Source: An eight page pamphlet (undated), the third, in a bound collection of 14 miscellaneous pamphlets of Columbia University Colleges and Universities (New York Public Library ID# 3 3433 08006932 5, call number: STG (Columbia) p.v.2). From course catalogues it is clearly Richmond Mayo-Smith‘s course. Judging from the date of last journal article, we can date this outline to 1891-92.
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Historical and Practical Political Economy.
Outline of Lectures to the Students of the School of Political Science of Columbia College
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Book I. Introduction. The Bases of Political Economy.
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Chap. I.—The Theoretical Basis; Political Economy as a Science.
Par. I.—Relation of Political Economy to Political and Social Science.
Literature: Walker, Political Economy, Introduction;[3rd ed., 1892]; Roscher, Political Economy. Introduction [1878] [Vol. 1, Vol. 2]; Cossa, Guide to the Study of Political Economy;[1880] Smith (Munroe), The Domain of Political Science, Polit. Sci. Quarterly [1886], I. p. 1.
Definitions ; Political Economy a social science ; what is meant by society and social science; relation of Political Economy to Political Science, to Jurisprudence, to History, to Statistics, to Philosophy and Ethics. Importance of the economic side of civilization.
Par. 2.—Function of Political Economy in the study of Political Science.
Literature: Same as above.
(1) Historical: to explain how political development has been influenced by economic conditions (2) Critical: to direct state action in respect to the economic interests of the community. Social problems of the present time are mainly economic. Antithesis between recent political and economic development.
Par. 3.—Method of Study and Literature of Political Economy.
Literature: Cossa, Guide to the Study, etc.; Cairnes, Logical Method of Political Economy [1875]; Bagehot, Postulates of Polit. Econ. [1885]; Science Economic Discussions [Richard T. Ely et al., 1886]; Ingram, History of Polit. Econ. [1888, reprinted 1915]
(1) Historical and descriptive political economy. (2) Dogmatic political economy. The deductive or abstract method; the inductive or historical method ; how to investigate economic problems; how to reach principles of economic life; advantages of the inductive method.
History of economic writing and doctrine. Adam Smith and the classical school. The German historical school. The socialists. Recent writers in England, the United States, Germany, France and Italy.
Chap. II.—The Practical Basis ; Economic Organization of Society.
Par. 1.—Sketch of the general economic development of the civilized world.
Literature: Blanqui, History of Political Economy [4th ed. 1880]; Kautz, Nationaloekonomik [Vol 1, 1858], [Vol 2; 1860]; Guizot, History of Civilization in France [sic] [Vol. 1, 1856; Vol. 2, 1856; Vol. 3, 1856]; Ashley, Introduction to English Economic History [Middle Ages, 2nd ed, 1892; End Middle Ages, 2nd ed, 1893]; Cunningham, Growth of English Industry [1882] [2nd ed, 1892]; Toynbee, The Industrial Revolution [1884].
Chronological periods: (1) Greece and Rome; (2) The early Germans; (3) The feudal system; (4) The absolute monarchy; (5) The modern industrial state.
Par. 2.—Survey of the present economic condition of the world with particular reference to the social institutions affecting it.
Literature: Bagehot, Postulates, etc. [1885]; Adams, Relation of the State to Industrial Action [1887].
The commercial-industrial character of society at the present time. Different degrees of civilization. The presence of a powerful political organization, i. e. the state. General considerations in respect to the functions of the state. The individualistic view; the socialistic demand.
Par. 3.—The principle of the personal liberty of the individual in its economic influence.
Literature: Wagner; Politische Oekonomie [1876 1st ed; Vol 1, Part 1, 3ed, 1892; Vol 1, Part 2, 3ed, 1894]; Rogers, Work and Wages [Vol 1, Vol 2; 1st ed 1884]; Jevons, The State in Relation to Labor [1882]; Farrer, The State in Relation to Trade [1883]; Cairnes, The Slave Power [1862]; Smith (R. M.), Emigration and Immigration, c. 13 [1890].
Origin of slavery in force or in unfavorable economic condition ; modification into serfdom; emancipation. Personal liberty formulated as an absolute principle: (a) The doctrine of equality; (b) Social rights such as freedom of marriage, of domicile, of emigration and immigration, of travel, of occupation and trade. Economic importance of these principles.
Par. 4.—The institution of private property in its economic influence.
