WILLIAM ROSCHER,

PROFESSOR OF POLITICAL ECONOMY AT THE UNIVERSITY OF LEIPZIG, CORRESPONDING MEMBER OF THE INSTITUTE OF FRANCE, PRIVY COUNSELLOR TO HIS MAJESTY, THE KING OF SAXONY.

FROM THE THIRTEENTH (1877) GERMAN EDITION.

WITH ADDITIONAL CHAPTERS, FURNISHED BY THE AUTHOR, FOR THIS FIRST ENGLISH AND AMERICAN EDITION, ON

PAPER MONEY, INTERNATIONAL TRADE, AND THE PROTECTIVE SYSTEM;

AND A PRELIMINARY

ESSAY ON THE HISTORICAL METHOD IN POLITICAL ECONOMY

(From the French)

By L. WOLOWSKI,

THE WHOLE TRANSLATED BY

JOHN J. LALOR, A. M.

VOL. II.

NEW YORK:

HENRY HOLT & CO.

1878.

Entered according to Act of Congress, in the year eighteen hundred and seventy-eight, By CALLAGHAN & CO., In the office of the Librarian of Congress, at Washington, D. C.

DAVID ATWOOD, STEREOTYPER AND PRINTER, MADISON, WIS.

TO

WILLIAM H. GAYLORD, Esq.,

COUNSELOR AT LAW, OF CLEVELAND, OHIO,

TO WHOSE BROTHERLY CARE IT IS LARGELY DUE THAT I LIVED TO TRANSLATE THEM,

THESE VOLUMES

ARE AFFECTIONATELY INSCRIBED.