Page:The Economic Journal Volume 1.djvu/29

Rh and he hoped the time would soon come when it would be possible to hold discussions for this purpose.

After some remarks from Mr. ,

The said that he should be glad if by and by discussions could be held such as they had in the Statistical Society; but for the present it would be wiser if they limited themselves to the foundation of a journal. The resolution was carried unanimously.

Mr. proposed the second resolution:—'That any person who desires to further the aims of the Association, and is approved by the Council, be admitted to membership; and that the annual subscription be fixed for the present at one guinea.' He said that the resolution was of a very simple and direct character, and did not require any words either of explanation or advocacy. But there were two or three words in it which apparently were not quite consistent with the catholicity which Professor Marshall had rightly demanded as the prime characteristic of the association. Persons were required not only to desire to further the aims of the Association, but to be approved by the council before they could be admitted to membership. Probably some gentleman present would like to have these words omitted. He had some doubt himself whether they were of any avail, and should not object to their omission. But there must be some limitation, and it was necessary occasionally to exercise a little authority if they were going to conduct their business in a satisfactory manner. There were some things which must be taken to be finally fixed, and just as a mathematical journal would exclude contributions which affected to square the circle, so in the science with which they were then concerned there were some propositions for which they would scarcely be able to find room. They might, for example, discuss whether gold alone, or silver alone, or an amalgam of both should be the basis of our currency; but if a gentleman suggested that an unlimited supply of paper would cover all the difficulties of the world, Professor Marshall would say that there must be authority somewhere, and that some opinions must be excluded. There was a sense in which, notwithstanding what Mr. Marshall had said, he hoped the Association would exercise a wholesome influence. If a person started in life with the intention of exercising a wholesome influence he would be a horrid creature. But if a man did not exercise a wholesome influence he would be a failure. Without of set purpose and determination attempting to exercise a wholesome influence, he trusted that the Association would really do so, not so much by laying down certain canons of