the Quarterly Journal of Economics in the United States. In the United States there were two journals of high character belonging to the class of which he was speaking. But in this country we had no journal especially devoted to economical science as such. The Statistical Society's Journal and the Journal of the Bankers' Institute now and then took up questions of this kind, and the Bankers' Magazine occasionally had special articles bearing on the subjects in which they were interested. But there was no special journal for dealing with such topics. It was desirable that a medium should be afforded for dealing with the science in a technical manner, which was quite unsuitable for the general magazines, and with a view to establish such a medium he heartily supported this resolution.

Mr. GOSCHEN rose to support this resolution, which had been so eloquently moved by Professor Marshall and seconded by Mr. Giffen. Mr. Marshall had dwelt on the necessity of bringing economists together, and had referred to the sad loss which economic science had sustained in the death of distinguished men. Mr. Giffen had compared this country with others in respect of journals of the class they were dealing with. In the few remarks he should make he would start from another point of view-the common diffusion of economic knowledge in the interest of the country at large, and quite apart from the more scientific desires and aspirations of economists themselves. (Cheers.) Warned by Professor Marshall, he would try to keep away from any question of wholesome influence.' At the same time, he could not but think, having great confidence in the science, that its further study would lead to the diffusion of truths which appeared to him to be extremely necessary to the happiness and prosperity of the nation. As the foundation of such a society as this he would place the desirability of dealing with that general reconstruction of economic ideas and theories which, if he was not mistaken, had been going on during the last fifteen years. Mr. Marshall had been kind enough to speak of him as an economist. But he was bound to say that he considered himself only an amateur. He had only been able to follow to a slight extent the works which had proceeded from the pens of distinguished men. But he had greatly at heart the diffusion of all economic truth, especially at a time when every economic truth was assailed in various forms. There was scarcely a department of the science where it was not necessary to look to the very foundations of their doctrines, because these very foundations were attacked in so many quarters. It was impossible for any economist to look for the acceptance of

certain axioms, for in these days those very axioms were disputed by those who derided economists. In fact, it seemed to be a daring undertaking to profess themselves economists, because there was a general idea that economists had finished their proper work in the education of the nation. It was said they had given arid food instead of generous food, and that a great portion of our society had been built upon economic doctrines which ought to be reviewed in a more modern spirit. Now, he was for the simple diffusion of truth, and he was entirely in favour of a journal of this kind to receive contributions from every school of economists. He had the greatest possible confidence that economic truths, when fairly examined, would show themselves as capable of demonstration as the truths of any other science to which men devoted their attention. The establishment of a journal of this kind would be a means not only of concentrating in one available form the views of many economists, but would also form such an interesting literary work as to command the attention of those who were not economists, but to whom the demonstration of certain doctrines of the science would be of considerable advantage. He saw in certain quarters men who called themselves political economists, but who had not the slightest idea what economics were. He had been warned by Professor Marshall against saying that there was anything orthodox in any school of economics. But economists were entitled to say that there were he would not call them schools, because they could not claim that title at all-but certain groups of men who seemed to disbelieve in the possibility of any economic science whatever. There never was a time in the history of our country when it was more necessary that the truths of this science should be studied with boldness and single-mindedness; and he had no hesitation in saying that economic truth might be made to include all that was generous and ethical, and to command not only the intellects and the heads of men, but their hearts also. It might be true that the older economists paid too much attention to certain sides of human nature-that was and always had been his own strong opinion. That might be the reason why certain schools of economists had lost a large portion of that public confidence which at one time they commanded. He felt they all had their work cut out for them, not only in examining all the new problems which came before them in so many new and various shapes, but in defining some of the elementary truths of the science, and in showing that they were not in the slightest degree incompatible with the progress which the country

had made in so many different directions. He was afraid he might be treading on delicate ground if he were to indicate the various directions in which he thought that the fortifications of economic truths were assailed. There were the relations of capital and labour-currency questions-the great controversies with respect to the functions of the State. It seemed to him that none of the great problems which were occupying the national mind could be foreign to the studies of the economist, who would be doing a great service if, standing as he did outside the political atmosphere, which might in so many cases warp the judgment, he examined all these great questions and concentrated as much light as possible upon them-light which should not be dimmed in any way by the prejudices of any particular school. He should like to see this new journal a model of all that was impartial, and that, as Mr. Marshall had suggested, scope should be given for the expression of all economical views, and that it should be made the receptacle of all worthy intellectual efforts by men. who had devoted themselves to what he believed to be as noble and useful a science as any to which men had given their attention.

