902 



SCIENCE. 



[N. S. Vol. XX. No. 522. 



free trade or protection. That is the pres- 

 ent attitude of men, but the power of sci- 

 ence is disturbing the older thought and 

 the older doctrines on this great subject, 

 for it is equalizing conditions everywhere, 

 a process which goes on constantly, and 

 which will help to show legislators the true 

 path to be pursued. 



In my own view the tariff question is 

 more sociological than economic. Until the 

 conditions of the different peoples that are 

 engaged in competing industries are more 

 thoroughly equalized, probably both the 

 great political parties in our country, act- 

 ing together, could not get rid of some form 

 of a protective tariff, but when, through 

 scientific methods and the application of 

 scientific principles to industry on a broad 

 scale, the conditions of the people become 

 more thoroughly equalized, I doubt if both 

 parties together will be able to preserve 

 legislation relative to an expediency now 

 felt to be important. A scientific basis of 

 tariff legislation is sure to be advocated, 

 and when it comes it will be the entering 

 wedge to simplifying the commercial and 

 industrial relations of different peoples. 

 As already intimated, the uniformizing of 

 prices, the expansion of transportation, and 

 all the other instrumentalities for reducing 

 the size of the world from an industrial 

 point of view, are affecting and will affect 

 more generally legislation relative to im- 

 ports and exports. 



Scientific economics will lead the econo- 

 mists to depart somewhat from their older 

 methods of treating the business affairs of 

 the world. We have chapter after chapter, 

 repeated in book after book, on the tantal- 

 izing question 'of rent, interest, etc. Sci- 

 ence can do but little towards avoiding the 

 waste pages devoted to these subjects ; they 

 will remain, but they are chiefly the subject 

 of discussion as to definition. As Presi- 

 dent Hadley has stated, political economy 

 is very largely a conflict over definitions. 



This is harmless, but does little if any 

 good. It is gratifying to see that the later 

 works on political economy are making 

 great steps in advance, are treating world- 

 wide questions of present-day interest. 

 They are recognizing the necessity of ap- 

 plying economic principles to the problems 

 which vex us here and now, and that fine- 

 spun theories as to matters having no in- 

 terest or value as the days go by must give 

 place to advanced treatment of the real, 

 great questions which constitute the ele- 

 ments of industrial society at the present 

 time. 



Some of these questions which science 

 Avill insist upon being treated will include 

 the utilization of waste products. It is 

 only scientific knowledge that can lead to 

 this new development of values. A saved 

 product is one of the necessities of industry 

 at the present time. This utilization has 

 taken place during the last few' years, and 

 it has upset some of the old theories as to 

 cost and the returns of capital. By-prod- 

 ucts of all kinds are usually the source of 

 profit, and in some eases the chief source 

 of profit, to the manufacturer. This en- 

 ables him to put out his units of original 

 production at a less cost, and with benefit 

 to the community. Nothing is lost which 

 through scientific methods can be pre- 

 served. Many, many instances of this will 

 come to the minds of all, but as one super- 

 lative illustration I may refer to the by- 

 products of petroleum, which are abso- 

 hitely, entirely saved through the practical 

 application of scientific processes. It would 

 be difficult to enumerate the products of 

 petroleum saved by the chemical processes 

 of refinement. The Census Office has pub- 

 lished a most enlightening bulletin on this 

 very subject of waste products. This util- 

 ization of such products interferes with the 

 full force of diminishing returns, modify- 

 ing the law as progressing conditions de- 

 mand. 



