3. Under private property, can men complain of the use made by others of their wealth on the ground merely that it was unwise? 4. What are the recognized limitations upon the right of private property? Are these limitations in opposition to the principle by which private property is now generally defended? 5. Is the right of bequest a necessary condition of private property? 6. Do you know of any father who created more wealth because he could bequeath it to his son? 7. Does the son work as hard when he inherits his father's wealth? 8. What is the effect of private property on saving? 9. What is meant by the "Factory System"? 10. Through what historic stages has production passed? CHAPTER 3 NATURE, USE AND COINAGE OF MONEY REFERENCES. _Jevons, W. S._, Money and the mechanism of exchange. 1875. Chs. III-VII, XIII. *_Johnson, J. F._, Money and currency. 1905. Chs. I, II, IX. *_Phillips, C. A. (Ed.)_, Readings in money and banking. 1916. Chs. I-III, XIV. _Walker, F. A._, Money in its relations to trade and industry. 1st ed. 1879. Chs. I, II. _White, Horace_, Money and banking illustrated by American history. Ed. 1914. Bk. I. QUESTIONS. 1. What are the qualities of metallic money? 2. What is the difficulty in deciding whether to call the following money: gold ingots, gold coin, silver dollars, copper cents, greenbacks, bank-checks, chalk-marks to keep account? 3. Who makes coins? Would jewelers make better ones? 4. What are the advantages and disadvantages of a seigniorage tax? CHAPTER 4 THE VALUE OF MONEY REFERENCES. _Fisher, Irving_, The purchasing power of money. 1911. _Gibson, Thomas_, Special market letters on the increasing gold supply and its effect on security values; interest rates; commodity prices, etc. 1908. *_Johnson_, chs. III-VIII, X. _Kemmerer, E. W._, Money and credit instruments in their relation to general prices. 2d ed. 1909. _Magee, J. D._, Money and prices. J. P. E., 21: 681-711, 798-818. 1913. *_Phillips_, chs. VIII, XI. _Round table discussion_, Money and prices. A. E. Assn. Bul., 4th ser., 1 (no. 2): 46-70. 1911. *_Source Book_, 303-313. (Extract from report of the Secretary of the Treasury, 1911.) _United States Secretary of the Treasury_, Finance report, 1911. _Walker, F. A._, chs. IV, V. QUESTIONS. 1. What are the functions of money? 2. What are the principal things besides money uses that cause a demand for gold and silver? 3. Why do you value money? Do you value it more than the things it buys? 4. When goods are exchanged for money or money for goods, what is the gain? 5. If money is a tool, what does it make?