Exchange, buying and selling, 179.
domestic, 162.

explanation of, 100.
foreign, 162.

mechanism of, 101.
money as medium of, 115.
rate of, 166.

transportation as a factor, 104.
value in, 38, 41.

Exchangeability of objects, 35.
Exchanges, list of, 47.

Export duties, 242, 331, 336.

Export trade, defined, 233.

under mercantile system, 8.

Exportation, advantages of, 234.

17, 18.

Fetter, Principles of Economics, 283, 370.
Feudal system, 384, 436.
Fiat money, 110.

Fidelity and surety insurance, 358.
Financial crises, 146.

Fines as sources of revenue, 327.

Fire and marine insurance companies,
351.

Fire insurance, described, 358, 361.

in seventeenth century, 350.
Fiske, The Modern Bank, 175.
Fixed capital, defined, 97.
Floating debt, 346.

Fluctuation of market prices, 47.
Force Act, 249.

Foreign bills of exchange, 163.

Foreign commerce, 233, 235-

Foreign exchange, 162.

Physiocrats' theory of, II.
world's production of, 151.
Gold certificates, 113.
“Gold points," 169.

Governing committee, 48.

Government, Catholic view of, 25.
Government aid for unemployed, 381.
Government banks in foreign countries,
185, 186, 187.

Government bonds, 347, 377.
Government debt, 346, 347.

Government guarantee of bank deposits,

216.

Government revenue, sources of, 325.

Grants, to railroads, 283.

Greenbacks, history of, 110, 114.

Banking and Currency, 201.

Fowler bill, 227.

limitation of, 133.

operation of, 131, 132.

statement of, 131.

Franchise, corporation, 309, 311.

Gross product, 68.

France, Bank of, 204.

Gross profits, defined, 416.
Grosscup, Hon. P. S., The Government's
Relation to Corporate Construction
and Management, 322.

Guarantee fund, in joint-stock com-
panies, 357.

Guarantee of bank deposits, government,
216.

Guilds and crafts, 437.

Immaterial goods as wealth, 36.
Immigration, effect on labor, 446.
Immigration laws, 380.

Imperial Bank of Germany, 185, 187,
205, 215.

Import duties, 242, 331, 336.
Import trade, defined, 233.
under mercantile system, 8.
Importation, advantages of, 233.

Hazeltine, M. W., The Banking and Cur-
rency Problem in the United States,
196.

Health insurance, 358.

"Heavy" money, 118.
Hefele, Conciles de l'Eglise, 401.
Hepburn Act, 297.

Hepburn, A. B., Contest for Sound
Money, 132, 133, 145, 178, 188, 189,
205.

in Bolles, Practical Banking, 184.

in Practical Problems in Banking and
Currency, 212.

Hierarchy of labor, 81.

Historical political economy, 32.
Historical School, principles of, 29.
Historical sketch, of banking, 184, 203.
of bimetallism in United States, 135.
of Graham's law, 131.

of insurance, 349.

of interest, 401.

objections to, 408.

rate of, 411.

socialist theory of, 410.
theories of, 409.

Internal revenue taxes, 331, 335.
International Encyclopedia, 350, 447.
International trade, advantage of, 233.
balance of trade and balance of ac-
counts, 238, 239.
causes of, 232.
consular service, 236.
contractual system, 246.
customs duties, 242.
defined, 232.

domestic commerce, 235.
effects of, 233.
extent of, 234.
free trade, 272.

foreign payments, 237.
function of, 267.

imports and exports, 241.
protection, 248.

protectionist policy of United States,
243.

tariff, 242.

Interstate commerce, control of, 72,

296, 322.

Interstate Commerce Commission, his-

Academy of Political and Social
Science, 206.

Joint-stock companies, described, 308,

Kay, shuttle invented by, 437.
Ketteler, Bishop von, Die Arbeiterfrage
und das Christenthum, 21.

Kinley, Professor D., Objections to Bank-
deposit Insurance, 220.
Kirchen-Lexicon, 19, 24, 405.
Koch, A., Zins und Wucher, 405.
Krupp foundries, social work at, 462.

