FRANK A. FETTER, PH.D.

PROFESSOR OF POLITICAL ECONOMY AND FINANCE, CORNELL UNIVERSITY

NEW YORK THE CENTURY CO. 1904 Copyright, 1904, by The Century Co. The DeVinne Press TO THE STUDENTS OF THREE UNIVERSITIES —INDIANA, STANFORD, AND CORNELL— FOR WHOM, WITH WHOM, AND BY WHOSE AID THIS BOOK CAME TO BE WRITTEN