The need of a suitable text or handbook on money and banking has doubtless been felt by every teacher of political economy. The complexity of the subject and the closeness of the reasoning often required render it peculiarly unsuitable for presentation to immature students in the form of lectures, and the voluminousness of the literature and the controversial character of a large part of it render a guide of some sort almost indispensable. No one of the books available for the English-speaking student covers the entire ground in a comprehensive manner, and few, if any, of them have been written with the needs of the student distinctly in mind.

The present book is the outcome of ten years' experience in teaching large classes in the University of Wisconsin, and is presented to the public in the hope that students in other institutions as well as the average citizen who wishes to understand this subject may find it useful. Its subject is modern currency, and it aims to analyze and explain the complex media of exchange of the great nations of the present day in such a way as to reveal the nature and workings of each element and the relations between them all. Besides money in the ordinary sense, therefore, it includes a discussion of banks in their relation to the currency, of the various forms of government notes, and of the machinery and methods of international exchange. In considering controverted questions, while the author has not attempted to conceal his own views, both sides of the case have been presented, and specific references to the best literature of the controversy have been given.

A special feature of this book is the list of references given at the end of each chapter. These have been made specific, the chapter and the page, when necessary, being given, in order that the student may have no difficulty in finding what it is desirable that he should read on each topic, and no excuse for neglecting to read widely. The book is designed to be used as a guide simply and not as a substitute for the literature of the subject. While the author has definite views on the various topics treated and has presented the subject in the way which seems best to him, he has not written this volume for the purpose of propagating his personal beliefs, and desires that those who use it shall read authors who disagree as well as those who agree with him, the aim being to aid students in acquiring such a knowledge of the subject as will enable them to form rational, independent judgments for themselves. No attempt has been made to give a complete bibliography of any of the topics treated. The aim has been rather to select typical references from the best writers, and especially from those most easily available and most useful to students in the United States. Certain American books have, therefore, been frequently referred to, not because in all cases they are the best on the subject, but because in many cases they are the only ones available for students in some of our institutions of learning. Abbreviations have been used in many cases, the full title of the book being given only in the list at the end of the volume. In the case of certain books to which reference has frequently been made only the author's name is given. In every such case it should be understood that the book referred to is the first one mentioned under that author's name in the complete list at the end.

Great pains have been taken to make the statements of fact in the book accurate, but it is hardly possible that complete success in this particular has been attained. The author will be grateful to any one who, having discovered an inaccurate statement, will apprise him of the fact, that it may be corrected, should subsequent editions become necessary.

William A. Scott.

University of Wisconsin, November, 1902.