The daily morning journal and courier., 1898-12-28
ECONOMIC ASSOCIATION HERE
THE ELEVENTH .ANNUAL MEETING
 OPENED LAST EYENING.

Address of Welcome by President Dwlsht-Presidcnt Hadley of the
 Association Speaks on the Relation
 Between Economies and Politics.
 The first session of the eleventh an- nual meeting of the American Econ- omic association was held in Colonial hall last night. It was indeed notable and dignified assemblage, some of the best known economists in the country being present, as we'll as a large num- Der of the members of the American Historical society, which holds it's meet ings here also to-day and tomorrow. The meetings are open to all interested and the public are cordially invited. After very few remarks Prof. Arthur T. Hadley of Yale university, who Is president of the Economic association, introduced President Dwight of Yale university, who delivered the address of
 
 of the Economic Associations A very pleasant duty has been assigned to me, that of giving you greeting In these delightful days of the closing year, and in behalf of the university which I in a certain measure represent, and in behalf of the New Haven Colony Histor- ical society, and in behalf of the people of New Haven, I offer you a most hearty welcome. I also present to you the freedom of Yale while you are are here in our community. I trust that you will carry away new memories, to- gether with old memories of Yale, which time. In behalf of the New Haven Col ony Historical society, which has so kindly placed their rooms at our dis posal, greet you and welcome you, and as I thank them in your behalf l am sure you will appreciate their kind- ness. In behalf of the citizens of New Haven also I bid you welcome to this city, which is so dear to us, and which is so well known throughout the coun- try. I wish that you could see 1t in it's summer beauty, in early June, but there is a Christmas joy which I trust you readily understand.
 If I close with few words 1t is to give way to one whom you would far rather hear than me.
 Prof. Arthur T. Hadley announced that it was customary to give the pres ident's address at the first meeting and for discussion of the same to follow at the next, but that this discussoin would be postponed until Thursday morning. The day meetings are to be held in Osborn hall and the evening ones in Colonial hall
 The programme for to-day will be in accordance with the one published yes- terday.
 President Hadley's address follows:
 In some respects economic science is now at the height of it's prosperity. At no previous period has popular interest in the subject been so widespread. Our college class rooms are thronged with it's students. Teachers in our secon- dary schools are striving to find a place for it in their curricula. For universi- ty lecturers in this domain the demand far outruns the supply. Editors of all our leading journals seek for writers educated in political economy Large business corporations demand expert statisticians for aid in the solution of their most difficult problems. In edu- cation. in Journalism, or in finance, the trained economist to-day finds a great and growing demand for his services.
 But in one vital respect the condi- lions are far less satisfactory The influence of our economists on govern ment and legislation is not only less than it should be to-day, but less than it many times has been in the past Our practical politicians-and by prac- tical politics we do not mean foul poll tics'-have an ill-concealed contempt for a class of men whom they regard as theorists and visionaries. In 1ndlVldual cases they sometimes ask the advice o1 economists. and-more rarely-take It; hut they are far from having the habit of asking or taking such advice as an incident to the working Hlacliiei The application of civil service exalnl- nations as means of filling admins +rative offices has not mended matters in this respect. Rather mas II ennpEd- sized the lack of influence of ecohom- ic science on governmental practice; Ter if has filled our public service with men technically trained in other branches or knowledge rather than that which we renresent I am not indeed unmindful of tho valuable work which has been done and is being done by members of This associa ton on problems Of curren- cv and taxation. on price statistics, on arailroad statistics and other matters of nublic moment. The papers In con- nection with our session of to-mofroW morning-to take only what IS most nm mediately before us-show what our economists are ready and able to do m these matters But the very excellence of this work only emphasizes the con- trast between the subordinate position and precarious influence which is to- day accorded them, and the command- ing places attained by economists ot the earlier generation. Where can we lind among our younger men those who are succeeding to the inheritance of Walker and Wells, of Charles Francis Adams and Horace White? One of these men was given full scope for his powers as superintendent of the census; another as commissioner of the revenue. The record of their work has passed into history; it is history of scientific study and practical influence combined which reads almost like romance when con- trasted with some of the administrative methods of the present day. The third