Labor, a cause of value, 40.

a factor of production, 67.
Agrarian socialist view of, 18.
and capital, 27.
bureaus of, 461.

capacity for, 441.

Catholic view of, 26.

child, 27, 72, 446, 448, 461.
defined, 77.

demand for, 447.

division of, 80.

effect of protection on, 254, 270.
efficiency of, 79.
hierarchy of, 81.
hours of, 27, 442.

Liberal School view of, 9, II.
objects procured by, 35.

of women and children, 26, 27, 446, 448,
461.

prohibition of, on Sunday, 27.

relation of machinery to, 92.

required by capital, 95.

requisites, 77.

skilled, 445.

socialist theory of, 16.

supply of, 446.

unskilled, 445.

tral Bank, 211.

Iron law of wages, 24, 451.

objections to, 453.

Irredeemable paper money, 110.
Isolation of banks, 194.

Jevons, Stanley, definition of money, 107.
on value of gold, 157, 158.

Labor laws, 438.

Labor time, 391.

Labor unions, effect on supply of labor,

Laborer, as a party to distribution, 392.
Laboring class, 22, 23, 79.
Lading, bill of, 164.

Laissez faire doctrine, 10, 12, 25, 30, 225.
Land, a factor in production, 72, 394.
Agrarian socialist theory of, 17.
rent, see Rent.

under Liberal School, 9.
Land office fees, 328.

Landlord, as a party to distribution, 392.
Lapse of policy, 360, 366.

Laughlin, Political Economy, 74, 393.
Lawful money, 109.

Legal monopoly, 62.

Legal price, 45.

Legal rate of interest, 411.

Legal ratio, 135.

Legal regulation of price, 63.
Legal security, 376.

Legal tender notes, 114.

Lehmkuhl, Theologia Moralis I, 403, 407.
Leo XIII, Pope, Encyclical Rerum No-
varum, 21, 71, 318, 387, 455.
Leroy-Beaulieu, on relation of political
economy to ethics, 6.

The United States in the Twentieth
Century, 308, 314.

Traité d'économie politique, 6.
Levasseur, E., Histoire des classes ou-
vrières et de l'industrie en France
avant 1789, 349.

Level annual premium, 359.
Liability limited, 308.

unlimited, 308.

Liberal School, branches of, 10.

Loans, investment in, 375.
methods of making, 179.
public, 346.
time, 180.

under Liberal School, 9.
Local association, 213.

Local discrimination of railroads, 292.
Lockouts, cause of unemployment, 441.
London Stock Exchange, 47.
Long-and-short-haul principle, 296.
Long-term contracts, remedy in, 147.
Low wages, cause of, 459.
Luxuries of life, 371, 373.

Machine work, influence on labor, 22.
Machinery, accidents from, 93.
advantages and disadvantages of, 92.
guarding of, 27.

in cost of production, 68.
increasing application of, 14.

Mail service, government ownership of,
327.

Malthus, T. R., An Essay on the Principle
of Population, 82, 83, 84, 85.
doctrine of, 82, 446.
doctrine rejected, 86.
Malthusians, 86.

Manager, profits received by, 414.
see also Entrepreneur.
Manchester School, 12.
Mann-Elkins law, 297, 298.
Manufacturing industries, defined, 70.
in sixteenth century, 437.
Margin, of cultivation, 397, 399.

trading on, 49.

law of supply and demand, 53.

on laws of production, 71.

rejection of, 23.

tenets of, 8.

theories of price of, 46.

Liberatore, Political Economy, 25.

License fees, 328.

Life insurance, defined, 358.

development of, 350.

kinds of, 359.

statistics, 351.

Life policy, 359.

"Light" money, 118.

Limitation of quantity, a source of value,

Loans, call, 180.

in bottomry, 349.

Marginal utility, law of diminution of,

Maximum rate of tariff, 247, 252.

May, R. E., on per capita wealth, 389.