NOV 21 1907 YALE THE REVIEW A QUARTERLY JOURNAL FOR THE SCIENTIFIC DISCUSSION Fundamental Cause of the Panic; New Problem of Internal Waterways; THE NEW UNEARNED INCREMENT TAXES IN GER MANY, 237 Robert C. Brooks AN AGRICULTURAL BANK FOR THE PHILIPPINES, E. W. Kemmerer GEORGE WASHINGTON IN THE FEDERAL CONVENTION, Max Farrand 262 280 Florida Finance in the Civil War; The Opium Policy of the Dutch in 321 BOOK REVIEWS, Munro's Seigniorial System in Canada; Forrest's Development of RECENT LITERATURE, Wbrary 333 THE YALE PUBLISHING ASSOCIATION, INC., 1016 CHAPEL STREET, NEW HAVEN, CONN. Entered at the Post-Office, New Haven, Conn., as Second-Class Mail Matter THE YALE REVIEW A QUARTERLY JOURNAL FOR THE SCIENTIFIC DISCUSSION OF EDITED BY PROFESSORS IN POLITICAL SCIENCE AND HISTORY YALE UNIVERSITY, NEW HAVEN, CONN. The REVIEW is edited by Professors HENRY WALCOTT FARNAM, EDWARD GAYLORD BOURNE, JOHN CHRISTOPHER SCHWAB, IRVING FISHER, GUY STEVENS CALLENDER, HENRY CROSBY EMERY, CLIVE DAY, ALBERT GALLOWAY KELLER. The subscription price is $3.00 per year. Subscriptions may begin at any time. PUBLISHED BY THE YALE PUBLISHING ASSOCIATION, INC., 1016 CHAPEL STREET, NEW HAVEN, CONN. All payments for subscriptions and business correspondence should be sent to the YALE PUBLISHING ASSOCIATION, INC., 1016 Chapel street, New Haven, Conn. Copyright, 1907, by The Editors of the Yale Review, New Haven, Conn. ESTABLISHED BY BENJAMIN SILLIMAN IN 1818. The Leading Scientific Journal in the United States Devoted to the Physical and Natural Sciences, with special reference to Physics and Chemistry on the one hand, and to Geology and Mineralogy on the other. EDITOR: EDWARD S. DANA. Associate Editors: Professor GEORGE L. GOODALE, JOHN TROWBRIDGE, W. G. FARLOW and WM. M. DAVIS, of Cambridge; Professors A. E. VERRILL, HORACE L. WELLS, L. V. PIRSSON and H. E. GREGORY, of New Haven; Professor G. F. BARKER, of Philadelphia; Professor HENRY S. WILLIAMS, of Ithaca; Professor JOSEPH S. AMES, of Baltimore; Mr. J. S. DILLER, of Washington. Two volumes annually, in MONTHLY NUMBERS of about 80 pages each. This Journal ended its first series of 50 volumes as a quarterly in 1845; its second series of 50 volumes as a two-monthly in 1870; its third series as a monthly ended December, 1895. A FOURTH SERIES commenced in January, 1896. CONTRIBUTORS should send their Articles two months before the time of issuing the number for which they are intended. The title of communications and the names of authors must be fully given. Notice is always to be given when communications offered have been, or are to be, published also in other Journals. Subscription price, $6 per year, or 50 cents a number, postage prepaid in the United States; $6.40 to foreign subscribers of countries in the Postal Union. A few sets on sale of the first, second and third series at reduced prices. Ten-volume index numbers on hand for the second, third and fourth (Vol. I-X) series. ADDRESS, THE AMERICAN JOURNAL OF SCIENCE, NEW HAVEN, CONN. The work of the University is carried on in the following Departments:— THE ACADEMICAL DEPARTMENT (YALE COLLEGE), THE GRADUATE SCHOOL, THE SCHOOL OF THE FINE ARTS, THE DEPARTMENT OF MUSIC, THE FOREST SCHOOL. II. THEOLOGY, III. MEDICINE, and IV. LAW. The general equipment of the University includes the University and Departmental Libraries, containing about 350,000 volumes, the Peabody Museum of Natural History, the Astronomical Observatory, the Art Collections, Dwight Hall [the headquarters of the Young Men's Christian Association], the Commons, supplying board at about $4 a week to 1,000 students, the Gymnasium, the Athletic Field, and the Yale Infirmary. The University Catalogue contains full information concerning all departments. It may be secured by addressing the Secretary of the University. THE ACADEMICAL DEPARTMENT (YALE COLLEGE) offers a four years' course of study leading to the degree of B.A. Its Professors and Instructors number over 130. The first year's work is in English, Latin, Greek, French or German and Mathematics. For the other three years courses are offered covering Languages and Literature, Mathematics and the Natural Sciences, Philosophy, History and the Social Sciences, Art and Music. Nearly $50,000.00 is annually appropriated in Beneficiary Aid for Scholarships, Fellowships and Prizes. Room Rent in the college dormitories (which accommodate 700 students) ranges from 75 cts. to $5.00 per week for each Occupant. For Catalogues and further