New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-29


the fundamental economic force was self-interest
which found a normal manifestation in the untica-
ton of interests the essence of monopoly, as We"
a. in the rivalry Of interests. which is the essence
Of competition He continued:
Moreover scarcity which is the basis of monopoly
,san onnipres4nt factor In business through the
tendency limitation In the physlcai REQUISITES LOT
gard his phenomenon if i, would. Again. the effect
OF monopoly. in 50 far as 1t succeeds IN neurslzhs
competition. is increased prices But tn;s snrc'
inseparable from that of competition when II ut-
crease of price For eErry mGve h ,rce f one
commodity being inseparable from rise in the
IS means then to an end, as feature Of the
productive and in rs crest 6{s m ,bs
theory that rests upon competition is ncompei IL,
Tompe';T Observation-Disclosures f of senerss arr equally
necessary to economic science As apphed 70 tx,
monopoly condemns as futile the attempts to de-
stroy IT, II its workings involve something OF cyl
the proper remedy lies in the direction OF Tesuid
lion rather than Of determination.
Professor Henry c. Adams. Of the University OK
Michigan. the next speaker and had prepared
an article on The Theory of Public Expenditure.
The aim of a discussion public expenditures. lfo-
lessor Adams thought, discover the meaning
Of expenditure for the life of a people and in THIS
manner 10 arrive at the principles which control sp
uropriation. The differences between the expena-
,ures of A private person and nation. the speaker
dwelt on at length and gave few general facts re-
spectng pubic expenditures since 1870 The ex-
rsnditure of Australia has increased more than %
times: that of the United States So times that OF
Germany S.5 times: that OF France 20 times the
increase in other nations was in IKE proportions
The reason for this tendency toward increase OF
,ublc expenditure is that modern life had been in
ensfed in all its phases; not that the Government
had assumed to-day more functions
Tho third speaker. Professor T. y. Carver OF
Oherlin College treated the subject the E'h'cd
Basis OF Distribution and It's Bearings on Taxation.
In the fourth paper, on Theories OF value IN
Thor Application to the Question of the standard
Of Deferred Payments" DR.. Frank Fetter' oil COR
nell University. speaking or the various s'ahua'us
that have been suggested as proper 10 secure Just
navment OF debts at a later period said. in SUD-
stance:
Examination readily shows that the COMMONLY
standard does not answer the test The totaI utility
standard. suggested as the proper one u a'S' "'A
The capita POPULATION STANDARD has sqT
cation of IT'S claim 20 furnish an 'nNarlape UNI "a
Tbe labor standard. the logical outcome Of the
older iaborcost Of production theory OF value SUI
fers of course under the same nnImdes a. 'ai
solution of the problem 70 return equal values at
re.,ea 'im s key to TIE Solution as utility
+ accepted the measure Of value as IN the newt
sceptca as to the newer theory OF value throwing
light specially upon the problem IN na"o mat
The first paper after the noon recess was on
statistics as an Instrument of Investigation in
Sociology" by Professor Mayo-Smith. OF Columbia
College The substance OF the paper is IA follows:
What is needed scientific method OF analysis
so that the phenomena Of social FORCES shall De
come more manageable and measurements more
exact The statistical method might be greatly ex-
tended For instance. all the divisions or MANKIND
according to race and blood depended upon statis-
teal observation. so did those social distinctl
connected with occupation. social position ana eco
nom,c condition. Very important were the distinc-
they affected almost all social phenomena. sucn as
birth death. crime. suicide. etc Hence the aoeioo-
eist must be acquainted with the technique OF STA
tstics both the form OF question and the methods
o. tabulatjon He should seek TO reduce ms observa-
tons as Gar possible 10 statistical FORM III oineT
thereby to gain accuracy and precision.
The Relation Of Sociology TO Economies was
treated by Professor Albion W. Small Of the Uni
verslty OF Chicago. Professor Small said that so
clology was not an effort dscredit or supersede
economies They are Independent portions OF social
science Economics is properly concerned win the
correlatiOns OF phenomena connected WIN wealth.
desire for wealth IL the dttc!Inl
least the differentiation factor In the phtno
This being the pure economies is az hhdu-
equate 70 the task OF directing social cooperation
"a abstract physics alone 10 solve the problems
OF the military engineer Sociology not only points
out that economic formulas must be modified by
all assert tha,-bIt sociology adds what the econo-
mlsis overlook that the modifying conditions must
he scientifically determined as the economic Tor
Tnuas themselves.
Professor ; " Patten. OF the University or Penn
sylyania discussed the question from the viewpoint
o. an economist, and Professor +. IA. GddinSs, OF
Columbia College. from that Of socioogist