In the second half of the academic year 1898-99 the place of Professor W. J. Ashley, absent on leave, will be taken at Harvard University by Dr. William Cunningham of Trinity College, Cambridge, England, who will offer two courses, one on the "Industrial Revolution in England" and the other "Western Civilization in its Economic Aspects." It is possible that Dr. Cunningham, during his stay in the United States, will also give occasional lectures in other parts of the country. His established reputation assures him a cordial welcome from students of history and economics.

on

ANOTHER Indian currency committee has been appointed by the British government, to consider proposals from the government of India looking to the definitive establishment of the gold standard in India. The appointment of the committee indicates that this step, to which strong opposition continues, will at least be carefully weighed before its adoption is settled. The conservative ministry has chosen as chairman of the new committee Sir H. H. Fowler, who was President of the Local Government Board under the late Liberal ministry, thus indicating that the question is not expected or desired to become the occasion of party differences. A strong committee has been selected, from which thorough inquiry and report may be expected.

AMONG recent publications we note that Professor G. Cohn's System der Nationalökonomie has reached its third volume, in which trade and transportation are taken up. In the preface the author modestly expresses his doubt whether, in these days of multiplied special inquiry, any individual can wisely undertake, as has been the custom of German systematic writers, to cover the whole field of applied economics. as well as of theory. The doubt may have been suggested by the publication, at the same time with this volume, of the completed fourth edition of the Handbuch der Politischen.

Oekonomie, now bound in five portly volumes, for which the editor, Professor Schönberg, continues to have the co-operation of a host of German economists. The publisher of the Handbuch (H. Laupp, Tübingen) announces that any earlier edition will be accepted for the sum of 20 marks, in part payment of the price (88 marks) of the new edition.

THE report of the Massachusetts Commission on Street Railways, which is noted in the list of current publications, contains not only a careful inquiry on the situation in that State, but also, in the appendices, a mass of important and valuable material which will render it of permanent value to investigators and legislators. The laws of the several States are analyzed, the conditions in the larger American cities are described, and those in European cities are not only described, but are illustrated by texts of important contracts and statutes. Those desiring to secure copies of the document should apply to the chairman of the commission, Mr. Charles F. Adams, Boston, who will give favorable attention to all reasonable requests.

THE act for the arbitration of controversies between railways and their employees, passed by Congress in the current session, inaugurates no new policy. It does no more than to extend and elaborate the essential provisions of the similar act of 1888.* The older act had provided that a set of commissioners, with the Commissioner of Labor as chairman, might undertake mediation in such disputes; while, with the consent of both parties, a board of three arbitrators might undertake to arbitrate. In either case the expenses of the proceedings were to be borne by the United States. The new act of June 1, 1898, is framed on the same lines, but with more careful specification of the procedure, and perhaps with greater likelihood of substantial results. It differs markedly from the measure suggested in the report of the commission which

*25 U. S. Statutes at Large, 501 (October 1, 1888).

investigated the Chicago-Pullman strike of 1894, and then recommended that the United States courts should "compel railroads to obey the decisions" of a body of arbitrators. Sections 2 and 3 of the new act read as follows:

SECTION 2. That whenever a controversy concerning wages, hours of labor, or conditions of employment shall arise between a carrier subject to this act and the employees of such carrier, seriously interrupting or threatening to interrupt the business of said carrier, the chairman of the Interstate Commerce Commission and the Commissioner of Labor shall, upon the request of either party to the controversy, with all practicable expedition, put themselves in communication with the parties to such controversy, and shall use their best efforts, by mediation and conciliation, to amicably settle the same, and, if such efforts shall be unsuccessful, shall at once endeavor to bring about an arbitration of said controversy in accordance with the provisions of this act.

SECT. 3. That, whenever a controversy shall arise between a carrier subject to this act and the employees of such carrier which cannot be settled by mediation and conciliation in the manner provided in the preceding section, said controversy may be submitted to the arbitration of a board of three persons, who shall be chosen in the manner following: one shall be named by the carrier or employer directly interested; the other shall be named by the labor organization to which the employees directly interested belong, or, if they belong to more than one, by that one of them which specially represents employees of the same grade and class and engaged in services of the same nature as said employees so directly interested. Provided, however, that, when a controversy involves and affects the interests of two or more classes and grades of employees belonging to different labor organizations, such arbitrator shall be agreed upon and designated by the concurrent action of all such labor organizations; and, in cases where the majority of such employees are not members of any labor organization, said employees may by a majority vote select a committee of their own number, which committee shall have the right to select the arbitrator on behalf of said employees. The two thus chosen shall select the third commissioner of arbitration; but, in the event of their failure to name such arbitrator within five days after their first meeting, the third arbitrator shall be named by the commissioners named in the preceding section. A majority of said arbitrators shall be competent to make a valid and binding award under the provisions hereof....

The arbitrators so appointed have power to send for persons and papers, and to compel witnesses to attend and testify. The expenses of arbitration or conciliation, including a payment of ten dollars a day to arbitrators, are to be defrayed

by the United States, up to a limit of $10,000 for any one year.

The submission to arbitration, to which both parties are to accede in writing in advance, must contain provisions as follows: (1) that the arbitrators shall make an award in thirty days, during which period "the status existing immediately prior to the dispute shall not be changed, provided that no employee shall be compelled to render personal service without his consent"; (2) that the award shall be filed with a circuit court of the United States, and the findings of fact shall be "conclusive"; (3) that the parties will accede to the award, and that it may be specifically enforced by the court in equity, but no injunction or other process shall compel a laborer to perform a contract for service [no such provision as to employers]; (4) that for three months after the award employers shall not discharge nor employees quit work "by reason of dissatisfaction" with the award, except after thirty days' notice; (5) that the award shall be binding for one year,―i.e., no new arbitration between the same persons shall be undertaken.

Section 7 provides that, while arbitration is pending, no employer may lawfully discharge an employee, party to the arbitration, "except for inefficiency, violation of law, or neglect of duty"; and that after arbitration the employer shall not discharge, "except for the causes aforesaid," unless with thirty days' notice; nor shall an employee quit work "without just cause," unless with thirty days' notice. These provisions, sufficiently difficult of enforcement in themselves, are further attenuated by the absence of any penalty except an undefined "liability for damages" and by an explicit recognition of the right of the employer to reduce the number of employees "whenever in his judgment business necessities require such reduction." The section, thus limited, while it proves the desire of the legislator to promote the effectiveness of the measure, makes it clear also that, after all, its satisfactory working must depend mainly on the good will and good faith of the parties concerned.

RECENT PUBLICATIONS UPON ECONOMICS.

[Chiefly published or announced since April, 1898.]

I. GENERAL WORKS, THEORY AND ITS HISTORY.

II. SOCIAL QUESTIONS, LABOR AND CAPITAL.