REV. DR. HENRY S. LUNN, Editor "Review of the Churches,” London, England. Dates of the Tours. I. Leave New York July 3d, or any August sailing, returning when desired. The Round Tour for $200, first-class passage, land traveling and hotels included. The Round Tour for $250, saloon passage, land traveling and hotels included. IV. and IVa. Leave New York July 3, returning when desired. New York, London, Grindelwald, Lucerne, Geneva, Turin, The Round Tour for $300, first-class passage, land traveling and hotels included. Tours Prolonged at Option. The $200 Tour to Grindelwald includes transatlantic stateroom accommodation both ways by the American Line, return railway transportation from London to Grindelwald, and hotel accommodation in London, Paris, Grindelwald and Lucerne, with the option of extending the tour to Zermatt, Chamonix, etc. The tour can be prolonged at an extra expense of $2.50 to $3.00 per day. During 1894 over four thousand English people traveled from London to various parts of the Continent under the arrangements which Dr. Lunn made for them. The annual Conference for the Reunion of the Churches which he established at Grindelwald in 1892 has been attended by the Bishop of Worcester, Bishop Vincent, Rev. H. P. Hughes, Dr. Charles Berry, Père Hyacinthe, Lady Henry Somerset and Miss Willard. Among those who have lectured in Rome have been the Bishop of Peterborough, Archdeacon Farrar, Mr. Haweis, Professor Mahaffy, Dr. Cunningham Geikie, and other eminent men. Full Particulars of these Tours on Application to The Pilgrimage Secretary, "Review of Reviews," Astor Place, New York. Published Monthly by The American Society for the Extension of University Teaching. 10 Cents a Copy. Philadelphia, July, 1895. $1.00 a Year. University Extension is for the people. It aims, through instruction by University men, to make life more interesting and enjoyable; to awaken a sense of responsibility; and to encourage habits of sound thinking and right conduct. MACMILLAN & CO.'S NEW PUBLICATIONS. NOW READY. VOL. I. A HISTORY OF ENGLISH POETRY. By W. J. COURTHOPE, M. A. Vol. I. THE MIDDLE AGES: INFLUENCE OF THE ROMAN EMPIRE; THE ENCYCLOPÆDIC EDUCATION OF THE CHURCH; THE FEUDAL SYSTEM. 8vo, cloth, $2.50. "What we have already said will probably suffice to show that it is animated by a large and humane historical spirit, equally remote from laborious antiquarianism and rhetorical aestheticism-from grubbing and from gush. Mr. Courthope is a student of origins and developments; yet he does not forget in his care for seed, stalk, and leaf that it is after all the flower, the thing of beauty and fragrance, which gives the organism its meaning and 'to which the whole creation moves.'"-Daily Chronicle. Italy and Her Invaders. By THOMAS HODGKIN, D.C.L., Oxford and Durham; Litt.D., Dublin; A History of Newfoundland from the With a Prefatory Note by EDMUND GOSSP. With 34 Collotypes, over Life and Labour of the People in London. The Sexes Compared, and Other Essays. By EDWARD VON HARTMANN, author of "The Philosophy of the Unconscious," etc. Selected and Translated by A. Kenner, M. A. 12mo, cloth, pp. 164, 90 cents. Fingerprint Directories. By FRANCIS GALTON, F.R.S.. D.C.L., Oxford, and Hon. S.C.D., Cambridge. With Plates. 8vo, cloth, pp. 149, $2.00. Fifty Years; or, Dead Leaves and Living By the Rev. HARRY JONES Prebendary of St. Paul's, author of "Holi- THE FIRST VOLUME NOW READY. THE NOVELS OF H. DE BALZAC. Edited by GEORGE Saintsbury. To be completed in about 40 volumes, published monthly. Translated anew by ELLEN MARRIAGE. With a General Introduction to the Series, and a Special Introduction to this Novel, by GEORGE SAINTSBURY; and a Portrait and Two Full-Page Etchings by W. BOUCHER. 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AMERICAN BOOK New York, Cincinnati, Chicago, Boston, In our last issue we spoke warmly about the gift of President Seth Low to Columbia, and especially of the wisdom of so giving as to increase the usefulness of an established college of good repute, rather than to create a new seat of learning inadequately endowed, that an individual may be exalted or a name perpetuated. The gift by Provost Charles C. Harrison of half a million dollars to the University of Pennsylvania, follows so closely upon that of Mr. Low to Columbia as to indicate that both of these gentlemen must at the same time have been making up their minds to do similar things. Each attaches the name of his father to the endowment created. To inherit wealth and opportunity, and to make such a use of these advantages as to command to an unusual degree the respect of the community should certainly entitle a man to ennoble his ancestors. To be able to establish a perpetual fund for the advancement of learning, and to make it an example of loving and grateful recognition rather than an instance of personal vanity is unquestionably a very high privilege in the use of which there should be abundant satisfaction for the giver. The discussion of the silver question involves so many of the subtle and disputed theories of political economy that the real point at issue is easily obscured or forgotten. Does the value of money vary with the quantity in circulation, or does its value depend mainly on the cost of production? What effect upon the value of money has the use of credit instruments? Has there been any real appreciation of gold during the last twenty