THE report of the Massachusetts Tax Commission" of I 896, recently subrmitted, is a noteworthy document. It marks the highest point yet reached by an American commission in the discussion of problems of state and local taxation. Among the two score of American reports on taxation it is distinguished by its statesmanlike grasp of fundamiiental problems and principles, and its scholarly acquaintance with modern ideas. Other reports occasionally surpass it in the treatment of special questions. The New York report of I871 went much deeper into the legal intricacies of taxation. The Ohio report of I893 treats miore fully of the methods of taxing corporations. But none has gone so directly to the heart of the whole subject and occupied itself so exclusively with salient features. This was, no doubt, chiefly due to the character of the commission, in the composition of which rare judgmnent was shown. The coimmission was not a comimittee of the legislature, but was appointed by the governor from persons who seemed particularly suited to help in its work. The bench, the business comimiunity, the farmiers, the workingmnen, the professional students of taxation, were, each, represented by a memnber on the commission -the last named through Professor Taussig, of Harvard University.2 It was an unusual commission, therefore; and, having undertaken its work in a large spirit, its conclusions are of m-lore than local interest. No apology seem-is necessary for presesenting themi to the readers of the

During the Civil War there were in New Yol-k four regular markets where gold was bought and sold: the stock exchange, the "open board," the gold exchange, and Gallagher's evening exchange.