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standard to which money should conform in order to do justice as a standard of deferred payments.

It is manifest that this standard would justify for the community described in the earlier part of this paper, a larger volume of money and a higher range of prices than would be justified either by the labor standard or by the marginal utility standard. As the United States is a community characterized by industrial progress, the principles of value set forth in this paper, must prove decidedly more favorable to the bimetallists' contention and more repugnant to the gold standard than the conceptions and arguments that sup the labor standard or the marginal utility standard.

EDWARD ALSWORTH Ross. Leland Stanford Jr. University.


AMERICAN ECONOMIC ASSOCIATION. The American Economic Association held its Sixth Annual Meeting at Chicago, at the University of Chicago, September 11-14, 1893, in connection with the International Statistical Institute and the American Statistical Association. In view of this fact, the Economic Association announced but three sessions, at which the following program was to be carried out :

Meeting of the Council of the American Economic Association.

Annual Address, by Professor CHARLES F. DUNBAR, President of the

WEDNESDAY, SEPTEMBER 13--MORNING SESSION, 10 A. M. 1. Paper on The Value of Money, by General FRANCIS A. WALKER.

2. Paper on The Relation Between Interest and Profits, by Professor ARTHUR T. HADLEY.

3. Paper on The Scope of Political Economy, by Professor S. N. PATTEN.

AFTERNOON SESSION, 3 P. M. 1. Paper on The Genesis of Capital, by Professor J. B. CLARK.

2. Paper on The Wages-Fund at the Hands of the German Econ. omists, by Professor F. W. TAUSSIG.

3. Paper on Marshall's Theory of Quasi-Rent, by Professor E. R. A. SELIGMAN.

THURSDAY, SEPTEMBER 14, 8 P. M. Meeting of the Council of the Association.

The session on Tuesday evening was omitted on account of the absence of Professor Dunbar through sickness. On Wednesday all of the papers were read except the one by Professor Seligman, which was presented by title. In the evening, a banquet was held at Kinsley's restaurant. At the meeting of the Council, the following officers were elected : President, Professor J. B. Clark, Smith College ; VicePresidents—Professor Simon N. Patten, University of Pennsylvania; Professor Richard T. Ely, University of Wisconsin ; and Professor Richmond Mayo-Smith, Columbia College ; Secretary, Professor J. W. Jenks, Cornell University; Treasurer, Mr. F. B. Hawley, New York. Publication Committee - Professor H. H. Powers, Smith College, chairman; Professor Henry C. Adams, University of Michigan ; Professor F. W. Taussig, Harvard University ; Professor F. H. Giddings, Bryn Mawr College; and Professor H. W. Farnam, Yale University. The following members of the Council whose term expired this year were re-elected : Professor Lester F. Ward, Washington, D. C.; Professor H. B. Gardner, Brown University ; Professor Richard T. Ely, University of Wisconsin ; Professor E. J. James, University of Pennsylvania ; Professor F. W. Taussig, Harvard University ; Professor Jesse Macy, Iowa College ; President C. K. Adams, University of Wisconsin ; Dr. Albert Shaw, Review of Reviews; Professor Richmond Mayo-Smith, Columbia College; Mr. Worthington C. Ford, Treasury Departinent, Washington, D. C.; Professor F. H. Giddings, Bryn Mawr College ; Rev. John G. Brooks, Brockton, Mass.; Rev. N. P. Gilman, Boston; Professor Henry W. Farnam, Yale University ; Professor Henry Ferguson, Trinity College; Professor C. A. Tuttle, Amherst College; Professor George P. Garrison, University of Texas; Professor Roland P. Falkner, University of Pennsylvania. The following new members were elected to the Council : Mr. Horace White, New York; Dr. E. R. L. Gould, Johns Hopkins University; Dr. William 2. Ripley, Massachusetts Institute of Technology; Professor A. C. Miller, University of Chicago; Professor H. H. Powers, Smith College ; Professor David Kinley, University of Illinois; Mr. N. O. Nelson, St. Louis, Mo.; Dr. Edward T. Devine, Philadelphia ; Professor Charles H. Hull, Cornell University ; Dr. Emory R. Johnson, University of Pennsylvania.

It was decided to hold the next meeting of the Association at Columbia College, New York, during the holiday season of 1894.*


INTERNATIONAL STATISTICAL INSTITUTE. The International Statistical Institute held its Fifth Biennial Session in connection with the annual meeting of the American Statistical Association at Chicago, in the University of Chicago, September 11-16, 1893. The following was the programı of the meeting:

MONDAY, SEPTEMBER 11-MORNING SESSION. The chair will be taken at 11 a. m. by General FRANCIS A. WALKER, President-Adjoint.

