Month: November 2021

The economic historian William J. Ashley joined the Harvard economics department in 1892-93, joining Professors Charles F. Dunbar and Frank W. Taussig and the instructors Edward Cummings and William M. Cole. This post gives us a complete set of semester examinations for all the economics courses offered at Harvard and, as extra bonus, exams for the Social Ethics course taught in the philosophy department by Francis G. Peabody.

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1892-93.
PHILOSOPHY 5. ETHICS OF THE SOCIAL QUESTIONS.

Enrollment

[Philosophy] 5. Professor F. G. PEABODY. — The Ethics of the Social Questions. — The questions of Charity, Divorce, the Indians, Temperance, and the various phases of the Labor Question, as problems of practical Ethics. — Lectures, essays, and practical observations. 2 hours.

Total 131: 5 Graduates, 60 Seniors, 25 Juniors, 6 Sophomores, 24 Divinity, 11 Others.

Source: Harvard University. Report of the President of Harvard College, 1892-1893, p. 63.

1892-93.
PHILOSOPHY 5.
[Mid-Year Examination]

1. Explain and illustrate the “correlation” of the Social Questions and the doctrine of Social Energy.
2. How does the history of ethical theory illustrate the philosophy of the Social Questions?
3. Compare the principles of the English Poor-Law with the principles of the Elberfeld System.
4. The plan, scope, and results of Mr. Charles Booth’s Study of East London.
5. The character of the migration to London and its effect on
   1. social conditions in London (Charles Booth, I. 501, II. 444);
   2. the problem of municipal charity.
6. How do the Germans deal with the problem of unemployed tramps?
7. One year of General Booth’s Social Scheme, — its achievements and its possible limitations.
8. Define the modern Labor Question and note its special characteristics.
9. What does Carlyle mean by:
   Gospel of Mammonism? (Bk. III. ch. 2.)
   Gospel of Dilettantism? (Bk. III. ch. 3.)
   Captains of industry? (Bk. IV. ch. 4.)
   Plugson of Undershot? (Bk. III. ch. 10.)

What is his lesson drawn from:
Gurth, the thrall of Cedric? (Bk. III. ch. 13; Bk. IV. ch. 5.)

10. Ruskin’s doctrine of wealth, of wages, and of exchange. How far, in your opinion, is Ruskin’s view of Political Economy justifiable?

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 3, Bound Volume: Examination Papers, Mid-Year 1892-93.

1892-1893
PHILOSOPHY 5.
[Year-End Final Examination]

1. State the Labor Question in terms of Ethics, arranging the various industrial propositions of the day in the order of their ethical sufficiency. Explain your arrangement.
2. Why does the Anarchist find encouragement in the philosophy of Herbert Spencer?
3. What is the philosophy of history which encourages the Socialist?
4. The practical advantages which the Socialist anticipates under his programme, his reasons therefor, and your own judgment of their probability.
5. The substitute for money proposed by Marx; with Schäffle’s criticism of the proposal. (Schäffle, pp. 77-90).
6. The German system of insurance against old age and invalidism, — its plan, scope and difficulties.
7. The Familistère at Guise and its lessons for socialism.
8. Why has Coöperation gained so large a place in English industry and had such meagre success in the United States?
9. The method of Profit-Sharing adopted in the Maison Leclaire, the secret of its success and the limits of its application in other cases. (Sedley Taylor, pp. 13-20).
10. The special characteristics of the latest liquor Legislation proposed in Germany, in England and in the United States.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 4, Bound Volume: Examination Papers, 1893-95, “Papers Set for Final Examinations in Philosophy, History, Government and Law, Economics, Fine Arts, and Music in Harvard College, June 1893”.

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1892-93.
ECONOMICS 1. PRINCIPLES OF ECONOMICS

Enrollment

[Economics] 1. Professors [Frank W.] TAUSSIG and [William J.] ASHLEY, and Messrs. [Edward] CUMMINGS and [William M.] COLE. —

First half-year:

Mill’s Principles of Political Economy. 3 hours.

Second half-year:

Division A (Theoretical): Mill’s Principles of Political Economy. — Cairnes’s Leading Principles of Political Economy. 3 hours.

Division B (Descriptive): Labor and Capital, Coöperation. — Hadley’s Railroad Transportation. — Dunbar’s Chapters on Banking. — Financial Legislation. 3 hours.

Total 322: 1 Graduate, 50 Seniors, 114 Juniors, 116 Sophomores, 3 Freshmen, 38 Others.

Source: Harvard University. Report of the President of Harvard College, 1892-1893, p. 63.

1892-93.
ECONOMICS 1.
[Mid-Year Examination]

[Arrange your answers strictly in the order of the questions.]

1. “Production, and productive, are of course elliptical expressions, involving the idea of something produced; but this something, in common apprehension, I conceive to be, not utility, but wealth.” Why should not all labor which produces utility, be accounted productive?
2. “The distinction, then, between Capital and Non-Capital, does not lie in the kind of commodities, but in the mind of the capitalist.” Does pig-iron cease to be capital when the owner sells it and buys a country-house?
3. What is meant when it is said that rent is no burden on the consumer?
4. Why are the earnings of the professional classes higher than the wages of mechanics? Why are the wages of mechanics higher than those of day-laborers?
5. Explain the connection between:

The tendency of profits to a minimum.
The law of diminishing returns.
The effective desire of accumulation.

