Journal of Political Economy
In I874 Oxford gave him the degree of D.C.L. As he was an easy and rapid producer, a complete list of Mr. Wells' writings would be long. It must also be remembered that in his early years his bent was strongly toward science. He invented a machine for folding sheets to be used with the power printing press. Not only was he the author of the well-known Science of Common Things, but also of a series of scientific text-books, the one on chemistry having been adopted at West Point. Of his economic
... t. Of his economic work, the most important and characteristic are, the Reports of the Special Commissioner of Internal Revenue (i866-i869), Our Merchant M1arine (i882), The Primer of Tariff.Reform ( i88 4), Principles of Tlaxation (i 886), and Recent Economic Changes (i889). It is no derogation to a writer who came on the scene before drastic training in economics was possible or required, to say that in some respects his work lacked scientific quality and depth. In his Recent Economic Changes, one of the most effective books of its kind, he was led astray by the over-production fallacy, although that lapse had little to do with the real value of the volume. To his friends he was ever the open-hearted, ruggedly honest, high-minded and genial companion, always burning with zeal for the really important reforms of the day, always a fountain of interesting and exact knowledge, always helpful and sympathetic. He was persistent, painstaking, indefatigable in his hunt for facts. Whatever he lacked in systematic training was overbalanced by his practical instinct and good sense. In reality, he was a great statistician, and his mind had no bent for vague abstractions or for speculative discussions. It was his closeness to the facts of everyday life which gave him so great an influence with men. American economists can ill afford to lose so honest, so strong, so loyal an elder brother from their ranks. L. THE development of railway statistics in the United States, especially during the past decade has brought us to a point where the relations between the roads and the public are clearly shown. Statistics of operations set forth in great detail the work done and the pay received for doing it. The capitalization reports show the amount and kinds of stock and bonds and the dividends and interest paid.