As a special class of scientific inquirers develops, terms that were originally _by-products_ of reflection become primary objects for the intellectual class. The "troubles" which occasion reflection are then _intellectual_ troubles, discrepancies within some current scheme of propositions and terms. The situation which undergoes reorganization and increase of comprised significance is that of the subject-matter of specialized investigation. Nevertheless the same general method recurs within it, and the resulting objects--the terms and propositions--are for all, except those who produce them, instruments, not terminal objects. The objection to analytic realism as a metaphysics of existence is not so much an undue formalism as its affront to the commonsense-world of action, appreciation, and affection. The affront, due to hypostatizing terms into objects, is as great as that of idealism. A naïve realism withstands both affronts. My interest, however, is not to animadvert upon analytic realism. It is to show how the main tenets of instrumental logic stand in relation to considerations which, although ignored by the idealism which was current when the theory received its first formulation, demand attention: the objective status of data and terms with respect to states of mind or acts of awareness. I have tried to show that the theory, without mutilation or torturing, makes provision for these considerations. They are not objections to it; they are considerations which are involved in it. There are questions at issue, but they concern not matters of logic but matters of fact. They are questions of the _existential_ setting of certain logical distinctions and relations. As to the comparative merits of the two schemes, I have nothing to say beyond what has been said, save that the tendency of the analytic realism is inevitably to treat a difference between the logic of inquiry and of dialectic as if it were itself a matter to be settled by the logic of dialectic. I confess to some fear that a philosophy which fails to identify science with terms and propositions about things which are not terms and propositions, will first exaggerate and then misconstrue the function of dialectics, and land philosophy in a formalism like unto the scholasticism from which the older empiricism with all its defects emancipated those who took it to heart. VII