6. Is a general rise in prices advantageous to the community as a whole? to any part of it?
7. Specie, bank-notes, inconvertible paper, checks, —are they or are they not “money”?
8. “It is when the metals are completely superseded and driven from circulation that the difference between convertible and inconvertible paper begins to be operative.” Explain.
9. Does foreign trade tend to bring about the same level of (1) money wages, (2) prices, in the trading countries?
10. In what manner does a country gain when its exports increase?

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 3, Bound Volume: Examination Papers, Mid-Year 1892-93.

1892-1893
ECONOMICS 1.
[Year-End Final Examination]

Division A.
[Arrange your answers strictly in the order of the questions.]

1. What is meant when it is said that the rent paid for the use of a factory building enters into cost of production, while that paid for the use of the site does not?
2. What determines the limits within which the foreign exchanges may fluctuate?
3. According to Mill, “The universal elements of cost of production are the wages of labor and the profits of the capital.” Cairnes on the contrary says, “I repeat, therefore, that not only do wages not constitute the laborer’s share in the cost of production, but these can not be taken in any sense to represent that cost.”
   Why not?
4. “It appears, therefore, that the fund available for those who live by labor tends, in the progress of society, while growing actually larger, to become a constantly smaller fraction of the entire national wealth.”
   Why?
5. “The illusion which I am combatting, that Demand and Supply are independent economic forces, sometimes assumes another form in the notion that producers and consumers are distinct classes, and that production and consumption are acts which may go on irrespective of each other.”
   Explain the illusion.
6. How is the price of wool in Australia likely to be affected by the shipment of frozen mutton to England?
7. “In the language of Mr. Mill, ‘the produce of a country exchanges for the produce of other countries at such values as are required in order that the whole of her exports may exactly pay for the whole of her imports.’ Now, as a matter of fact, it very rarely happens that the whole exports of a country, even if we take an average of many years, exactly pay for the whole of its imports; nor can it be truly said that there is any tendency in the dealings of nations toward this result.” Why not?
8. At what rate of interest did the United States borrow, when it exchanged 5-20 bonds for legal tender notes at par, in 1862-63?
9. What do you infer from the success of distributive coöperation in Great Britain, as to the future development of coöperation in general?
10. What are the grounds for saying that the general fall in prices in the United States in the period immediately after the civil war, had an effect on debtors different from that of the fall in prices since 1879?

Division B.
[Arrange your answers strictly in the order of the questions.]

1. Does the benefit of international trade lie in the exports? in the imports?
   Why?
2. Is a general fall in prices harmful to debtors? to creditors?
3. Will an increase in the quantity of money in the community affect the rate of interest?
4. How would you estimate the minimum reserve required by law to be anywhere held for deposits in country national banks of the United States?
5. How would you explain the close correspondence in the banks of the United States between the amount of loans and the amount of deposits?
6. Explain the decline in the volume of national bank notes in recent years.
7. Explain why the original limit of uncovered issue for the Bank of England was put at £14,000,000.
8. How would an act for the free coinage of silver in the United States at the present mint ratio, affect the price of silver bullion?
9. Compare the attitude of the Latin Union toward the use of both metals in 1866 with its attitude in 1878.
10. Compare carefully, as to the character and quantity of the issues of money provided for, the legislation of the United States in 1878 with that of 1890.
11. Point out wherein profit-sharing is similar to coöperative production, wherein different.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 4, Bound Volume: Examination Papers, 1893-95, “Papers Set for Final Examinations in Philosophy, History, Government and Law, Economics, Fine Arts, and Music in Harvard College, June 1893”.

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1892-93.
ECONOMICS 2. ECONOMIC THEORY 

Enrollment

[Economics] 2. Professor TAUSSIG. — Economic Theory. — Examination of selections from leading writers. 3 hours.

Total 38: 11 Graduates, 10 Seniors, 11 Juniors, 6 Others.

Source: Harvard University. Report of the President of Harvard College, 1892-1893, p. 63.

1892-93.
ECONOMICS 2.
[Mid-Year Examination]

1. State George’s doctrine as to the cause of interest, and give an opinion of its soundness.
2. “It may be said, we grant that wages are really paid out of the product of current industry, and that capital only affects wages as it first affects production, so that wages stand related to product in the first degree, and to capital in the second degree only; still, does not production bear a certain and necessary ratio to capital? and hence may not the measure of wages be derived from capital virtually, — though not, it is true, directly, — through its determination of product?” Consider whether so much would be granted by one holding to the wages-fund doctrine; and answer the questions.
3. “The employer [in the West and South] advances to the laborer such provisions and cash as are absolutely required from time to time: but the ‘settlement’ does not take place until the close of the season or the year, and the final payment is often deferred until the crop is not only harvested but sold.” Under such conditions is it true that wages are paid out of capital, or limited in amount by the quantity of previously accumulated capital?
4. What do you conceive President Walker’s opinion to be as to the effect on business profits of the possession of large means by the business man at the outset of his career?
5. Are there grounds for saying that in a socialist community the conception of capital would be different from that in communities as now organized?
6. Compare Adam Smith’s doctrine as to the relation of capital and wages with Ricardo’s.
7. Compare Adam Smith’s conclusions with Ricardo’s as to the propriety of import duties levied to countervail internal taxes on necessaries consumed by laborers.
8. “No extension of foreign trade will immediately increase the amount of value in a country, though it will very powerfully contribute to increase the mass of commodities, and therefore the sum of enjoyments.” What does Ricardo mean?
9. “There is only one case, and that will be temporary, in which the accumulation of capital with a low price of food may be attended with a fall in profits.” What is the case, and why did Ricardo think it would be temporary?

