intended to remove it, or diverge from the path of steady progressive development, into the chase of some wild chimera, which requires for its achievement only the radical alteration of all the data of experience. "Annihilate space and time, and make two lovers happy," was the modest petition of an enthusiast; and he would probably have been ready to join in the prayer, "make all men angels, and then we shall have a model society". Although in saying this my immediate moral is to preach sobriety, I do not intend to denounce enthusiasm, but to urge a necessity of organising enthusiasm. I only recommend people not to venture upon flying machines before they have studied the laws of mechanics; but I earnestly hope that some day we may be able to call a balloon as we now call a cab. To point out the method, and to admit that it is not laborious, is not to discourage aspiration, but to look facts in the face: not to preach abandonment of enthusiasm, but to urge that enthusiasm should be systematic, should lead men to study the conditions of success, and to make a bridge before they leap the gulf. THE SPHERE OF POLITICAL ECONOMY. There seem to be at present many conflicting views as to the nature of Political Economy. There is a popular impression that Political Economy, or, at any rate, the so-called "classical" doctrine, the doctrine which was made most definite by Ricardo, and accepted with modifications by J. S. Mill, is altogether exploded. Their main doctrines, it is suggested, were little better than mares' nests, and we may set aside their pretensions to have founded an exact science. What, then, is to come in its place? Are we simply to admit that there is no certainty about economical problems, and to fall back upon mere empiricism? Everything,--shall we say?--is to be regarded as an open question. That is, perhaps, a common impression in the popular mind. Yet, on the other hand, we may find some very able thinkers applying mathematical formulæ to economics; and that seems to suppose, that within a certain region they obtain results comparable in precision and accuracy to those of the great physical sciences. The topic is a very wide one; and it would be presumptuous in me to speak dogmatically. I wish, however, to suggest certain considerations which may, perhaps, be worth taking into account; and, as I must speak briefly, I must not attempt to supply all the necessary qualifications. I can only attempt to indicate what seems to me to be the correct point of view, and apologise if I appear to speak too dogmatically, simply because I cannot waste time by expressions of diffidence, by reference to probable criticisms, or even by a full statement of my own reasons.