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dents and teachers of government will welcome this change.
Professor Mathews shows how a real revolution has taken place in the conduct of foreign affairs in this country. The founders of the American system of government felt they were democratizing the treaty-making process as compared with Europe when they required the approval of treaties and diplomatic appointees by the senate. They pointed out at the time that European monarchs completely controlled the making of treaties and that this arrangement must be avoided in the American system. It has come about, however, that the American President, except in the rarest cases, has almost complete control of the treaty-making process in actual practice. It is now true that the constitutional duty of the President to enforce the laws of the nation is subordinate to his activities in world politics.
Professor Mathews' treatise will meet the demands of professors and lawyers for a carefully documented and authoriative discussion of the most important department of the American government. A series of such studies would make possible a needed volume on the American executive. University of Texas.
C. P. PATTERSON.
DAGGETT, STUART. History of the Southern Pacific. (New
York: The Ronald Press Company, 1922. Pp. VI, 470. $5.00.)
This is a comprehensive, a scholarly, and a well written history of the Southern Pacific Railroad. It is a distinct contribution as a chapter in American history. The student desiring to know the facts of the development of the West cannot afford to neglect this book. Students of transportation, of business finance, and of government will find this to be among the most useful books.
Without showing bias, with directness, clarity and precision, Professor Daggett unfolds the history of the Southern Pacific from its inception, through the years of construction with the assistance of the Federal land grants and subsidies, through the story of the building of the Central Pacific, of the acquisition of the California Pacific, of the building of the Southern Pacific; through the exploits of construction companies; through the years when the associates: Huntington, Stanford, Hopkins, Crocker, and their lieutenants were developing bold plans to achieve a monopoly in transportation in California and large stretches of the Southwest, when they conducted a great public utility as they would manage a retail store, when they opposed by all sorts of devices every effort at public regulation; through the controversies over the settlement of the indebtedness to the government; through an account of the merger cases—through all of this informing history down to the current oil and timber land litigation.
The unfolding of the story reveals how the public reacts to the character and the policies of the management. Even though the associates, the Huntington group, developed a great railroad system that was indispensable to California, their cold blooded and consistent pursuit of their own interests awakened distrust, antagonism, and active opposition on the part of shippers and of the general public. A change in management has resulted in a change of policy, a disposition to co-operate with the regulating agencies set up by the public. The people have responded to the changes by giving evidences of good will instead of the old-time enmities. University of Texas.
W. M. W. SPLAWN.
EDIE, LIONEL D. Principles of the New Ecnoomics. (New
York: Thomas Y. Crowell Company, 1922. 8vo. Pp.
For several years an increasing number of critical students have been protesting against the methods and the conclusions of orthodox economists. Much of this criticism has been brilliant and stimulating. While a number of the younger writers have shown an apitude for destructive criticism, not many of them have undertaken to restate economic principles or to present a science of economics which would not be open to the objections they have raised in criticising the work of others.
Professor Edie has sought to organize with the aid of the criticisms of the most able and constructive of the “rebels," what he is pleased to call the “Principles of the New Economics." He divides the book into three parts: Part I, with four chapters on Economic Psychology; Part II, with Chapters V-X on Economic Institutions and Functions; and Part III with Chapters XI-XIII devoted to a discussion of Economic Adaptation.
After reading the book, the reviewer is of the opinion that there are two things in Professor Edie's treatment which may be called new, or at least different so far as general texts in economics go. The first is his industrious attempt to apply psychology in a discussion of general economics. In his second chapter, entitled “Economic Expression of Instincts,” he mentions fifteen different instincts. In the third chapter he discusses the organization of human nature under the headings: habit, imitation, sympathy, suggestion, and inequalities of human equipment. He ends his treatment of Economic Psychology with the fourth chapter on human adaptation to economic environment, in which he speaks of discipline, elimination, sublimation, rationalization, and revolt. In these seventy-one pages of Part I, the reviewer gets the impression that the author is trying to teach a little psychology. Beyond question economists should know psychology, but wouldn't it be better for them to learn it from psychologists rather than from other economists?
The second thing that impresses the reader as new in this statement of general principles, is what it omits. There is no chapter on value. There are no such chapter headings as Rent, Interest, Wages, Profits. The discussions of production, of distribution, and of consumption, are jumbled together in a few chapters. Instead of a chapter analyzing the consequences of using the gifts of nature in producing goods, we find in chapter five considerable talk about such topics as machinery, transportation, chemistry, geology, electricity, and the psychology of industrial organization. While the factors of production are incidentally mentioned, labor alone is discussed as aiding in production. In chapter seven on capital, there is little mention of capital's part in production, but quite a little is said about inequalities of distribution. The chapters on management and markets are interesting, but it seems to the reviewer that an intelligent reading of them presupposes a knowledge of the "old economics." Chapter ten is a lecture on the services and dangers of money and credit. The discussion of money is wholly inadequate. If this book is to be considered as representative, one may infer that the "new economics" will delete from text-books all study of the principles of money.
In Part III, under the head of Economic Adaptation, are interesting chapters on public control, radicalism and economic democracy. Part III, pp. 453-520, appears to be the best portion of the book.
There are two criticisms of the book which appear to be well founded: first the presentation is inadequate as a text in economics; second, the book is weak in its treatment of general economic principles. The first sentence in the book may be taken as an example of the attempts at definitions: “Economics is the science of human nature in its relations to the ordinary business of life."
If one were to make minor criticisms, mention would be made of the references found at the end of the chapters. These bibliographies may be arranged according to some principle, but if so, it is not apparent to the reader. Then too the reader would be aided if initials of authors were given in every case instead of in some cases, and if the year of publication were stated.
This book is to be welcomed as one which those interested in economics may read with pleasure and some profit. For reasons indicated above, the reviewer does not think that it will prove to be a satisfactory text for class use. University of Texas.
W. M. W. SPLAWN.
FASSETT, CHARLES M. Assets of the Ideal City and Hand
book of Municipal Government. Crowell, New York, 1922.
Kansas University's Specialist in Municipal Government has written two convenient-sized little books; one entitled Assets of the Ideal City, which has a foreword by Harold S. Buttenheim, the other entitled Handbook of Municipal Government. The former is a catalog of the essential functions of a well-governed city of today, with a brief statement regarding each. The latter is a summary of the essential facts of the development and structure of city government and its administration. Both books are the products of the author's close contact with the workings of a city as successful engineer, chamber of commerce president and mayor, supplemented by subsequent study and observation. They are intended for handy use by the business man, the club woman, and the municipal official, as well as for the college student.
CAPES, WILLIAM PARR. The Modern City and Its Governo
ment. New York: E. P. Dutton & Company, 1922. Pp. XI, 269.
The Modern City and Its Government is an attempt to boil down the usual viewpoints of student, critic and administrator into one. The author's long contact with these various viewpoints as Secretary of the New York State Conference of Mayors and Other City Officials has been a good preparation for this task. There are fourteen chapters, the first four of which deal with the general subject of
1 Prepared by Clara Trenckmann, Reference Assistant in the Gov. ernment Research Division of the Bureau of Extension, University of Texas.