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 3, Bound Volume: Examination Papers, Mid-Year 1892-93.

1892-1893
ECONOMICS 2.
[Year-End Final Examination]

[One question in each of the three groups may be omitted.]

I.

1. What is the meaning and importance of the proposition that demand for commodities is not demand for labor?
2. How far is Ricardo’s doctrine as to the connection between labor and value similar to Marx’s doctrine that value consists of the labor incorporated in commodities?
3. What is meant when it is said that the connection between value and expenses of production depends on the mobility of capital, while the connection between value and cost of production depends on the mobility of labor and capital?
4. “The ideal of justice in distribution, applicable both to individual producers and to the different factors in production (land, labor, capital), may be stated thus: each should have a share in net income proportionate to the contribution which, by labor or by the use of material means of production, he has made to the product.”
   What should you say as to the feasibility of carrying out such a principle?

II.

5. Explain briefly what is meant by total utility, marginal utility, and consumer’s rent.
   “Subject to these corrections, then, we may regard the aggregate of the money measures of the total utility of wealth as a fair measure of that part of the happiness which is dependent on wealth.” Mention one or two corrections.
6. Give your opinion on the objection raised by Carey to the theory of rent, that the total rent paid for the use of land does not exceed interest at current rates on the total capital sunk in land.
7. How far is it an answer to the proposition that rent and business profits are analogous, when it is said that the losses of some business managers must be set off against the larger gains of others?
8. Explain Professor Marshall’s opinion as to the bearing on the relative wages of different laborers of
   1. The “rent” of labor;
   2. the standard of living among laborers;
   3. the expenses of production of labor;

and point out the connection between his views on these subjects.

III.

9. Explain the distinctions (1) between private capital and social capital, (2) between historico-legal capital and national capital; and point out how far the two distinctions run on the same lines.
10. “In the present condition of industry, most sales are made by men who are producers and merchants by profession. . . . For them, the subjective use-values of their own wares is, for the most part, very nearly nil. . . . In sales by them, the limiting effect which, according to our theoretical formula, would be exerted by the valuation of the last seller, practically does not come into play.”
    Explain what is meant, and consider the consequences as to the importance of the law that price is determined by the valuations of the marginal pairs.
11. “Our whole interest is centred in the question as to the position which the law (of cost of production), so well accredited by experience, takes in the systematic theory of price. Does it run counter to our law of marginal pairs or not? Our answer is that it does not. It is as little of a contradiction as we before found to exist between the proposition that the marginal utility determines the height of subjective value, and the other proposition that the costs determine it.”
    In what way is the apparent contradiction removed in the two cases referred to by Böhm-Bawerk?
12. Explain the three grounds on which Böhm-Bawerk bases the superiority of present over future goods, and give your opinion as to their relative importance and significance.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 4, Bound Volume: Examination Papers, 1893-95, “Papers Set for Final Examinations in Philosophy, History, Government and Law, Economics, Fine Arts, and Music in Harvard College, June 1893”.

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1892-93.
ECONOMICS 3. PRINCIPLES OF SOCIOLOGY

Enrollment

[Economics] 3. Mr. CUMMINGS. — The Principles of Sociology. — Development of the Modern State, and of its Social Functions. 3 hours.

Total 22: 5 Graduates, 9 Seniors, 4 Juniors, 1 Sophomore, 3 Others.

Source: Harvard University. Report of the President of Harvard College, 1892-1893, p. 63.

1892-1893
ECONOMICS 3.
[Mid-Year Examination]

Answer the questions in the order in which they stand. Omit two.

1. “We have just seen that a one-sided application of the conception that society is of organic growth leads to difficulties, as well as the conception of artificial making. These we can only escape by recognizing a truth which includes them both.”
   What are these difficulties, and what is this truth?
2. “If societies have evolved, and if that mutual dependence of parts which coöperation implies, has been gradually reached, then the implication is that however unlike their developed structures may become, there is a rudimentary structure with which they all set out.”
   What evidence do you find of such a structure?
3. According to Aristotle, “Man is by nature a political” According to Thomas Aquinas, “homo est animal sociale et politicum.” How far is this insertion of “sociale” alongside of “politicum” significant of the different way in which the State presented itself to the mind of the Greek and to the mind of the medieval philosopher?
4. “The theory of the social contract belongs in an especial manner to the political philosophers of the seventeenth and eighteenth centuries. But it did not originate with them. It had its roots in the popular consciousness of medieval society. As a philosophical theory, it had already been anticipated by the Greek Sophists.”
   Indicate briefly some of the important changes which the doctrine underwent.
5. “In primitive societies the person does not exist, or exists only potentially, or, as we might say, in spe. The person is the product of the State.” Explain. What is the theoretical and historical justification of this doctrine, as against the contention that the individual loses what the State gains?
6. Discuss the relative preponderance of free and of un-free elements at different stages of social development.
7. It has been remarked by Spencer that those domestic relations which are ethically the highest, are also biologically and sociologically the highest. Discuss the historical evidence on this point. What is the test of this ethical superiority?
8. To what extent is there ground for saying that the influence of militant and of industrial organization is traceable in the status of women and the duration of marriage in the United States and in other countries?

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 3, Bound Volume: Examination Papers, Mid-Year 1892-93.

