Periodicals.

Otago Witness, Issue 1332, 9 June 1877, Page 22

Periodicals.

THE CONTEMPORARY,

Notwithstanding its rival, the Nineteenth Century, is as interesting as ever for the mosth of April. "One per Cent.," by Mr Bonamy Price, is the title of a paper that will in all probability be eagerly read. The writer deals with the general commercial depression throughout Europe and America of the past three years, and endeavours to give an account of it. Generally, he attributes the depression to the tendency that has been shown to invest in railroads, iron mines, &c, a sum which is so much greater than the immediate requirements of the world demand that it has produced a general stoppage. One per cent, is the rate of discount that has been prevalent in the commercial world at Home lately, and the outsider, looking at this fact .alone, -would suppose that commerce of all kinds would consequently be brisk. The reverse has been the caae. Are the reports from every great centre of industry and trade full of exultation over the bright days and cheerful sensations which gladden commercial life? Are our harbours thronged witu ships waiting to relieve the loaded warehouses of their stores, and our railways distributing swollen dividends, gathered from endless trains distributing the countless products which an energetic and thriving industry is everywhere creating ? Are labourers asked for on every side, and every employer eager for some services which will raise him to fortune ? And is the Chancellor of the Exchequer panting to enjoy the enviable pleasure of developing a brilliant Budget to a delighted House of Commons ? Alas ! no such sounds or sights meet our ears or eyes on any aide. The fond thoughts associated with an easy money market are found to be coupled with realities of a very different order under the supremacy of 1 per cent. In what quarter is there rejoicing? .What commercial town or manufacturing centre ■peaks of abundant orders, satisfactory prices, busy workmen,' and large profits ? What bank is multiplying its clerks to wait on the wants of thronging borrowers ? Commercial depression is the universal cry, a depression probably unprecedented in duration in the annals of trade, except under the disturbing action of prolonged war. The associations of a low rate of interest are contradicted by the btern, real facts of the actual world.

It would require a very careful perusal of the whole article to understand how Mr Price arrives at the conclusion that That particular kind of over-conanaaption of wealth which consists in excessive investments in fixed capital generates effects which greatly aggravate the commercial disorder and. the subsequent distress. The construction of railways or docks beyond what the savings of the country can afford, creates consequences of an infinitely wider range and deeper " mischief than would result from, a loan to a foreign country of the same smount a* the coat of these works. A nation living beyond its means, even when a naeful end, aud not mere enjoyment, is the object, exhibits many of the qualities of a spendthrift. It babbles ap with excitement. The large number of orders given for coal and iron ruses' prices, sends np wages, and enlarges' profits. Imaginative ' estimates are spread of the expanding prosperity of these trades, as well as of the many others which are associated with. them. Iron mines are opened at heavier expense tban what the actual demand for coal and -iron justifies, thus increasing the destruction of capital. The retail, the shipping, and other trades feel - the stimulus ; buildings aie raised, steamers and shops constructed, costly establishments formed, each in its turn setting other businesses in motion. Every one prospers; and every one makes arrangemeats, at farther expense of capital, for still greater prosperity. Thus new railways costing ten millions, generate an excitement which may easily raise the outlay to twenty. 8o stimulating are high prices and high profits, so creative of more factories and workshops to swell them further. The collapse becomes all the severer — with the special disaster that this increase of outlay is a pnre waste, a child of wild hopes.

Professor Bain has a paper on metaphysical studies, which will be, of course, admired by everyone that admires Professor Bain, but which is not likely to commend itself to outsiders. Did anyone ever hear of such a classification of knowledge-giving departments, as the following} Truly, there is nothing like leather.

