Only the epistemological spectator of traditional controversies is aware of the fact that the everyday man and the scientific man in this free and easy intercourse are rashly assuming the right to glide over a cleft in the very structure of reality. This fact raises a query not favorable to the epistemologist. Why is it that the scientific man, who is constantly plying his venturous traffic of exchange of facts for ideas, of theories for laws, of real things for hypotheses, should be so wholly unaware of the radical and generic (as distinct from specific) difficulty of the undertakings in which he is engaged? We thus come afresh to our inquiry: Does not the epistemological logician unwittingly transfer the specific difficulty which always faces the scientific man--the difficulty in detail of correct and adequate translation back and forth of _this_ set of facts and _this_ group of reflective consideration--into a totally different problem of the wholesale relation of thought at large to reality in general? If such be the case, it is clear that the very way in which the epistemological type of logic states the problem of thinking, in relation both to empirical antecedents and to objective truth, makes that problem insoluble. Working terms, terms which as working are flexible and historic, relative and methodological, are transformed into absolute, fixed, and predetermined properties of being. We come a little closer to the problem when we recognize that every scientific inquiry passes historically through at least four stages. (_a_) The first of these stages is, if I may be allowed the bull, that in which scientific inquiry does not take place at all, because no problem or difficulty in the quality of the experience presents itself to provoke reflection. We have only to cast our eye back from the existing status of any science, or back from the status of any particular topic in any science, to discover a time when no reflective or critical thinking busied itself with the matter--when the facts and relations were taken for granted and thus were lost and absorbed in the net meaning which accrued from the experience. (_b_) After the dawning of the problem there comes a period of occupation with relatively crude and unorganized facts--hunting for, locating, and collecting raw material. This is the empiric stage, which no existing science, however proud in its attained rationality, can disavow as its own progenitor. (_c_) Then there is also a speculative stage: a period of guessing, of making hypotheses, of framing ideas which later on are labeled and condemned as only ideas. There is a period of distinction-making and classification-making which later on is regarded as only mentally gymnastic in character. And no science, however proud in its present security of experimental assurance, can disavow a scholastic ancestor. (_d_) Finally, there comes a period of fruitful interaction between the mere ideas and the mere facts: a