1892-1893
ECONOMICS 3.
[Year-End Final Examination]

[Answer the questions in the order in which they stand. Omit one.]

1. “The different forms of the State are specifically divided, as Aristotle recognized, by the different conceptions of the distinction between government and subjects, especially by the quality (not the quantity) of the ruler.” Explain. Indicate briefly the relation of the different forms of the State to one another.
2. “If there is any one principle which is clearly grasped in the present day, it is that political power is a public duty as well as a public right, that it belongs to the political existence and life of the whole nation, and that it can never be regarded as the property or personal right of an individual.” How far did this principle secure recognition in Greek, in Roman, and in medieval times?
3. “The past seems to prove that kings and aristocracies make States, and that left to themselves, the people unmake them.” State carefully your reasons for agreeing or disagreeing with the political philosophy here involved.
4. “This is one of curious phases of the railway problem in Europe, which has a tendency to show how multiform and various are the influences at work to modify and change the conditions of the railway problem, and how little can be gathered from mere government documents and laws to shed light upon this most interesting and intricate of all modern industrial questions.” What light does Italian, French and Austrian experience with railroads throw on the general question of State control?
5. “Expediency and the results of experience must determine how far to go. They seem to justify public ownership of gas works, water works and electric lights. The same would doubtless be true of the telegraph and telephone.” Discuss the evidence.
6. “We will first concentrate our attention on the economic kernel of socialism, setting aside for the moment the transitory aspect it bears in the hands of agitators, its provisional passwords, and the phenomena and tendencies in religion by which it is accompanied.” State and criticise this “economic kernel.”
7. “The philanthropic and experimental forms of socialism, which played a conspicuous role before 1848, perished them[sic, “then”?] in the wreck of the Revolution, and have never risen to life again.” What were the characteristics of these earlier forms; and what was their relation to the movements which preceded them and followed them?
8. How are the socialistic teachings of Lasalle and Marx related to the economic doctrines of Smith and Ricardo?
9. What ground do you find for or against the contention that “socialism is the economic complement of democracy”?
10. “Not only material security, but the perfection of human and social life is what we aim at in that organized co-öperation of many men’s lives and works which is called the State. . . . But where does protection leave off and interference begin?”

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 4, Bound Volume: Examination Papers, 1893-95, “Papers Set for Final Examinations in Philosophy, History, Government and Law, Economics, Fine Arts, and Music in Harvard College, June 1893”.

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1892-93.
ECONOMICS 4. ECONOMIC HISTORY OF EUROPE AND AMERICA

Enrollment

[Economics] 4. Mr. COLE. — Economic History of Europe and America since the Seven Years’ War. — Lectures and written work. 3 hours.

Total 116: 41 Seniors, 59 Juniors, 45 Sophomores, 3 Freshmen, 18 Others.

Source: Harvard University. Report of the President of Harvard College, 1892-1893, p. 63.

1892-93. ECONOMICS 4.
[Mid-Year Examination]

I.
[Take all.]

1. State at least three parallels in the lives of Watt and George Stevenson.
2. From an economic point of view, and assuming that a revolution must have come sooner or later, was the occurrence of the disturbances in France between 1785 and 1815 opportune or inopportune for France?
3. Was there any necessary connection between the economic and the military reforms of Prussia between 1807 and 1812? If so, what?
4. Why was the United States helped more than any other country by the introduction of steam navigation?

II.
[Omit one.]

5. What was the origin and what were the main provisions of the English Corn Law of 1815?
6. What were the main provisions of the French railway law of 1842?
7. What were the main features of Gallatin’s plan for internal improvements in 1807?
8. What was the social status at the beginning of this century of poor immigrants into America?
9. What was the cause of the suspension of specie payments by the Bank of England in 1797?
10. What was the effect of the Continental wars of 1793-1815 upon the English laborers? How was it manifested?
11. What was the influence on French manufactures of Napoleon’s rise to power? Cite examples.

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 3, Bound Volume: Examination Papers, Mid-Year 1892-93.

1892-93.
ECONOMICS 4.
[Year-End Final Examination]

[Arrange your answers strictly in the order of the questions.]

1. What sort of wealth did France actually sacrifice in paying the German indemnity? What was the process?
2. Explain the influence of the Civil War upon our tariff legislation.
3. Explain whether or not England can obtain cheap coal from abroad after her own supplies become scarce.
4. What motives had Congress for granting lands to Western railroads, — other than the Union Pacific? What was the system of grants adopted?
5. It has been said that after 1850 England could not well maintain duties upon any class of imports, and hence free trade was inevitable. What do you think of the statement?
6. Was the Zollverein an experiment in free trade or in protection? Why do you think as you do?
7. How did the extraordinary demand for gold between 1871 and 1873 affect the rate of bank discount? How do you explain the effect?
8. Show at least three important benefits arising from improved means of transportation.
9. Explain carefully, but concisely, why the southern soils of the United States were rapidly exhausted before the war. Could resort have been made successfully to rotation of crops, to more careful cultivation, to the use of better tools?
10. Using only the materials which have been furnished by Economics IV, show what in your opinion, after careful thought, England would have gained or lost up to the present time if the American colonies had not won their independence.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 4, Bound Volume: Examination Papers, 1893-95, “Papers Set for Final Examinations in Philosophy, History, Government and Law, Economics, Fine Arts, and Music in Harvard College, June 1893”.

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1892-93.
ECONOMICS 5. RAILWAY TRANSPORTATION

Enrollment

[Economics] 5. Professor TAUSSIG. — Railway Transportation. — Lectures and written work. 3 hours. 1st half-year.

