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New York City. Centennial Celebration for Adam Smith’s Wealth of Nations. 1876

 

For the 1776th artifact to be posted in Economics in the Rear-view Mirror, I decided to search for something related to Adam Smith. I figured the Centennial, Sesquicentennial and Bicentennial of the publication of Wealth of Nations would be good places to start, so I turned to the newspapers.com archive to begin my search. The very first item I came upon was the Centennial Celebration that took place in New York City on December 12, 1876. After reading the New York Times account of the affair, I thought that more might be found in Glory M. Liu’s book Adam Smith’s America: How a Scottish Philosopher Became an Icon of American Capitalism (2022) and sure enough she uses that event as her anecdotal springboard into Chapter 3, “The Apostle of Free Trade”. 

Cringe Moment: John Bigelow found himself as an understudied understudy for no-show Williams College professor Arthur Latham Perry. The role demanded that he comment on the toast to the French liberal economists, predecessors to Adam Smith. Bigelow proceeded to riff on Jean-Baptiste Colbert, poster-child of French mercantilism. I am guessing that few if any of the guests noticed the faux pas.

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The Evening Post
(New York City, December 13, 1876), p. 1.

ADAM SMITH.

Centennial Celebration of the Publication
of “The Wealth of Nations”—

Speeches by William Cullen Bryant, Parke Godwin, David A. Wells, Professor Sumner, Mr. Atkinson and Others

The dinner given at Delmonico’s last evening, to commemorate the Centennial Anniversary of the publication of Adam Smith’s “Wealth of Nations” was attended by about a hundred gentlemen, including many widely known as advocates of free trade. Among the persons present were Parke Godwin, Abraham L. Earle, Arthur G. Sedgwick, Professor W. G. Sumner, Horace White, Cyrus W. Field, William Cullen Bryant, David A. Wells, Edward Atkinson, of Boston, Professor Frank A. Walker [(sic) Gen. Francis Amasa Walker], President Anderson, of Rochester University; Isaac Sherman, Anson Phelps Stokes, William E. Dodge, Jr.; George Walker, Ex Surgeon-General [N.S.] Hammond, J. Crosby Brown, Secretary of State [John E.] Bigelow, Professor Atwater, of Princeton; Mr. Sidney Biddle, Mr. Balch and Mr. Brinton Coxe, of Pennsylvania; M. Henri Cernuschi, of Paris; Professor [Vincent] Botta, Robert B. Minturn, E. L. Godkin, Charles H. Marshall, F. B. Sanborn of Boston, O. C. Marsh, Howard Potter, Fred. Mason of Chicago, and Joseph S. Moore. [Also listed as having attended according to the New York Times (December 13, 1876, p 5): Charles Moran, Dr. M. K. Leverson of Colorado and Henry Arnott Brown]

                  After prayer by the Rev. Dr. Atwater the chair was taken by Parke Godwin, before whom lay an original edition of the “Wealth of Nations.” During the dinner, which was long and elaborate, music was furnished by an orchestra placed in the gallery.

SPEECH OF PARKE GODWIN.

The cloth having been removed, Mr. Godwin spoke as follows:

                  “Gentlemen, it is my duty to speak the prologue to your future performances, and I know no better way than to follow the epilogue in ‘Henry IV.,’ which says: ‘First my fears, then my courtesy and last my speech.’ I am here less because of my ambition, but because of the headlong obstinacy of my friends of the committee.” He then spoke of the large assemblage present in these times of great political excitement and said: “It is not often that men meet to do honor to a book. But we come together to commemorate not a work drawn out of the mysterious wells of the imagination, but a work treating of our every day affairs which has taken its place among the masterpieces of genius. It is just a hundred years since the work on ‘The Wealth of Nations,’ the work of an humble Scotch professor, first appeared. I take it that the only conception of the wealth of nations was that of the resources of a prince who could keep armies and fleets, subsidized allies, and pension a few very poor poets. But that labor was the real wealth, the real source of national power, they hardly conceived. Yet this work, which taught these truths, penetrated the minds of men, and now at this remote day and in this far land we are met to celebrate it as one of the greatest features of our Centennial. What was the secret of the success of this book? It can hardly be said that the author of this work was the originator of any great and important truth. Many of his conclusions had been anticipated in Italy and in England. But the earlier writers had only discovered the germs of the truth. They had not seen it to its efflorescence. The merit of Smith was that he saw the truth in its intrinsic force, he grasped it in its bearings and relations, and he developed it with such completeness and simplicity that he made it plain to the common apprehension, that he made it the property of men in the common walks of life, and not alone of the student in his closet or the speculator in his school. What a grand truth it was that such men as Smith have bequeathed to us! Kant was accustomed to say that true things filled him with awe; first, the view of the starry heavens, and second, the sense of duty in the soul of man. He might have added a third, that of the mysterious means by which the struggles of the soul in the social man is brought to an harmonious end. But what is society at large? Is there not for its stupendous ramifications of interest, for the vast enterprises which span the globe, a power which holds them in its large love and boundless thought? Aye, there is such a power; it is the power of Providence, the power of freedom, freedom of labor, freedom of interchange, which, demanding nothing of governments save the maintenance of justice and peace, is like the principle of attraction which reduces the far-flaming orbs of space into musical chimes, and will reduce our various conflicting arms into perfect order. The signal service of Adam Smith and his coadjutors was to demonstrate that the gospel was right and that human traditions were wrong. By an exposition of the productive efficacy of the co-operation of industrial groups — by a demonstration that all exchanges of products are not a one-sided spoliation, but a two sided benefit, they showed that human interests were reciprocally helpful and not mutually destructive. Attraction, not repulsion, was shown to be the true law of economic relations. When it was once seen that human interests are convergent and not divergent, the practices of individuals and of nations were made to conform to that view. Giant monopolies began to open their shut doors, and an era of emancipated industry and emancipated commerce broke over the world. Political economy, like other sciences, is still immature and imperfect: it has many deficiencies to fill out, many obscurities to clear, many problems to solve. But we who are here tonight know this — that the great beams of the edifice have been raised; that many downtrodden have found solace within the portals of this, the goodliest temple, I think, ever made — a temple in which the worship is the worship of free human uses, full of the profoundest human affections.”

                  The names of invited guest who were prevented from attending, and had sent letters of regret were then read. Among these were Governor Tilden, Lieutenant-Governor Dorsheimer, President Woolsey, President McCosh, Senator Bayard, William R. Morrison, L. Q. C. Lamar, Professor A. L. [Arthur Latham] Perry; the English Minister, Sir Edward Thornton; the Belgian Minister, M. Maurice Delfosse; Charles Francis Adams, Professor H. W. Longfellow, Ralph Waldo Emerson, W. Lloyd Garrison, R. H. Dana, Jr., H. W. Olcott and others [Also listed as having sent letters of regret according to the New York Times (December 13, 1876, p 5): President Elliott, President Champin, Charles Elliott Norton, Professor Dunbar, Estis Howe, James Brown].

SPEECH OF JOHN BIGELOW.

The first regular toast was read as follows:

“The Early French Economists” – Lights that preceded and announced the dawn. They were the first to discover and to proclaim that natural laws are a better basis for legislation than arbitrary authority.

In the absence of Professor [Arthur Latham] Perry [Williams College], who was expected to respond, Mr. John Bigelow spoke as follows:

                  “I am very sorry that Professor Perry was not able to attend. He was prevented from coming by his modesty, and he has asked me to come here to-night and represent him. I shall do so as well as I may. It is a source of regret to me that I am here in a representative capacity, and shall be unable to do full justice to the early French economists as either Professor Perry or the imaginary Mr. Bigelow you have described would have done. I will only say that they were a very noble set of people. That is all I shall say. I am sure your imaginary Mr. Bigelow could not have described them in fewer words. All the politico-economical teachers have been indebted, more than to any one else, to the man who first classified the industries of France, and by whose work the science of political economy became possible — I refer to Colbert. The work of Colbert in estimating and tabulating the work of every man in France had never been done before. Yet this was essential to the success of politico-economical science. I do not know but Bacon may have anticipated me in this remark, but if he has, so much the worse for Lord Bacon. It is a matter of regret that the Bureau of Statistics in this country has been less useful because of the inexcusable obstinacy of a gentleman present here to-night (Mr. David A. Wells) in resigning its charge. I wish to call attention to one fact in noticing upon this table the original edition of the work of Adam Smith. I don’t know why this work, the natural twin of republican institutions, has never been published complete in this country. My friend on my right says it has been. I can only ask, then, why I have never happened to meet a single copy of an American edition in this country. (A voice — that of Mr. Coxe, of Philadelphia — “An edition was edition was printed in Philadelphia in 1789.”) Then I will modify my remark and ask why we have not had an edition in the current century.” (A voice, “Give it up”) Mr. Bigelow went on to speak of the importance of a proper study of Adam Smith’s method, and said that the great drawback in this country is the waste of power in all the paths of work and business and investigation. He advocated as a great centennial work the publication of a new and complete edition of Adam Smith’s works.

SPEECH OF DAVID A. WELLS.

The second toast was:

“The Wealth of Nations”, — An imperishable monument of human genius, which laid the foundation of a science destined to revolutionize the legislation and practice of nations. At the end of a hundred years it is as instructive in its teachings and as beautiful in style as when it first attracted the attention of the world. Its author, Adam Smith, will be held in honor by his fellow men forever.

David A. Wells made the following response:

                  “Considering the condition of Europe from the time when it first attained a high degree of civilization, there is no question of more interest than that of the relations of nations and men. The prejudices and antagonisms, due to the belief that advantage to one community was necessarily a loss to another, naturally interfered with progress and advancement, and led to the belief, as expressed by Hobbes, that war is the natural condition of man. The restrictions that, until recently, hedged round all trades in Europe, and reduced men to practical slavery, were the outgrowths of this false idea. The right to practice a trade or profession was looked upon as an heirloom, transferred from one to another member of a family.” The results of this system in France and in the country were sketched, and Mr. Wells continued: “In this country, it even happened in 1865, under our absurd revenue law, that it became a question whether a man who mended a carriage had not really manufactured it and made himself liable to a payment of the duties on new carriages. War was often undertaken by European nations as a means of successfully monopolizing trades. It was for this cause that nearly all the battles of the eighteenth century were fought. Our own Revolution is directly traceable to the imposition of duties upon the colonies due to the economic ideas of the times. If Great Britain forbade the colonists to export wool, it made its own subjects liable to capital punishment for exporting wool. John Hancock was the prince of smugglers and was set down for trial at the time of our Revolution. Alexander Hamilton was cognizant of contraband trade by the firm which he formed during his minority. Men like these resisted the government, because they felt that every blow that they struck was a blow for liberty. Mr. Wells then sketched the work of Turgot in France in connection with economic matters. Voltaire and other of Turgot’s contemporaries, he said, supported Turgot in his schemes of economic reforms and foresaw the revolution and the reign of terror which followed after Turgot’s downfall. But afterward there came a compensation in the appearance of Smith’s great work. He then quoted the high praise awarded it by Buckle, Mackintosh and others and said: “The work then done was the greatest ever attempted since the days of Christ and his apostles. Under the light of the teachings of Adam Smith, the golden rule of ‘Do unto others as you would that they should do unto you’ was embodied in the practical affairs of life. People are benefited and never injured by the prosperity of their neighbors; this was the great truth expounded by Adam Smith. There is no class of men that submit quicker to the spirit of the times than the mercantile class, and the spirit of the times always is the aggregation of knowledge. From this point of view and in the light of the work done by Adam Smith, though the world has not recognized the source from which it came, it will be seen that the great Scotchman has fully merited the eulogiums passed upon him. He has done more than all the sleeping[?] statesmen[?] combined have ever attempted[?] to do.” [Three words unclearly printed marked with [?]]

SPEECH OF WILLIAM CULLEN BRYANT.

The third toast was:

“The Illustrious Teachers of Political Economy” — Say, Ricardo, Malthus, Senior, the Mills, Bastiat, Cairnes, Rossi, Chevalier and Walker, who form a galaxy of bright and shining stars whose places in the heavens will grow brighter with the lapse of time.

In reply William Cullen Bryant spoke as follows:

                  “Mr. President and Gentlemen: Allow me to congratulate you on the occasion which has brought you together. I am glad to see such men assembled for such a purpose — that of commemorating the publication of the great work which first clearly demonstrated to mankind the benefits of a free exchange of commodities between the nations of the world, and the mischiefs of that tyranny which seeks to check this free exchange by the strong arm of the law. The doctrine of free trade, placed on the impregnable basis of fact and reasoning, was twin born with this republic of ours, and I can only wish the republic a like perpetuity with the doctrines.

