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 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? RECENT BOOKS. Politics, History, Economics, Law. EVOLUTION AND SOCIAL REFORM. 1. The theological method. By J. W. Chadwick. J. H. West. WHAT'S THE MATTER? OR, OUR TARIFF AND ITS TAXES. By N. H. Chamberlain. De Wolfe, Fiske & Co. THE CRIMINAL. By Havelock Ellis. Scribner & Welford. WHEELBARROW ARTICLES AND DISCUSSIONS ON THE LABOR QUESTION. By M. M. Trumbull. The Open Court Publishing Company. LIVE QUESTIONS, INCLUDING OUR PENAL MACHINERY AND ITS VICTIMS. By J. P. Altg eld. Donohue, Henneberry & Co. ON THE DEVELOPMENT OF THE KING'S PEACE, AND THE ENGLISH PEACEMAGISTRACY. By G. E. Howard. University of Nebraska. THE LAW OF WAGES, THE RATE AND AMOUNT. By J. Richards. San Francisco Indus. Publishing Company. THE ANNUAL STATISTICIAN AND ECONO MIST. L. P. McCarthy, editor and publisher. CRIMINAL CODE OF OHIO, WITH FORMS, PRECEDENTS, AND DIGEST OF DECIS IONS. Robert Clarke & Co. THE PACIFIC REPORTER, Vols. XXII., XXIII. Containing all the decisions of the Supreme Courts of California, Colorado, Kansas, Oregon, Nevada, Arizona, Idaho, Montana, Washington, Wyoming, Utah, New Mexico. West Publishing Company. UNITED STATES BUREAU OF STATISTICS. Abs. No. 12: Finance, Coinage, Commerce, Immigration, Shipping, Postal Service, Population, Railroads, Agriculture. Government Printing Office. WISCONSIN UNDER FRENCH DOMINION. With digest and explanation of its provisions. By W. McKinley. R. F. Downing & Co. ENGLAND. By W. B. Weeden. Houghton, Mifflin & Co. WANT AND WEALTH. A discussion of some economic dangers of the day. By E. J. Shriver. G. P. Putnam's Sons. SUPREME COURT DECISIONS OF INDIANA, for November, 1889, MARYLAND COURT NEW YORK CODE OF CIVIL PROCEDURE. AMERICAN AND ENGLISH CORPORATION CASES, both private and municipal. J. C. Thompson, Ed. E. Thompson Co. THEORY OF CREDIT, 2 vols. By H. Dunning McCleod. Longmans, Green & Co. A VINDICATION FROM A NORTHERN STANDPOINT OF GEN. ROBERT E. LEE AND HIS FELLOW-OFFICERS FROM THE CHARGE OF TREASON. By Talbot Sweeney. H. M. Stark & Co. 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 fur BOOK 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! V the State? It is certain people I chc elect to serve me in certain capacitie 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 the should exercise any function in the thanof enforcing a civil contract. Th 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 divor 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 ti has parted, will slender threads hold CRY 1 E CONELICINAL TORICALL A history an By G. How.. HANDBOOK OF A record of alive, ene dave BEMI A RARE OPPORTUNITY. The following miscellaneous list of books we will furnish, for thirty days only, at fifty per cent discount from the list price. When copies are ordered by mail, ten per cent of the list price must be added for postage: Courses and Methods - Prince Methods and Aids in Geography — King ――― The Holy Roman Empire - Bryce The Life of Young Sir Henry Vane-James K. Hosmer Payen's Industrial Chemistry History of Astronomy during the Nineteenth Century - Clerke British Novelists and their Styles- Masson - The Abbot -Scott. Selections from Burns-J. Logie Robertson Micah Clarke-A. Conan Doyle Address, Alfred Mudge & Son, Printers, Boston. . English Humorists- Wm. M. Thackeray Great French Writers: George Sand, Montesquieu, Victor Cousin, Manual of French Poetry - Mixer Robert Elsmere (McMillan's 2 vol. edition). The Standard Cantatas - Upton LIST PRICE. 80 75 1 60 1.80 1 25 2.00 180 1 25 2.00 150 4.00 2.00 8.00 4.00 60 . TO-DAY, 3 Beacon Street, BOSTON, MASS. |