Total 26: 7 Graduates, 12 Seniors, 5 Juniors, 1 Sophomores, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1892-1893, p. 63.

1892-93.
ECONOMICS 5.
[Mid-Year Final Examination]

[Arrange your answers strictly in the order of the questions].

1. “A more powerful force than the authority of the courts was working against the Granger system of regulation. The laws of trade could not be violated with impunity. The effects were most sharply felt in Wisconsin. . . . In the second year of its operation [that of the law reducing rates], no Wisconsin road paid a dividend; only four paid interest on their bonds. Railroad construction came to a standstill. . . . Foreign capital refused to invest in Wisconsin; the development of the State was sharply checked; the very men who most favored the law found themselves heavy losers. . . . The very men who passed the law in 1874 hurriedly repealed it after two years trial.” State the essential features of the legislation here alluded to, and give an opinion as to this explanation of its effects.
2. “The principle of tolls [rates based on cost of service] keeps rates up. If it is strictly applied, it makes it necessary that each item of business should pay its share of the fixed charges.” Why? or why not?
3. What is meant when it is said that railway rates are governed by value of service?
4. Compare :
   1. The natural system of rates.
   2. The German reform tariff.
   3. The maximum rates of the Granger legislatures.
5. Is it true that the prohibition of pooling in the Interstate Commerce Act increases the severity of the long and short haul clause?
6. What were the causes of the depression of 1888-90?
7. Should you say that the approaching maturity of the Government debt gives a favorable opportunity for an experiment in public management, by the assumption of federal ownership of the Pacific roads?
8. Give an opinion on two among the suggestions made by Mr. Clark as to future legislation on railways by the states.
9. Sketch the history of railway policy in Italy.
10. What have been the financial results of public railway management in Prussia?

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 3, Bound Volume: Examination Papers, Mid-Year 1892-93.

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1892-93.
ECONOMICS 6. HISTORY OF U.S. TARIFF LEGISLATION

Enrollment

[Economics] 6. Professor TAUSSIG. — History of Tariff Legislation in the United States. 3 hours. 2d half-year.

Total 50: 7 Graduates, 19 Seniors, 17 Juniors, 3 Sophomores, 4 Others.

Source: Harvard University. Report of the President of Harvard College, 1892-1893, p. 63.

1892-1893
ECONOMICS 6.
[Year-End Final Examination]

[Answer all the questions, however briefly.]

1. Sketch the industrial history of the country, and its bearing on tariff legislation, from 1816 to 1824.
2. How far do protective duties account for the growth of the cotton manufacture from 1830 to 1840? Of the iron manufacture from 1840 to 1850? Of the silk manufacture from 1860 to 1880?
3. What do you believe the state of public opinion to have been on tariff legislation in 1800? In 1824? In 1850?
4. State the important provisions of the tariff act of 1857.
5. Are there grounds for saying that the duty on pig iron since 1870 has proved a successful application of protection to young industries? State carefully what you think the test of success in such a case.
6. What can be said for, what against, the change in the duties on sugar made in 1890?
7. Compare the general character of the tariff act of 1883 with that of the act of 1890.
8. Assume that, on the imposition of a duty on tin-plates, domestic production should so develop that tin-plates were made with less labor in the United States than in foreign countries. What would happen if thereafter the duty were removed?
9. Explain what is the object, what the effect of minimum duties; and give two instances of their application, one before 1860, the other after.
10. Explain briefly in what manner the connection between the tariff and wages was discussed by Webster in 1824, by Clay in 1824, and by Walker in 1845.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 4, Bound Volume: Examination Papers, 1893-95, “Papers Set for Final Examinations in Philosophy, History, Government and Law, Economics, Fine Arts, and Music in Harvard College, June 1893”.

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1892-93.
ECONOMICS 7¹. THEORY AND METHODS OF TAXATION

Enrollment

[Economics] 7¹. Professor DUNBAR. — The Theory and Methods of Taxation, with special references to local taxation in the United States. 3 hours. 1st half-year.

Total 21: 7 Graduates, 9 Seniors, 2 Juniors, 1 Sophomore, 2 Others.

Source: Harvard University. Report of the President of Harvard College, 1892-1893, p. 63.

1892-93.
ECONOMICS 7^[1].
[Mid-Year Final Examination]

[Let your answers stand in the order of the questions.]

