Social science volume 11 issue 1 1936 doi 10 2307%2f41885689 review by j ray cable the economics of money, credit, and bankingby j cyril james

Pi Gamma Mu, International Honor Society in Social Sciences

The Economics of Money, Credit, and Banking by J. Cyril James
Review by: J. Ray Cable
Social Science, Vol. 11, No. 1 (January 1936), p. 73
Published by: Pi Gamma Mu, International Honor Society in Social Sciences
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BOOK REVIEWS

73

Thesemonetary

controversies
ofa former
on
genera- logicallyto fitin better.Thus,the discussion
tion are, however,
not relevantto present-daygolddevaluation
andrelatedtopicsmight
possibly
interests.
. . ."
be takenoutofthechapter
ontheFederalReserve
practical
of the past few System:Administrative
The monetary
and added
developments
Organization
backtheapproach
to monetary to thechapter
onThe GoldStandard.
yearshavebrought
Manyother
controversies
"fromthe standpoint
of an active rearrangements
may be made to securegreater
this unityin thecase ofsomeofthechapters.
interest"
whether

(It is questionable
present
Professor
a first-class
Garis'workconstitutes
approachshouldever have been so muchnegthis textforstudents
Garis'bookexemplifies
of moneyand banking,
and it
lected),andProfessor
in hisattackupon shouldprovemostserviceable
revival.The authoris vigorous
as a readableand
unsound
sourceofinformation
forthegenmonetary
proposalsand the- thoroughgoing
legislation,
clearin no uncertain eralreader.
ories,andmakeshisposition
- ClydeWilliamPhelps
terms.This does not meanthathis workis not
andscholarly,
forhe has takenpainsto Head Department
ofEconomics
andCommerce
impartial
treatfairlythe variouspointsof viewinvolved, University
of Chattanooga
whenever

possible.
quotingdirectly
textforuniver- The Economicsof Money,Credit,and Banking.
Professor
Garis'comprehensive
NewYork:RonaldPress,1935.
courses
notonlytreatsthe By J.CyrilJames.
and
sitymoney banking
andhistory
butalsogivesattention 671pp. $4.00.
general
theory
in legisla- It is a greatpleasureto recordtheappearance
recentdevelopments
to the important
tionand literature.
It is evidentthatthe author ofa secondandrevisededitionofthisexceedingly
a reallyup-to-date usefultext.Firstpublishedin 1929,it attracted
hassparedno effort
to produce
wideattention
volume.
andclearbyitsfunctional
approach
ofthereallyimportant
The workfallsintotwoequal parts.The first cutpresentation
of
factors

cover
and
fivehundred-odd
money
credit, moneyand bankingwithoutundueinclusionof
pages
ofthespacebeingdevotedto the unimportant
detail.However,
thereviewer
aboutthree-fifths
readthe
530 pageshandle original
former
editionwitha feeling
thatthedesirefor
subject.The remaining
Thetreatment
ofmoneyendswithChap- brevity
had beencarriedtoo far,and remembers
banking.
theauthorsuggesting
ter XI on MonetaryReforms.
Here the author havingwritten
thathe really
shouldbe simplifiedwritea book aroundhis mostexcellentoutline.
system
urgesthatourcurrency
ofall typesofcirculation
except The neweditionmeetswithhis approvalin that
"bytheabolition

FederalReservenotes(backedby a 25 per cent respect.
and
Changesarenowso rapidinmonetary
insteadof a 40 percentgoldreserve),
fieldsthatno textbook
can lay claimto
SI and $2 banking
UnitedStatesnotes,andsubsidiary
coins."He be- presentation
of existing
factsif the inkis really
lievesthat"in the verynearfuturethe United dry.Frequentand extensive
revision
mustbe exto thegoldstandardnotas pected.And here Professor
Statesshouldreturn
Jameshas done a
an end in itself,but 'managed'as one meansto superlatively
good job. The revisededitionruns
ofa relatively
theattainment
stablepricesystem." through
eachshowing
evidence
thirty-one
chapters,
It shouldnotbe inferred,
thathis posi- ofcareful
reconsideration
ofthematerial
however,

givenin
the goal of thefirst
tion is to makepricestabilization
edition.Although
thenamehas beenreandcreditpolicy.Forin ChapterXVIII tained,the bookhas beenlargelyrewritten,
and
monetary
on The Controlof Credit,
whichendsthesection is muchimproved.
In thereviewer's
it is
opinion,
to credit,
ofthebookrelating
hestatesplainly
that nowthemosteffective
textavailableforthebehe believes"a rigidstability
of thepricelevelis ginning:
student.
- J.RayCable
butimpossible,"
notonlyundesirable
andthatthe
conditions
normal
and Associate
Professor
ofFinanceandBanking
goalshouldbetokeepcredit
healthyand to preventabuse of credit.Progress Washington

University
towardthisgoalwouldnaturally
havesometendto
toward
more
in
the
ency help
securing
stability
pricelevel.
CriminologySurveyed
In thebanking
sectionofthework,theauthor
NewYork:Longit seemsto me,in restrict-Criminology.
showsgoodjudgment,
ByAlbertMorris.
of agricultural
to one mans,Green& Co., 1934.xii,590pp. $3.50.
ingthe discussion
banking
Xormuchtoolong ponderousand"academic"
chapterand that of non-commercial
bankingto
It mighthavebeenworthwhileto have beensynonyms,
twochapters.
and scholarsseemto have
closethissectionof thebookwitha chapteron feltthatin orderto be intelligent
theymustbe
reforms.

Professor
Morris'Criminology
banking
is a
unintelligible.
Whenthebookis revised,
itwillprobably
marked
from
prove
departure sucha school.Not onlyis
to replacetheverbatim
desirable
it
of
authoritative
and
but it is highly
presentation
intelligent,
and certainotherdetailedand lengthy intelligible
andwellwritten.
It is a bookin which
legislation
matters
andvaluable criticalinsighthas been sharpened
(all ofwhichit is important
on a respect
at themoment
to citeverbatim)

affection
forwords.
bysuccinct
expla- andan excusable
and
to
shift
to
an
that
The validityand thoroughness
nation,
of theauthor's
appendix
partof
the replacedmatterdeemedimportant
for its treatment
has alreadybeencommented
on so faform
or
some
of
the
original
phraseology.
as WilliamHealy
Also,
vorablyby such authorities
discussions
of recentdevelopments

thatit seemssuperfluous
maywellbe andAustinMacCormick
shifted
fromthechapters
in whichtheyappearat to say more.In covering
thewholefieldof crimto
other
wheretheywouldseem inology,
Morrisneverlosesthehumanbeingin a
chapters
present

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