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sive sensitiveness may, however, be condoned for the present in the case of Southern members, for the cloud of war still hangs over them. In the case of the New England Senators, on the other hand, such demonstrations are strangely out of measure with the real importance of the men.

Mr. Sterne has contributed an article on what may be called "railroad finance," under conditions which, though they appear extraordinary, and no doubt should be so, are in reality the normal state of a large part of the American railroad system. This paradoxically normal state is tha of insolvency and reorganization. The chief cause of the chronic state of reorganization in which western railroads, especially, flounder is the artificial stimulus which, in one way or another, was applied to hasten their construction. A very clear case is made out here, and the details which accompany the reorganization of insolvent railroads, as well as the conditions which produce the anomalous result of causing a bankrupt to turn up at the end of a settlement with an increased instead of a decreased capitalization, are skilfully discussed. It is impossible to give in this contracted space an adequate description of the conditions themselves which Mr. Sterne describes. Perhaps the most compendious description of his article would be to say that it tells most all of those things about railroads of which legislators are ignorant when they embark on their annual expedition of reckless railroad legislation. The solution suggested for the perpetual dilemma of American railroads is the issue, after the English plan, of debenture bonds in place of ordinary mortgages. Under an ordinary mortgage, as held by bondholders in this country, the corpus of the railroad must, in theory at least, be sold to satisfy the creditors when default of interest occurs. Under debenture bonds, no foreclosure can occur, and the lien is only on the earnings. This plan works well in England, and it is claimed that it would work equally well here.

Out of the general mass of rubbish which is being published on the subject of divorce must be carefully selected and distinguished this article by Mr. Savage. Any one who wants to learn how simply, tersely, and forcibly the argument in favor of having the State "mind its own business" can be put should read Mr. Savage to that effect.

He begins by a discourse on the function of government; but, large and deep as this subject is, the reader is made to feel that the writer keeps well within his depth and range. "The State, everlastingly, the State, as an inexhaustible fountain of wisdom! Who is the State? It is certain people I choose to elect to serve me in certain capacities that suit my convenience. I am not wise enough to select the right woman for a wife, but I am wise enough to choose another man to do it for me!" This is the answer that is made to those inexpressible persons who have raised the incredible demand that the State should supervise marrying and giving in marriage. But the answer is equally effective against those who believe that the State should exercise any function in the premise thanof enforcing a civil contract. This is the view taken by Mr. Savage. He does not offer to solve every question which may be invented, or explain away every difficulty which arises out of the interlacing of marital, parental, and social relations. He deals merely with the question of legal divorce. He sees that it is not the function of the Government to grant divorces: the function of the Government is to stand aside while individuals perform their earthly pilgrimage for better or for worse. In the place of uniformity and regulation, he puts conscience and spontaneity. If these shall not avail to save a woman or man from destruction, what may Government accomplish? When the cable has parted, will slender threads hold fast?

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sive sensitiveness may, however, be condoned for the present in the case of Southern members, for the cloud of war still hangs over them. In the case of the New England Senators, on the other hand, such demonstrations are strangely out of measure with the real importance of the men.

Mr. Sterne has contributed an article on what may be called "railroad finance," under conditions which, though they appear extraordinary, and no doubt should be so, are in reality the normal state of a large part of the American railroad system. This paradoxically normal state is that of insolvency and reorganization. The chief cause of the chronic state of reorganization in which western railroads, especially, flounder is the artificial stimulus which, in one way or another, was applied to hasten their construction. A very clear case is made out here, and the details which accompany the reorganization of insolvent railroads, as well as the conditions which produce the anomalous result of causing a bankrupt to turn up at the end of a settlement with an increased instead of a decreased capitalization, are skilfully discussed. It is impossible to give in this contracted space an adequate description of the conditions themselves which Mr. Sterne describes. Perhaps the most compendious description of his article would be to say that it tells most all of those things about railroads of which legislators are ignorant when they embark on their annual expedition of reckless railroad legislation. The solution suggested for the perpetual dilemma of American railroads is the issue, after the English plan, of debenture bonds in place of ordinary mortgages. Under an ordinary mortgage, as held by bondholders in this country, the corpus of the railroad must, in theory at least, be sold to satisfy the creditors when default of interest occurs. Under debenture bonds, no foreclosure can occur, and the lien is only on the earnings. This plan works well in England, and it is claimed that it would work equally well here.

Out of the general mass of rubbish which is being published on the subject of divorce must be carefully selected and distinguished this article by Mr. Savage. Any one who wants to learn how simply, tersely, and forcibly the argument in favor of having the State" mind its own business" can be put should read Mr. Savage to that effect.

He begins by a discourse on the fu of government; but, large and deep a subject is, the reader is made to feel th writer keeps well within his depth and "The State, everlastingly, the State, inexhaustible fountain of wisdom! the State? It is certain people I cho elect to serve me in certain capaciti suit my convenience. I am not wise to select the right woman for a wife. am wise enough to choose another ma it for me!" This is the answer that i to those inexpressible persons wh raised the incredible demand that th should supervise marrying and giving riage. But the answer is equally e against those who believe that th should exercise any function in the thanof enforcing a civil contract. T view taken by Mr. Savage. He d offer to solve every question which invented, or explain away every which arises out of the interlacing tal, parental, and social relations. I merely with the question of legal divo sees that it is not the function of the ment to grant divorces: the functio Government is to stand aside while i als perform their earthly pilgrimage ter or for worse. In the place of ur and regulation, he puts conscience a taneity. If these shall not avail t woman or man from destruction, w Government accomplish? When t has parted, will slender threads hold

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