I am sorry to see Mr. Bailie, in a treatise not only as pretentious but as generally excellent as that which is running through these columns, write of things with which he has not familiarized himself, and, as a result, misstate them. He certainly cannot have read the writings of Josiah Warren Else he never would have committed the egregious error of attributing to that economist the doctrine that time is properly the sole element to be considered in the estimation of value. No man ever held more strenuously than Josiah Warren that the reward of labor should be determined largely by the kind of labor performed. Equitable exchange, in his view, meant an assumption of equal burdens, thereby excluding an hour-for-hour exchange of tasks unequally arduous. Mr. Bailie has obtained his information at second hand and from an unreliable source.