Evening journal., 1890-12-27
ECONOMIC ASSOCIATION.
Fourth Annual Meeting at the
National Capital.
PRESIDENT WALKERS ADDRESS.

lie Discusses the Extraordinary Growth
OF NatIonalism, the Single Tax Idea
and the Immigration oucstion-The
Latter Subject one OF Grave Urgency.
WASHINGTON. Dec 27.-The fourth an
nual meeting of the American Economic
association was opened yesterday after
noon. The opening session was devoted
10 the report Of the chairman OF the COM
mittse on economic theory, Professor J. b.
Clark, Of Smith college, and to papers Of
technical interest by Professor Giddings,
of Bryn Mawr; DIR. Charles A. Tuttle, Of
Amherst, and Miss Marietta Kies, OF
Mount Holyoke. At the evening session
Scn. Francis A. Walker, president Of the
association, delivered the annual address.
Il was devoted to a survey Of the most i'm
portant economic developments Occurring
within the United States during the last
sRo years.
The Growth of Nationalism.
The extraordinary growth Of pseudo no
eialism, under the name OF nationalism,
he attributed TO the fact that the masses
of the people, alike among the more fortu-
nate and the less fortunate classes, have
come TO appreciate the supreme impor-
agsce OF industrial relations, but have not
yet learned by careful study OF history
aud Of the material conditions of human
existence within what narrow limits exer-
Lions for the amelioration OF mankind
must necessarily be comprised. All these
refoRmors, now so defiant of established
sconomic principles, viii sooner or later
become recruits OF the economic army.
Meanwhile IL is an immense gain 70 have
the whole national school in political econ
Dmy.
The Single Tax Idea.
Regarding the apparent growth of the
Single Tax party the speaker expressed the
opinion that economists were coming to
lake the view that something more Of
economic rent than the state has been nc
sustomed to take could advantageously be
brought into the treasury. On the other
hand, closer study Of the subject only
brcaght greater conviction to practical poli-
ticians OF the utter hopelessness of the sub
iect in face Of existing conditions.
The Financial Crisis.
Gen. Walker spoke Of the present finan-
,ial crisis as the result OF the fast tighten
ing folds Of contracting money supply.
| In the lack OF natural leadership we can
only hope that prudence may rule the
hour; and that the instructive conservatism
of the American people may enable them
70 pass through this, perhaps the mosi
periIous crisis in their financial history
without a wreck.
Undesirable Immigrants.
The last topic touched was immigration
Not only the enormous increase Of immi
grafton. but the manifestly lower char
aoter Of the recent comers, especially thos'
from eaRtern Europe, make the question
one OF urgency. Cur first duty Is TO our
selves aud our own descendants. Our mex
iuty Is to help as FAR as we can, in raising
he condition OF the oppressed masses IL
Europe. We are not necessarily to do thii
by receiving their overflow indiscrfminate
"; but, most Of all, by making this expert
nent OF a free commonwealth Of educated
labor the greatest possible success. II thl
continued admission OF degraded peasants
from the old world would interfere with
Ihis great work, we are called upon MOI
loss as philanthropists than as patriots Il
put a stop TO it.
Congress adjourned on Friday unit
ruesday next.