Literature: Wagner, Politische Oekonomie, I [1876 1st ed; Vol 1, Part 1, 3ed, 1892; Vol 1, Part 2, 3ed, 1894]; Maine, Ancient Law [6th ed., 1876]; [Maine,] Early History of Institutions [1888]; [Maine,] Village Communities [3rd ed, 1876]; De Laveleye, Primitive Property [1878]; Proudhon, What is Property? [1876]
Theories of property; philosophical (natural and natural-economic); juristic (occupation and labor) ; legal (established by the state). History of private property in land; justification of private property in land. History and criticism of private property in capital and the means of production. Rights of private property—to use, buy and sell, freedom of contract, bequest and inheritance. Appropriation of private property by the state (eminent domain).
Book II.—Systematic Political Economy : Production.
PRELIMINARY REMARKS: FACTORS OF PRODUCTION; HISTORICAL DEVELOPMENT
Literature: Walker [3rd ed., 1892], Mill [Ashley edition], Roscher [1878] [Vol. 1, Vol. 2], Wagner [1876 1st ed; Vol 1, Part 1, 3ed, 1892; Vol 1, Part 2, 3ed, 1894].
Chapter 1.—Land.
Par. 1.—Land as a productive instrument.
Literature: Roscher, Nationaloekonomik des Ackerbaues [1867]; Rogers, History of Agriculture and Prices[7 vols, 1866-1902: Vol. 1, Vol.2, Vol. 3, Vol. 4, Vol. 5, Vol. 6, Vol. 7a, Vol. 7b]. Prothero, History of English Farming [1888].
Fertility of soil; mineral resources ; climate ; commercial facilities. Increased productivity of the land. Methods of cultivation (history of agriculture) : primitive system ; three-field system ; rotation of crops ; intensive cultivation. Accessibility to new land (history of discovery.)
Par. 2—Natural resources of the United States.
Literature: U.S. Census; Reports of Department of Agriculture [List of publications of the Agriculture department 1862-1902, with analytical index]; Mineral Resources of the U.S. [e.g. 1886] ; Gold and Silver Production in the U.S. [possibly referring to 1869 publication].
Physical geography of the U.S. ; climate ; mineral resources; farms and farm products.
Par. 3.—Tenure of land.
Literature: Coben Club Essays, Land Tenure in Different Countries [1870]; Pollock, State in Relation to Land [1887, 2nd ed]; Richey, Irish Land Law [1880].
Landlord and tenant in England; Metayage in Italy ; peasant properties in France ; community of land in India and Russia ; Irish land system. The United States.
Par. 4.—Economic and social effects of different systems of land tenure.
Literature: Young, Travels in France; Shaw-Lefevre, English and Irish Land Question [1881]; Verney, How the French Peasant Lives [1888]; Mappin, Farm Mortgages, Polit. Sci. Quar.[1889], p. 431; Dunn, The Mortgage Evil, Polit. Sci. Quar. [1890] V., p. 65.
The relative advantages of large and small farming ; the social effects of land tenure ; the condition of farming in the United States. International competition.
Chapter II.—Labor as a Productive Agent
Par. 1.—The law of population
Literature: Malthus, Principles of Population [1803]; Roscher, Polit. Econ. Book V [1878] [Vol. 1, Vol. 2]; Smith (R.M.), Statistics and Economics, part I [1888].
Growth of population ; restraints on population ; desirability of increased population ; economic analysis of population.
Par. 2.—Emigration and immigration.
Literature: Smith (R.M.), Emigration and Immigration [1890].
History of emigration and immigration ; statistics of immigration, sex, age, occupation, nationality, causes, etc. ; influence on population ; economic influence.
Par. 3.—Productivity of labor.
Literature: Mill [Ashley edition] ; De Laveleye [The Elements of Political Economy (1884)?]; Wright, Factory System [1884]; Engel, Zeitalter des Dampfes [Ernst Engel, Das Zeitalter des Dampfes in technisch-statistischer Beleuchtung (2nd ed. Berlin, 1881)].
Division of labor ; skill and trustworthiness of labor ; energy of labor ; introduction of steam power and machinery.
Chapter III.—Capital as a Productive Instrument.
Literature: Mill [Ashley edition]; Roscher [1878] [Vol. 1, Vol. 2] ; Giffen, Growth of Capital [1889].
History of capital ; origin, growth and function of capital ; relation of capital to labor.
Chapter IV.—Methods and Results of Production.
Par. 1.—Productive Activity.
