restricting the right
| to sell cheaper than any other producer, be-
cause being driven out Of business by COM
petitor who can sell cheaper is not an inter-
| ference with Industrial liberty. TO prevent in
| justice publicity Of accounts would be an ef-
| fective remedy. The authors discussions on
| finance and banking and cooperation, the ma
| tional debt and taxation are deeply interest
ing. He is especially clear in the chapters on
| the money question.
The Kings Gallant, or King Henry
III. and His Court. By Alexander Du-
mas. Translated by H. L. Williams. New
York: Street & Smith, 23S William street
| Price ST..
| This book is a novelization of Dumas
Henri I'LL. ct Sa Cour.'' one of his earl,
plays, which, because it marked a departure
| from old dramatic methods and action and pu
| life and reality in historic characters intro
duced, was cried down at first by the dramatic
! critics, but became popular with the play.
gners This is the first time 1t has been put
in novel form, and in some respects it shows
Dumas at his best. and yet is not SO wei
known as many other of his works in this
country like ''The Count of Monte Cristo,
''The Three Musketesrs." etc.
The period of the story is the reign O
| Henry I'LL. of France, when Catherine d.
Medici was the power behind the throne and
the League of ecclesiastical fanatics ant
intolerants sought to compass the destruction
Of the Huguenots. Civil war disturbed public
safety and Henry's mobiles quarreled among
themselves The Duke of Guise, leader of th,
and his violent death is finely described. Th,
court OF Henry, with its loves and dntrigue
and tloody episodes, passes before the reader
A man of that period like the Count Of st
Megrin, the kings fagorite, had to be Yerv
expert with his portable arsenal to save hi,
own head.
The Government. What 1t Is, What ii
Does. BY Salter S.. Clark, author Of Clark
..Conmercial Law Chicago: American
Book company. Price, Is cents.
This is a very admirably written book. TIL,
author has, in simple and persDicuous Ian
guage, shown the essential, practical par
1 government to-day takes In everyday life
and points out the true meaning and value o
the theory and practice of government by tht
j people It is shown that the science of gov:
ernrnent is not an Interchangeable process, but
with the progress Of the world, new problems
Of government have to be solved. as has beeI