                  “It is now four years since a concurrence of circumstances, to which I will do no more than allude, had the effect of causing a movement in favor of free trade, which was then in considerable activity and apparently not without effect on the public mind to stagnate and almost to sleep. And what years, my friends, were these: Years of languishing enterprise, years of despairing industry, years of strikes, years of contention between the employers and the employed, years which showed the spectacle of laborers by hundreds looking in vain for occupation, and hunger-pinched families shivering in their unwarmed garrets. All this while the protective system, as it is called, has been in full force. Everything is protected — that is to say, everything imported into the country is taxed as it never was taxed before. If the protective system be the ground of commercial prosperity the country should now be prosperous beyond all its previous experience; our mills, now silent, should be in their fullest activity; our laborers should be in constant employment; not a willing arm should be idle, not a spindle should cease to hum.

                  “Is It not time for a reaction? Are we to go on in this manner indefinitely? We have tried the protective system as fully as is possible; we have tasted its fruits, and they are bitter. Let us now have a season of free exchange I have no doubt, for my own part, that a liberal system of revenue laws, especially combined with a return to specie payments, would make an instantaneous and most fortunate change in the condition of the country. Hundreds of commodities, the raw material of as many forms of industry, would be released from the taxation which now puts them beyond the reach of as many classes of artisans, and new life would be at once communicated to the arts both useful and ornamental. The old handicraft of shipbuilding, which made our barks the wonder of the world for speed and economy of management, would be revived. The very day that such a change in our present unhappy policy received the sanction of the Executive would see the gloom of the times dispelled as suddenly as a bright morning follows a storm, and there is no power able under these circumstances to hold back our people from plunging into enterprises which they now shrink from in despair.

                  “Yes, my friends, the time for a reaction has arrived, and we are determined that it shall have a fair field. Free trade has slept while its enemies have been performing their unhappy experiments upon the public welfare, and now we look to see it rise invigorated by its long slumber. Let me say here that I am in favor of protection, but protection of a kind very different from that which for many years past has dealt so cruelly with the interests of the country. I am for protecting the consumers — the class whose numbers are counted by millions — I am for protecting this class in its natural and proper right to exchange what it produces in whatever market it can exchange them to most advantage. I am for rescuing it from the hands into which it has fallen, and which plunder it with as little remorse as the rovers of the Barbary States in the early part of this century pillaged the merchant ships that entered into their seas.

                  “Depend upon it, my friends, this is a righteous contest on our part, and a blessing will rest upon it. I have been long a soldier in this war, and have never grown weary of it. I may I not see the day of triumph, but many of you will. The torch which I have borne for more than fifty years I shall pass to abler, doubtless, though not more faithful hands, assured that it will yet shed it rays on a glorious victory.”

SPEECH OF EDWARD ATKINSON.

The following was the fourth toast:

“Commercial freedom, or the unfettered intercourse of nations” — A glorious principle that has taken its place by the side of the freedom of the press, the freedom of speech and the freedom of assemblage, and which, like them, has demonstrated its claims to our regard by the blessings which have everywhere accompanied and followed its practical applications.

Edward Atkinson replied to this and said the charter of the Pennsylvania Railroad forbade it to build locomotives, although it allowed it to repair them, for fear of interfering with the interests of the factories. This prohibition is, however, got over by the company considering the brass label on the locomotives to be the locomotives themselves. He then said:

                  “The nation was now struggling against evils within which once it struggled against from without. The two great questions of the hour were evils of bad money and bad taxation. This nation might soon hope for freedom from the first, and ere long from the second. The advocates of protection now admitted that free trade was something to be desired, but claimed It was impracticable and artificial. Freetraders believed it natural. Differences now between the two parties were only regarding time and method. The question now arose, could the freetraders unite with protectionists in some compromise that would not demand a sacrifice of principle. He thought they could. The protectionists no longer based their legislation and claims upon the principles of protection, but upon principles of general utility. No one now demanded on principle more than a moderate taxation for the expenses of government, and he thought that very soon the statesmen might take the place of economists. The nation was stronger than its leaders, and order would soon come out of chaos. The admirable advantages of England should be considered; and if the advocates of free trade would only act with moderation and caution, they could soon obtain their end, practically at least.”

                  Remarks were also made by Brinton Coxe, of Philadelphia, who spoke of the progress which the principles of Adam Smith were making in Philadelphia and Pennsylvania, that Middle Age castle of Protection.

SPEECH OF PROFESSOR SUMNER.

The next toast was:

“International freedom” — The liberty of trade and intercourse which, within the domain of the United States, prevails over so many thousand square leagues of territory, which has been so fruitful a source of prosperity, union peace and rapid development needs but to be applied to our foreign relations to establish our rightful position among the nations in wealth, in power, in influence and in the happiness of the people.

                  Professor W. G. Summer responded, saying that old dogmas were disappearing, utopian hopes are vanishing and positive methods are replacing them. Political economy is capable of positive and beneficial resalts. Among us economic problems are practical questions, and we are forced to turn our attention from science to the practical benefits of its old and familiar consequences to our country. This ought to be the work of politicians and statesmen, that the largest amount of human happiness may be directly produced therefrom.

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The last toast given was:

“The Science of Political Economy” — It demonstrates morals. It proves that diligence, economy, prudence, truth and justice are not only among the canons of the moral law, but are also the means of a sound and stable public prosperity.

This was ably responded to by Professor Anderson. [see following item]

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Democrat and Chronicle (Rochester, NY: December 15, 1876), p. 4.

Dr. [Martin Brewer] Anderson
on Free Trade

Our report of the free-trade dinner at Demonico’s last evening requires to be supplemented by an outline of the interesting and effective remarks of President Anderson, of Rochester (N.Y.) university. He considered free trade in its moral aspects, and said that he regarded free exchange as one of the fundamental principles underlying human society, the same as the freedom of opinion and of labor. Free trade is as worthy and important an object of human endeavor as the doctrines of the declaration of independence. No bargain is either good or safe which does not confer a benefit upon both the seller and buyer, and the moral element in trade must be taken into account to secure permanent prosperity. He eulogized the abstract thinkers of the world and eloquently set forth the benefits conferred upon mankind by Adam Smith in the field of trade, Jeremy Bentham in the field of criminal law, and also cited other examples. He spoke of his own labors as a teacher of political economy, and said that during the last fifteen years he had permitted no young man to leave the institution of which he had charge who did not possess a clear notion of the fundamental doctrines of free trade. He then made the practical suggestion that an efficient free-trade club ought to be organized in this city for the purpose of free discussion. He said that economic truth propagates itself under proper conditions, and he would have the free-trade work of the colleges supplemented by systematic organization, so that young men may be preserved in economic faith and so that the influence of free-traders of all classes may be made effective.

Image Source: Adam Smith, 1723-1790. Political economist by James Tassie (1787). National Galleries of Scotland, Scottish National Portrait Gallery.

Categories
Exam Questions Harvard Undergraduate

Harvard. Exams for Introductory and Advanced Political Economy. Dunbar and Laughlin, 1878-1879

 

Like the previous post, this one plugs a gap (1878-79) in the time series of Harvard political economy exams from the 19th century. Charles Dunbar was still at the top of his game and the young Dr. James Laurence Laughlin enters the picture. 

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Political Economy [first course].

Course Enrollment

[Philosophy] 6. Political Economy. — J. S. Mill’s Political Economy. — Financial Legislation of the United States. Three times a week. Prof. [Charles Franklin] Dunbar and Dr. [James Laurence] Laughlin.

Total 121: 1 Graduate, 45 Seniors, 71 Juniors, 1 Sophomore, 3 Others.

Source: Harvard University. Report of the President of Harvard College, 1878-79, p. 60.

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PHILOSOPHY 6.
Mid-year Examination, 1878-79

(Do not change the order of the questions.)

  1. State the argument for raising the whole of the supplies of state by taxation within the year. Illustrate by the experience d England from 1793 to 1817, and of the United States in the recent war.
  2. Examine the assertion that, if the rich increase their unproductive expenditure, the now unemployed working classes will be benefited.
  3. If all land were of equal fertility, and all required for cultivation, would it pay Rent? Give the reasons for your answer.
  4. By what reasoning, irrespective of value or price, does Mr. Mill arrive at the law of Rent?
  5. State the general laws of value, and show what modifications are necessary for articles produced in foreign countries. Complete the whole theory by any peculiar cases of value.
  6. (1) Show that capitalists cannot secure themselves against a general increased cost of labor by raising the prices of their goods. (2) On what does Cost of Labor depend?
  7. Illustrate Gresham’s Law by the causes which led to the Suffolk Bank System, and the Coinage Act of the United States in 1834.
  8. Point out the fallacy in the theory that an increase of the currency is desirable because it quickens industry.
  9. When our imports regularly exceed our exports, what will be the rate charged in New York for sight bills on London? What is the par of exchange between Paris and London?
  10. What is to be said as to the doctrine that the advantage to a country from foreign trade is found in the surplus of exports over imports?
  11. Explain the system of the Bank of Amsterdam, and the reasons for establishing it.
  12. Arrange the following resources and liabilities of the Bank of England in the proper form, separating the Issue and the Banking Departments:
Notes Issued £41.5 Government Securities £14.2
Other Deposits 27.9 Reserve 9.4
Other Securities (Loans) 27.9 Public Deposits 5.6
Coin and Bullion 26.5 Rest 3.2
Government Debt., &c. 15.0 Seven-day Bills 0.3
Capital 14.5
  1. Having arranged the account, show what changes would be made in it, if the Bank increased its loans by 3 millions and sold 1 million of government securities, and depositors at the same time withdrew 2 millions to be sent abroad.

Source: Harvard University Archives. Examination papers, 1873-1915. Box 2, Bound Volume 1878-79, Papers Set for Mid-Year Examinations in Rhetoric, Logic, Philosophy, Political Economy, History, Music, Fine Arts in Harvard College, February 1879, pp. 8-9.

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PHILOSOPHY 6.
Year-End Examination, 1878-79

  1. What is the cause of the existence of profit? And what, according to Mr. Mill, are the circumstances which determine the respective shares of the laborer and the capitalist?
  2. Explain the statement that “high general profits cannot, any more than high general wages, be a cause of high values. . .. In so far as profits enter into the cost of production of all things, they cannot affect the value of any.”
  3. On what does the minimum rate of profit depend? What counterforces act against the downward tendency of profits?
  4. State the theory of the value of money (i.e. “metallic money”), and clear up any apparent inconsistencies between the following statements: (1) The value of money depends on the cost of production at the worst mines; (2) The value of money varies inversely as its quantity multiplied by its rapidity of circulation; (3) The countries whose products are most in demand abroad and contain the greatest value in the smallest bulk, which are nearest the mines and have the least demand for foreign productions, are those in which money will be of lowest value.
  5. What is the error in the common notion “that a paper currency cannot be issued in excess so long as every note represents property, or has a foundation of actual property to rest on?”
  6. What are the conditions under which one country can permanently undersell another in a foreign market?
  7. On whom does a tax on imports, if not prohibitory, fall?
  8. Discuss the following:—
    “A man with $100,000 in United States bonds comes to Boston, hires a house …; thus he lives in luxury… I am in favor of taxing idle investments such as this, and allowing manufacturing investments to go untaxed.”
  9. If depositors in the Bank of England withdraw £3,000,000 in specie and send it abroad, how does this withdrawal of gold from the vaults of the Bank affect the currency in actual circulation?
  10. Describe the plan on which a national bank of the United States is organized, the security for its notes, the provision for their redemption and the extent to which the law makes them receivable.
  11. When were the legal-tender, compound interest notes issued, and what was their peculiar characteristic as a currency? How did their action as currency differ from that of the other issue of interest-bearing legal-tender notes?
  12. Describe the Resumption Act of 1875. What circumstances have promoted its success?

Source: Harvard University Archives. Examination papers, 1873-1915. Box 2, Bound Volume 1878-79, Papers Set for Annual Examinations in Rhetoric, Logic, Philosophy, Political Economy, History, Music, Fine Arts in Harvard College, May 28 to June 4, 1879, pp. 13-14.

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Advanced Political Economy.

Course Enrollment

[Philosophy] 7. Advanced Political Economy. Cairnes’s Leading Principles of Political Economy. — McKean’s Condensation of Carey’s Social Science. — Lectures. Three times a week. Prof. Dunbar.

Total 36: 2 Graduates, 31 Seniors, 3 Juniors.

Source: Harvard University. Report of the President of Harvard College, 1878-79, p. 60.

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PHILOSOPHY 7.
Mid-year Examination, 1878-79

(Write your answers in the same order as the questions.)

