Index of Economic Material in the Documents of the States of the United States. Adelaide R. Hasse
Journal of Political Economy
BOOK REVIEWS 567 vertible paper, to explain the value of token money primarily according to its quantity. In this case, why is any system of redemption, direct or indirect, ever established for token money? If not necessary, why then try to build up support for the Indian rupee in gold bills of exchange, or in a general increase of gold? Why should France be so careful of its gold, when its silver is generally current? There is much more in this matter than the author is willing to allow. On
... ing to allow. On the theory of credit and prices (pp. 76 ff.) the author is obliged to part company with General Walker; but in his attempt to show that credit depends directly on money, and that prices are affected directly by the quantity of checks in circulation, he is in truth open to easy attack. If space allowed, it would be interesting to test his theories by the facts of the present crisis. In addition to the chapters on theory there is a series of statistical investigations in Book II which are used as inductive proof of the results of the theoretical book. The study is of the kind which is a credit to American scholarship. Its spirit is not that of a critic seeking to quibble: it makes clear and definite issues which invite to thinking and research. It is a pleasure to take up a volume which shows on every page a desire to discuss the subject impersonally with a purpose of arriving at the truth.