Addresses welcoming the Institute, by President HARPER, University of Chicago; General F. A. WALKER, President American Statistical Association, and Professor CHARLES A. DUNBAR, President American Economic Association,

Responses by Professor EMILE LEVASSEUR, Vice-President of the Institute ; Signor LUIGI BODIO, Director-General of the Royal Italian Statistical Bureau ; A. E. BATEMAN, Esq., C. M. G., Principal of the Commercial Department of the English Board of Trade; Professor H. N. LASPEYRES, of the University of Giessen, and A. N. KIAER, Esq., Director of the Norwegian Royal Statistical Bureau.

Business of Organization.
* A list of those present at the meeting will be found on page 111.

Meetings of the standing committees.

Commercial, Financial and Price Statistics. 1. A. E. BATEMAN, Esq., C. M. G., Principal of the Commercial Department of the Board of Trade, England. Report of the Committee on Foreign Commerce. The Statistics of Trade.

2. A. KIAER, Director of the Royal Norwegian Statistical Bureau. Report of the Committee on Maritime Navigation. Tonnage Admeasurement.

3. Dr. J. MANDELLO, Hungarian Ministry of Finance. Currency Reform in Austria-Hungary.

4. Professor F. W. TaussiG, Harvard University, Results of Recent Investigations of Prices in the United States.

5. Hon. WORTHINGTON C. FORD, Chief of the United States Bureau of Statistics, Treasury Department, Reciprocity.

6. M. L. MUHLEMAN, United States Sub-Treasury, New York, The Character and Volume of the Money of the linited States.

7. CHARLES A. CONANT, New York Commercial Bulletin, The National Bank Currency.


Educational and Criminal Statistics : 8. Professor EMILE LEVASSEUR, Collége de France, Report of the Committee on Primary Education, Comparative Statistics of Primary Education.

9. Hon. W. T. HARRIS, United States Commissioner of Education, Educational Statistics of the United States.

10. Signor LUIGI Bodio, Director-General of the Royal Italian Statistical Bureau, Report of the Comparative Nomenclature of Crimes and Misdemeanors.

II. Dr. F. D. W Es, Special Agent United States Census, Recent Statistics of Crime in the United States. THURSDAY, SEPTEMBER 14–MORNING SESSION, 9 A. M.

Agriculture, Railway and Labor Statistics : 12. Major P. J. CRAIGIE, Director of Statistics of the Board of Agriculture, England. Report of the Committee on Landed Property.

13. Hon. J. R. DODGE, Ex-Statistician of the United States Department of Agriculture, The Cereal Products of the World, and Farm Mortgages in the United States.

14. JOHN HYDE, Expert Special Agent in charge of the Statistics of Agriculture, United States Census, Geographical Concentration, an Historical Feature of American Agriculture.

15. Professor EMILE CHEYSSON, School of Political Science, Paris, France. Report of the Committee on Interior Transportation.

16. Professor HENRY C. ADAMS, Statistician to the Interstate Com. merce Commission, Some Results of American Railway Statistics,

17. M. RIEBENACK, Assistant Comptroller Pennsylvania Railroad Company, Railway Statistics as Applicable to the Earnings of Pas. senger Trains, with a View of Determining an Approximate Revenue, and Deciding as to the Number and Time of Trains to be Run for the Accommodation of the Public.

18. C. P. LELAND, Auditor Lake Shore & Michigan Southern Railway Company, Railway Freight Statistics and Their Value in Developing Freight Traffic.

19. Hon. CARROLL D. WRIGHT, United States Commissioner of Labor, The Course of Wages in the United States since 1840.

20. Dr. E. R. L. GOULD, Statistical Expert, United States Depart. ment of Labor, The Social Condition of Wage-Workers in the Textile Industries of England and America.


Population Statistics : 21. Dr. JACQUES BERTILLON, Chief of the Municipal Statistics of Paris, France. (a) Report of the Committee on the Nomenclature of Occupations and Causes of Death. (b) Report of the Committee on European Census Statistics, General Scheme for an International Census Schedule.

22. Dr. JOSEPH KÖROSI, Chief of the Municipal Statistics of BudaPesth. Report of the Committee to Promote the Comparability of European Census Statistics, (a) Population Standard, (b) Remarks on the Scheme for International Classifications of Occupations.

23. VICTOR TURQUAN, Chief of the Bureau of Statistics, Ministry of Commerce and Industry, France, The Statistics Relating to the Female Population of France.

24. Professor D. R. DEWEY, Secretary of the American Statistical Association, Statistics of Occupations in the United States.

25. Professor RICHMOND MAYO-SMITH, Columbia College, Statistical Data for the Study of Assimilation of Races and Nationalities in the United States.

26. HENRY GANNETT, United States Geological Survey, The Geographical Distribution of the Population of the United States.

27. Dr. S. W. DIKE, Secretary of the National Divorce Reform League, The ndition and Mode of Statistics of Marriage and Divorce in Europe and America.

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