  1. Give a careful and logical summary of the laws determining the values of all commodities, monopolized or free, domestic or foreign, using the corrected definition of Cost of Production. [Forty minutes]
  2. As a new country fills up, what changes may be expected in the normal prices of meat, timber, grain and wool?
  3. Why is it unlikely that any formula will be devised, embracing in one statement the law of the value of commodities and the law of the value of labor, i.e. the law of wages?
  4. Give a summary of Mr. Cairnes’s restatement of the wages-fund theory.
  5. Analyze this statement:
    “An article which a farm laborer has produced in a day does not exchange for one which a watchmaker has spent an equal time in producing, because the latter is a more skilful operative.”
  6. Explain the statement that “the high scale of industrial remuneration in America, instead of being evidence of a high cost of production in that country, is distinctly evidence of a low cost of production.”
  7. What effects upon foreign trade have general changes in the rates of wages, and what have partial changes? Give the reasons.
  8. What effect has the existence of a large debt payable to foreigners, upon the ability of a country to keep up a metallic circulation?
  9. The Governor of M. is informed,
    “That the longer continuance of the provisions of the treaty with Great Britain, permitting the free importation of fish from the Provinces, will be most disastrous to the fishing interest; and that the permanent maintenance of this policy will insure its complete destruction. This would involve the decay of our fishing ports and the loss of millions of capital, and drive from their occupation thousands of deserving citizens. … This class has been the nursery of the navy of the Union. It has manned our mercantile marine.”
    Discuss the suggestion that for these reasons the provisions of the treaty referred to should be abrogated.
  10. Give some account of the Economistes and of their doctrines.

Source: Harvard University Archives. Examination papers, 1873-1915. Box 2, Bound Volume 1878-79, Papers Set for Mid-Year Examinations in Rhetoric, Logic, Philosophy, Political Economy, History, Music, Fine Arts in Harvard College, February 1879, p. 10.

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PHILOSOPHY 7.
Year-end Examination, 1878-79

  1. What are Mr. Cairnes’s reasons for doubting whether any great improvement can be made in the condition of the laboring class, so long as they remain mere receivers of wages?
  2. How is the statement that “a rise or fall of wages in a country, so far forth as it is general, has no tendency to affect the course of foreign trade” to be reconciled with the fact, that in the last two or three years the United States have been able to export certain manufactured goods in increased quantities, in spite of competition?
  3. What is the explanation of the statement that “what a nation is interested in is, not in having its prices high or low, but in having its gold cheap”?
  4. How does Mr. Shadwell’s definition of value differ from that adopted by the school of Ricardo?
  5. Discuss the following extract:—
    “As a cause must precede its effect, increase of population cannot be the cause of an increase of food, nor of its increased dearness, which is consequent on the resorting to poorer soils in order to raise a larger quantity. If, then, the cost of food has any tendency to increase as society advances, it must be because farmers are prompted by some motive or other to resort to poorer soils, while richer ones are to be had. But such a supposition is contrary to the principle that every one desires to obtain wealth by the least possible labor, and is therefore inadmissible. Poor land is taken into cultivation not because the population has increased, but because some discovery has been made which renders it possible to obtain as much profit as from the worst previously cultivated, and this discovery enables the quantity of food to be increased, and an increase of population is the effect and not the cause.”
  6. Also the following :-
    “Agricultural profits cannot fall unless recourse is had to poorer land, but such land will never be cultivate, since capitalists can never be willing to submit to a fall of profit; and the very meaning of the expression that some land is not worth cultivating, is, that it will not yield the ordinary profit to the farmer who should attempt to reclaim it. It appears, then, that the rate of profit is stationary in agriculture, and, consequently, in all other trades; and that whatever rate be established in an early stage of society, it must remain the same throughout its subsequent development.”
  7. “Why then should we suppose that the supply of paper substitutes for coin (like the supply of corn) would not be best maintained by allowing bankers and their customers to bring them into circulation in whatever quantities, and at whatever times, they find to be mutually convenient?”
  8. In what forms was the French indemnity finally received by Germany (bills of exchange being a mere instrument of transfer)? How did the payment probably affect Austria and the United States?
  9. A considerable party in England now propose “Reciprocity,” — that is, the admission without duty of the goods of such countries only as in turn admit English goods without duty. What practical objections and what theoretical ones can be urged against this proposition?
  10. “No act of Parliament,” it is said, “or convention of nations can prevent (between gold and silver) changes in value resulting from variations in the conditions of production, or of the action of demand and supply.”
    To this M. Cerunschi replies, — “You confound money with merchandise. To speak of merchandise is to speak of competition, supply and demand, purchase and sale, price. To speak of money is nothing of the kind.
    “Whether he produces little or much at a profit or at a loss, no miner can ever sell his metal money either dearer or cheaper than other miners, for the simple reason that the metal money is not sold or bought; it is itself its price…
    “When the monetary law is bi-metallic, therefore, no competition [is] possible between the producer of gold and the producer of silver, no purchase and sale, no discount, no price between one metal and the other. Without their being offered, without their being demanded, the circulation absorbs them both at the legal par, and cannot refuse them. When the monetary law is everywhere bi-metallic, neither gold nor silver, coined or uncoined, is merchandise. That is the secret.”

Source: Harvard University Archives. Examination papers, 1873-1915. Box 2, Bound Volume 1878-79, Papers Set for Annual Examinations in Rhetoric, Logic, Philosophy, Political Economy, History, Music, Fine Arts in Harvard College, May 28 to June 4, 1879, pp. 14-15.

Image Source: Harvard Library, Hollis Images. Charles F. Dunbar (left) and James Laurence Laughlin (right). Colorized by Economics in the Rear-view Mirror.

Categories
Exam Questions Harvard

Harvard. Exams for Introductory and Advanced Political Economy. Dunbar, 1877-1878

 

This post plugs a gap in the time-series of Harvard economics exams back in the day when economics was still called political economy and political economy was just another moral science among the philosophy department’s course offerings. Two courses, that was all in 1877-1878.

Texts from John Stuart Mill, Walter Bagehot, John Elliott Cairnes, Henry Charles Carey were assigned readings.

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Political Economy [first course].

Course Enrollment

[Philosophy] 6. Political Economy. — J. S. Mill’s Political Economy. — Bagehot’s Lombard Street. — Financial Legislation of the United States. Three times a week. Prof. [Charles Franklin] Dunbar and Mr. [Silas Marcus] Macvane.

Total 108: 25 Seniors, 72 Juniors, 9 Sophomores, 1 Freshman, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1877-78, p. 59.

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PHILOSOPHY 6.
Mid-year Examination 1877-78

  1. How does the meaning of the following terms, when used in scientific discussion, differ from that which they have in popular discourse? — Wealth, Capital, Rent, Value of Money.
  2. What is the reason that rears of great unproductive expenditure e.g. years of war, are often years of great apparent prosperity? Illustrate by the cases of England and France during the wars of Napoleon.
  3. What is the objection to the “Allowance System” of poor relief, by which insufficient wages are made good by a contribution from public funds?
  4. How is the alleged tendency of profits to equivalence in different employments to be reconciled with the notorious difference in the profits of different individuals?
  5. Explain the reason for the statement that “if it were the fact that there is never any land taken into cultivation for which rent is not paid, it would be true, nevertheless, that there is always some agricultural capital which pays no rent.”
  6. Explain carefully the reason for the proposition that high wages do not make high prices.
  7. What causes determine the value of money?
  8. In the markets of the world gold bullion is worth more than seventeen times as much as silver bullion. What will be the effect on the currency of a country which establishes the double standard, makes each metal a legal tender for any amount, but adjusts the weight of the coins upon the assumption that the values of gold and silver are in the ratio of 16 to 1? What further effect will be produced if, after this has taken place, another country adopts the same measure, but with the assumed ratio of 15½ to 1?
  9. What will determine the value of an inconvertible currency which is a legal tender?
  10. What are the arguments against the possibility of general over-production, or “excess of supply”?
  11. The following are the items [in £ millions] in the Bank of England account for November 11, 1857:—
Bullion, £6.6 Private deposits, £12.9
Capital, 14.5 Notes, 21.1
Gov. Debt. & sec. 14.5 Reserve, 1.4
Gov’t. securities, 9.4 Rest, 3.4
Public deposits 5.3 Seven-day Bills 0.8
Other securities, 26.1

Arrange these items in the proper form, separating the Issue and Banking Departments, and then show the changes required by the following operations:—

An increase of loans amounting to… £4 millions
A sale of Government securities amounting to… 1 million
The withdrawal by depositors of… 3 millions

the act of 1844 being suspended.

  1. Why does the suspension of the act of 1844 give relief to the money market?
  2. How far can the Bank of England control the market rate of interest?

Source: Harvard University Archives. Examination papers, 1873-1915. Box 2, Bound Volume 1878-79 (sic), Papers Set for Mid-Year Examinations in Rhetoric, Logic, Philosophy, Political Economy, History, Music, Fine Arts in Harvard College, February 1878, pp. 11-12.

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PHILOSOPHY 6.
Year-end Examinations 1877-78

[Let the answers given in your book stand in their proper order. Take either 8 or *8. Take care not to omit the last four questions.]

  1. Why are the wages of skilled labor so much higher than those of unskilled?
  2. Are improvements in production ever injurious to the laboring classes?
  3. Why is it that a potential change of the supply of other commodities is enough to make their value conform to any change in their cost of production, but that in the case of gold and silver the change of supply must be actual?
  4. When it is said that improvements tend to counteract the increasing cost of production from land, what sort of improvements are meant?
  5. What effect is produced upon rents, profits and wages, respectively, in a country where population is stationary and capital advancing, like France?
  6. Explain what effect, if any, will be produced on the price of corn by,
    1. a tax upon rent;
    2. a tithe;
    3. a tax of so much per acre, irrespective of value;
    4. a tax of so much per bushel.
  7. In the theory of an ultimate stationary state of society, what is implied as to the well-being of the laboring classes when that state is reached?
  8. State and examine Mr. Wakefield’s theory of a “limited field of employment” for capital as explaining the fall of profits.

*8. “There are two senses in which a country obtains commodities cheaper by foreign trade: in the sense of Value and in the sense of Cost.”

  1. What effect does an annual payment of interest to foreign creditors have upon the imports and exports of a country? If the interest is payable in gold, will it necessarily cause gold to be sent out of the country? Why, or why not?
  2. Criticise the following statement made by a well-known member of Congress:—
    “Bank of England notes have been interchangeable with money since 1844, with three brief intervals, when the system of promising gold redemption and of issuing notes based on gold deposits in excess of £14,000,000 brought about crises.”
  3. What was the provision made by the National Bank Act as to reserves for the protection of circulation and deposits, and what reserves are now required by law?
  4. What was the amount of greenbacks outstanding in the period 1868-73, and what were the changes by which the amount settled to its present figure, $346,000,000?
  5. State briefly the history of our gold and silver coins as found in the coinage acts of 1792, 1834, 1853, 1873, and 1878.

Source: Harvard University Archives. Examination papers, 1873-1915. Box 2, Bound Volume 1878-79, Papers Set for Annual Examinations in Rhetoric, Logic, Philosophy, Political Economy, History, Music, Fine Arts in Harvard College, May 27 to June 20, 1878, pp. 13-14.

_______________________

Advanced Political Economy.

Course Enrollment

[Philosophy] 7. Advanced Political Economy. Cairnes’s Leading Principles of Political Economy. — McKean’s Condensation of Carey’s Social Science. — Lectures. Three times a week. Prof. Dunbar.

Total 28: 1 Graduate, 22 Seniors, 5 Juniors.

Source: Harvard University. Report of the President of Harvard College, 1877-78, p. 59.

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PHILOSOPHY 7.
Mid-year Examination, 1877-78

  1. What reasons make a revision of the usual definition of Cost of Production necessary? How do Mill and Ricardo use the term?
  2. What effect has the existence of “non-competing groups” on the exchange of commodities, each of which is the product of several classes of labor, as e.g. a steam engine and cotton cloth?
  3. What is the argument in favor of Mr. Cairnes’s position that the price of corn, in the progress of society, reaches a certain maximum, beyond which it cannot advance?
  4. When a permanent increase of currency occurs, what will be the difference in the effect on the prices of manufactured goods, vegetable products, and animal products, respectively?
  5. Criticise the following statement of the wages-fund doctrine:—
    “There is supposed to be, at any given instant, a sum of wealth which is unconditionally devoted to the payment of the wages of labor. This sum is not regarded as unalterable, for it is augmented by saving, and increases with the progress of wealth; but it is reasoned upon as at any given moment a predetermined amount. More than that amount it is assumed the wages-receiving class can not possibly divide among them; that amount, and no less, they can not but obtain. So that the sum to be divided being fixed, the wages of each depend solely on the divisor, the number of participants.”
  6. What is to be inferred from Mr. Cairnes’s reasoning as to a probable fall of prices in the United States, with respect to the recovery of prices after confidence shall have been restored and industry shall have revived?
  7. What is the reason for rejecting the common notion that high general wages hinder the extension of the foreign trade of a country like this?
  8. Discuss the bearing of the reasoning involved in the last question, on the theory of protection.
  9. Discuss the common argument that the national debt ought to be held at home, because if held abroad it compels the payment of a “tribute” to foreigners, and tends so far to check our prosperity.
  10. Explain the fact that only about one-ninth of the French Indemnity was paid in coin.
  11. In the progressive development of political economy as a logical system, what are the relations of Malthus, Ricardo, and Mill, respectively?
  12. Give some account of Colbert, J.-B. Say, Storch.

