The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-27

capture the old navigator.s name The
other people are only Canadians, Mexi-
cans, Guatemalans, Colornbians, Brazil
ians, Venezuelans, etc. Science, art,
literature, diplomacy, characterize aus
Americans.
NEwtBooks.
THE PRINCIPLES OF MONEY. By j. Lau-.
renee Laughlin, Professor Of Political Economy
Elements Of Political Economy Etc. New
York: Charles Scribners Sons. Minneapolis:
N. Mccarthy. Price, So.
Professor Laugh1in has shown in. his
former books on the. money question and
political economy a real ability. to clarity
the obscurities Of these subjects and cor
rect the many misconceptions Of the func-
lions of money. He fought q. good fight
for sound money during the last two polit-
1cal campaigns, and, in this volume,
which Is his masterpiece, he offers a
treatise embodying a scientific. statement
Of all the principles Of money, with intel
ltgent comment, devotfng due attention to
an analysis Of the laws regulating the
value Of money, and the theory of prices.
He proposes to follow this volume with
others on metallic money and Its history
In the United States, paper money here
and abroad, and on banking making
complete treatment Of the subject of
money In. the present volume the pro
lessor discusses the historical develop
ment of forms Of money from the prinli-
tive cowry she'll, skins of animals. tobacco,
to the money Of the higher civilization,
as a medium Of exchange, coins being re-
sorted to for convenience; indestructibility
and portability. There are an analysis Of
credit and: It's effect on prices with the
noteworthy tables Of prices by various
authorities chapters on the quantity
theory Of money, the relations Of prices to
foreign trade; a sketch Of the history of
the origin of legal tender in Great Britain;
a study Of the: economic effects Of legal
tender on the value Of money and an ex-
animation Of the laws regulating the value
of token coinage and paper money
notably as regards redemption. The pro-
fesser has sought to avoid obscure tec1ni-
cal terms and makes his text perspicr-
Gus for the general reader. There are
discussions of the standard question and
why the precious metals have been chos-
en-; Of the functions and forms Of credit;
crises; credit and prices, the currency
function of deposits and the test Of the
solvency Of deposit currency in time
of depression or Of panic and the practi-
| cal relief furnished by clearing house Ger
tificates, which a bank can use to aid a
| oppressed borrower to meet maturing
engagements. The professor shows that
! the actual specie carried plays but a sec
ondary part in the operations Of buying
and selling. paying and receiving, the
function of checks in exchanging goods
| being precedent. The professors discus
| sion Of the quantity theory Of money is
a strong scientific demolition Of that most
| IRA uonal theory which has been blindly
accepted as fact by many alleged Ameri-
can statesmen. In the chapter on .sThe
/ Amount Of Money Needed:,by a Country
/ the professor deals With a l. very i'm
/ portant subject and, very. properly lays
1 down the principle that when the stand
ards pernanence is assured and all doubt
| as to the immediate -convertibility of the
| media Of exchange into that standard is
! removed, the expansion and contraction
1 Of the currency can be with condolences left
| to take, care Of itself. The chapter on
1 Gresham's law is a notable exposition Of
| the invariable effect Of trying torkeep two
! kinds Of metallic money in concurrent
4 circulation, when the f1xed legal ratio Of
! one differs from the market value, the
| baser coin remaining in circulation. The
1 professor effectively uses the experience
! of this country between 1892 and 1884, and
between 1862 and 1879. The volume is the
| most able comm entary and exposition of
the principles OF money, which has yet
/ appeared.
AUGUSTUS CAESAR AND THE oRGAN1zA.
i B. Firth. Late Scholar Of Queens College, OK
ford. New York; g. F. Putnam's Sons, q
Meoart6y Price, si.5e illustrated y
The author notes that he has found ne
biography Of Augustus in English, prob
ably because the character is a some
what perplexing one. He. has, however
given a very interesting account OF Au-
gustus's part in the establishment Of the
| empire and has succeeded well in bringing
out his personal characteristics SO fa1
as known. -Merivale, in his history, gives
the student a, very clear view Of the work
OF Augustus and the author draws some
what from him. The blow which struck
at the Roman Republic was delivered be.
fore OctaVius entered upon his public life
Caesarism was a1eld before octavius came
to the front, and Brutus and Cassius die
not kill Caesarism when julius Caesar was
4 assassinated. The republic, after that
act, was in5:the chaos Of the struggle 10,
the mastery of the Roman world, which
was. accomplished after thirteen years BY
Julius Caesar, who at first posed as the
champion OF the republic. The young
man had overthrown his rivals one after
another and, at SO, he was master Of tho
q Roman world, absolutely and under the
old republican forms and names hi
founded the empire. He welded together
the whole Roman world In one organiza
ton. Of which he was the head. Fl,
brought, to 1t the security Of the ancient
civilization, and law and order II,
showed himself a practical and craft,
statesman. The author sees in Augustus
& no heroic figure. He kindles no enthus
iasn but as the promoter Of order AM
q business and security, he was a great sue
Il cess. &
PHILLIPS BROOKS. "A STUDY. By williau
Lawrence, D. d., Bishop of Massachusetts,
Boston: Houghton, Alif6in & Co. Minneapo
lis: N Mccarthy. Price, so cents
This volume contains the address deliv.
cred by Bishop Lawrence in January ii
Boston on the tenth anniversary OF the
q death of Bishop Phillips Brooks. Few
men in recent years have had so much
written and spoken about them appre-
ciatively, as the late Bishop Phillips
Brooks. His sermons and writings have
been published by the hundred thousand
Yet Bishop Lawrence, in this study, finds
in him new reason for adniration. Doubt
less the deep regard In which DR.. Brook.
continues to be held is because he con-
4 Veyed In his sermons and in his own life
a vivid idea Of what Paul meant by tht
s, expression fellow citizens with the saint.
and OF the household OF Cod and wha
1t means to be "alienated from the life o
Cod AS Bishop Lawrence puts 1t, 9TH,
truth of the incarna ton was the centra
truth Of his life, thought and preaching
For him it solved the pressing problems
Of life and nature, and knit the universe
God and his creation into living unity
= il Eroo1xS cOnsenfedS with relIi~far,naES