Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-12-27
THE AMERICAN ECONOMISTS.
Papers NJ the Opening Seasonal Notab
Gathering.

Papers NJ the Opening Seasonal Notable
Gathering.
group Of men whose names are familiar in
| the scientific world and in larger circles were
gathered in the hail of the Columbian Uniyer.
| slty yesterday afternoon. 1t was the opening
session OF the fourth annual meeting of the
American Economic Association This scien-
hfc organization has a large membership and
branches IN various parts of this country. The
branch in this city has for its president Hon
Carroll ID Wright, the commissioner of labor,
and John B. Daish a. secretary. The details OF
the arrangements for the present meeting we're
In charge Of the officers of the Washington As
ISOLATION.
THE OPENING PROCEEDINGS.
The association was called to order at 8
o'clock yesterday by Mr.. John B. Clark OF
Smith College, Northampton, Mass, the third
vice president. as Gen. Francis A. Walker, the
PRESIDENT had not then reached the city.
Among the members present were the follow
ing: Rev. John G.. Brooks OF BrOcton Mass:
5. NJ. Hotchkiss Of Hartford. commissioner of
the bureau of labor statistics; Allen r. Foote of
this city; WV. Folwell. University of Mime
sofa; Edwin Il. N.Selgman. Frank r. Hathaway,
richmond VI. Smith and Geo. B.Newcourt, Column
bIa College. New York: Richard T. Ely. Johns
Hopkins University. Baltimore; II. C. Adams.
ttCEtflu faulkner
and Simon y. Pattcn. University of pcnnsyl-
vania; Edward ". Bcmis. Vanderbilt Uniyer-
slty- After the convention had convened the
first vice president. Prof. Herbert C. Adams,
entered the hall and Mr.. Clark yielded the
presiding officers gavel to him.
READING PAPERS.
Prof. F. II. Giddings Of Bryn Mawr College,
near Philadelphia, read the first paper, which
IVES entitled The Concepts Of Utility, Value
and Cost
The second paper was entitled .'The Term
Wealth IN Economic Science; Study in Eco
nomic Theory" and read by DR.. Charles A.
Tuttle Of Amherst College.
Miss Mariette kies. the principal of the
Mount liolyoke Seminary, read u paper on
TONS
Prof. j. b. Clark submitted the report Of the
committee on the economic theory. He did
not submit final report. though the commit
tee has been ut work .or two years. He
ported that the committee had been at work
preparing an extended report, and that they
nad obtained a great many views from various
sources on the theory. The report, he said,
would effect Il great reduction in the number
OF definitions used i'll connection with the eco
nomic science.
PRESIDENT WALKERS ADDRESS.
The evening session. which was attended bv
an audience OF fairprorortion. was given up to
Walker, OF his annual address He reviewed
III an interesting manner the DEVELOPMENT Of
economic science daring the past year and re-
Tered to the growth Of nationllisnl, which he
termed pseudo socialism. He thought that
the great interest in this direction was due to
the growing appreciation of the importance of
Industrial relations. While many advocates Of
these theories were defiant of economic prin-
cipies, he thought that sooner or later they
would become recruits OF the economic army.
Regarding the apparent growth of the single
tax party, the general EXPRESSED the opinion
lhat economists were coming to take the view
that something more of economic rent than the
state mas been accustomed 20 take could advan-
tsSeodsly be brought into the treasury; while,
on the other hand. the practical politicians the
more they study the subject. were more and
more impressed with the hopelessnens OF the
project, Ill view OF the opposition OF the farmer
class ant! OF the holders of small village and
town building lots, to an increase of direct
taxes.
Speaking of proposed financia, resources
Ireslden- Walker said: If of an irredeen.-
able AMI fuotuating currency. that alcohol of
commerce. II may be truly said i. biteth like a
serper. an ! stinGeth like az adder with equal
truta may 1t be added that strangulation suffo-
CATION, ara words not too strong to explain the
Industrial agony of tho industrial body when
embraced! in the fasr-tightening folds of con-
tracing money supply" In the lack Of nat
ural leadership We can only hope that prudence
may rule the hour. and that the instructive cor
sersatism of the American people may enable
them to PASS through this. perhaps the most
perilous crisis in their financial history, with
out a wreck.
In reference to the great increase in immi-
grafton and the probable continued increase
Gen Walker said that the present duty was to
make this experiment o. a free commonwealth
OF educated labor the greatest possible success.
IL the continued admission of degraded peas
ants, he added. from the old world would in
tcrfere with this great work. we are called
upon, no' less as philanthropists than as pa
triots. to put a stop to it.