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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