424 SCIENTIFIC ED UCA TION. 



Gentlemen of the griiduating class, as a practicing member of your 

 chosen profession, I may be permitted to extend to you the welcome of fel- 

 lowship. You have entered the profession of civil engineer at a time of 

 peculiar depression in all matters pertaining to jDublic works, railways and 

 manufactures — and have added to the members of a profession fall almost 

 to overflowing. It must be admitted that purely professional practice has 

 not a very encouraging outlook to those whose affiliations are not such as 

 to have positions provided for them. In times of great public disaster, 

 such as have followed the commercial world for the last four j^ears. the en- 

 gineer is the one to first feel the blow, and the last to recover in returning 

 prosperity. His office is one of disbursement, which appears so directly on 

 the expense side of the ledger, that it usually overshadows the indirect 

 benefits Avith Avhich it should be credited on the other side of the account. 

 He would be a rash man to prophesy a new era of such prosperity as we 

 thought we had jDrevious to '73. How far this prosperity will prove to 

 have been real, it is difficult to say, until all the loose ends are picked up, 

 and the balance sheet finally struck. Just at present the civilized nations 

 of the world are in possession of enormous productive capacities in all de- 

 partments of manufactures, apparently far in excess of their respective 

 markets. Transportation facilities seem to have fully kept pace with the 

 manufacturing developments, and their extension at this time does not hold 

 out a very enticing prospect to capital — at least in undertakings of any 

 magnitude. It is hopeless to expect a speedy rectification of the lost equi- 

 librium between supply and demand, or that it will be restored without 

 further financial suff'ering. New markets must be sought in undeveloped 

 countries, and population must increase to a greater or less extent to utilize 

 what the United States, England, France and Germany are now cajtable of 

 producing. Until the balance is restored, prices will rule low, competition 

 will be fierce, bankruptcies will be frequent, and capital will accumulate at 

 financial centers in safe depositories, at low rates of interest. I must con- 

 fess that the picture presented is not an encouraging one for the rising gen- 

 eration, but an early acceptan'^e of the situation is certainly philosophical, 

 if not agreeable. My object in alluding to such matters on this occasion, 

 is to disabuse your minds of any ideas you may have formed of an early 

 resumption of constructive activity in new Avorks, which would give am- 

 ple scope to your professional ambition ; and lurther, to indicate the direc- 

 tion that I conceive to be the one where such an educational training as is 

 given by the Eensselaer Institute will prove of value. I allude to the re- 

 gion of economics, the obtaining the most out of the least. In times of high 

 prices, when prices are abnormally large, the idea of profit by saving is 

 apt to be overlooked. On the other hand, when prices are low, the ques- 

 tion of any profit at all, is a matter almost entirely of saving. The manu- 

 facturer, the merchant and transporter, are all asking themselves, not, how 

 large a price they can charge for the commodities in which they deal, or 

 for services rendered, but what is the loAvest jjossible price for which such 



