however, "quite on all fours." In dealing with company accounts it is necessary to determine the expenses and earnings of each year, because there are distinct and opposed interests involved. The holder of preference stock (the American "bond holder") may lose his interest by a manipulation of accounts. There is no such interest in the finances of the independent State (the problem might arise in the Greek or Egyptian finances), and therefore the cash account is preferable by reason of its simplicity and speedy adjustment.

In dealing with public revenue the subject of public lands and industries comes naturally as the first topic. Prof. Adams applies his economic theory respecting "the law of increasing returns" to the question of determining what should be "State managed" industries with considerable effect. We would, however, dispute his inclusion of "tax monopolies " under this head. They are essentially different in character. The French treatment of tobacco belongs to "taxation rather than to " State industries." We have also to note a serious mistake in the assertion that "in England the growth of tobacco and its manufacture are strictly prohibited" (p. 271). All readers of Mr. C. Booth's monumental work will remember the account of the London tobacco factories, and the latest "Inland Revenue Report" to hand declares that there are nearly 500 establishments for tobacco manufacture in the United Kingdom. It is one of the prosperous private industries of the country.

In the financial system of the modern State, taxation unquestionably plays by far the largest part. It is, therefore, on it that the financial theorist will concentrate his energies both for analysis and for exposition. Prof. Adams is in agreement in this respect with his predecessors, but he simplifies his task by avoiding the consideration. of particular taxes and dealing altogether with the several characteristics of the tax system. One chapter considers the apportionment of taxation; another discusses the classification of taxes; a third examines their working. "Administrative Considerations" make up the contents of still another. "Suggestion for a Revenue System" (suited for the United States) is the appropriate title of the concluding chapter. In one important respect Prof. Adams is in advance of his American colleagues. He sees clearly that the exaggerated conception of fees and special assessments cannot permanently hold its ground. They are noticed as sources of revenue, but in a cursory way, which is most significant. The proposed classification of taxes proper is not quite impervious to criticism. The principal grouping is into (1) taxes on income; (2) taxes on property as a source of income; (3) taxes on business. The great category of taxes on consumption (or commodities) vanishes because "there are no such taxes" (p. 356). This is a hard saying, and its oppressiveness is not removed by finding "customs and excises" placed as a sub-head of "taxes on business." Most persons

will, we believe, adhere to the older view as more correct and con

venient. In like manner the treatment of incidence and the distinction drawn between the "incidence" and the "effect" of a tax may be disputed. "By the incidence of taxes is meant the final resting place of their payment. . . . . Manifestly there can be no payment by the citizen unless there is a corresponding receipt by the Government " (pp. 388-389). This summary limitation involves a departure from the real meaning of the term, and is certainly not supported by usage. An impost which yields no revenue could, if this meaning were accepted, have no incidence; such, e.g., would be the case with a successful protective duty. In this Book we also meet with some doubtful generalisations, such as, e.g., "The same income should not be attacked by two or more parts of a revenue system" (p. 386). From this it would follow that the Englishman who pays income tax ought not to pay rates nor a land tax nor a dog tax (we cannot say nor tea duty," for in Prof. Adams' analysis customs are a business tax, though paid by the consumer), which of itself makes the proposition appear untenable.

By far the most excellent part of the discussion of taxation is that devoted to criticism and suggestions for a reform in the tax systems of the United States. Fully conscious of the limitations imposed by the federal constitution, and by the sentiments of the people, Prof. Adams seeks to develop a plan which would separate the tax system of the central government, the States, the rural districts, and the towns. Each class is to have its peculiar sources of revenue, and points of contact are avoided. No one but an American with full knowledge of the circumstances could form a sound judgment as to the feasibility of this scheme. The outsider must content himself with stating that it appears to be carefully thought out, and eminently ingenious in its details. He may also add that it enables him to realise better than before the advantages of the "unitary" over the "federal" State. The reform of local taxation in the United Kingdom would be harder than it is were our Constitution a federal one, excluding the possibility of using the most effective methods of levy.

Finally, we must call attention to the need for careful revision of the text in view of the second and later editions that will inevitably be required. Prof. Adams explains in his preface that the work was published during his absence. This unfortunate circumstance probably accounts for the unusually abundant crop of misprints and errata in general. Writing without materials of reference, we believe (but are not sure) that Mill's Principles was published in 1848, not in 1846 (p. 288), and we are certain that the French Revolution did not take place in 1787 (p. 110), and that no Constitution was promulgated in that year in France. These are but samples of blots which should not be allowed to disfigure a work which is, after all deductions have been made, a truly noteworthy contribution to the theory of finance.

C. F. BASTABLE

Women and Economics. A Study of the Economic Relation between Men and Women as a Factor in Social Evolution.. By CHARLOTTE PERKINS STETSON. (London: G. P. Putnam's Sons. Boston: Small, Magnard and Company. 1899. Pp. vii., 340. 8vo.)

Ir is not easy to do justice to this remarkable work in a review: Mrs. Stebson has her own message to deliver and her own manner of delivering it; neither extracts nor summary can give any adequate impression of either. This is as true of the prose essay as of the poem which precedes it. Considered separately, many of the theories seem far-fetched and many of the statements exaggerated to the point. of caricature; but, taken as whole, the book reminds one of a strong healthy wind, rushing into some stuffy corner of a forest, sweeping away the dead leaves, breaking off the dead boughs, and blowing. down the decayed trees; showing what is dead, what dying, and what. alive, leaving the forest, as Mrs. Stetson leaves the Women's Question. -by no means as she found it.