The two sciences — psychology and logic — I consider the fundamental and knowledgegiving departments. The others are the ap plications of these to the more stirring questions of hum»n life. Now, the successful cnltivation of the field requires yon to give at least as much attention to the root sciences as you give to the branch sciences. That is to say, psychology, in its pure and proper character, and logic, in its systematic array, sr ould be kept before the view, concnirently with ontology, ethics, and sociology. Essays and debates tending to clear np and expound systematic psychology aud systematic logic should form an equal half of the society's work. " The Coming Conclave," by A. Taylor Innes, is a warning of the inevitable disturbances that must arise when a new

Pope comes to be elected.

lathe first place, there ia what Connt Arnim calls the former right of intervention on the part of sovereign powers, bat which is really an existing right, never hitherto denied. For centuries the Roman Court has recognised a^power in the crowns of France, Austria, and Spam to veto the election to the Holy See of a particular candidate. The veto is lodged in the hands cf some member of the Conclave trusted by tne Pewer which exercises it, or in those of the Cardinal Dean, and it has been exercised very recently. In 1831 Cardinal Ginstiniani was excinded by the veto of the King of Spain, to whose Court he had at one time been accredited at Nando— excluded, too, at, the moment when he had almost received the

requisite number of votes for election. And on the last cccasiou, when Cardinal MastaiFerretti became Pio Nono, it happened only by an accidental postponement of the Austrian veto. The Emperor's exclusion of the present Pope was known to be on its way. The Conclave came to a vote with great rapidity, and Pope Pius was proclaimed on the 16th of Jane, 1846. Next morning the Archbishop of Milan arrived too late, with the Imperial veto in his pocket. Now Germany does, not ignore the existence of a German Catholic Church, as the law of England does. Its policy has been to admit it and assert it, and to claim to be its guardian. Is it likely to allow the claim of a few of the Catholic Powers to control the election of a Pope (for .the veto, being generally reserved to be exercised against candidates most likely to be elected, is a very effectual control), while the German nation and the German Church have noshare in it? It is too much to suppose. If the "Holy Roman Empire," that magnificent counterpart of the auiversal Church, exists, at present at all, the wearer of its crown is above all men entitled to be present at the choice of every Pope, and to represent in the election the rights of the Divinely commissioned civil power. We "are therefore quite likely to see some such claim made by the German Empire, at the head of which now sits the German Csiar — not the sue j ceesor of the old, yet bearing that mighty and venerable name which, apportioned by the disintegrations of history between Austria, France, and Spain, gave each of these nations no slight claim to a potential voice in the Papal elections of the past. But can it be supposed that the new Ultramontane regime will admit such a chum as this— a claim which would have been audacious at any time since the Reformation, and since the recent struggle must be far more so?

" Liebig's Scientific Attainments " is the title of a paper giving some account of what that great master has done for the world in the original line of discovery which he marked out for himself in the well-worn domain of chemistry.

It was only natural that one who so often j found that he saw further than others should not readily give up anything that he had taken into his head, even if experiment did not at once confirm his views ; no man is infallible, and Liebig was now and then mistaken. When be thought that a substance contained this or that, he often gave it to one of his trusted pupils to experiment 'upon. If_he did not at once find what was expected, Liebig was apt to doubt his pupil's akill rather than his own conjectures. He would naivoly aay, " But you must find it." ft unable to do. so, lie sank still lower in his master's estimation, bat rose again as quickly if he produced indisputable evidence against his opinion, or some other explanation. As was natural, the tenacity with which he held to his own opinion increased .with years. Learned men in other departments, particularly men of book knowledge, had much ado to stand their ground against the ideas on their special subjects which Liebig would throw out in conversation. Though they might argue the point with faultless language and logic, -lie was seldom convinced. He would say, "The man is much more learned than I am," or, "He knows a great deal moiethm I do," — but he still held .to the opinions suggested by his own common sense.

"Spontaneous Generation" is a masterly description of the progress of present discovery as between the germ theorists and the favourers of spontaneous generation. The writer evidently leans to the latter.

1. It is established beyond dispute that a turnip infusion, with cheese-dust added, will produce life after having been boiled • and protected from contact with the atmosphere or anything it may contain. 2. The like fact has been ascertained by Huitzinga when soluble peptone was substituted for cheese dust, and no counter experiments, on this point have ever been made public.

3. The like fact with reference to other purely liquid infusions has been alleged by Bastian, acknowledged after jealous scrutiny by Sanderson, confirmed by Huitzinga and Cohn, and (when the solution is not acid) by Pasteur, the chief of the germ theory school. Bat Bastian's conclusions and Pasteur's conclusions, are equally denied by Professor Tyndall, mainly on the strength of his own unconfirmed experiments.