352 FRANCIS AMASA WALKER. 



President, iu his absence ; and be wisely took bis place at its Lead, with 

 the conviction that its purposes were better than the statement made of 

 them, and that the membership of the new organization gave promise of 

 good results for economic science. Under his administration, which 

 lasted until 1892, the basis of the Association was broadened, all appear- 

 ance of any test of scientific faith disappeared, and American economists 

 found themselves associated in catholic brotherhood. In part this change 

 was no doubt due to the marked subsidence of the debate as to the de- 

 ductive and the historical methods, but in part also it was due to the 

 good judgment, personal influence, and perhaps in some instances the 

 persuasive efforts of the President, who thus rendered no small service 

 to economic science. 



Which of General Walker's contributions to economic theory are likely 

 to have lasting value, is a question not yet ready for decision. The 

 subjects to which he specially devoted his efforts are still under dis- 

 cussion. His theory of distribution is not yet established as the true 

 solution of the great problem ; the wages fund has not yet ceased to 

 be controversial matter ; it is not yet settled whether the advocates or 

 the opponents of bimetallism are to triumph in the great debate of this 

 generation. But whether as a theoretical writer he is to hold his pres- 

 ent place or to lose it, there can be no question as to the importance of 

 his work, in imparting stimulus and the feeling of reality to all economic 

 discussions in which he had a part. His varied experience and wide 

 acquaintance with men had made him in a large sense a man of affairs. 

 He watched the great movements of the world, not only in their broad 

 relations, but as they concern individuals. He was apt to treat economic 

 tendencies, therefore, not only in their abstract form, but also as facts 

 making for the happiness or the injury of living men. Economic law was 

 reasoned upon by him in much the same way as by others, but he never 

 lost his vivid perception of the realities among which the law must work 

 out its consequences. In his pages, therefore, theory seemed to many to 

 be a more practical matter and nearer to actual life than it is made to 

 appear by most economists. His words seemed to carry more authority, 

 his illustrations to give more light, the whole science to become a lively 

 exposition of the trend and the side movements of a world of passion 

 and effort. A great English economist has said that Walker's explana- 

 tion of the services rendered by the entrepreneur remind one of passages 

 of Adam Smith. A great service has been rendered to the community 

 by the writer who, in our day, has been able thus to command attention 

 to political economy as a discussion belonging to the actual world. 



