THE

YALE REVIEW

A QUARTERLY JOURNAL FOR THE SCIENTIFIC
DISCUSSION OF ECONOMIC, POLITICAL
AND SOCIAL QUESTIONS

VOLUME TWELFTH

MAY, 1903, TO FEBRUARY, 1904

NEW HAVEN, Conn.:
THE TUTTLE, MOREHOUSE & TAYLOR CO.

LONDON: EDWARD ARNOLD; PARIS: E. LEROUX;
BERLIN: PUTtkammer und MÜHLBRECHT; ROME: E. LOESCHER

1904

EDITORS

HENRY WALCOTT FARNAM

EDWARD GAYLORD BOURNE

JOHN CHRISTOPHER SCHWAB

IRVING FISHER

HENRY CROSBY EMERY

CLIVE DAY

ALBERT GALLOWAY KELLER