Source: Harvard University Archives. Examination papers, 1873-1915. Box 2, Bound Volume 1878-79 (sic), Papers Set for Mid-Year Examinations in Rhetoric, Logic, Philosophy, Political Economy, History, Music, Fine Arts in Harvard College, February 1878, p. 13.

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PHILOSOPHY 7.
Year-end Examination, 1877-78

[Let the answers given in your book stand in their proper order.]

  1. In what way does skill affect the cost of the products of skilled labor?
  2. Give Cairnes’s statement of the Wages Fund doctrine. “It will perhaps strike the reader that our reasoning has conducted us into a vicious circle.” Is the circle real or apparent? Why?
  3. Cairnes says that “an alteration in the reciprocal demand of two leading nations will act upon the price, not of any commodity in particular, but of every commodity which enters into the trade.” Is this statement broad enough to cover all the effects of such an alteration?
  4. How are we to explain the fact that, while cost of production is generally the ultimate condition governing international exchange, it is seldom, if ever, the proximate or immediate cause of exchange?
  5. It has been remarked that “the object of taxation is to make all property bear its equitable share.” Is this a correct statement of the principle to be followed? Why, or why not?
  6. Criticise the following passage from a thesis on Reciprocity with Canada:—
    “Unless there is a good deal of uniformity in excise it will be difficult to maintain reciprocity between the two countries… Suppose that an income tax should be laid on in the United States, as has been proposed. Such a measure would place all United States industries at a disadvantage as regards Canadian and perhaps as regards foreign.”
  7. How does a pressure in the money market here, where paper currency is used, tend to bring gold from London to New York?
  8. What reasoning is there for or against the statement that “the balance of trade must be against the countries which export raw produce, that the precious metals must flow from these countries, and that they must, while continuing in that course of policy, abandon the idea of gold and silver as a standard of value.”
  9. Discuss this statement:
    “Interest is the compensation paid for the use of the instrument called money, and for this alone. In countries in which that is high, the rate of profit is necessarily so, because the charge for the use of his money enters so largely into the trader’s profits.”
  10. What is Mr. Carey’s theory as to the tendency (1) to decline in the value of commodities, and (2) to rise in the value of land; and how is this reconciled with his principle that the law of value is universal, embracing everything, «”whether land, labor, or their products”?
  11. What logical necessity drove Mr. Carey to the invention or discovery of a new law of population? In what does his conception of an ultimate stationary state necessarily differ from that of Ricardo and Mill?
  12. The existence of much vice and misery is ascribed by Malthus to an economic law. How far is it the result of this to “relieve the governing classes of the world from any possible responsibility for the welfare of those below them”?

Source: Harvard University Archives. Examination papers, 1873-1915. Box 2, Bound Volume 1878-79, Papers Set for Annual Examinations in Rhetoric, Logic, Philosophy, Political Economy, History, Music, Fine Arts in Harvard College, May 27 to June 20, 1878, pp. 14-15.

Image Source: “Charles Franklin Dunbar: Second President of the American Economic Association, 1893.” The American Economic Review, vol. 31, no. 3, 1941.
JSTOR, http://www.jstor.org/stable/1805801.
Colorized by Economics in the Rear-view Mirror.

Categories
Columbia

Columbia. 50th anniversary dinner of the Faculty of Political Science, 1930

The founder of the Columbia Faculty of Political Science (the home of the graduate department of economics), John William Burgess was 86 years old when the Faculty celebrated the fiftieth anniversary of its founding in October 1930. He died only three months after receiving the tributes from his colleagues to him as the evening’s guest of honor.

The Faculty of Political Science celebrated itself in style and not a lily was left ungilded.

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A few related links

Alvin S. Johnson’s remembrances of the Columbia professors Burgess, Munroe-Smith, Seligman, and Giddings.

John W. Burgess, Reminiscences of an American Scholar; the Beginnings of Columbia University. Columbia University Press, 1934).

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THE POLITICAL SCIENCE DINNER
[15 Oct 1930]

On the evening of October fifteenth, by invitation of the Trustees of Columbia University, a dinner was served at the Hotel Ritz-Carlton to three hundred and eighty-five guests, in celebration of the semi-centennial of the Faculty of Political Science at the University. At the close of the dinner President Butler, who was presiding, stepped into the reception room and soon reappeared escorting Professor John W. Burgess to the head table. When the guest of honor had been seated amidst applause,

President Butler, turning to Professor Burgess, spoke as follows:

My dear Professor Burgess, My Fellow Members of the University and our Welcome Guests: We are fifty years old, and greatly pleased; but see how far we have to go! The world of letters is just now celebrating the two thousandth anniversary of the birth of the poet Vergil; so we may confidently anticipate one thousand nine hundred and fifty years more of life, if the doctrine of stare decisis is to hold!

Imagine, if you can, what would be the satisfaction of Alexander Hamilton if he could join this company tonight. Imagine that rare spirit and great mind witnessing what has happened in that little old college of his, to the study of those subjects of which in his day he was the world’s chiefest master. We have come a long way since Samuel Johnson put that first advertisement in the New York Mercury. We have climbed many mountains; we have crossed not a few rivers; we have trudged, in weariness sometimes, over wide and dusty plains; but in these latter days we have come into our academic garden of trees and beautiful flowers with their invitations to mind and spirit to cultivate and to labor for those things which mean most to man.

Fifty years ago, as Professor Burgess told us yesterday on Morningside in words and phrases that will never be forgotten by those who heard them, he carried to completion the dream of his youth. He told us how that vision came to him as he stood in the trenches, a young soldier of the Union Army, after a bloody battle in the State of Tennessee: Was it not possible that men might in some way, by some study of history, of economics, or social science, public law and international relations, was it not possible that they might find some way to avert calamities such as those of which he was a part? And then he traced for us that story, ending with one of the most beautiful pictures which it has been my lot to hear painted by mortal tongue, the picture of that evening on the heights above Vevey, when that little group had completed their draft of a supplement to the Statutes of Columbia College, had outlined their program of study, had discussed the Academy, the Political Science Quarterly, the Studies, and had gone out to look upon the beauties of that scene, with all that it suggested and meant in physical beauty and historical reminiscence, to be greeted by the brilliant celebration of the Fall of the Bastille. It was from the trenches of Tennessee to Bastille Day on the slopes above Lake Geneva that marked the progress of the idea, which like so many great ideas, clothed itself in the stately fabric of an institution whose first semi-centennial we are celebrating tonight.

Fifty years have passed and of that group so distinguished as to be famous, our beloved teacher and chief is himself the sole survivor. It is not easy for me to find words to express my delight and the gratitude which we must all feel that he has felt able to come to us out of his peaceful and reflective retirement, that we, his old and affectionate pupils and lifelong friends might greet him in person, hear a few words from his voice and give a unique opportunity to those of the younger generation to see this great captain of our University’s history and life. [Applause.]

I repeat, most of the others of that notable group have gone on the endless journey — Richmond Mayo-Smith, eminent economist and teacher of economics; Edmund Munroe Smith, brilliant expounder of Roman law and comparative jurisprudence; Clifford Bateman, the forerunner of our work in administrative law, who died so soon that he hardly became permanently identified with the undertaking and was followed by Goodnow, detained from us tonight, unfortunately, by illness. Then came Edwin Seligman, our brilliant economist, who is in the same unhappy situation as Frank Goodnow and greatly grieved thereby; then Dunning and Osgood in History, John Bates Clark and Giddings. One after another that group was built, John Bassett Moore coming to us from the Department of State, until in a few short years Professor Burgess had surrounded himself with an unparalleled company of young scholars, every one of whom was destined to achieve the very highest rank of academic distinction. What shall I say of its achievements of the greatest magnitude, of the brilliant men who from that day to this, as teachers, as investigators, as writers, have flocked to these great men and their successors, who have gone out into two score, three score, five score of universities in this and other lands, highly trained, themselves to become leaders of the intellectual life and shapers of scholarship in these fields? Are we not justified in celebration and in turning over in our minds what it all means, not alone by any means for Columbia, but what it means for the American intellectual life, for the American public service, for the conduct of our nation’s public business, for our place among the nations of the earth and for the safe and sound and peaceful conduct of our international relations?

To each and all of these that little group, the seed of the great tree, has contributed mightily, powerfully and permanently. If ever there was a man in our American intellectual life who could turn back to his Horace and say that he had “built for himself a monument more enduring than bronze” here he is!

It is not for me to stand between this company and those who are here to speak on various aspects of that which we celebrate; but first and foremost, as is becoming, before any junior addresses you, I am to have the profound satisfaction of presenting for whatever he feels able and willing to say, the senior member of Columbia University, its ornament for all time, the inspiration and the builder of our School of Political Science and the fountain and origin of influence and power that have gone out from it for fifty years, my dear old teacher, Professor Burgess. [Applause.]

PROFESSOR BURGESS responded:

Mr. President, Colleagues, Friends, all: I did not come here tonight to add anything to what I said yesterday. I had my say, and I came to listen, and I have been fully repaid for all the trouble I have taken to get here, with what has already been said.

In thinking over, however, what I said to you in my remarks yesterday, I was struck with their incompleteness, in one respect at least; the failure to make plain the aim which I had in mind in the establishment of the School of Political Science. I do not know that I had that aim clearly in mind myself from the first, but before the school was established, it became clear, that what we intended, all four of us, was to establish an institution of pacifist propaganda, genuine, not sham, based upon a correct knowledge of what nature and reason required, geographically in reference to foreign powers, policies of government, in reference to individual liberty and social obligations.

We thought that alone upon such a knowledge, widely diffused, we might hope to have, some day, genuine pacifism, but not before.

I only wish to impress upon you that one thought and I can illustrate it by one picture. I have said to you in general terms that the idea of the School of Political Science came to me in the trenches, but it was not exactly in the trenches. It was this way; it was on the night of the second of January, 1863, when a young soldier, barely past his military majority, stood on one of the outposts of the hardly-pressed right wing of the Union Army in Tennessee, in a sentry-box….

[Here Professor Burgess drew for his audience a vivid picture of the battle of Stone’s River and rehearsed the prophetic vow which he had taken in the midst of that tragic scene, a vow to dedicate his life to aid in putting law in the place of war. These passages, made more memorable by his tone and manner, had originally been intended for his historical address the previous day, but had been excluded then for lack of time. They may now be found as the third paragraph of that address printed on a preceding page.]

You cannot wonder therefore that I say now, that I want to leave that word with you as my parting word, the Faculty of Political Science, the School of Political Science, is an institution for genuine pacifist propaganda.

Mr. President, I have only now to thank you and the other members of the faculty, all of the students or who have been students in the School of Political Science, all the friends who have met here tonight for this glorious demonstration of the fiftieth birthday of the School of Political Science, I thank you all; I am deeply grateful. I cannot express myself, my feelings will not allow it. Amen! [All arose and applauded.]

PRESIDENT BUTLER then said:

We are to have the privilege of hearing an expression from one of our elder statesmen. I remember being summoned to a meeting of the Committee on Education of the Trustees on another matter at the time when Professor Burgess succeeded in having established the Chair of Sociology. The Chairman of the Committee was Mr. George L. Rives, one of the most charming, one of the most cultivated, one of the most influential members of the University. When Professor Burgess’ proposal had been accepted and a distinguished professor of Bryn Mawr had been called to be Professor of Sociology, Mr. Rives turned to Professor Burgess and said: “Now that we have established a Chair of Sociology, perhaps someone will explain to me what sociology is.”

That has been the task of Professor Giddings. He has not only explained what it is, but by the integration of material drawn from history, from economics, from ethics, from public law, from the psychology of the crowd, he has set it forth in the teaching with which his life has been identified. He belongs in the history of the School of Political Science to the second group, the one now left to us, fortunately, in active membership. I have the greatest pleasure in presenting our distinguished colleague and friend, Professor Franklin H. Giddings, Professor Emeritus of Sociology and the History of Civilization.

PROFESSOR GIDDINGS spoke as follows:

President Butler, Doctor Burgess, and a host of friends that I see here tonight, who in former years gave me the delight of welcoming and working with them in my classroom: It was thirty years ago that I began teaching in this Faculty; that was two years before my appointment as a professor here; Professor Richmond Mayo-Smith planning to spend a Sabbatical year abroad, asked me if I would take over some instruction in sociology at Columbia in place of the courses which he was obliged to drop in social science. The Trustees of Bryn Mawr College, where I was then teaching graciously gave their consent and made this possible for me, and I was glad to improve the opportunity. This action of Bryn Mawr was subsequently followed by the appointment here of a remarkable group of men drawn from that small faculty. They included E. B. Wilson, Thomas Hunt Morgan, Frederick S. Lee and Gonzales Lodge. They came from a small college for women to take up graduate work in the faculty of this University.

