Economic and Industrial Fallacies. By Arthur B. and Henry Farquhar.
(G. P. Putnam's Sons.)—The Messrs. Farquhar dis- cuss exhaustively the subject of Protection, for this is the real object of their attack; all the fallacies centre in this. (Their book, it must be understood, has special reference to the com- mercial condition of the United States.) The volume contains, we need hardly say, many interesting and instructive facts. Here is one relating to iron and steel :—" The entire capital invested in the blast-furnaces, rolling-mills, and steelworks of the United
States probably does not exceed $400,000,000." A previous calculation has showed that in ten years the Protective duties have raised the cost of imported iron and steel by a sum of double this amount. Protection will stand a great deal of hammering; but it is not therefore the less useful that careful observers, such as the Messrs. Farquhar seem to be, should keep on "pegging away."
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