Literature: Mill [Ashley edition]; De Laveleye [The Elements of Political Economy (1884)?]; Walker [Political Economy, 3rd ed, 1892]; Commission of Depression of Trade [1886].
Classification of occupations ; different forms of productive enterprise, partnership, joint stock companies, corporations, etc. Production on a large and small scale.
Par. 2.—Productive power of the world.
Literature: Neumann-Spallart, Uebersichten der Weltwirtschaft [Vol 1, 1878; Vol 2, 1879; Vol 3, 1880; Vol 4, 1881/2; Vol 5, 1883/4; Vol 6, 1885/9] ; Smith (R. M.), Statistics and Economics, part 2 [1888] ; Roscher, Principles, Vol. 2.
Great increase in the quantity of wealth ; change in kind of wealth ; statistics of production. Unproductive consumption of wealth ; sumptuary laws ; function of the state in encouraging the production of wealth.
Book III.—Systemic Political Economy : Exchange
Chapter I.—Commerce.
Par. 1.—History of Commerce
Literature: Blanqui, [History of Political Economy, 4th ed. 1880]; Kautz, [Nationaloekonomik Vol 1, 1858; Vol 2; 1860]; Levi, History of British Commerce [1872]; Roscher, Nationaloekonomik des Handels [1881].
Ancient and mediaeval commerce ; the crusades and renaissance ; the city confederations ; the period of discovery; navigation acts ; trading monopolies ; colonial policy ; freedom of commerce ; the commerce of the world.
Par. 2.—Free Trade and Protection.
Literature: Roscher, Principles, Vol. 2, Appendix; Taussig, History of the Tariff [1st ed, 1888; 5th ed ca 1910] ; Fawcett, Free Trade and Protection [6th ed, 1885]; Walker, Protection and Protectionists, Quar. Jour. Economics, IV [1890], 245 ; Roberts, Government Revenue [1884]; Patten, Economic Basis of Protection [1st ed, 1890; 2nd ed, 1896].
Advantages of commerce ; the mercantile system ; change to the modern system ; free trade in England ; protectionism in France and Germany ; history of the tariff in the United States ; arguments in favor of and against protection.
Chapter II.—Transportation.
Par. 1.—Highways, canals, shipping, etc.
Literature: Ency. Brittanica; U.S. Census, vol. 4 [1880 Census is referred to here. Cf. published in 1894 for 1890 Census: Report on Transportation Business, Part I—Transportation by Land, Part II-Transportation by Water]; Jenks, Road Legislation in American States [May, 1889].
History of highways, canals, etc. ; policy of the state ; statistics of shipping.
Par. 2.—Railroads, post and telegraphs
Literature: Hadley, Railroad Transportation [1885]; Seligman, Railway Tariffs [Part I, Part II], Polit. Sci. Quar. II [1887], pp. 223 and 369; Reps. of Interstate Commerce Commission; Wagner, Finanzwissenschaft [1883, Part 1, 3rd ed; ].
History of railroads; the railroad as a monopoly ; railroad competition ; railroad rates ; discriminations; the post and telegraph.
Par. 3.—The relation of the state to means of transportation.
Literature: Jenks, Hadley, Seligman, Wagner, as above.
Relation of the state to highways, bridges, canals, etc.; relation to railroads; system of private ownership and non-interference; of legislative regulation of rates; of railroad commissions; of state control or ownership.
Chapter III.—The Machinery of Exchange.
Par. 1.—Money.
Literature: Jevons, Money and the Mechanism of Exchange [1875]; Walker, Money [1878]; Soetbeer, Production of the Precious Metals, in U.S. consular reports, Dec., 1887 [Consular Reports on Commerce Manufactures, etc. No 87—December, 1887. Appendix D. Materials toward the elucidation of the economic conditions affecting the precious metals and the question of standards. AD. Soetbeer. (2nd revised edition), translated by F. W. Taussig. pp. 435-658. Scan from Harvard library of Taussig’s personal copy!]. Laughlin, History of Bimetallism in the U. S.[2nd ed 1888 ]; International Monetary Conference, 1878; Reports of the Secretary of the Treasury.
History of the precious metals; the single or the double standard; the silver question in the United States.
Par. 2.—Banks and Banking.
Literature: Bagehot, Lombard Street [1873]; Richardson, The National Banks [1880]; Reports of Comptroller of the Currency, (especially 1876); White, Future of Banking in the U. S., Polit. Sci. Quar. I [1886], 517.