I began my work in the autumn of 1892, and the work was with a class of very interesting young men among whom were two dear friends whom I greet here tonight, Professor Ripley and Victor Rosewater, soon afterward editor of the Omaha Bee. The work of that Friday afternoon course then begun and now since my retirement from teaching continued by Professor MacIver, has been uninterrupted from that day to this, I think a somewhat remarkable case of continuity in an academic program.

When I came here finally, resigning from Bryn Mawr in 1894, I was so cordially welcomed and so unfailingly assisted in every way, that you will not be surprised when I tell you my most vivid memories, my most cherished ones, of those years are of the faith, sympathy and support of these new colleagues of mine. I knew that as Professor of Sociology I was an experiment, but never once did my colleagues admit that I was, or that the teaching which I had begun was to be experimental; they assumed that it would achieve at least a measure of success. I felt many misgivings, but I wanted to find the answer to a question that disturbed me. Here was a group of gifted scholars of unsurpassed erudition in political theory, public law, history and economics, but I thought I saw multiplying evidences that the actual behavior of multitudes of human beings was not in line with the academic teachings of these men.

The carefully thought-out distinctions between the sphere of government and the sphere of liberty which our honored leader was year by year elaborating apparently had no interest for the multitude, and that embodiment of these distinctions which Americans possess in their heritage of Constitutional Law was subject to increasing disparagement and attack. That was in the days of talk about referendum, initiative, recall of judges and all that sort of thing; my question was, “Why is our political behavior so different from our political theory?”

I went to work on that question. My tentative answer was the naturalistic sociology which for two years I had been teaching in my Friday lectures. Increasing density and miscellaneousness of population mean an increasingly severe struggle for existence. The numbers of the unsuccessful multiply, and they have no understanding of the real causes of their misfortunes. Low in their minds, they attribute their hard luck to man-made injustice. Therefore, they think to better themselves by expropriation, by equalizing opportunity, by restricting liberty and, in the last resort, by communism.

In a population so constituted, government by discussion, by parliamentary methods, is obviously impossible. The working out of programs is handed over to dictators. At the present moment the political behavior of the multitude is more and more conforming to this picture, I think you will agree, and less and less to the parliamentarism and constitutionalism which half a century ago we thought we had achieved for all time.

Naturalistic sociology is abhorrent to sentimentalists, and to the men and women whom our former Fellow, Dr. Thomas Jesse Jones, calls the professional sympathizers.

I found it seemingly incompatible also with the humane ideas of men and women of nobler quality. Foremost among these was President Low. He was deeply interested in a possible salvation of the unfit which nature would eliminate. At his wish and suggestion a close coöperation was brought about between the professorship of sociology and such agencies as the social settlements, the Charity Organization Society and the State Charities Aid Association.

A way of reconciliation was easier to find then to follow. It consists in logically developing the familiar discrimination long ago made in law and political theory between the natural man and the legal person. The legal person is a purely artificial bundle of immunities and powers. The state makes it and can unmake it. The natural man is biological and psychological only. He has neither social status nor legal powers. It is theoretically possible therefore, and presumably possible in fact, to exterminate the unfit as legal persons by extinguishing their law-made capacities and powers and yet at the same time without harm to the body politic or to future generations, to seek and save the lost, as human sympathy prompts and Christian teaching enjoins, provided we save them only as natural individuals, divested of social status and legal personality.

In the years that have passed we have made some real progress, I think, in working out these possibilities. Under the leadership of Dr. Devine, for some years a member of this Faculty, and of Professor Lindsay, still here, multiplying contacts were made with every kind of accredited social work; and the study of social legislation and the programs of the Academy of Political Science, always so practical and up-to-date under Professor Lindsay’s administration, have enabled us to achieve much.

But these years have not gone by without their disappointments. We have heard of the passing on of a large number of the men that were my colleagues and associates when I came here in those early days, but there still remain a goodly number of men, many of them here tonight, with whom my relations have always been of the most affectionate nature, and the chief word I want to say to you in conclusion is that so long as the years are spared to me I shall feel that the most satisfying moments of my life have been those in which, with the aid and support of these dear friends, I have been enabled in a measure to carry on the work I came here hoping to do.

For all the time that remains I know that I shall, day by day and through all the years, if there may be years, have the most affectionate regard for these colleagues for whom it is impossible to express my feelings of gratitude and love. [Applause.]

PRESIDENT BUTLER continued:

A part of Professor Burgess’ original plan was the organization of an Academy of Political Science. Its primary purpose was to bring together former students and alumni into a permanent body for the consideration and discussion of questions which fell within the purview of the political sciences, and then to add to such a group others like-minded in that and neighboring communities.

That Academy has flourished, done notable work from that day to this, and from its ranks we are to have the pleasure of hearing from an old, very old friend, despite his youth, Dr. Albert Shaw, Editor of the Review of Reviews and Vice President of the Academy of Political Science and associated with it these many years. I have great pleasure in presenting Dr. Shaw.

Dr. SHAW then spoke as follows:

President Butler, Professor Burgess, Friends of Columbia University and Members of the Faculty of Political Science in the University: I feel more than usually diffident in standing here as representative of the Academy of Political Science, a speaker on behalf of the Academy who is not himself a member of the Faculty of the University. I may say that I have come at times near to being considered a member of the Faculty. I came to New York almost forty years ago with some academic experience behind me, and a great deal of printer’s ink on my fingers, and a great ambition to present in my editorial work in a practical way to the man in the street some of the aims and ideals for social and public improvement that I knew were represented in the work of the men who were leading the University.

I realized that the University was a great and permanent source of inspiration and of help to the body politic, that government could derive enormous aid from the standards that could be set by the University and particularly here in this great metropolis by the Faculty that Professor Burgess was gathering about him in the University.

The hospitality of the University toward me when I came here is something I remember with gratitude. I had been here only a year, almost forty years from now, when the University asked me to give lectures in conjunction with Cooper Union, on the way Europe governed its cities in contrast to the way we governed ours. I had been criticised for my writings about the city government, as I had held up some of the practical and progressive ways in which European cities were trying to provide for their own people in contrast with some of our forms of government.

Columbia University did not mind in the least my seeming heretical point of view and gave me the opportunity to speak my mind.

At other times I had the same kind of more than kindly and generous recognition from Columbia, so I have always felt that though I was working at a practical, every-day profession, I was regarded at Columbia as of the same mind and as of the same purpose. So I have tried through long years to give a little of the touch and flavor of the academic spirit to the discussions of practical and current affairs.

A good many years ago, in an acute presidential campaign when tariffs and questions of that kind were in rather bitter controversy, I thought that it might be desirable to give to the politicians of the country a little booklet [The National Revenues: A Collection of Papers by American Economists, Chicago, 1888.] presenting those subjects from the academic standpoint, written by men working in the universities; that was before I had come to New York. I was then an editor in the west. I picked up today that forgotten little book and I found that the contributors had so presented their topics that my volume is very much like one of the current issues of the proceedings of an annual or semi-annual meeting of the Academy of Political Science. Professor Mayo-Smith contributed, Dr. Seligman contributed, Professor John B. Clark contributed, Dr. James H. Canfield contributed and one or two other men who were then or have since become conspicuously associated with the work of the Faculty of Political Science, contributed to this little book of mine, published in 1888, dealing with the most acute questions with the most perfect frankness. Professor Hadley from Yale, two men from Harvard, Dr. Ely from Johns Hopkins, himself a Columbia man, all dealt with the subjects with perfect candor and without reservations, telling their views about tariffs and similar pending questions, but all with that air of truth-seeking that was in such contrast with the kind of discussion that was current at that time. It gave me as a journalist a fresh understanding of the possibility of presenting subjects in such a way that there might be permanence in the quality of the discussion, although the issue itself might change with the lapse of time.

It seems to me this permeation of our social and political life by a great body of scholars, of men who were essentially statesmen, has had a greater effect upon the country, been a greater protection to our institutions as they have gone forward, than is commonly realized. There are so many conditions in our current political life, so many things that seem unworthy in politics, so many men who hold offices who do not exhibit in their expressions and in their work the standards we should like to set for them, that we are a little confused at times; but it does seem to me that the spirit that goes out from the universities is, to surprising degree, developing the standards of public opinion and they in turn bear upon the course of practical politics and save us from many things that otherwise might be more disgraceful than anything that ever comes to light in the processes of exposure or investigation.

I remember very well the growth and development of the Teachers College and the whole science and philosophy of education as centered in Columbia University and now that in a great metropolis like this we have more than a million children being trained, I have within the last weeks looked over reports and documents of all kinds pertaining to the courses of study and instruction and the standard now prevailing in the schools of New York in order to see if I might trace there what one might call the developing standard of education as fixed and set by our institutions, like the Teachers College. It seemed to me that the profession of teaching moves on, improves the school, lifts the lives of our children to far better standards than one found here twenty, thirty, forty, fifty years ago; that in spite of any sort of condition in political life that may or may not be exposed, the standards of civilization are improving all the time in American life and largely through such agencies as that which we have heard described tonight, this remarkable leadership in the study of politics as a science and in the various departments of economic and political and social study.

The freedom with which men meet and discuss those subjects has been greatly improved by the practices that prevail in this Academy of Political Science which was one of the features of Professor Burgess’ scheme as he outlined it some half century ago. The Academy could not have developed as it has except in its close association with the University and it has enabled a great many men not in the University to come into contact with the University leadership and the association has been very valuable to them.

The Academy beginning with a small group at the University has now so extended that there are several thousand members. The Quarterly, founded at the same time, has grown and gone forward in association with the Academy; it and the annual Proceedings give the membership a sense of contact with Columbia thought. So it has been possible to hold the activities all together as an associated group, and their influence has been very valuable as the Academy has taken up from time to time current questions and problems and presented them to the country in such a way as to have undoubted influence on public opinion and the course of affairs.

Dr. Lindsay has been President of the Academy for almost a quarter of a century; he might better have spoken for it; but at least I have the opportunity to speak in praise of his work, and I know all of you would be glad to have that work so praised.

I am sure that I have spoken as long as I ought to. I can only thank the Faculty of Political Science and the Academy for permitting me to speak on its behalf. [Applause.]

PRESIDENT BUTLER then said:

I have a message from one of our seniors, kept from us tonight by illness, which I am happy to read: “It is with the greatest regret that I find myself prevented from attending the ovation to my old teacher, colleague and dear friend. Whatever of note has been achieved by the Faculty of Political Science in the half century of its existence is due in large part to the tradition of scholarship he emphasized, the spirit of tolerance he inculcated and the freedom of thought and expression he exemplified in person and so zealously guarded for all his colleagues. (Signed) EDWIN R. A. SELIGMAN.” [Applause.]

It is becoming that we should turn now to one of Professor Burgess’ “bright young men.” Among those who in the early days of the Faculty came quickly to distinction and occupied the position of Prize Lecturer for a number of years is the distinguished economist of national and more than national reputation who has served so long and with so great distinction at Harvard University that he is now Professor Emeritus of Economics in that Institution. I have the very greatest pleasure in presenting to you, as a representative of the very early group of graduates in political science from this University, Professor William Z. Ripley.

PROFESSOR RIPLEY spoke as follows:

Beloved Dean, Mr. President, Professor Giddings, and my former colleagues and outsiders: I take it that this is a family party. First I want to correct the record. Our honored President is not the first man in New York who has tried to place me on the shelf; a taxi-driver tried to do it, also, a few years ago. [On 19 January, 1927, Professor Ripley was seriously injured by an automobile in New York City. — THE EDITOR.] I am no longer Professor Emeritus; I am back on the job; in fact, when depression came on they found they could not do without me. [Laughter.]

I am here, I take it, in a two-fold capacity; first, and by all means the pleasantest, is to present the felicitations of other universities, particularly of Harvard University, to the Dean and to the School of Political Science and to confess and acknowledge that it did a pioneer work that none of us can claim a place of priority in any respect in this field. I trust you will believe me when I say that in fealty to Harvard University, I have spent a good part of the last two weeks digging over every source that I could discover in order to find some way in which Harvard University scored in this field, and I cannot find it. [Laughter.] And so I come with the full acknowledgment of my colleagues that this was pioneer work.

Think back, and see where we stood at Harvard University in this field. Dunbar, a newspaper editor, was giving one course in economics. But the elective system had not yet come in; practically all of the time of the students was tied up on a fixed schedule. This course of Dunbar’s was admitted on the side as an extra and didn’t amount to much except in quality; in following it stood for very little at the time of the foundation of this School of Political Science. Macvane was there in history; there was nobody in government; there were one or two attempts by other men but they were half-hearted and one might characterize them as one did on a certain occasion speaking of a man, saying “he was a good man in his business career, but he was not a fanatic about it.” And so we acknowledge with the utmost gratitude the contribution that you made, sir, and that this University made, in founding the School of Political Science.

