CURRENT LITERATURE.
a new and materially improved edition of the only good theoretic book on the foreign exchanges, of which we had occasion to speak so highly when it first appeared. Mr. Goschen has added much that is sound and valuable on the great variations which have taken place in the American exchanges since he wrote, and their cause. He explains, in complete conformity with the general principles of his book, why the quantities of gold shipped to America at the beginning of the American war did not immediately return to England, as was prophesied in the Times.
The American market was well stocked with gold, the English ill stocked, and, as a speculation, the gold could not have been sent to America at a profit. Mr. Goschen shows that indebtedness entirely overrides the causes of a speculative flow of gold, and he explains with the greatest clearness the changes which followed the depreciation of the currency, though he himself is obviously puzzled with• the groat fall in the price of gold which followed the battle of Gettysburg.
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