that prosperity which the Pope hopes for would result. He seems to be ignorant of the fact that taxing land, unlike a tax upon any product of labor, makes it cheaper and easier to obtain for possession and use. More than all does he forget that what labor needs is not the protecting arm of Church or State, but equal opportunity and the fullest possible freedom of access to Nature's bounties. He is untrue to himself and talks like the veriest socialist when he says: "Among the purposes of a society should be to try to arrange for a "continuous supply of work at all times and seasons." Bountiful nature in the great storehouse of the earth has provided a "continuous supply of work" for the whole human race for all future ages. Make monopoly, by taxation, loosen her grip upon the earth, and labor would have abundant opportunity for all time to come without the necessity for paternal, socialistic tinkering on the part of either State or Church. THE AUSTRIAN POSTAL BANKING SYSTEM. BY SYLVESTER BAXTER. There is a possibility that the plan for the establishment of postal savings banks, so ably advocated by the postmaster-general, may result in a radical change in our entire banking system. The demand for postal savings-banks is so popular that it is not likely that there will be much further delay on the part of Congress in realizing the project. Now it happens that among the new political issues that have arisen, the question of the currency has assumed a most prominent place. There can be no doubt of the intensity of the feeling that has developed against the national banks, which have supplied a large proportion of the circulating medium since the war, and the demand for a currency issued directly by the government, without the intervention of the banks, is growing both in volume and in force. The sense of the inadequacy of the national banks to the financial necessities of the country is by no means confined to those who, by theory or experience, have been made hostile to them, and regard them as detrimental to our institutions, and as dangerous instruments for the oppression of the common people. It extends to those who recognize that the national banks have been of invaluable service to the country, and are a vast improvement over the banking system that preceded them. Nevertheless they feel that grave defects are showing themselves, and that for the security of the community something better is needed. There is not the confidence on the part of the business community that there should be, and events like the recent occurrences in connection with the Keystone National Bank, in Philadelphia, are not likely to enhance that confidence. One of the most frequent of surmises is as to how many similar cases there may be, and a very commonly heard query is that as to the state of affairs that a general financial panic might reveal, with the banks loaded with collateral upon which it would be hardly possible to realize at such a time.