1. What is Mr. Bastable’s theory (pp. 339-342) as to the incidence of a tax on a commodity, and what are the conditions on which he finds that any shifting of the tax will depend? How far does his doctrine in this particular differ from that of Ricardo?
2. Discuss the following extract from Leroy-Beaulieu (Science des Finances, II. 303):—
   So the land tax, unless it is extraordinarily high or very badly assessed, has no influence on the price of agricultural products: it merely diminishes what in scientific language is called the rent of land, — that is the net income of the landowner after deducting the expenses of cultivation and the profits of the farmer. This proposition is generally true in all countries where the land is completely occupied: it does not apply, on the contrary, to new countries where a large part of the soil is not yet under cultivation, like the United States or Australia. In these countries the land tax acts as an increase of the general cost of working new lands, and consequently retards their reduction to cultivation.
3. In answer to the demand for taxes resting exclusively or chiefly on land and its great unearned increment of value, it is sometimes urged that gains are often offset by losses, and that individuals can hardly be called on to give up their surplus gains unless they are guaranteed against possible loss. How much weight is to be attached to this answer?
4. Discuss Bastable’s remark that,—
   It may be urged that progressive taxation is not in fact likely to weaken the disposition to save. It will only affect those who possess a good deal already, and such persons save as much from habit as from conscious motive. There is, too, the further fact that the heavier taxation on the rich will leave the poor a larger disposable sum, part of which they may save, and to that extent increase the store of wealth.
5. What do you say to the proposition maintained by Mill (Book V., ch. ii. §4) and discussed by Bastable (p. 297), that the part of income which is saved should be exempt from taxation?
6. W. is credited with having laid down two propositions: First, that “any income tax which permits of any exemption whatever is a graduated income tax”; and, secondly, that “a graduated income tax to the extent of its discrimination is an act of confiscation.”
7. State the general plan on which the French Contribution des Patentes is levied, and then discuss the following:—
   1. Bastable says (p. 411):—
      The Patente is very far from being a proportional tax on industrial gains. It rather resembles a charge on certain necessaries of the business, such as buildings, labor, or motive power.
   2. Leroy-Beaulieu (Science des Finances, I. p. 396) says:—
      The manufacturer being taxed by the general tax on rents [personelle-mobilière] there is evident injustice in loading him with an additional tax on his habitation.
   3. And in general he says (ibid., p. 380):—
      In countries like France where incomes in general are not subject to any special direct tax, it is indisputable that a tax on the profit of manufacturers, of merchants, and of the liberal professions, has no reason for existence and can only be explained by the brutal law of fiscal necessity.
8. Describe the changes which the Prussian income tax has gone through and the distinctive characteristics of the law of 1891.
9. Describe the plan on which the English “death duties” are now arranged.
10. What are the methods used in different countries for the taxation of tobacco, and how far does each appear applicable in the United States?
11. Which of the following taxes are best fitted for national use and which for local, and why?

Excise;
Income;
Real Estate;
Stamps on deeds, commercial paper and legal instruments;
Successions.

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 3, Bound Volume: Examination Papers, Mid-Year 1892-93.

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1892-93.
ECONOMICS 7². FINANCIAL ADMINISTRATION AND PUBLIC DEBTS

Enrollment

[Economics] 7². Professor DUNBAR. — Financial Administration and Public Debts. 3 hours. 2d half-year.

Total 23: 10 Graduates, 8 Seniors, 3 Juniors, 1 Sophomores, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1892-1893, p. 63.

1892-1893
ECONOMICS 7^[2].
[Year-End Final Examination]

[Give one half of your time to a careful treatment of the questions under A.]

A.

1. Discuss the conditions necessary for maintaining a thoroughgoing budget system, and show what changes (if any) of constitution, law, or political practice would be required, in order to set such a system in operation in the United States.
2. When the United States issued the 5-20 bonds (principal and interest payable in gold), they had the choice between three courses, viz:
   1. To sell the bonds for par in gold and make the rate of interest high enough to attract buyers;
   2. to sell the bonds for gold at such discount as might be necessary, their interest being fixed at six per cent;
   3. to sell the bonds for their nominal par in depreciated paper.
      Which of these courses now seems to you the best, and why?
3. Discuss the following:
   “Viewed as a purely financial question, it is no occasion for congratulation that a debt is widely diffused. Not only is its management necessarily more expensive, but the facility offered to politicians to use the debt for party and personal ends often defeats the best purposes of the financier. . . .France, for example, continued to pay for a number of years a higher rate of interest than was necessary, because the government feared the voting power of the holders of rentes. Nor do industrial considerations necessarily lead to the approval of widely-diffused debt. The unfailing indication of healthy state of industries is found in the personal attention of all members of society to business affairs. and this can only come with personal interest in some particular form of product. In so far as the private income of individuals arises from payments of interest by the state, the public is deprived of the beneficial workings of that solicitous care which insures success in industrial ventures. —Adams, Public Debts, p. 43.

B.

4. State the manner in which the selling value of bonds is influenced, by, —
   1. annual drawings by lot for payment;
   2. reserved right to pay at pleasure;
   3. agreement to pay at or after some distant date;
   4. arrangement like that of the “Five-twenties.”
5. The distinction between a bond reimbursable from the date of issue and one which is secured against redemption for ten or twenty years, is said to be “one of the most fundamental that presents itself in the entire course of credit operations,” because,—
   “A bond reimbursable from the date of its issue shows great carelessness on the part of the administration as to ultimate payment; on the other hand, a bond guaranteed against immediate payment is evidence of an intention to escape the evils of perpetual indebtedness.” — Adams, Public Debts, p. 161.
   Give your reasons for agreeing or for disagreeing with this statement.
6. Under what conditions is the use of terminable annuities as a species of sinking fund advisable, and on what principle should the extent to which their use is carried be limited, if at all?
7. What do you say to the following dictum as to buying public debt:
   “Payment by purchase (of bonds) upon the market at market prices is defensible when bonds are below par, but not when above par and so conditioned as to be payable, within a reasonable time, at their nominal value.”
8. Describe the operation by which the French government converted the Morgan Loan in 1875 and state any criticism to be made upon this conversion.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 4, Bound Volume: Examination Papers, 1893-95, “Papers Set for Final Examinations in Philosophy, History, Government and Law, Economics, Fine Arts, and Music in Harvard College, June 1893”.

