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 NOTES AND ABSTRACTS 1 47

government the nght to control banks of issue. But the cantons having state banks opposed the law when it was submitted to the people, and the reform was defeated. However, many of the people were in favor of some restriction, and twenty-one of the thirty-five banks, desirous of conciliating public opinion, entered into an agreement, July 8, 1876, to receive each other's notes, and established a central bureau or clearing house. This secures an inter-cantonal circulation of considerable ability; but the fact that so many banks kept out of the association proved sufficient to defeat the pro- posed reforms. Yet the creation of a federal monopoly was obvious to the public. The law of 1881 secured some relief. It provided that banks of issue must have a capital of not less than 500,000 francs and must not issue bills to more than double the amount of their capital, and must keep on hand metallic money to the amount of 40 per cent, of their circulation. Various securities are accepted for the other 60 per cent. An inspector is to publish statements of the condition of the banks. The law also provided for uniform notes. The authorized circulation of all the banks was 182,470,000 francs in 1894. They have a reserve of coin amounting to 92,000,000 francs. A new article was added to the constitution in 1891 by a vote of 231,000 to 158,000, authorizing the establishment by the confederation of a single bank of issue. In 1894 the council finally decided to establish such a state bank. The capital of the bank is to be 25,000,000 francs and is to be furnished by the confederation and the can- tons. General surveillance will be exercised by the federal assembly and administra- tive authority by a committee of direction composed of six members, under the perma- nent control of a council of the bank composed of twenty-one members. ACH1LLE VIALLATE, "Les Banques d'emission en Suisse," in Journal des conomistes, May 1896. Paris : Librairie Guillaumin et Cie.

Labor and the Injunction. A bill is pending in congress, presented at the request of the American Federation of Labor, preventing the United States courts, sit- ting as courts of equity, from punishing for contempt when the contempt consists of acts for which the offending party is indictable. Equity jurisdiction is barred from the punishment of crime. An injunction is never used for punishment, but to prevent wrongs to property which would be irreparable. The use of the injunction, in this country, to prevent aggressions of organized labor, occurred only once before 1890, and that was to prevent continued trespass to land. A violation of injunction is con- tempt of court and is punishable by fine or imprisonment on order of the chancellor. The offender must appear in person without right of being heard ; he may not demand to be tried by jury, nor to be confronted with the witnesses, nor to be allowed to pub- licly discuss the admissibility of evidence; he has no right to a review of the proceed- ings, nor an appeal to the pardoning power. The only remedy for abuse of power by the chancellor is impeachment. In the case of Debs a writ of habeas corpus was denied by the supreme court on the ground that the entire force of the nation may be used to brush away obstructions to interstate commerce, and that an injunction might be issued in aid of the executive without regard to whether the government's property was endangered, and without regard to whether the acts enjoined were criminal. Yet the lower court had based its decision exclusively on the anti-trust statute. The injunction has proved inefficient to prevent irreparable injury to property. As directed against the commission of crime it does not prevent except as it forbids that which is already forbidden by law ; whereas in civil cases what was before a mere violation of icl becomes punishable criminally. Nor is the injunction the only remedy in criminal cases: for the offender is already subject to indictment and anrst. There are two objections to its use : it infringes one of the fundamental guarantees of personal liberty the right of trial by jury; and it tends to impair the already insufficient confi- dence in our criminal procedure. EVANS WOOLLEN, in Yale Rtvinv, May 1896.

Commercial Relations of the Poor. -When we consider how large apart of the great fortunes have been made by investments, and how few people who have made any considerable saving have abstain. .1 t .some investments, we get

an idea of the very small proportion of people who are contented with the safe interests obtained from a bank. When the poor are condemned for not appreci.r