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Four months ago we offered a series of cash prizes for the best examples of business letterheads submitted for reproduction in our Swan Linen Portfolio—the first serious attempt to present a wide range of American business stationery in collected form.

Among the specimens received, many were curious and interesting, but the vast majority were strong, dignified, practical examples of modern business letterheads.

A copy of this Swan Linen portfolio reproducing the best specimens submitted, and gotten up in an unusually artistic and original form, will be forwarded free of charge to those interested. It is a valuable and unique souvenir.

The judges were Mr. John E. Stewart, printer, Springfield, Mass. ; Mr. C. G. Merrills, Sec'y Morgan Lithograph Co., Cleveland, Ohio, and Mr. R. G. Hutchins, Vice Pres. The Jeffrey Mfg. Co., Columbus, Ohio.

Nearly all of the prize winning letters would have been improved if printed on Swan Linen. The peculiarity of Swan Linen is its superior tone which enhances artistic printing and lends special dignity and effectiveness to business correspondence.

The Swan Linen Portfolio emphasizes this distinctive tone and gives a practical object lesson in the value of high class paper as a necessary factor where the best results are desired.

Below is a list of the successful contestants. Copies of the Swan Linen portfolio will be forwarded in due time to all who were kind enough to submit samples. Extra applications should be mailed to us promptly, as the edition will be limited.

First Prize, $100.00

Rogers Brown & Co., Cincinnati

Ten Prizes of $10.00 each, as follows: A. Chester Thegan, Philadelphia

J. H. Somers & Co., Cleveland Patton Paint Co., Milwaukee

The Department Store Exchange, New York Corporation Surety Co., New York City

Susquehanna & N. Y. R. R. Co., Union Envelope Co., Richmond, Va.

Pres.'s Office, Williamsport, Pa. The Widdicomb Furniture Co.,

Webster Mfg. Co., Chicago
Grand Rapids, Mich. The Kansas Grain Co., Hutchinson, Kans.

Ten Prizes of $5.00 each, as follows:
The Bozeman-Waters Nat'l Bank, Poseyville, Ind. Thompson, Thayer & McCowen, Evansville, Ind.
The Williams Soap Co., Indianapolis, Ind.

Knox & Morse Co., Boston, Mass. The Ohio Malleable Iron Co., Columbus, Ohio National Lead Co., Cincinnati, O. The Harwell Evans Co., New York City

The Marion Trust Co., Indianapolis, Ind. American Blower Co., Detroit, Mich.

A. G. Sallee, Evansville, Ind. Swan Linen is made from new, selected linen rags : carefully and slowly loft dried and finished. It has a strength, texture, surface, and color all its own. Try it. Insist upon your stationer, printer, or lithographer furnishing Swan Linen paper and envelops to match. The Central Ohio Paper Company, Columbus, Ohio

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The Polish-German Question
By Henryk Sienkiewicz and

Emil Klaessig

Letters from a Workingman
Piece-work, Social Welfare, Strikes

By an American Mechanic

A Parallel Case
A Story by Elizabeth Woodbridge

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NEW YORK, MARCH 7, 1908

Vol. 88
No. 10

Published by the Outlook Company. 287 Fourth Ave., New York. Chicago Office, Marquette Building.
Lawrence F. Abbott, President. William B. Howland, Treasurer. Karl V. S. Howland, Secretary.
Lyman Abbott, Editor-in-Chief. H. W. Mabic, Associate Editor. R. D. Townsend, Managing Editor.

$3 a year 10c. a copy

reasons

Mr. Fowler, of New of Government bonds as the basis for The Aldrich and

Jersey, Chairman of circulation; it provides for a guarantee Fowler Currency Bills

the House Committee of all deposits; it permits National banks

on Banking and Cur- to do the business of trust companies; rency, has introduced in Congress a and it makes several other important currency bill which has been favorably changes of detail in National bank manreported out of the Committee. There agement which need not be recounted are now, therefore, two currency meas- here. We agree with Mr. Fowler hat. ures for the immediate consideration of our present bond-secured currency is Congress at this session—the Aldrich archaic, that an asset currency like or Senate Bill and the Fowler or House that which works so successfully in Bill. The Outlook believes that it is Canada would probably be much more unquestionably for the best interest of desirable, and would doubtless, if it the country that the Fowler Bill should could be adopted, provide a greater be abandoned and that the Aldrich degree of elasticity than that which Bill should be passed. We shall en- will result from the Aldrich plan. deavor to state briefly our

But, in our judgment, Mr. Fowler's bill in this paragraph. The banking cur- is absolutely impractical to-day because rency of this country is at the present it cannot be passed. Whatever the time an inelastic, bond-secured currency. defects of our bond-secured circulation, While it is true that our currency and the country, both by education and banking system, as Mr. Carnegie pointed by long usage, is convinced that to out in last week's Outlook, is in some abolish it after a month's debate is respects one of the most artificial, unsci- unreasonable. The Outlook urges the entific, and unpractical in the world, the passage of the Aldrich Bill because it immediate pressing need for the country enlarges the scope of our present system is not an entire revolution and recon- and provides for elasticity without any struction of that system, but the intro- jeopardy of safety. It is purely an exduction into our banking currency of the pedient, to be sure, but an expedient is quality of elasticity—that is to say, we what is immediately needed. With the ought at once, in order to meet the needs simple and safe elasticity of the Aldrich of commercial, agricultural, and manu- plan adopted, the country can then very acturing business, to provide a method properly and without anxiety turn to a by which the volume of banking currency discussion of the question whether it in the country may increase and contract does not wish ultimately to abandon with the regular bi-annual increase and totally the present system and construct contraction in the volume of trade. The one along the lines proposed by Mr. Aldrich Bill practically and simply pro- Fowler. This, however, cannot be done vides such a method which may be in a brief Congressional debate. The incorporated in or added to our present question of an entire reconstruction of long-established system of bond-secured American banking and currency should currency.

Mr. Fowler's bill, on the have the painstaking consideration of a other hand, if passed, would mean a commission of experts who should make complete and radical revolution of our a complete report to Congress; of this present National banking currency meth- commission Mr. Fowler might very well ods. It wipes out in one stroke the use be the chairman,

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