Mr. Smith's recent work on The Science of Business5 should be read, and its facts and arguments carefully weighed, by all men of business. It professes to be a study of the principles controlling the laws of exchange. Reasoning from analogies existing in the natural world, the author logically deduces his law that civilization moves along lines of least resistance, and contends that this law holds true throughout the phenomena of mind also. The law of the survival of the fittest is but another expression of the subject under discussion. "Do we not see civilization," asks the author, "advancing along those lines where the tractive forces are the greatest, where the least labor will produce the largest crops, and where the obstacles to complete living are the fewest? Do not people invest their money where it will safely bring the largest returns? Do we not buy in the cheapest, and sell in the dearest market? Does not the tide of immigration set from least favored nations to the most favored?" There is still one other law,—that motion is always rhythmical. These two principles or laws Mr. Smith applies to his theories regarding general business, the iron industry, the building of railroads, immigration, stocks, exchange, foreign trade, etc. Indeed his theories are based on these laws, and are worthy of consideration if not always of acceptance. We quote one reflection:—"If we admit that business motions are in the line of least resistance, and rhythmic, and that these rhythms show a tendency to become balanced, we may conclude that panics and periods of depression will always continue at intervals, with this qualification, the next period of depression will not be as severe as the present, and the next less severe, and so on, until, to all outward signs, they will at last cease."

By reason of a lack of space, we cannot say all that we had wished to say in regard to this work. It is, on the whole, a most ingenious argument, well conceived and brilliantly sustained. We are not sure that Mr. Smith has not explained satisfactorily some of the nuggets of mystery which have so long puzzled the brains of business men.

PUBLISHER'S DEPARTMENT

An early forthcoming issue of the Bay State Monthly will contain an elaborate article of great value upon the manufactures and various important industries of "A Model Industrial City," for which fine illustrations are being prepared.

Special invitation is extended to all Public and private Libraries, Historical, Intellectual and Literary Societies, as well as to every lover of New England, to join their efforts with ours to the end that the Bay State Monthly shall be a competent medium of preserving the great and rapidly increasing amount of history pertaining to New England, and no less a worthy representative of its literature and material progress.

We tender our thanks to the Holyoke Transcript for the very courteous aid rendered our management.

We desire to heartily thank the press of the entire country for the cordial and appreciative welcome extended to the Bay State Monthly since it has been published under its new management. On an advertising page in this number are to be found a few comments, selected from hundreds of similar notices given by representative newspapers in nearly every state in the Union.

1

The Writings and Speeches of Samuel J. Tilden. Edited by John Bigelow In two volumes. New York: Harper & Brothers. Price $6.00.

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2

THE GARNET SERIES;—Readings from Ruskin—Readings from Macauley—Art and the Formation of Taste—Life and Works of Michel Angelo. 5 vols. Boston; The Chautauqua Press.

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