We have but one satisfaction. That was that in these endeavors there was a very happy understanding between the two institutions. The Political Science Quarterly and the Quarterly Journal of Economics, if I am not misinformed, started in the same year. For a moment there was a little feeling lest there might be rivalry, but I am told in the interchange of correspondence largely by Mayo-Smith on your side and Dunbar and Taussig on our end, that there was not only understanding but accord and agreement that they would divide the field. They have never been rivals and each has been utterly proud of the achievement of the other.

I spoke of there being a two-fold capacity in which I appear. I take it I am exhibited here as a horrible example, one of the products of this School of Political Science. I am tempted to paraphrase an introduction an acquaintance of mine told me he heard Mark Twain give in Sydney, Australia, the time he went around the world. He came on the platform for his lecture with a lugubrious countenance and said: “My friends, Julius Caesar is no more; Alexander the Great has passed on; Napoleon has joined his fathers, and I am not feeling very well myself!” [Laughter.] If I were to paraphrase that, I should put it something like this: The glacial epoch took place we will say ten million years ago; the Pyramids were set up six or eight thousand, (we won’t quibble about a thousand more or less) and I graduated from the School of Political Science thirty-seven years ago! [Laughter.]

There was a connection, perfectly happy on my side, as Prize Lecturer so long as I was at Tech, but Dr. Seligman told me frankly when chosen as Professor at Harvard, that would have to come to an end. He said, “You could hardly ride two horses, even if you ride parallel.” So I resigned, with a whole year to run on that Prize Lectureship; think of it!

Thinking back over the early days, it may take down your pride to think how modest some of those affairs were. My lot as a teacher here was not as happy as Professor Giddings’. He spoke about his class being experimental, in a way. I was there as a student the first year; there must have been thirty or forty of us at least; [turning to Professor Giddings] you didn’t have to worry when a rainy day came, or a snow storm, wondering whether you would lose your whole body of students. I did! For two or three years, in that course in anthropology, I had only two students, and when you have only two, the weather counts. [Laughter.] I realized that on another occasion when the Hartford Theological Seminary decided to go into sociology. I had two students. The next year the course was not repeated because those two married one another! [Laughter.]

In this Academy of Political Science that they are blowing about, I read a paper the first year of my attendance here at Columbia, down at Forty-ninth Street. We held the meeting in Dr. Seligman’s office; you remember what a little place that was? Francis A. Walker was there; I got him to go. Dr. Seligman was there. I think Mayo-Smith came. Nobody else but the faculty, Francis A. Walker and the speaker; we had a wonderful meeting, and I got the chance of publishing that paper in the Political Science Quarterly. But the existence of that Academy, even in that little way, in its early beginnings, was stimulating. The young student could feel that there was an opportunity to present something he had worked out in his own head, and all these agencies played in together, the Quarterly was there to publish the paper and when it appeared as an address before the Academy of Political Science the world at large didn’t know how many people there were not present at the time. [Laughter.]

In closing I want to emphasize for you the happy fact that this Faculty, this School of Political Science should have arisen in the greatest center of population and activity in our whole country; you don’t realize it, you who live in it. If you lived in a remote part of the country, where as Barrett Wendell once told me he doubted whether most of our colleagues realized that the Charles River was not mightier than the Mississippi, you would realize what a live spot New York is, and, I take it, to the economist and student of government it is a little bit like Vienna in its attractiveness to the medicos; you get what diseases you get in very, very advanced stages. As a spot where you get the ultimate fruition and decomposition of human endeavor, New York seems to me to be unsurpassed.

That is why it is such a royal laboratory, why there is such a stimulus to the young men coming from all over the United States to be suddenly thrown into this great aggregation of human beings. I like to apply the description that I ran across the other day in Hardy’s letters. Somewhere he spoke of London, “that hot plate of humanity, on which we first sing, then simmer, then boil, and dry up to ashes and blow away.” That is New York, viewed from the outside. Never in our history has there been such opportunity for wholesome, stimulating activity and an example of a body like this, than at the present time.

We are all of us appalled and discouraged at times by what we see, and tempted to lose faith and “let ’er slide,” but it is the continued activity of institutions of this sort and led by this particular School which means so much for the whole land. And so, from the outside, I bring felicitations, and from the inside I bring affectionate acknowledgment. [Applause.]

PRESIDENT BUTLER:

Not even in darkest New York can one always be wholly accurate. The other day a typical old-fashioned New Yorker, a former student in the School of Political Science, ventured to offer to the public a list of the really controlling personalities in the life of America. [See James Watson Gerard, 1889 C, 1891 A.M., 1929 LL.D., in the New York newspapers of 21 August, 1930.] Shortly afterward Rollin Kirby had a cartoon in which he had a bootlegger standing with a racketeer, and they were looking at this list. One said to the other: “That man is simply ignorant!” [Laughter.]

Yesterday, Professor Burgess made it clear in a score of ways why we honor at Columbia the name of Ruggles. He made it plain that it was the foresight and the energy and the persistence of Samuel B. Ruggles that enabled him to carry to a conclusion his project in the month of June, 1880. Mr. Ruggles left his physical mark upon the island of Manhattan in Gramercy Park. He left his intellectual mark through some forty years of service to old Columbia College as a Trustee, the crowning part of which was his making himself the agent to secure the approval by the Trustees for Professor Burgess’ plan. It is highly appropriate then that the Ruggles Professorship of Constitutional Law should exist and that its incumbent at the moment should be the Dean of the Faculty of Political Science, as well as the Dean of the Faculties of Philosophy and of Pure Science in Columbia University.

An anniversary of this kind offers two invitations: one to look back; with sentiment, with rich memory and affection; the other to look forward with hope, with courage and high purpose. What could be more fitting then than that we should hear in conclusion this evening from that colleague and friend who is the captain of our enterprise as it enters upon its second half century, Dean McBain.

DEAN MCBAIN responded as follows:

Professor Burgess, Mr. President, my friends and guests: We celebrate a birth, the birth of the Faculty of Political Science and of its hand-maiden the Academy of Political Science. Fifty years have unrolled since our distinguished founder called together, as he told us so vividly, so dramatically, yesterday, that small but remarkable group of young scholars who then and there dedicated their lives to the difficult but most inspiring task of applying at least the aspirations of science to the study of actualities of society. For thirty years and more he guided and he shared the life of these twin children of his youthful vision. Happily he tarries with us, as rich in intellect and experience as in years. He lingers to behold that unlike the ephemeral grass of the Scriptures this vision of his youth which grew up in the morning is not in the evening of his life cut down, dried up and withered.

I say we celebrate a birth. Much more truly do we celebrate the passing of a mere paltry half-century of our indomitable and perennial youth. Our youth must be perennial because the fields of our interests never have been and never can be fallow fields. On the contrary, they are all too fertile of problems old and of problems new, that call for investigation and study in the intensely interested but dispassionate spirit of scientific inquiry. As long as man remains on earth in something like the present estate of mind and of body just so long will the political and social sciences also remain.

I confess that as my mental fingers move across the keys of my memory, I find some difficulty in choosing the chord I would most like tonight to sound and for a moment to hold. For one thing the possible chords are numerous; for another, they are intricate of execution; for a third, I do not perform well, either in public or private, upon a theme that lies very close to my heart. The Faculty of Political Science is such a theme.

Obviously, as the President just indicated, I have a choice of toasting the past, or of hailing the present or feasting the future. Of these, to toast the past would no doubt seem the most appropriate. The occasion invites to reminiscence, to appraisal. But the truth is that our past needs no toasting; certainly it needs no toasting at our own hands. Even for our honored dead we pour our libations in reverence and affection rather than in praise or exaltation. Moreover, were I competent to the task, it would ill become me to venture to appraise the men of this Faculty and their work.

Professor Burgess yesterday told us of those thrilling events that marked the fateful fourteenth of July, 1880. I beg leave to mention another event that happened almost at the same moment, wholly unknown to that little band in Switzerland. Under that same summer moon that smiled gloriously down upon the birth of the Faculty of Political Science, in that same week of July 14th, in that same year 1880, another very important event also occurred: I was born. Important, of course only to me. The Faculty and I crossed our first quarter century mark in company, though I need scarcely remark that I, then a student under the Faculty, was somewhat more aware of and more interested in this coincidence of anniversary than were my revered preceptors. Fortunately for me we are likewise crossing our second quarter century in company.

Since the beginning of its history, only sixty-three men have held membership in this Faculty. I have personally known every one of them save two who passed beyond the portals of the University before I entered them. I can say, therefore, that I have known and that I know the Faculty, which makes it all the more difficult, not to say impossible, for me to talk to the Faculty about the Faculty.

But this I must record, striking again the beautiful note just sounded by Professor Giddings: Scholars I suppose are essentially individualists. Men have been and are appointed to this Faculty primarily on the basis of scholarly achievement and scholarly promise. But the quality of being a scholar does not inevitably preclude such qualities as irascibility, even pugnacity. It is, therefore, or it may be, only a chance, but surely a very providential chance, that this Faculty, this company of scholars, have lived their lives together in such splendid harmony. They are the most coöperative group I have ever known. Indeed, they exemplify better than any other group I have ever heard of that non-existent thing, the group-mind.

I do not imply that we have not known occasional trouble and disagreement. We are human beings. But such experiences have been Faculty ever passed, one of my fundamentally irreligious colleagues once said to me: “Jesus was right; the only thing worth while in life is love, and our Faculty has that.” He spoke truly, and I feel no shame in avowing the deep affection that the members of this Faculty have and have had for one another.

In connection with this celebration, it was at one time mooted that we should publish a history of these fifty years of the Faculty of Political Science. But such a history written by or under the aegis of the Faculty could with Jeffersonian decent respect for the opinions of mankind have been little more than a record without appraisal. It might not have been wholly barren of interest, but in its indispensably backward leaning objectivity could scarcely have failed to minify or otherwise mispresent facts. Nor could it possibly have expressed that many-faceted, flashing thing of spirit that is and always has been the Faculty of Political Science. And so it was abandoned, this project of a history. In its stead we are publishing a bibliography of all the members of the Faculty, past and present-a stark list of the titles of the books, the articles, the pamphlets, the papers of their authorhood. The list runs to something over three thousand five hundred items. To this we are appending the titles of the nearly seven hundred dissertations that have been written under the guidance of the Faculty, into the warp of which (perhaps I should say some of which) there have been woven many hours of love’s labor in the cause of sound scholarship. To some of you such a volume may seem both deadly dull and useless. I think you will find it is neither of these. To the members of the Faculty themselves this volume cannot fail to be a treasury of historical recall. To them and to others it cannot fail to be of use as a locator of vaguely remembered contributions that lie in widely scattered depositories. But more than that, I think you will find, strange to relate, that this skeleton of titles tells a story, partial it is true, but a story of the progress of the intellectual life and intellectual interests of the Faculty, and something of its services.

Consider the period in which this Faculty has lived its life. Measured in terms of cosmic history, it is less than infinitesimal. Measured in terms of even authentic human history, it is almost negligible. But in terms of social, economic, even political change, this fifty years just past is probably longer than the millennium between the fall of Rome and the discovery of America, or the tercentenary span between Gutenberg and Arkwright. In this packed period of change in the subjects of its interest, the Faculty has lived its thus far life; and its deep absorption in the problems of its own age is reflected in this list of writings, not, of course, but what numerous other interests are also reflected. Our distinguished founder, as our distinguished President remarked the other day, was indeed both prophet and seer. But of a certainty, as Mr. Justice Holmes once said of our constitutional fathers, he and his coadjutors “called into life a being the development of which could not have been foreseen completely by the most gifted of its begetters.”

A glance at the formidable list of its publications might convince one that the members of this Faculty, apart from student contacts, have spent their entire lives behind locked doors reading, pondering, writing. This is far from fact. Again and again its members have responded to knocks upon those doors calling them to exacting public and quasi-public service. To you, Mr. President, both the public and the Faculty owe an unpayable debt, in that you have not only given sympathetic ear and understanding thought to the scholarly interests and desires of the Faculty but have also aided and abetted in every possible way their ambitions to be of use in the formulation of public policies and the direction of public affairs. You recognized, as one would know you would recognize, that their scholarship equipped them for service as their service enriched their scholarship. Pericles once said of Athens that it differed from other states in that it regarded the man who held himself aloof from public affairs not as quiet but as useless. Almost, though not quite—it should not be quite the same may be said of the Faculty of Political Science.

You see I have, despite my disclaimer of intention, been toasting the past. I would do more. The loss of a great scholar whether by retirement or resignation or death is always irreparable. Someone else may take his chair, may succeed to his subject, though not even that always happens. But nobody ever takes his place. He would not be a great scholar if his place could be taken. We have had losses from time to time with the results I have just mentioned, and so the company with the passing of the years gradually changes in personnel, in point of attack, in point of specific interest, in method of approach. It could not be otherwise, and those who have gone before would not wish it otherwise. They need no reflectors, no echoes. And well they know that each scholar must with his own hands laboriously carve his niche in the huge hall of human fame, and that the work of carving is not the work of a day or a year, but of a life. The spirit alone remains unaltered—the spirit of fearless and unrelenting search for social truth and of devotion to the high and precious ideals of scholarship.