information address Prof. Henry P. Wright, Dean of the Faculty. THE SHEFFIELD SCIENTIFIC SCHOOL offers a three years' course of study leading to the degree of Ph.B. The first year of study covers Mathematics, Physics, Chemistry, French or German, English, Drawing. The work of Senior and Junior years is arranged in thirteen special courses of study, including Chemistry, Metallurgy, Civil Engineering, Mechanical Engineering, Electrical Engineering, Sanitary Engineering, Mining Engineering, Studies preparatory to the study of Forestry, Biology preparatory to Medical studies, and General Scientific studies, including Political Science, History, English, Anthropology, Zoology, Botany, etc. The Engineering Hall, Chemical Laboratory and Biological Laboratory are thoroughly equipped for work in the several lines of research. For Catalogues and further information address Prof. R. H. Chittenden, Director of the School. THE GRADUATE SCHOOL. The courses of study, open only to graduates of colleges and universities, lead to the degrees of DOCTOR OF PHILOSOPHY, MASTER OF ARTS, MASTER OF SCIENCE, CIVIL ENGI NEER and MECHANICAL ENGINEER. The course leading to the degree of Doctor of Philosophy is open to students without distinction of sex. There are many courses of study offered in Psychology, Ethics, and Philosophy, in the Social Sciences and History, in Semitic Languages and Biblical Literature, in Classical Philology, in Modern Languages and Literature, in Natural and Physical Sciences, and in Pure and Applied Mathematics. There are various clubs and associations which meet periodically for reading papers and for discussion, such as the Mathematical Club, the Classical Club, the Political Science Club, the Anthropology Club, the History Club, the Philosophical Club, the Semitic and Biblical Literature Club, the Modern Language Club, the English Club, the German Journal Club, the Physical Club, the Physics Journal Club, the Engineers Club, the Chemical Club, and the Biological Club. The various Departmental Libraries, the Laboratories and Collections, as well as the numerous courses of Public Lectures, are open to the students of this Department. Five Fellowships of $400 each and 20 Scholarships of $100 each are open to graduates of all colleges. Several special fellowships are also available. For Catalogues and further information address Prof. Andrew W. Phillips, Dean of the School. THE DEPARTMENT OF MUSIC is open to graduates, undergradutes and special students, without distinction of sex. The theoretical studies are Harmony, Counterpoint, the History of Music, Strict Composition, Instrumentation and Free Composition. The practical courses consist of instruction in Piano, Organ, and Violin playing. For full information address Prof. S. S. Sanford, Department of Music. THE SCHOOL OF THE FINE ARTS is open to students of both sexes. Technical Instruction is given in Drawing, Painting, Sculpture, and Copper Plate Etching, and courses of lectures are given in the Philosophy, History and Criticism of Art. Several prizes are offered, the most important of which is the William Wirt Winchester prize of $1500. For further information address Prof. John F. Weir, Director of the School. THE DIVINITY SCHOOL is open to students of every Christian denomination. Scholarship aid is given to all needy students in return for work done under the direction of local pastors. No charge is made for instruction or room rent. The course of three years leads to the degree of B.D. A fourth year for Graduate Study is open to those who desire to pursue an advanced course, and several Fellowships and Scholarships are open to such persons. For further information address Prof. Geo. B. Stevens, Dean of the Divinity School. THE MEDICAL SCHOOL has a four years' course, leading to the degree of M.D. Clinical Instruction is afforded at the New Haven Hospital and the New Haven Dispensary. The latter institution, where last year 15,000 patients received treatment, is situated on the school grounds. For circulars address Prof. Herbert E. Smith, Dean of the School. THE LAW SCHOOL offers a three years' course, leading to the degree of LL.B. and fitting students for the Bar of any state. The courses of Graduate Study lead to the degree of Master of Laws and Doctor of Civil Law. The students are afforded peculiar facilities for observing the practice of the higher Courts of Connecticut. For further particulars address Prof. Henry Wade Rogers, Dean of the School. |