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1892-93.
ECONOMICS 8. HISTORY OF U.S. FINANCIAL LEGISLATION

Enrollment

[Economics] 8. Professor DUNBAR. — History of Financial Legislation in the United States. 2 hours. 1st half-year.

Total 34: 3 Graduates, 19 Seniors, 11 Juniors, 1 Sophomore.

Source: Harvard University. Report of the President of Harvard College, 1892-1893, p. 63.

1892-93.
ECONOMICS 8.
[Mid-Year Final Examination]

[Let your answers stand in numerical order.]

1. Hamilton has sometimes been charged with favoring the policy of a perpetual public debt. Discuss the grounds for this charge.
2. The act of 1790 for assuming the debts of the States did not wait for the settlement of accounts between the States and the Union. Did this failure to wait necessarily affect the result?
3. What is a “direct tax” of the United States and on whom and how is it laid? Give instances.
4. What were the provisions of law or the practices in use, regulating the kinds of currency received and paid by the Treasury, between 1789 and 1846?
5. What was the Specie Circular, and what were its effects?
6. What is Mr. Gallatin’s view of the part played by the United States Bank and of its influence, in the disastrous period 1837-1841?
7. Describe the Independent Treasury Act of 1846, and state any modifications that the system has undergone.
8. Give some account of the treasury notes issued 1837-46, and show how they resembled or differed from notes now issued by the United States.
9. What considerations are there which tend to create doubt as to the necessity of the first Legal Tender Act?
10. State the decisions of the Supreme Court of the United States on the constitutionality of the Legal Tender Acts.
11. Sketch the legislation which has established the national banking system.
12. Describe the change which has taken place in the meaning attached to the word “resumption,” and the circumstances which have given us a legal tender currency of fixed amount.

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 3, Bound Volume: Examination Papers, Mid-Year 1892-93.

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1892-93.
ECONOMICS 9. SOCIAL AND ECONOMIC CONDITION OF WORKINGMEN

An earlier post to this course with valuable links to the works quoted in the exams.

Enrollment

[Economics] 9. Mr. CUMMINGS. — The Social and Economic Condition of Workingmen in the United States and in other countries. 3 hours.

Total 24: 3 Graduates, 10 Seniors, 7 Juniors, 4 Others.

Source: Harvard University. Report of the President of Harvard College, 1892-1893, p. 68.

1892-93.
ECONOMICS 9.
[Mid-Year Examination]

[Arrange your answers in the order in which the questions stand. So far as possible illustrate your discussions by a comparison of the experience of different countries. Omit two questions.]

1. “In a society adjusted to manual labor, it is absolutely impossible that a labor problem, as a class problem, should take its origin; but in a society adjusted to machinery, provided the English law of property be maintained, the development of class lines will surely make its appearance in industries.”
   State fully your reasons for agreeing or disagreeing with these assertions.
2. “First, government must regulate the plane of competition, for without legal regulation the struggle between men for commercial supremacy will surely force society to the level of the most immoral man who can maintain himself.”
   What evidence does the history of factory legislation furnish upon these points?
3. Comment upon the following passage: “The object held in view by workmen, when they organized themselves into unions, was to gain again that control over the conditions of labor which they lost when machinery took the place of tools.”
4. “The English public has had the courage and strength to leave workingmen’s associations full freedom of movement, at the risk even of temporary excesses and acts of violence, such as at one time stained the annals of trades-unions.” Explain.
   How far is this true of France? Of the United States?
5. Describe briefly the origin, growth, and present tendencies of the English Friendly Society movement.
6. To what extent do trade organizations and friendly societies constitute an aristocracy of labor?
7. To what forms of remuneration can the evils of “sweating” be traced?
8. “The aim of Coöperation is at the same time the aim of Trade Unionism.” In what sense?
9. Sketch briefly the course of factory legislation during the present century either in England or in the United States.
10. Comment on the following passage: “The fact that the ignorant masses are enabled by the factory to engage in what it once took skilled labor to perform has given the widespread impression that factory labor has degraded the skilled, when in truth it has lifted the unskilled; and this is the inevitable result of the factory everywhere.”

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 3, Bound Volume: Examination Papers, Mid-Year 1892-93.

1892-93.
ECONOMICS 9.
[Year-End Final Examination]

[Arrange your answers in the order in which the questions stand. So far as possible illustrate your discussions by a comparison of the experience different countries. Omit two questions.]