And so, Mr. President, while with all my heart and soul I toast our honorable past and the achievements that have gone into its making, I also hail with satisfaction our honorable present, and feast with great confidence the honor of our future. [Applause.]

PRESIDENT BUTLER said in conclusion:

This notable and memorable evening comes to its end. My dear Professor Burgess, may I, for all this company, say once more to you what a satisfaction, what a deep satisfaction, your presence and your words yesterday and today have given us. As to our younger members who are personally known to you for the first time, we, their elders, may well feel that we have offered them a benefaction. We only say, my dear Teacher, Au revoir! As you go back to your quiet home, your books and your reflections, it will continue to be your spirit, your teaching, your ideals that will guide and inspire us, as we set out on the second half-century of the study of what Mr. Oliver has so charmingly described as The Endless Adventure, the government of men. [Applause.]

SourceColumbia University Quarterly. Vol. 22 (December 1930), pp. 380-396.

Image Source: John W. Burgess in Universities and their Sons, Vol. 2. Boston: R. Herndon Company, 1899,  p. 481. Colorized by Economics in the Rear-view Mirror.

Categories
Exam Questions Harvard History of Economics

Harvard. Enrollment and exams on Adam Smith, Ricardo and followers. Mixter, 1902-1903.

 

Charles Whitney Mixter (b. Sept. 23, 1869 in Chelsea, MA; d. Oct. 21, 1936 in Washington, D.C.) taught a year-long course at Harvard on Adams Smith, Ricardo, and their dissenting followers in 1902-03.

Mixter received his Ph.D. from Harvard in 1897 with the thesis “Overproduction and overaccumulation: a study in the history of economic theory.” Further biographical information about Charles Whitney Mixter (1869-1936) is found in the post about his course offered 1901-1902. Also Economics in the Rear-view Mirror has a post with a student’s description of Mixter as economics instructor at the University of Vermont.

One of the dissenting followers of Adam Smith considered in Mixter’s course below was John Rae. Mixter edited a reprint of the 1834 book by John Rae, which he retitled The Sociological Theory of Capital. A few years before, Mixter had written two Quarterly Journal of Economics articles comparing Rae with Böhm-Bawerk:

A forerunner of Böhm-Bawerk”, Quarterly Journal of Economics, January, 1897. [“the first article by me upon Rae…had a title which was also in great measure a misnomer. Rae is not a mere ‘anticipator of the discoverer’ (to use one of Cannan’s phrases), but the discoverer himself. By reason of the lack of a theory of invention, Böhm-Bawerk’s doctrine of capital, although coming much later, is in essentials the less complete of the two.”]

Böhm-Bawerk on Rae,” Quarterly Journal of Economics, May, 1902. [Review of Chapter XI of the second edition of the Geschichte und Critik der Capitalzins-Theorien].

In the preface to his reprint of Rae’s book, Mixter provides us with some backstory to his research revealing the support of Frank Taussig and Irving Fisher at the beginning and the end of this book project:

When I first became interested in Rae’s theory of capital, under Professor Taussig’s direction in the economic seminary at Harvard University, there existed no printed information (except in his Preface) in respect to Rae himself; and for a long time nothing could be learned through inquiry in quarters which promised well in Canada and Great Britain. The late Professor Dunbar of Harvard, who always displayed a keen interest in the undertaking, urged me to persist, and at length a letter printed in the Montreal Star drew forth two replies, one from the Canadian antiquary Mr. H. J. Morgan, the other from the late Robert S. Knight of Lancaster, Ontario, a grand-nephew of Rae. This set me upon the right road to get into communication with several people who knew Rae personally. Of these the one who could tell me most was the late Sir Roderick W. Cameron of New York, a former pupil and life-long friend, at whose summer residence on Staten Island Rae died. Better still, I was able through the interest and kindness of this gentleman to come into possession of what few papers Rae left at his death. That is, I obtained all Rae’s effects of a literary nature which seem now to be in existence. Apparently, from statements made by Sir Roderick, there was another set of papers which Rae had with him at the time, but which were destroyed or in some way lost. The papers I obtained were little more than odds and ends, mostly unfinished fragments on a great variety of subjects, unfortunately but little on economics. Their chief use has been to help me to a fair understanding of Rae’s life, which I have been able, however, only very imperfectly to set forth.

I have received much information and kind assistance in this part of my work from not a few people in Canada, the United States, Honolulu, and Great Britain. I trust they will accept this general acknowledgment of my sense of indebtedness to them.

To Mr. L. W. Zartman of Yale University my especial thanks are due for assistance in preparing the copy for the printer, and in reading the proofs. I am also much indebted to Mr. Wilmot H. Thompson of the Graduate School of Yale, for revision of the classical quotations.

Finally, I wish here to express my obligations to Professor Irving Fisher of Yale University. His interest and encouragement have been of unfailing support. The proof sheets of the whole book have passed his able scrutiny, and his direct help in many other ways has been invaluable.

C. W. M.

Burlington,
Vermont, July, 1905.

______________________

Course Description

  1. a. Selected Topics in the History of Economic Thought since Adam Smith. , Wed., and (at the pleasure of the instructor) Fri, at 12. Dr. Mixter.

The chief subject to which attention will be directed in this course is the school of dissenting followers of Adam Smith — Lauderdale, Rae, and those influenced by them — who carried forward Smith’s work to very different results from those attained by the Ricardians. This study of a little known tradition gives a fresh point of view as to the general method of formulating and presenting economics. Some of the other subjects to be discussed are, — the classic doctrine of over-production, and the opposition to that doctrine; the economics of absenteeism; the history of the theory of colonization; early American economic theory.
The exercises will be conducted largely by means of discussion. Oral reports on assigned topics will be required.

  1. d 2hf. Adam Smith and Ricardo. Half-course (second half-year). Wed., Fri., at 2.30. Professor Taussig.

In this course, a careful study will be made of large parts of the writings of Adam Smith and Ricardo, and comparison made with contemporary authors as well as with the later writers who accepted the teachings of the earlier English school.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science  [Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

______________________

Course Enrollment

Economics 20a. Dr. Mixter. — The History of English Economic Theory from Adam Smith to John Stuart Mill.

Total 5: 3 Gr., 2 Se.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.

______________________

Mid-Year Examination 1902-03

ECONOMICS 20a

It is expected that questions 3 and 7 will be answered more at length than the other questions.

  1. Who was Bentham and what does he stand for in the history of economics?
  2. What is the nature of Rae’s reply to Smith’s 5th argument against protection?
  3. What would Adam Smith say to the assertion that trades unions are necessary in the United States to prevent a fall of general wages? In what various aspects did Smith examine the subject of wages?
  4. What are Adam Smith’s four canons or “maxims” of taxation?
  5. Is “capital” or “labor” the leading concept in the economics proper of the Wealth of Nations?
  6. What idea of most value have you obtained from Cannan?
  7. Discuss the Malthusian theory with respect to errors and shortcomings:—
    1. In its original form of statement and proof.
    2. In its original application.
    3. Sum up the modernized Malthusian doctrine in the form which seems to you most sound and useful.
  8. How has “the Commerce of the Towns contributed to the Improvement of the Country”?

Source: Harvard University Archives. Mid-year Examinations 1852-1943. Box 6. Papers (in the bound volume Examination Papers Mid-years 1902-1903).

______________________

Year-End Examination 1902-03

ECONOMICS 20a

Omit two of the last five questions.

  1. Criticise the following statement: “What he [Ricardo] really ‘endeavored to show’ was that the rate of profit depends on the productiveness of the last employed, or no-rent-paying agricultural industry, and it is not of much importance to his theory whether this dependence is brought about through rises and falls of money wages, or also by the direct influence of variations in the productiveness of industry.”
  2. What is Lauderdale’s significance in the history of economics?
  3. What are the points of similarity and of difference between Rae and Böhm-Bawerk?
  4. What portions of a complete treatise on economics are lacking in Rae’s work? Give some examples of peculiar terminology.
  5. Give an account of one of the following writers: Chalmers, Wakefield, Longfield, Senior.
  6. “His [the capitalist’s] profit consists of the excess of the produce above the advances; his rate of profit is the ratio which that excess bears to the amount advanced.” Comment on this.
  7. Criticise the phrase “the profits of stock are only another name for the wages of accumulated labour.” Who first advanced this idea?
  8. What was John Stuart Mill’s treatment of the subject of general overproduction?
  9. When it is said that a certain writer “took as his type of capital, machinery instead of wage-fund,” what do you understand by the expression? Mention several writers who have done this.
  10. Give a brief account of Cannan’s description of the discovery of the law of diminishing returns.

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: Harvard scores (1905),  John Jepson (artists), Boston. Library of Congress Prints and Photographs Division Washington, D.C.

Categories
Economists Funny Business Harvard Undergraduate

Vermont. Yearbook account of economics lecture by Harvard PhD Charles W. Mixter, 1904

While trolling the yearbook of the University of Vermont in search of a portrait of Professor Charles W. Mixter (Harvard Ph.D. 1897), I came across the following student account of what one presumes is a not an untypical classroom performance by Professor Mixter. He appears to have been pretty proud of his Harvard connection, in particular with Professor O.M.W. Sprague.

Incidentally, I have yet to discover a photograph of Charles W. Mixter anywhere on the internet, and I have tried…

…and what pray are “Persian Alexis overshoes” anyhow?

_______________________________

Pol. Econ. à la Mixter

A room in the Old Mill. The bell strikes and during the next ten minutes the class straggles in. The second bell strikes; some minutes elapse during which Burrows ’o4 amuses himself — and the class — by crayon sketches from life ( ?). Macrae, to whom art of so high an order does not appeal, looks at his watch and announces that the five minutes are up. A discussion follows as to the advisability of cutting. Finally better instincts prevail and the class decides to stay. At the end of another five minutes, Pomeroy, from his lookout at the window, descries the Professor in the distance. Informed of the fact the class rushes up just in time to see His Portlyship, in Persian Alexis overshoes, and English Ulster [Note: apparently the sort of overcoat worn by Sherlock Holmes], rounding the statue of Lafayette and puffing like a tug under full steam.

 

The Professor’s tread is soon heard on the stair and the class take their seats just as he enters the room. In answer to the chorus of good-mornings, he nods a general recognition, divests himself of ulster, overshoes and Alexis and takes his seat. These preliminaries over, he fumbles for some time in the recesses of an inner pocket and at length pulls forth a slip of paper upon which is the frame-work of a lecture. After vainly trying to read his own writing, the Professor gives up in despair, puts back the notes, and launches out on another tack.

 

His eye lighting on Macrae nodding on the back seat, he explodes this poser at the offending member:

 

My friend Sprague — the great economist — of course you’ve all heard of him — edited Dunbar blur—r—r um and all that sort of thing — well he’s just returned from Oklahoma — he says the banks are holding the largest deposit in the Territory’s history. What does that indicate for general prosperity, Mr. Macrae?

 

Macrae, to whom reciting is a bore, pulls himself together with a supreme effort and begins a learned disquisition on the inter-relation of loans to deposits and the utter uselessness as an index to prosperity of bank statements in general and of this report in particular.

 

Whenever a glint of truth appears in Macrae’s remarks — which is far from often — the Professor nods approvingly, assumes his Rooseveltian grin and rumples his hair encouragingly.

 

Macrae finally comes to the end of his rope and the Professor, suddenly recollecting an anecdote that “my friend Sprague” told him at Harvard, springs it on the guileless members of Economics II. When the laughter incident on this effort has subsided, the Professor has some interesting things to say on railroad stocks.

 

Prof. (clearing his throat and groping for his handkerchief in a hip pocket) Um — yum yum yum yum yum — I own some stock myself — huh — oh yes — huh (grimace à la Roosevelt). Hasn’t paid me any dividend for seventeen years, though. Speaking of railroads puts me in mind of a man I met up in the Berkshire Hills once. Oh yes — um I — I was up in the Berkshires and I met a man who had lost his fortune during the war — well he — huh — huh huh. The Professor, anticipating the ludicrous end of his tale, cannot resist the temptation to laugh, and the rest of his speech is lost in a gurgle of merriment, in which the class feels itself called upon to join.

 

Turning from the Berkshire Hermit the Professor travels to Tennessee, where he tells how he proffered a check in payment and how that check was actually received! Next he leads the class a pretty pace through Threadneedle Street, where they enter the Bank of England and help the Professor cash a ten pun’ note, after which they awake to find themselves reposing quietly in their seats none the worse for wear but a little dazed in spirit.