History of early banking, the Bank of England , Bank of France , Bank of Germany , history of banking in the U. S. , the first bank of the U. S. ; state banks , the second Bank of the U. S.; the Suffolk and New York banking systems; the National Banking system; business of a bank. Foreign exchange; clearing houses.
Par. 3.—Paper Money.
Literature: Sumner, History of American Currency [1874]; Knox, United States Treasury Notes [1884 1st ed, 1892 3ed revised]; Spaulding, History of the Legal Tenders [1869]; Bancroft, Plea for the Constitution [1886]; Neill, The Legal Tender Decisions, Polit. Sci. Quar. I [1886], 250.
History of paper money in the U. S.; the colonial period; continental paper money; United States Treasury notes; legal tender notes; the legal tender decisions; value of paper money; the greenback party.
Chapter IV.—Theory and Practice in Exchange.
Par. 1.—Credit, value and prices.
Literature: Clark, Philosophy of Wealth [2nd ed, 1887]; Marshall, Economics of Industry [2nd ed. 1881].
Forms of credit; history of credit; effect of credit on prices; theory of value; history and statistics of prices; index numbers; commercial institutions.
Par. 2.—Commercial Crises.
Literature: White, Commercial Crises, in Cyclopaedia of Political Science [1890, pp. 523-530]; Juglar, Des Crises Commerciales [1862]; Wells, Recent Economic Changes [1889]; Giffen, Essays in Finance, first series [1890, 5th ed].
History of commercial crises; characteristics of commercial crises; causes of crises; the low prices since 1873; question of the appreciation of gold; remedies for commercial crises.
Par. 3.—Competition and Monopoly.
Literature: Clark, Limits of Competition, and Giddings, Persistence of Competition, in Polit. Sci. Quar. II [1888], 45; Gunton, Economic Aspects of Trusts, and Dwight, Legality of Trusts, Polit. Sci. Quar. III [1888], 385 and 592; Andrews, Trusts, Quar. Jour. of Economics, III [1889], 11.
Theory of competition; failure of competition; history of the Standard Oil Company; the legality of trusts; their economic influence; the function of the state in exchange.
Book IV.—Systemic Political Economy : Distribution
Chapter I.—The Laboring Class.
Par. 1.—The history of labor.
Literature: Levasseur, Histoire des classes ouvrières en France [Vol. 1 (1867); Vol. 2 (1859)]; Rogers, Six Centuries of Work and Wages [1884]; Held, Zwei Bücher zur socialen Geschichte Englands [1881]; Seligman, Two Chapters on Mediaeval Guilds in England [1887].
History of agricultural labor in England; the statue of laborers; abolition of the monasteries; sheep farming; base money; fixing of wages; law of settlement; enclosures; condition of the laborer during the 18th century. History of the artisans; mediaeval guilds; apprenticeship laws; house industry; the factory system; successive steps in the change; consequences of the evolution; summary.
Par. 2.—Present condition of the laboring class.
Literature: Giffen, Progress of the Laboring Classes [1884]; Booth, East London [1889]; Atkinson, What makes the Rate of Wages [1885]; Smith (R. M.), American Labor Statistics, Polit. Sci. Quar. I [1886], 65; Wage Statistics, Quar. Jour. of Economics, II [1888], 385. Reports of Massachusetts Bureau of Labor Statistics, 1884, ’85, ‘86.
The absolute economic condition of the laboring classes; the question of wages; the cost of living; the expenditures of the workman. The relative condition of the laboring class. The social progress of the working classes. The law of wages.
Chapter II.—Organization of the Laboring Class (Self-Help)
Par. 1.—Trades Unions and benefit societies.
Literature: Howells, Conflicts of Labor and Capital [1878]; Baernreither, English Associations of Working Men [1889]; McNeill, The Labor Problem [1891]; Wright, The Knights of Labor, Quar. Jour. of Economics, I [1887], 137; Cheyney, Conspiracy and Boycott Cases, Polit. Sci. Quar. IV [1889], 261; Crompton, Industrial Conciliation [1876].
History of trades unions and friendly societies in England; in America; Federation of trades unions; the Knights of Labor; recent strikes ; theory of strikes; difficulties; economic and social results of strikes; boycotting; legality of strikes and boycotting; arbitration and conciliation; history of, in England and the U. S.; state boards of arbitration.
Par. 2.—Co-operation and profit sharing.
