New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-27

These two large volumes are filled with the
shorter essays and addresses left by the late
president Of the Massachusetts, Institute or
Technology They are his lesser contributions
TO topics in finance and economics current at
the time they were written or delivered. Some
,elate 10 phases of discussion now passed by,
I'd are Of interest chiefly as contributions to
results now arrived at. The two volumes can
not be said TO affect President Walkers place
as political economist or to throw new light on
his work and teachings as such He has left
his monument in his volumes on THE Wages
Question" Money" and in his Political Econo-
N.Y. and other extended writings where his
discussions OF the wages fund theory and or the
functions Of the entrepreneur and his wages OF
superint endence' have assured his place as
one of the most acute OF American economic
thinkers These shorter essays none the
less valuable TO those who study economic
topics to the layman well as to the pro-
fessional student. Indeed. many Of them are
addressed primarily TO those unlearned in the
deeper teachings Of economic science; and
they all show the clear thinking and vigorous
expression Of President Walkers treatment Of
economic subjects They have the stimulating
quality that ought TO characterize work on
topics so living and vital as those the econo-
mist deals with. The papers are arranged I'M
Ter these headings: Finance and Taxation"
Money and Bimetallism," Economic Theory"
statistics" National Growth and Social
Economics" They date from 1868 down to
1897. the year OF the authors death
President Walker stood between the English
school Of "laissez faire" economists and the most
recent school of students who put the sociology
cal so far above the purely economic; but doubt
less nearer to the orthodox than to these radi-
Gals In one of these essays he refers to the
passionate reformers," as he calls them-"be-
nevolent clergymen. ecstatic ladies. prophets
and disciples of industrial millennium" He
none of these; yet he fought valiantly in the
reaction against the academic English theorists
who would have naught to do with the facts
OF the world round about them He was a stu
dent Of actual conditions but a hard headed
reasoner from them; an observer of facts, and
familiar with their aspect and Interpretation,
not afraid Of their entrance into the processes
Of economic theory. His conception of the true
ideal of political economy may be gathered from
a paragraph in the essay on Recent Progress
Of Political Economy:
This barrier Cthe laissez faire principle) once
removed, political economy becomes something
which never is but is always TO be done: grow
ing with the growing knowledge of the race,
changing. as man. its subject matter. changes;
something which, in the nature of the case,
must he the work not of one mind but of many:
something TO which every man in his place may
contribute, TO which all classes and races Of
men must contribute, if the full truth is to be
every age bring gifts all their own; something
to which the history of institutions, the course
OF inventions. the story of human experience
are not pertinent only, but essential.
And again:
Never was the time when the phenomena of
wealth underwent a more searching examina-
ton; when ADLER minds applied themselves to
ma out the laws which govern in the produc-
ton and exchange of values; or when richer
results were yielded to investigation.
To such conception of political economy and
the duties Of its professors President Walker
made large and valuable contributions. OF
what these two volumes contain the essays on
bimetallism and money, so far as the latter re-
lates TO bimeta lism, seem TO have to-day mostly
an historical interest. rapidly have conditions
changed in the three years since the authors
death. SO. too. have the essays on the Literary
History OF the Wages Fund Theory" and the
Present Standing Of Political Economy" but
they are all Of much interest to the non-pro-
Fessional student as showing how some of the
theoretical cobwebs have been swept from the
field within few years to the vast ameliora-
ton Of the state Of mankind. It was one Of the
cardinal principles of the laissez faire system
/ for instance that the absolute freedom of the
contract for labor must not be touched nv law
I II has been against the pressure Of enormous
vested interests and the protests OF nrofessionaI
IN economists that the legislation of almost every
country has progressed by steady steps in bring
ing contracts which involve labor more and
more completely under the authority and super
VISION OF the State, increasing the production
tending TO equalize the distribution of wealth
and lifting the working classes out of the bor-
rinie pit and the miry clay by the factory and
"orhshop acts increasing their wages and MAX
Ing them worthy of better wages.
The essays coming under the heading ~ 60
clal Economies are likely TO prove of the great
est interest TO the lay reader. In these Presi
oent walkers cool and clear analysis as we'll
as his discernment and breadth OF view orc
always in evidence, though his conclusions will
not always please the advanced" The three
essays on Socialism" The Socialists and oTs
socialism Dangerous?' extremely suggestive
III lhelr treatment Of the questions involved
which come considerably nearer to present CON
oiuons Of everyday life than perhaps Some nao-
pie suppose. The question What shall 1ra +eu
The working classes ?" gives President Walker
the opportunity for vigorous answer. one that
Is getting 10 need more and more attention g.
these days The exploded theories that for
so many years set the ruling classes against
the real interests OF labor are things that will
not be told them on the other hand there are
points upon which economists may have advice
10 offer the working classes-but with 80 -.
tain degree Of humiliation and Difference, a.
view OF the mistakes Of the past-sucb as the
limits within which the pursuit of their indus
HlaI interests should be confined: the occa sions
on winch they may advantageously take Issue
Win thelr employers; the agencies they NAV
employ without injury The stubborn unrAs-
soma leness that often enters into ArnArtcs,
labor conflicts President Walker ascrihes 70 +ba
influence Of aliens. brought up under un-Aner,-
can traditions; and in more than one nlace he
SHOWS ms sympathy with the proposal more
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