The formal purpose of the Society is as a place for social interchange and for practising of professional competency in rhetoric, argument, and the presentation of papers among fellow members.
[2][3] A split occurred in the Society in 1794, when Francis Jeffrey and Walter Scott urged the inclusion of contemporary politics in the scope of permitted debating topics.
[8] The Society continues to meet in the rooms set aside for it when Edinburgh University's Old College was built.
[10] The Edinburgh Review (second series) was founded in 1802 by a group of essayists who knew each other first in the milieu of the Speculative Society.
[13] The functioning of this private society as at 2003 was described by Scottish judges as a group of 30 individuals (at that time all men) joining after private invitation and subject to a blackballing procedure; ordinary membership for three years of academic study required the production of three essay papers and the presentation of them for approximately 15 minutes duration for the purposes of a debate, which is voted on; members are offered the opportunity for dinners with occasional guests; after the period of ordinary membership has been completed, the member becomes an extraordinary member with the right to attend debates if desired.