the same time it obviously points to a distinction which is not without economic consequence. For, while it may be true that no sharp line can be drawn between the functions of money in this sense and those of several other forms of currency, there are unmistakably certain broad general differences, too important to be neglected, between their respective modes of operation,- differences based both upon the size and sorts of the transactions which they perform, and upon the varying rapidity and duration of their circulation.

It would appear then that, by using the term in this sense, one will incur less terminological censure than by any other course, will give the least possible occasion for misinterpretation, and will make a technical name available for an idea of some importance which is not otherwise easily designated.

A. P. ANDREW.

and by Sir Robert Peel and most of the other defenders of the English Bank Act. In opening his discussion of the principles of the act, Peel said: "In using the word 'money,' I mean to designate by that word the coin of the realm and promissory notes payable to bearer on demand. I do not include in that term bills of exchange or drafts on bankers or other forms of credit." The fact that they "pass from hand to hand without indorsement" he spoke of as a significant distinction of bank-notes. This, too, was substantially the conception of Francis A. Walker; see his Money, pp. 395-409, and Money, Trade, and Industry, pp. 1-17.

NOTES AND MEMORANDA.

INDUSTRIAL COMMISSIONS IN THE UNITED STATES AND IN AUSTRIA.

Under an act of Congress, approved June 18, 1898, the federal government has undertaken to follow the example of England, France, and Belgium in establishing a commission for the purpose of studying problems relating to industry with a view to formulating remedial legislation. The act provides that it shall be the duty of the commission to investigate questions pertaining to immigration, to labor, to agriculture, to manufacturing, and to business, and to report to Congress, suggesting such legislation as it may deem best upon these subjects.

The commission consists of five members each from the Senate and House of Representatives, and nine other persons, who shall fairly represent the different industries and employments, appointed by the President. The members appointed on the part of the Senate are Senators Kyle, of South Dakota ; Penrose, of Pennsylvania; Mantle, of Montana; Mallory, of Florida; and Daniel, of Virginia. Those appointed on the part of the House are Representatives Gardner, of New Jersey; Lorimer, of Illinois; Livingston, of Georgia; Bell, of Colorado; and Otjen, of Wisconsin. The members appointed by the President are Messrs. Andrew L. Harris, of Ohio; S. N. D. North, of Massachusetts; Ellison A. Smyth, of South Carolina; John M. Farquhar, of New York; Eugene D. Conger, of Michigan; Thomas W. Phillips, of Pennsylvania; Charles J. Harris, of North Carolina; M. D. Ratchford, of Ohio; and John L. Kennedy, of Washington, D.C.*

*Of these gentlemen, Mr. North is the secretary of the National Association of Wool Manufacturers, and was special agent for the Eleventh Census. Mr. Ratchford is president of the United Mine Workers' Union; and Messrs. Farquhar, Kennedy, and Donnelly (the secretary) have also been associated with labor or

The commission has organized, with Senator James H. Kyle as chairman, Thomas W. Phillips as first vice-chairman, John J. Gardner as second vice-chairman, P. H. Donnelly, of Chicago, as secretary, and William E. Sackett, of New Jersey, as chief clerk and disbursing agent. The headquarters of the commission are in the Bliss Building, Washington, where all communications intended for it or for the various sub-commissions and officers should be addressed.

Five sub-commissions have been created, as follows:

1. On Agriculture and Agricultural Labor, Andrew L. Harris, chairman.

2. On Conditions of Labor and Capital employed in Manufacturing and General Business, Ellison A. Smyth, chairman. 3. On Conditions of Labor and Capital employed in Mining, John W. Daniel, chairman.

4. On Transportation, Thomas W. Phillips, chairman. 5. On Statistics, S. N. D. North, chairman.

The commission also has three standing committees, as follows:

1. On Organization, S. N. D. North, chairman.

2. On Business, Eugene D. Conger, chairman.

3. On Procedure, John J. Gardner, chairman.

The chairman of the commission, Senator James H. Kyle, is chairman of the Senate Committee on Education and Labor; and the second vice-chairman, Representative John J. Gardner, is chairman of the House Committee on Labor.

The purpose of the commission, as declared in a report of its Committee on Procedure adopted by the full commission, is to ascertain the nature of the existing legislation of the several States and of the United States bearing upon industrial conditions, the actual operation of that legislation in its relation to the workingman, to the manufacturer and business man, and to the consumer, the character and effects of similar legislation in foreign countries, and how far it is applicable or desirable in the United States, and what legislation, if any, along new lines, is practicable or desirable for the improvement of

ganizations. Mr. Harris is a farmer, formerly lieutenant governor of Ohio. Messrs. Smyth, Conger, Phillips, and Harris are in business life. Messrs. Farquhar and Phillips are ex-members of Congress.- Editor.

industrial conditions, with a view to determining how far it is possible to frame uniform industrial laws, the adoption of which can be recommended to Congress and to the legislatures of the several States.

The government has not before commissioned any office to discuss proposed solutions of labor or other social problems or to make recommendations as to reform legislation. The establishment of the Industrial Commission is the first to attempt to ascertain, for the guidance of Congress and State legislatures, the bearing of laws and to apply the information in hand.

Each sub-commission will prepare a syllabus, in accordance with which testimony will be taken. Prior to the work of the sub-commissions the general commission will consider the subjects of combinations and trusts, education, immigration, taxation, and other kindred questions.

The ultimate results of the work of the commission in each of the fields of its inquiries are to be presented for approval by the full commission before they are transmitted to Congress, with such recommendations as the whole commission may decide to be appropriate and valuable.

The commission has also decided that it is impracticable to print all the testimony that may be offered to the several sub-commissions; but all testimony will be carefully indexed, both by subject and by witnesses, so that it will be easy for the members and for others to turn at any moment to any testimony which shall be taken. When the work of the commission in collecting information and data is completed, an enormous amount of service will be required to digest and formulate the matter collected. The commission is already actively engaged in its arduous undertaking, and the results will be looked for with great interest.

By virtue of an imperial decree dated July 21, 1898, a Bureau of Labor Statistics was created in Austria, and began operations October 1, 1898. Dr. Victor Mataja has been appointed its chief. The appointment is an eminently fit one, and insures the success of the new office.

The ministerial proclamation announcing the formation of

the bureau defines its duties to be "the systematic collection and preparation of statistical data relating to labor, and the periodical publication of the same for the purposes of social and economic legislation and administration." As the bureau was not created by legislative enactment, it has no compulsory powers. Its duties and work are thus along the line of those of kindred offices in the United States, Great Britain, France, Belgium, New Zealand, and other countries. But a new body, having an auxiliary function to work in connection with the Bureau of Labor Statistics, is the result of the ministerial act creating the bureau. This is a permanent Auxiliary Council of Labor, consisting of thirty-two members, eight of whom represent the various government departments. Of the remaining twenty-four, who are appointed by the Ministry of Commerce, eight are employers, eight are workingmen, and eight are specialists. The auxiliary commission is to give advice as to the subjects to be taken up by the bureau for investigation and in facilitating the carrying out of the work delegated to the bureau by bringing together for consultation representatives of the various interests affected.

It is the intention of the government that the bureau shall take up the preparation of annual strike reports, statistics of labor organizations, the question of the reform of accident and sick insurance, and the like, and also the publication of a periodical labor bulletin. The Auxiliary Council publishes its proceedings for each meeting, and these will be consolidated in the form of an annual volume.

DEPARTMENT OF LABOR, WASHINGTON.

CARROLL D. WRIGHT.