The theory is based on one significant fact and its results:

"We are the only animal species in which the female depends on the male for food, the only animal species in which the sex-relation is also an economic relation. With us an entire sex lives in a relation of economic dependence upon the other sex, and the economic relation is combined with the sex-relation. The economic status of the human female is relative to the sex-relation."

This economic relation has had its advantages as a factor in social evolution :

"As the male, acting through his natural instincts, steadily encroached upon the freedom of the female until she was reduced to the state of economic dependence, he thereby assumed the position of provider for this creature no longer able to provide for herself . . . . The subjection of woman has involved to an enormous degree the maternalizing of man. Under its bonds he has. been forced into new functions, impossible to male energy alone. He has had to learn to love and care for some one besides himself."

Apart from this purpose which it has accomplished, this economic dependence of women on men is wholly bad in its effect, either from the ethical, the economic, or the social point of view. It is responsiblefor the evils of our present economic condition, and Mrs. Stetson. would have us believe, for "our dual nature." While men have been advancing through specialisation to organisation, and are now prepared for a more collective life, women have remained industrially where they began.

"Whatever she has been allowed to do must be done in private and alone, the first-hand industries of savage times."

The individualistic character of woman's work and life re-acts. through heredity on the character of men. The success of the labour movement depends on the success of the women's movement.

"A society whose economic unity is a sex-union can no more develope beyond a certain point industrially than a society like the patriarchal, whose political unit was a sex-union, could develop beyond a certain point individually. The best freeing of the individual makes possible the best combination of individuals."

The economic independence of women must evidently lead to a change in the present conception of a family or home. Into this question Mrs. Stebson enters very fully. A few quotations will explain her point of view :—

"We need the society of those dear to us, their love and companionship. These will endure. But the common cook-shops of our industrially undeveloped homes, and all the allied evils, are not essential, and need not endure."

"Eating is an individual function. Cooking is a social function. Neither is in the faintest degree a family function."

"On the side of knowledge it is permanently impossible that half the world, acting as amateur cooks for the other half, can attain any high degree of scientific accuracy or technical skill. The development of any labour requires specialization, and specialization is forbidden to our cook-by-nature system."

"No, the human race is not well nourished by making the process of feeding it a sex-function."

"A family unity which is bound together by a table-cloth is of questionable value."

These brilliant pieces of analysis are perhaps the most valuable part of Mrs. Stetson's work. She shows such insight into matters with which we are all familiar, that we are drawn to feel confidence in her interpretation of their cause. In any case, her theories serve to throw light on, and to give emphasis to facts which require light and emphasis. The biological standpoint serves its purpose if it shows that economic dependence is not "natural" for women; that the desire for specialisation and individual development is a sign of growth, not decadence. Here the social problem is attacked from a new point of view. One of the strongest arguments against collectivism has always been its effect on the home and family. Collectivists have now a theory of the evolution of the home admirably adapted to supplement and complete their theory of the evolution of industry. FRANCES M. BUTLIN

How the English Workman Lives. By a German Coal Miner. (London: P. S. King. 1899. Pp. 97. 1s.)

To see ourselves as others see us is not always so pleasant as Herr Dückershoff makes it for English readers. He has been working for some years as a coal miner at Newcastle, having had to leave the Fatherland in consequence of Socialistic proclivities, which proved obnoxious to the authorities. The life of the English workman is pronounced happy by him altogether. "No German who is in work here has any longing to return." England is at least fifty years ahead of Germany." The absence of police interference especially impresses

66

the German. "Lėse Majesté is not recognised." "Generally speaking, the condition of the labourer is better, and necessaries are cheaper than in Germany." The strife between employers and workmen is not bitter. "Employers regard workmen as fellow-creatures rather than as commodities." "English workmen do not attack capital itself, but only the abuse of capital, and the exploitation of workmen by the capitalist class."

Our visitor makes two important exceptions to his general praise— women and weather. The German women are harder working and more frugal than English women, and cook better. "The privileges here conceded to a woman to a greater extent than in Germany are abused by many of them, for they frequent the taverns just as the men do." "Tipsy women are as plentiful as tipsy men on Saturday nights. At first sight this disgusts a German, but in time he gets used to it." The first experience of the climate is also repellent. "I have never encountered a less healthy climate. . . . A foreigner has to go through all sorts of ailments on first settling here."

The book, as the translator remarks, has an interest above other books of the sort, in that it is written by a genuine working man, not a middle-class observer of working men. The translation seems to have been done well; preserving a certain Herodotean quaintness which characterises the description of foreign customs.

F. Y. EDGEWORTH

Economia Politica. Por CLEMENTE VIDAURRE Y ORUETA. Tercera Edición. Esmeradamente arreglada. (Bilbao:

Casa de Misèricordia. 1898. 3 vols.)

THE appearance of a third edition of this work which was first published some years ago, gives us an opportunity of noticing some peculiarities which may be interesting to the English reader. In doing so we shall refer mostly to the first edition, partly because it appears to be the most characteristic, and partly because we must confess not to have completely perused the third edition. It is only the doyens of economic literature who can expect to be re-read when they re-write their treatises.

The Spanish economist surpasses the classical English school in his acceptance of natural law as dominant in political economy. The science as conceived by him teems with laws of nature. The mere enunciation of them occupies many pages. Here is an example :

The increase of the price of riches increases them up to the economic limit.

LAW OF NATURE.

The increase of the price of riches diminishes them after the economic limit.