Favors An Elastic Currency

Among the papers read at Moniiay's sessiun of the American Ecouomic associafcion at ludiauapolis was oue on "Do we want an elastic currency?" by Prof. F. il. Taylor, of the üniversity of Michigan. In a gonwral way, Prof Taylor's was au argument for the desirabi'ities of an elastio cnrreuoy and was based chipfly upon a sranstioal study of past esperioure. Dnriug a time of gieit industrial andspecu at.ve aetivity, the country wiil, for tw- or thrf-e years, make good use of all the ruoney available.. On the other haud, when a time of dejjression comes, large amou !) are nut of eaiploymeut and neeuniulate in New Yurk, toconstituro a disturbing factor of cuDiderable moment. After showing the existeuce of desired varieties in the need of moaey the paper went on to consider the evils which might be expeoEed to flow tberefrom. The fust effect evidrnrjy is to cause alternations of high and low bank reserves. From these alceruatious of high and low reserves follow alternatious of ease and stringency ia the Ioau maiket and from these linter, iu turn, flow varióos evil couseqnences The general conclusión of the paper was t'iat though an elusric system could not be expected to realizo the sanguine hopes of soine of its advocates, still it would doubtless be a graat improve ; ment oo the present order. Prof. Hflury C. Adams was elected president of the association.