1. How is the burden of contribution distributed in each of the three departments of the German system of compulsory insurance? What theoretical or practical objections have you to the system?
2. “In England especially the State is not in a position to compete effectively with energetic Insurance Companies or with the Friendly Societies, pulsating with the vigour of social life; and still less can it so compete when hampered by restrictions which handicap its powers.” Discuss the evidence on this point furnished by English experience with government workingmen’s insurance. Are there any indications that German ideas are gaining ground in England?
3. “What, we will ask, is the relation of Profit-sharing to the ordinary wage system; and to what extent does Profit-sharing constitute an improvement upon the ordinary wage system?” Are there grounds for the assertion that Profit-sharing is “inferior in point of equity and expediency to the ordinary non-coöperative wage system“?
4. “Besides the militant trade unionist workmen, that very shrewd class of workingmen, the coöperators, regard Profit-sharing with marked disapprobation; so much so that, although Profit-sharing forms an essential part of the professed principles of Industrial Coöperation, yet by far the greater part of Industrial Coöperation is carried on upon the system of altogether excluding the employees from participation in profits.” What are the facts referred to, and how do you account for them?
5. “Here it is necessary to interpolate a protest against the assertion almost universally made by previous writers on this subject, that ‘Industrial Coöperation has succeeded in distribution, but has failed in production,’ — an assertion generally coupled with the explanation that ‘production’ is too difficult to be, as yet, undertaken by workingmen.” What are the facts?
6. “But the enthusiastic Coöperator will ask: why not develop the voluntary system of democratic Coöperation until it embraces the whole field of industry?” What do you conceive to be the economic limits to such extension by consumers’ associations?
7. “Having considered the social and economic position of workers in the coal, iron and steel industries in several countries, let us now by proper combination ascertain the average conditions prevailing in the two continents.” What are the probable conclusions to be drawn from these comparative statistics of family budgets in the United States and other countries?
8. “The Hungarians, Italians, Bohemians and Poles, who throng our gates give most concern. . . . Up to the present time there seems no ground to fear that such new comers have wielded a depressing influence. There seems rather reason for congratulation in the fact that instead of their having lowered the American standard of living, the American standard of life has been raising them.” Discuss the evidence. What light do recent changes in the character and volume of migration from different countries throw on this problem?
9. Indicate briefly the course of short-hour legislation in Massachusetts. How does it compare with the legislation in other states and other countries?
10. Indicate carefully how far there has been any approximation to compulsory arbitration in Massachusetts; in New York; in other countries. What are the objections to compulsory arbitration?
11. What do you conceive to be the significance of the Farmers’ Alliance and the Single Tax movements in the United States? And how are they related to each other?
12. Precisely what evidence is there for and against the contention that the employment of “private armed forces” has been largely responsible for violence and bloodshed during strikes? Give concrete examples. 

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 4, Bound Volume: Examination Papers, 1893-95, “Papers Set for Final Examinations in Philosophy, History, Government and Law, Economics, Fine Arts, and Music in Harvard College, June 1893”.

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1892-93.
ECONOMICS 10. U.S. AND EUROPEAN ECONOMIC HISTORY TO 1763

Enrollment

[Economics] 10. Professor ASHLEY. — The Economic History of Europe and America, to 1763. 3 hours.

Total 20: 6 Graduates, 7 Seniors, 4 Juniors, 3 Sophomores.

Source: Harvard University. Report of the President of Harvard College, 1892-1893, p. 63.

1892-93.
ECONOMICS 10.
[Mid-Year Examination]

N.B. — Not more than seven questions must be attempted.

1. Present the substance of recent suggestions as to the origin of the Celtic Sept, and compare them with earlier views.
2. Describe the Roman villa system, and compare it with mediaeval manorial agriculture and with modern American farming.
3. Discuss the value of the Domesday Survey for economic history.
4. Explain the importance of “Commutation.”
5. State and criticize Mr. Thorold Rogers’ view of the causes of the Peasant Revolt of 1381.
6. Describe the character of internal trade in England in the twelfth and thirteenth centuries.
7. To what extent was the mediaeval regulation of industry justified?
8. Trace the history, and comment on the significance, of Journeymen’s Societies.
9. “Capital is a historical category.” statement in the light of medieval history. Explain and criticize this statement in the light of mediaeval history.

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 3, Bound Volume: Examination Papers, Mid-Year 1892-93.

1892-93.
ECONOMICS 10.
[Year-End Final Examination]

[Candidates are requested to attempt only six questions, — of which six one at least must be chosen from the first set.]

1. Compare the position of the Roman coloni with that of the peasants of the Middle Ages.
2. “The reign of Edward I appears to mark the turning-point in the history of the craft-gilds.” Explain and criticize this.
3. Estimate the importance of the work of M. Fustel de Coulanges in relation to Economic History.
   ________________________________
4. How did the Reformation affect the English craft companies?
5. Describe the “domestic system” of industry, and compare it with earlier and later systems.
6. Narrate the later fortunes of the Hanseatic merchants in England.
7. State and discuss the principles involved in the Poor Law of the sixteenth century.
8. Give some account of the various discussions concerning economic policy occasioned by the East India Company.
9. Compare a New England town with an English manor.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 4, Bound Volume: Examination Papers, 1893-95, “Papers Set for Final Examinations in Philosophy, History, Government and Law, Economics, Fine Arts, and Music in Harvard College, June 1893”.

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1892-93.
ECONOMICS 11. HISTORY OF ECONOMIC THEORY BEFORE ADAM SMITH 

Enrollment

[Economics] 11. Professor ASHLEY. — History of Economic Theory, down to Adam Smith. 2 hours. 2d half-year.

Total 8: 7 Graduates, 1 Senior.

Source: Harvard University. Report of the President of Harvard College, 1892-1893, p. 63.

1892-93.
ECONOMICS 11.
[Year-End Final Examination]

[Candidates are requested to attempt only six questions.]

1. Explain Aristotle’s view of chrematistics.
2. What has been the economic influence of the Roman law?
3. Compare the fundamental ideas of the Canonists with those of the Socialists.
4. Explain the Canonist doctrine of Partnership.
5. What were the principles involved in the discussion concerning Montes Pietatis?
6. Consider the influence of the Reformation on Economic opinion.
7. Sketch briefly the various stages in the history of Mercantilism.
8. Explain briefly the significance for the history of economic thought of either Bodin, or Sir Josiah Child.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 4, Bound Volume: Examination Papers, 1893-95, “Papers Set for Final Examinations in Philosophy, History, Government and Law, Economics, Fine Arts, and Music in Harvard College, June 1893”.