years, or is the apparent appreciation due to the lessened cost of general production? These are all important questions, and they must be answered correctly before a scientific and satisfactory solution of the money problem is possible. But the practical question which at present vitally concerns the American people, is this: Will the unlimited coinage of silver at 16 to 1 in the United States cause such an increased demand for silver that 371 grains of silver will buy as much in the world's market as 23.22 grains of gold? In other words, will the silver dollar possess as great intrinsic or metal value as the gold dollar? Unless the friends of silver can make it clear beyond a reasonable doubt that that question can be answered in the affirmative, they are asking the American people to enter upon a road that leads to national dishonor and bankruptcy. Granting that the bimetallist's theory of money is correct, namely, that the value of the precious metals arises from their use as money as much as from their use in the arts, or even more from the former than from the latter use, what is the reason for believing that the free coinage of silver in this country will so increase the demand for it that an ounce will rise in value to $1.29? In other words, why should the silver in a silver dollar, now worth only half as much as the gold in a gold dollar, more than double in purchasing power? The money in this country now includes about $627,000,000 in gold, $650,000,000 in silver, $346,000,000 in greenbacks, and $207,000,000 in National bank notes, making a total of about $1,800,000,000. If the greenbacks and bank notes are to be left undisturbed, it is evident that an addition of only $627,000,000 in silver money must either drive all the gold out of circulation or, what amounts to the same thing, raise prices above the present level, for according to the bimetallist's theory prices must rise if, other things being unchanged, the volume of money is increased. The demand for silver resultant upon free coinage cannot exceed $627,000,000 without inflation, that is to say, without cheapening the dollar. That is a conclusion to which the advocates of free coinage are driven by the very logic which in the first instance makes their theory seem plausible. So the question simply is Will a demand in the world's market for 480,000,000 ounces of silver raise the price from 66 cents to $1.29 an ounce? The world is producing silver at the rate of nearly 200,000,000 ounces per annum, and as many mines are now idle because of the low price of silver bullion, it is pretty certain that any increase in the value of silver would considerably augment the annual out-put. total amount of silver in the world available for monetary purposes is estimated to be worth about 8000 million dollars at $1.29 per ounce. The actual market value of this mass is now only 4000 millions. Is it possible that a single nation by offering to purchase onethirteenth of this total stock, a quantity that can even now be profitably mined in a little over two years, will make a permanent addition of 100 per cent to the value of the whole? The This is a question which the silverites must not ignore if they wish to prove themselves friends of honest money and commercial honesty. The fact that they do ignore it in their discussions may be regarded as evidence that they fear it and that their motives in the advocacy of silver are not, as they boast, patriotic and philanthropic, but political and mercenary, or that they do not understand the issue which they have precipitated. A close examination of any department of the government of Philadelphia is almost sure to reward the investigator. It may be of interest to those who concern themselves with municipal affairs to know that while the average of gas made and unaccounted for, i. e., leakage, in other cities is about 8 per cent, in Philadelphia it is nearly three times that amount. The reports of the Board of Gas and Electric Light Commissioners of Massachusetts show that, in the case of the Boston Gas Light Company, the gas made and unaccounted for in 1892 was 1.64 per cent; 1893, 2.05 per cent; 1894, 1.60 per cent. The reports of the Philadelphia Bureau of Gas show the gas made and unaccounted for in 1891 to have been 12.08 per cent; 1892, 13.66; 1893, 14.63; 1894, 21.49 per cent. The average leakage for the Boston Gas Light Company from 1892 to 1894, inclusive, was 1.76 per cent; for Philadelphia in the same period the average leakage was 16.59 per cent. The leakage for 1894, in Philadelphia, was 1,003,856,929 cubic feet, worth at $1.00 per 1000 cubic feet, $1,003,856. If the Philadelphia practice were as good as that of the Boston Gas Light Company in the same year, our gas unaccounted for in 1894 would have amounted to only 74,680,832 cubic feet, worth at $1.00 per 1000 cubic feet, $74,680. Bad practice, together with other disadvantages for economical distribution, the most important of which is perhaps undersized mains, has resulted apparently in an unnecessary loss of $928,376. Although it has been supposed that the leakage account was swelled by not charging the city lamps with all the gas burned, the facts as reported seem against this supposition, and the figures given, after all allowances are made, will convince most people that the management of our gas works, by the showing of the reports of the Bureau, is abominably bad; |