YALE UNIVERSITY. 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 50 courses of study offered in Psychology, Ethics, and Philosophy, 79 in the Social Sciences and History, 60 in Semitic Languages and Biblical Literature, 62 in Classical Philology, 68 in Modern Languages and Literature, 89 in Natural and Physical Sciences, 29 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 memorial 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. sexes. For full information address Prof. S. S. Sanford, Department of Music. THE SCHOOL OF THE FINE ARTS is open to students of both 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. F. K. Sanders, 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. T. S. Woolsey, Acting Dean of the School. LEADERS OF PUBLIC OPINION IN IRELAND FLOOD GRATTAN-O'CONNELL By the Right Hon. W. E. H. LECKY. New Edition. 2 Vols., crown 8vo, gilt top, $4.00 net. By mail or express, $4.25. This New Edition is greatly enlarged and rewritten, and contains a new introduction. A SURVEY OF ENGLISH ETHICS Being the First Chapter of Mr. LECKY'S "History of European Morals." Edited, with Introduction and Notes by W. A. HIRST, Principal of Gujarat College, Ahmedabad, sometime Scholar of Worcester College, Oxford. Crown 8vo, $1.20 net. By mail, $1.28. THE DESTRUCTION OF THE GREEK EMPIRE, And the Story of the Capture of Constantinople by the Turks By EDWIN PEARS, LL.B., Author of "The Fall of Constantinople." With Maps and Illustrations. 8vo, $7.00. AMERICAN CITIZEN SERIES-New Volume FINANCIAL HISTORY OF THE UNITED STATES By DAVIS RICH DEWEY, Ph.D., Professor of Economics and Statistics, Massachusetts Institute of Technology. With Charts, Bibliographies, Chapter References, Index, etc. Large crown octavo, 568 pages, cloth, $2.00. "This is a successful book. The author has had a distinct and specific historical aim in view, and he has attained it. The result is a valuable contribution to American history. There is throughout evidence of a fine and rigorous sense of proportion. In other words, the materials as to the financial history of the United States from the beginning of our national life have been clearly mastered. And the whole constitutes a highly instructive line of historical study. . . The value of the book for students and other readers is greatly enhanced by the abundant bibliography and other references covering the several specific topics treated of in histories, debates, and other documents. . . . ."-Chicago Tribune. NEW EDItion, reviSED OUTLINE OF PRACTICAL SOCIOLOGY With Special Reference to American Conditions By CARROLL D. WRIGHT, LL.D., U. S. Commissioner of Labor, President of Clark College. Large crown 8vo. $2.00. ... The Revision comprehends changes made necessary by the publication of the reports of the Twelfth United States Census. Some of the charts and diagrams appearing in previous editions, reproduced from the reports of the Eleventh Census, do not appear in the reports of the Twelfth, but the improved forms of the latter census have been substituted for the old forms, with the kind consent of Hon. WILLIAM R. MERRIAM, Director of the Twelfth Census. The Bibliographies and References at the heads of chapters have been brought down to date. LONGMANS, GREEN & CO., 93 Fifth Ave., N. Y. THE YALE REVIEW. MAY, 1903. COMMENT. The Taxation of Mortgages; The Southern Negro; Congress and Anti-Trust Legislation; The Proposed THE Political Science Association. HE taxation of mortgages is the last means proposed for remedying the defects of the present system of State and local taxation. The subject has been receiving unusual attention both in legislative debates and in economic literature. A variety of motives makes it desirable to materially change the present method of taxing credits. The inequality of our crude general property tax has long been known. Alexander Hamilton spoke of the "iniquitous and inefficient" system, and held that "all attempts to amend it without totally changing it are fruitless." The inequalities of treatment involved in the attempts to tax all mortgages secured by land are particularly glaring. With the growth of such corporations and associations as insurance companies and savings banks, which invest a large part of their resources in mortgages, but which escape being taxed upon these mortgages because of the taxes, often light, which they pay in other ways, the only mortgages which can be effectively taxed are those held by individuals, especially by trustees and executors. These last constitute only perhaps one-twentieth of all mortgages outstanding, compared with one-half held by savings banks, trust and insurance companies. The widows and orphans have sometimes received more consideration by economists and legislators than they deserved; but in this case they unquestionably deserve active sympathy. Unquestionably it is they who suffer most under the present régime of haphazard and unequal taxation. The rise in government bonds and similar securities, and the common legal restrictions put upon trustees and executors in the choice of investments almost force them to invest trust funds in local bonds and mortgages. Their existence and amount cannot be easily disguised; the mortgagee is usually a resident of the same State or city; in a word, these mortgages to individuals are more readily taxable than others. Of late they have greatly increased in the tax lists through the activity of the tax assessors. Moreover, the corporate lenders, such as insurance companies, establish the market rate of interest to be charged. vidual lenders have to accept the same rate, and cannot avoid assuming the tax, and thereby reducing the net interest they receive. As a general rule the incidence of the tax is not upon the lender. He recovers the amount from the borrower in a higher interest charge, but where, as in New York, the great mass of lenders on the security of land are exempt from mortgage taxation, the small minority of individual lenders cannot raise the rate of interest charged. If the tax laws were uniformly enforced, an exodus of individual lenders from the market would necessarily result. However, in practice the law's inequality and uncertainty heap the burden upon the conscientious and unlucky. It is a question between different classes of lenders. The indi The agitation in New York during recent years in regard to mortgage taxation has clearly shown how little legislation or popular sympathy are concerned with the individual lenders. The movement has been strongly toward relieving the mortgagor and burdening the mortgagee. In the discussion it has become clear that the generally accepted notions about the typical mortgagor and mortgagee need revision. The typical mortgagor is no longer in the popular mind the active and enterprising young man with few resources but with boundless energy and skill to develop his farm or lot; the typical mortgagee is no longer the passive Croesus who lives in ease on the proceeds of lending his accumulated wealth to less fortunate citizens. The typical borrower is more nearly the real estate speculator, and the lender the small man acting through the agency of a savings bank or an |