Literature: Holyoake, History of Co-operation in England [Vol 1 (1875), Vol 2 (1879)]; Shaw (and others), History of Co-operation in the United States [1888]; Parl. Report on Co-operation in Foreign Countries; Gilman, Profit Sharing [1889].
Co-operative stores; co-operative workshops; credit banks; building societies; difficulties of co-operation; future of; profit sharing; examples of; advantages; should workmen give up trades unions? Should workmen share losses as well as profits?
Chapter III.—The State in Relation to Labor (State-Help).
Par. 1.—Poor relief.
Literature: Fowle, The Poor Law [1881]; Aschrott-Thomas, The English Poor Law System [1888]; Farnam, The State and the Poor, Polit. Sci. Quar., II [1888], 282.
History of the poor laws in England; the act of 43. Eliz.; the act of settlement; the Gilbert act; the reform of 1834; true principles of poor relief; effect of poor relief on wages; organized charity.
Par. 2.—Factory laws and employer’s liability.
Literature: Jevons, State in Relation to Labor [1882]; Wright, The Factory System [1884]; Parl. Report on Employer’s Liability; Mass. Bureau of Labor Statistics, Report for 1882.
The abuses of the factory system; history of the factory acts; present provisions in England and the U.S.; employer’s liability; insurance of workmen against accident, sickness and old age.
Par. 3.—Aids to intelligence, thrift, health and well-being.
Literature: Industrial Remuneration Conference [1885]; Craik, The State in Relation to Education [1884]; Parl. Report on Housing of the Working Classes [1885]; Postal Savings Banks (tract issued by State Charities Aid Society); Cunningham, Politics and Economics [1885]; Gunton, Wealth and Progress [3rd ed. 1890].
Common school education; technical schools; savings banks; insurance companies; sanitary laws; housing of the poor; public amusements; other legislation; the eight hour movement.
Chapter IV.—The Capitalist Class.
Par. 1.—History of capital and the capitalist.
Literature: Roscher, Polit. Econ. [Vol 1, Vol 2: 1878]; Marx, Capital [Vol 1, 1887 (Note Beatrice Potter copy!); Vol 2, 1887.].
Distinction between capital and the capitalist class; the latter includes the capitalist proper, the entrepreneur and the landlord; origin of the capitalist class; characteristics of the modern capitalistic method of production; influence of the modern capitalistic class; statistics on capital.
Par. 2.—Profit and interest.
Literature: Clark, Profits under Modern Conditions, Polit. Sci. Quar. II [1887], 603. Walker, Polit. Econ. [3rd ed, 1888
Distinction between capital and the capitalist class; the latter includes the capitalist proper, the entrepreneur and the landlord; origin of the capitalist class; characteristics of the modern capitalistic method of production; influence of the modern capitalistic class; statistics on capital.
Par. 3.—The rent of land.
Literature: George, Progress and Poverty [1879]; Walker, The Rent of Land [1883].
Successive phases of the cultivation of land; modern rents; rent and prices; rent and wages; the unearned increment; nationalization of land.
Chapter V.—The Conflict Between Capital and Labor.
Par. 1.—Progress and poverty.
Literature: George, Progress and Poverty [1879]; Giffen, Progress of the Working Classes [1884]; Industrial Remuneration Conference [1885].
The separation of classes; relative incomes as shown by statistics; improvement in absolute condition of the working classes; the wealth of the middle classes; accumulation of wealth in the hands of individuals and corporations; conditions ofsocial progress; advantageous position of the working classes at the present time.
Par. 2.—The system of free competition.
Literature: Bastiat, Economic Harmonies [1850]; Atkinson, Progress of the Nation [1889]; Sidgwick, Polit. Economy [1883]; Cairnes, Principles, etc. [1874].
Advantages of free competition; evils of excessive competition; economic Darwinism; origin of laissez faire; change in modern conditions; the mobility of labor; competition in the labor market; social effect of excessive immigration; the functions of the state as admitted in practice.
Par. 3.—The socialistic scheme.
Literature: De Laveleye, The Socialism of To-Day [1886]; Marx, Capital [Vol 1, 1887 (Note Beatrice Potter copy!); Vol 2, 1887.]; Osgood, Scientific Socialism, and [Scientific ] Anarchism, in Polit. Sci. Quar. I [1886], 560, and IV [1889], p. 1; Gunton, Wealth and Progress [3rd ed, 1890].
History of socialism; the different phases, communism, collectivism, anarchism, etc ; the modern writers, Marx, Lasalle, Rodbertus; the socialistic parties; the demands of socialism; the socialistic influence.
