PHILOSOPHICAL SOCIETY OF WASHINGTON. 43 



element. But a remarkable fact to be considered is that the differ- 

 ence of opinion to which we allude does not depend upon different 

 estimates of the future, but upon different -views of the most element- 

 ary and general principles of the subject. It is as if men were not 

 agreed whether air were elastic or whether the earth turns on its 

 axis. Why is it that while in all subjects of physical science we 

 find a general agreement through a wide range of subjects, and doubt 

 commences only where certainty is not attained, yet when ws turn 

 to economic subjects we do not find the beginning of an agreement? 



No two answers can be given. It is because the two classes of 

 subjects are investigated by different instruments and in a different 

 spirit. The physicist has an exact nomenclature ; uses methods of 

 research well adapted to the objects he has in view ; pursues his in- 

 vestigations without being attacked by those who wish for different 

 results ; and, above all, pursues them only for the purpose of dis- 

 covering the truth. In economical questions the case is entirely 

 different. Only in rare cases are they studied without at least the 

 suspicion that the student has a preconceived theory to support. If 

 results are attained which oppose any powerful interest, this interest 

 can hire a competing investigator to bring out a different result. 

 So far as the public can see, one man's result is as good as another's, 

 and thus the object is as far off as ever. "We may be sure that until 

 there is an intelligent and rational public, able to distinguish be- 

 tween the speculations of the charlatan and the researches of the 

 investigator, the present state of things will continue. What we 

 want is so wide a diffusion of scientific ideas that there shall be a 

 class of men engaged in studying economical problems for their own 

 sake, and an intelligent public able to judge what they are doing. 

 There must be an improvement in the objects at which they aim in 

 education, and it is now worth while to inquire what that improve- 

 ment is. 



It is not mere instruction in any branch of technical science that 

 is wanted. No knowledge of chemistry, physics, or biology, how- 

 ever extensive, can give the learner much aid in forming a cor- 

 rect opinion of such a question as that of the currency. If we 

 should claim that political economy ought to be more extensively 

 studied, we would be met by the question, which of several conflict- 

 ing systems shall we teach ? What is wanted is not to teach this 

 system or that, but to give such a training that the student shall be 

 able to decide for himself which system is right. 