Mr. HYDE CLARKE said that, as he understood Professor Marshall, it was proposed to postpone, perhaps for an indefinite period, another subject referred to in the circular. He would ask Professor Marshall how far the close of the first resolution was calculated to postpone that further action in the way of discussions to which reference had been made.

Professor MARSHALL said the question as to the desirability of holding meetings for discussion had been long and frequently debated in private. As he had just said, the question whether they should ultimately hold discussions had been left undecided. But they had almost unanimously come to the conclusion that it would be better not to hold them at present. For such discussions, unless conducted by a very strong Association, might do harm they might be attended chiefly by people whose time was not very valuable. And, partly because many of their members lived at very great distances from London, they thought it unwise to start public discussions, at all events, until their strength was thoroughly well consolidated. Opportunities for discussion were given by the British Association and the Statistical Society. The Economic Club also was already doing, in a quiet way, the kind of work which could be done by means of meetings.

Mr. HOWELL said what was wanted was the opportunity of having all sides of economical questions thoroughly threshed out;

and he hoped the time would soon come when it would be possible to hold discussions for this purpose.

After some remarks from Mr. HILL,

The CHAIRMAN said that he should be glad if by and by discussions could be held such as they had in the Statistical Society; but for the present it would be wiser if they limited themselves to the foundation of a journal.

The resolution was carried unanimously.

Mr. COURTNEY proposed the second resolution: That any person who desires to further the aims of the Association, and is approved by the Council, be admitted to membership; and that the annual subscription be fixed for the present at one guinea.' He said that the resolution was of a very simple and direct character, and did not require any words either of explanation or advocacy. But there were two or three words in it which apparently were not quite consistent with the catholicity which Professor Marshall had rightly demanded as the prime characteristic of the association. Persons were required not only to desire to further the aims of the Association, but to be approved by the council before they could be admitted to membership. Probably some gentleman present would like to have these words omitted. He had some doubt himself whether they were of any avail, and should not object to their omission. But there must be some limitation, and it was necessary occasionally to exercise a little authority if they were going to conduct their business in a satisfactory manner. There were some things which must be taken to be finally fixed, and just as a mathematical journal would exclude contributions which affected to square the circle, so in the science with which they were then concerned there were some propositions for which they would scarcely be able to find room. They might, for example, discuss whether gold alone, or silver alone, or an amalgam of both should be the basis of our currency; but if a gentleman suggested that an unlimited supply of paper would cover all the difficulties of the world, Professor Marshall would say that there must be authority somewhere, and that some opinions must be excluded. There was a sense in which, notwithstanding what Mr. Marshall had said, he hoped the Association would exercise a wholesome influence. If a person started in life with the intention of exercising a wholesome influence he would be a horrid creature. But if a man did not exercise a wholesome influence he would be a failure. Without of set purpose and determination attempting to exercise a wholesome influence, he trusted that the Association would really do so, not so much by laying down certain canons of

doctrine as by showing how in a strenuous way to deal with political problems. If it gave examples of really hard thinking, it must lead persons to some conclusions which might or might not. be right, but which would impress those who read their contribution with the conviction that there was a right and a wrong way of working at political problems. He believed that by the careful analysis of such problems a synthesis might be found, though it might not be susceptible of expression in a complete formula. He looked to this Association and the journal which they hoped to found as calculated to lead to a right method of study and to discourage by its example the slipshod treatment of these questions which was found too often both in the orthodox and unorthodox political economist.

Professor SIDGWICK would only add a few words. He entirely agreed with what Mr. Courtney had said, and he hoped that the Association would be as unexclusive as it could be consistently with its scientific aims. But he thought it was quite desirable that a reserve power should be placed in the hands of the council to reject any obviously objectionable applicant. With regard to the second part of the resolution, he might say that he considered the guinea subscription an essential part of the scheme. If the association was sufficiently comprehensive the guinea subscription would offer the financial basis which they needed. At the outset some time would necessarily elapse before they could carry on the journal remuneratively. He said at the outset, because they all hoped it would ultimately be self-supporting.

Professor EDGEWORTH defended the almost indiscriminate admission of members which was proposed, on the ground that it was impossible to find any satisfactory test of orthodoxy in economic doctrine. If it were attempted to apply any such test, if some were to be excluded because they appeared unsound to others, he feared that the list of members would be very smallnot much larger than the number of the elect according to David Deans.

Professor FOXWELL then moved the following resolution, 'That those present constitute themselves members of the Association, and that a Committee be now appointed to draft rules and to submit them to a meeting of the members to be called as soon as may be practicable, members of this Committee to be members of the first Council of the Association, and to have power to add to their number, future appointments to the Council to be made by the Association in General Meeting.' He took this opportunity of mentioning that they had received a great number of letters of