Book V.—Science of Finance
PRELIMINARY REMARKS; THE SCIENCE OF FINANCE AND ITS RELATION TO POLITICAL ECONOMY. LITERATURE OF FINANCE.
Literature: Leroy-Beaulieu, Science des finances [Vol 1, 5th ed, 1892; Vol 2, 5th ed., 1891]; Cohn, Finanzwissenschaft [The Science of Finance, 1895 translation by Veblen]; Wagner, Finanzwissenschaft; Roscher, Finanzwissenschaft [sic, System der Finanzwissenschaft, ein Hand- und Lesebuch für Geschäftsmänner und Studierende, 2nd ed., 1886]; Cossa, Science of Finance [sic, Taxation: Its Principles and Methods, 1888]; Wilson, The National Budget [1882].
Chapter I.—Financial Needs of the State or State Expenditure.
Literature: as above; Mill, Polit. Econ. Book V., c. I and II. Finance Reports of U.S.; Statesman’s Year Book [e.g. 1885 edition].
Par. 1.—Historical.
The gradual growth of the financial needs of the state from primitive times through the feudal period and the absolute monarchy up to the modern constitutional state.
Par. 2.—Descriptive.
Ordinary expenditures (administrative, economic and educational); extraordinary.
Par. 3.—Critical.
The law of extension of state duties; the prevalence of the preventive over repressive principle; maxims of usefulness, of public service, etc.
Chapter II.—Financial Resources of the State or State Revenue.
Par. 1.—Historical.
Literature: Literature: as above; Dowell, History of Taxation and Taxes in England [Vol 1, 1884; Vol 2, 1888; Vol 3, 1888 2nd ed; Vol 4, 1884]; Bolles, Financial History of the United States [Vol 1, 1884; Vol 2, 1885, 2nd ed; Vol 3, 1886].
Three sources of revenue; (1) public property; (2) fees and charges for particular services; (3) taxation. Successive stages of development (primitive times, feudal system, absolute monarchy, modern constitutional state).
Par. 2.—Descriptive.
Revenue of the modern state. From public property (lands, forests, etc.). From fees and charges (coinage, tolls, harbor dues, registration fees, judicial costs, postage, etc.).
Par. 3.—Taxation.
Literature: as above; Reports of the N.Y. Tax Commission [Earliest found online 1896]; Report of the Massachusetts Tax Commission [1875?]; Ely, Taxation in American States and Cities; Seligman, The Property Tax, Polit. Sci. Quar. V [1890], p. 24; Seligman, The Corporation Tax, Polit. Sci. Quar., June and Sept. 1890 [and Dec. 1890]; Cohn, Income and Property Taxes, Polit Sci. Quar. IV [1889], 37; Seligman, Finance Statistics of the American Commonwealths [1889]; Cobden Club Essays on Local Taxation [1875].
The right to levy taxes; principles of taxation; administrative rules; systems of taxation; classification of taxes; (a) direct taxes: capitation tax; land tax; house tax; tax on rent; the general property tax; the personal property tax; income tax; tax on corporations; tax on trades, occupations and professions; the death duties; stamp duties; the assessed taxes. (b) Indirect taxes; custom duties; tariff for revenue vs. tariff for protection; administrative and economic rules; incidence of custom duties. Excise taxes; various methods of collecting.
Par. 4.—Economic and social effects of taxation.
The question of direct or indirect taxation; the diffusion of taxes; the single tax, socialistic taxation.
Chapter III.—Public Debt.
Literature: Adams, Public Debt [1890]; Baxter, National Debt [1871, 2nd ed); U.S. Census, Public Debt [1892].
Par. 1.—History of public debts.
Par. 2—Descriptive.
Extraordinary revenue; reserve funds; exchequer bills; public loans; paper money; annuities (perpetual, life and terminable); government bonds repayable at fixed date or dates; placing a loan; high or low rates of interest; funded and floating debt; burden of debt; refunding the debt; redeeming the debt; repudiation; taxing public bonds.
Par. 3—Critical.
Taxation vs. loans; evil effects of paper money; right to burden future generations; a permanent public debt; economic, political and social effects of public loans; policy of different nations.
Image Source: Colorized portrait of Richmond Mayo-Smith by Economics in the Rear-view Mirror. Original monochrome image from Memoirs of the National Academy of the Sciences, Volume XVIII, Second Memoir.