 

The remainder of the Professor’s talk is a brilliant counterpane, with which he covers his subject, resplendent with purple patches of travel, finance, the stock exchange, international trade, panics, industrial organization, underwriting, indigestible securities, and bank history from Daniel to Dunbar, freely interspersed with the dicta of Ami Sprague. The Professor is in the midst of an interesting Harvard reminiscence when the bell strikes and he makes a hasty end, regretting  — as always — that he hasn’t covered as much ground as he had hoped to. The class escapes furtively while the Professor worms himself into his ulster, sticks on the Alexis and descends the stair ruminating on the value of anecdote as a means of inculcating the fundamental principles of that most abstruse science of political economy.

Source: The University of Vermont Libraries, Digital Collections.Yearbook, The Ariel 1905, Vol. XVIII, pp. 277-278.

Image Source: University of Vermont (between 1900 and 1906) from the Library of Congress Prints and Photographs Division, Washington, D.C. Colorized by Economics in the Rear-view Mirror.

Categories
Economics Programs Harvard

Harvard. Fin de siècle look at the economics department. 1896

The department of political economy at Harvard University was not even two decades old when a Boston newspaper printed the following report about the expansion in economics course offerings that took place between the single prescribed course taught seniors by Francis (a.k.a. Fanny) Bowen in 1849-50 to the twenty or so courses taught in 1896.

_________________________

1896 Newspaper Report

HARVARD UNIVERSITY.

Development of the Department of Economies and the Large Increase in the Number of Students Electing the Study.

The interests aroused during the progress of the recent campaign undoubtedly account to some extent for the unusually large number of men here electing work this year in the department of economics. This increase has been already noted. Courses in finance which have never before numbered above twenty or thirty men have more than doubled, while the course known as economics 1, which last year opened with 370 men, now has 510. [In the President’s Report for 1896-1897 the final number enrolled in Economics 1 was reported as 464] The number of men electing economics 1 has increased from year to year, and now practically every undergraduate takes the course at some time or other during his college career. If he intends to specialise in economics he takes the course usually in his sophomore year; if he does not so intend, he may take it in his junior or senior year.

Within the department of economics are grouped together, with courses purely economic in character, others more properly sociological, political and financial. Those in social ethics are included in the department of philosophy, while those which deal with the forms of government and with the development of social institutions are given in the department of history and government. Within these several departments are minor groups of courses devoted to pretty well-defined lines of social inquiry, and so special and interdependent as to suggest the formation of new departments. The double title of the department of history and government indicates the extent to which the process of bifurcation has gone here, and the lines of separation are unmistakably forming within the department of economics.

A glance at some of the earlier catalogues reveals curious groupings of courses. Professor Francis Bowen, McLean professor of ancient and modern history and instructor in political economy, conducted as early as the year 1849-50 a course in political science, which was prescribed for seniors. In it Professor Bowen used as reference books John Stuart Mill’s “Political Economy,” [1848 ed., Volume I, Volume II] a book which is still used as a basis for the lectures given in the introductory course in economics; and Story’s “Commentaries on the Constitution.” After Professor Bowen was created Alford professor of natural religion, moral philosophy and civil polity he continued to give the only instruction in economics which the university offered at that time, and his course in philosophy came eventually to embrace a much wider range of topics than those indicated above, and was extended through the entire year. He lectured upon political economy and upon the English and American constitutions, and upon such a wide range of other topics, moral, ethical and metaphysical, that the ground covered by this single course is now apportioned among four departments.

With some modifications from year to year Professor Bowen continued his instruction along these lines, down through the period of the civil war, to the year 1871, when a professor of political economy was appointed. [It is interesting that the name of Charles F. Dunbar is not mentioned here, perhaps he wrote this article? Possibly Taussig?] In the year following two courses were offered under the heading “Political Science,” Mill’s “Political Economy” [1871, seventh edition. Volume I, Volume II] being reintroduced and used along with Bowen’s “Political Economy” and Adam Smith’s “Wealth of Nations,” [e.g., 1869, Rogers’ edition. Volume I,Volume II] as a basis for discussion and criticism.

These courses were soon after absorbed in the department of philosophy, where they continued to be offered until the year 1879-80, when the department of political economy was established. Development since, that date has been characterised by a gradual increase in the number of courses, from three in 1880 to the nineteen or twenty courses and half-courses that are now given. The department in the year 1886 began the publication of the Quarterly Journal of Economics, which was the first journal devoted exclusively to the advancement of economic theory that was ever printed in English.

Among the more advanced courses are two devoted to the study of economic history[,] two to the history of economic theory, one to the scope and method of economics, three to subjects distinctly sociological — the principles of sociology, socialism and communism, and the labor question in Europe and America — another to the theory and methods of statistics, and a number of half courses devoted to special subjects in taxation, finance, international payments, tariff legislation, railway transportation and the like.

Another significant step was taken in 1891-92 in the organisation of the Economic Seminary, the importance of which can hardly be overestimated. Prior to the establishment of the seminary there had been no systematic provision made for the conduct of graduate work. Graduate students in the department who were working up their doctor’s theses did so under the guidance of the several instructors, but without any very satisfactory or clearly defined official status. All this has been changed and every provision is now made for graduate work. An advanced student may study entirely in connection with the seminary, and so he is freed from the necessity of registering in a certain number of courses where the work outlined is adapted to students less advanced. The Economic Seminary numbers at the present time some twenty-five men, each of whom is engaged in original work. The seminary meets once a week, and at each meeting some member reports upon the results of his investigations, receiving at the same time the criticism of his fellow students and of the instructors in the department.

Source: Boston Evening Transcript, December 16, 1896, p. 10.

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Exam Questions Harvard Money and Banking

Harvard. Money, Banking, and International Payments. Exams. Andrew, Sprague, Meyer 1901-1902

 

 

The reading list for the first semester (4 pages) of the money, banking, and international payments course taught at Harvard in 1901-02 along with some biographical information for one of the instructors, Abram Piatt Andrew, has been posted earlier.

While I have not found a reading list for the second semester of the course, it is safe to assume that the enlarged second edition of  Dunbar’s Chapters on the Theory and History of Banking, edited by O.M.W. Sprague (1901) was assigned as the primary text. 

______________________________

Course Enrollment

For Undergraduates and Graduates:—

[Economics] 8. Drs. [Abram Piatt] Andrew [Jr.] and [Oliver Mitchell Wentworth] Sprague, and Mr. [Hugo Richard] Meyer. — Money, Banking and International Payments.

Total 78: 5 Graduates, 35 Seniors, 30 Juniors, 4 Sophomores, 4 Others.

Source: Harvard University. Report of the President of Harvard College, 1901-1902, p. 78.

______________________________

Course Description

  1. Money, Banking, and International Payments. Tu., Th., Sat., at 11. Drs. Andrew and Sprague, and Mr. Meyer.

The first part of the year will be devoted to a general survey of currency legislation, experience, and theory. The course will begin with a history of the precious metals, which will be connected, in so far as possible, with the history of prices, and with the historical development of theories as to the causes underlying the value of money. The course of monetary legislation in the principal countries will be followed, with especial attention to its relation to the bimetallic controversy; but the experiences of various countries with paper money will also be reviewed, and the influence of such issues upon wages, prices, and trade examined. Some attention, moreover, will be given in this connection to the non-monetary means of payment and to the large questions of monetary theory arising from their use.

The second part of the course will begin with an historical account of the development of banking. Existing legislation and practice in various countries will be analyzed and compared. The course of the money markets of New York, London, Paris, and Berlin will be followed during a series of months, and the various factors, such as stock exchange operations and foreign exchange payments, which bring about fluctuations in the demand for loans and the rate of discount upon them, will be considered. The relations of banks to commercial crises will also be analyzed, the crises of 1857 and 1893 being taken for detailed study.

The course will conclude with a discussion of the movement of goods, securities, and money, in the exchanges between nations and in the settlement of international demands. After a preliminary study of the general doctrine of international trade, it is proposed to make a close examination of some cases of payments on a great scale, and to trace the adjustments of imports and exports under temporary or abnormal financial conditions. Such examples as the payment of the indemnity by France to Germany after the war of 1870-71, the distribution of gold by the mining countries, and the movements of the foreign trade of the United States since 1879, will be used for the illustration of the general principles regulating exchanges and the distribution of money between nations.

Course 8 is open to students who have passed satisfactorily in Course 1. With the consent of the instructors, it may be taken by Seniors and Graduates as a half-course in either half-year.

Source: Harvard University Archives. Official Register of Harvard University 1901-1902, Box 1. Bound volume: Univ. Pub. N.S. 16. History, etc. Faculty of Arts and Sciences, Division of History and Political Science comprising the Departments of History and Government and Economics (June 21, 1901), pp. 42-43.

______________________________

Mid-year Examination, 1901-02
ECONOMICS 8

Arrange your answers strictly in the order of the questions.
Omit one question.

  1. Describe and illustrate with two examples (giving approximate dates): (a) the double standard, (b) the limping standard, (c) the parallel standard, (d) the single standard.
  2. Explain some of the different motives which in earlier centuries led to the debasement of the coins, and show the measure of their justification.
  3. Show how the levying of a seignorage will affect the value of money (a) if the owner of bullion is given back the same number of coins but of lighter weight, (b) if he receives fewer coins but of the same weight.
  4. During the entire century which preceded England’s adoption of gold as her single standard, less than one million pounds sterling of silver were issued from her mints, while in a period of less than a hundred years since then the silver coinage has amounted to fifty millions.
    How do you explain (a) the small amount of silver coined before its “demonetization”? (b) the larger amount coined subsequently?
  5. Before 1873 the United States had coined only about eight million silver dollars ($8,031,238) but since that year, which is often assumed to mark the beginning of demonetization, we have coined over five hundred millions ($522,795,065).
    Explain these two facts.
  6. “No experiment of bimetallism has ever been inaugurated under circumstances more favorable for its success… No fairer field for its trial could have been found.” Describe the conditions under which bimetallism was tried in the United States, and give your opinion of the passage quoted as a characterization of American monetary history.
  7. “Inasmuch as gold [before 1848] was more valuable in the market than at the French mint, relatively to silver, it was impossible that gold should circulate in France.”
    Is this a necessary conclusion?
  8. What does Darwin mean by the labor standard? By the commodity standard? Explain the merits claimed for each, and show the exemplification of the two standards in the history of the precious metals between 1873 and 1896.
  9. What were the reasons which induced Europe to abandon the free coinage of silver during the seventies (a) according to Laughlin? (b) according to Walker? (c) in your own opinion?
  10. State the factors that increased India’s power to purchase in the international markets in the period from 1850 to 1870, and explain what use India made of that increased power, together with the reasons for the use made.

Source:  Harvard University Archives. Mid-year examinations, 1852-1943. Box 6. Bound Volume: Examination Papers, Mid-years 1901-1902.

______________________________

Year-end Examination, 1901-02
ECONOMICS 8

  1. The strength or weakness of the United States in the so-called struggle for the world’s stock of gold.
  2. Applying Mill’s reasoning upon international trade to the situation in the United States, state what you would expect to be the course of prices of imports and exports in the years immediately following.
  3. Why is long exchange quoted at lower rates than sight exchange? If sight is $4.84 and long $4.80, what will be the effect (1) of a reduction of 1% in English rates for money? (2) of the increase of the price of eagles at the Bank of England?
  4. New York Bank Statement, May 31, 1902:—
Loans

$855.60

Increase

15.1

Deposits

$948.30

Increase

16.6

Reserve

$249.00

Increase

1.8

Complete the statement and explain the probable reasons for the increase of deposits and reserve.

  1. Comment on the following: —
    1. 3 per Mills against us.
    2. Bank statement based on falling averages.
    3. U.S. Bond account.
    4. National gold banks.
    5. Recepisse.
  2. Discuss the following:—
    1. The limitation of note issue to capital.
    2. The retirement of the legal tender notes as an essential part of any plan for an asset currency.
  3. Compare the safety fund and the free banking systems of New York.
  4. Regulations of the national banking system other than those of note issue.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 6, Bound volume: Examination Papers, 1902-03. Papers Set for Final Examinations in History, Government, Economics, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College (June, 1902), p. 28.

Image Sources:
Left to right: Andrew (Harvard Classbook 1906, p. 6), Sprague (Harvard Classbook 1912), Meyer, The Minneapolis Messenger, October 12, 1905, Page 4, from Wikipedia.

Categories
Cornell Exam Questions Harvard Public Finance Williams Wisconsin

Harvard. Public Finance Exams. Charles Jesse Bullock visiting from Williams College, 1901-02

Courses in public finance were not offered in the academic year 1900-01 at Harvard. Those courses had last been taught by Charles F. Dunbar and Frank W. Taussig in 1899-1900. Following Dunbar’s death (January, 29 1900) and Taussig’s leave to recover from a nervous breakdown (1901-03), it was necessary to bring in an outsider to cover the public finance offerings. Charles Jesse Bullock was first appointed as an instructor in economics for the 1901-1902 academic year to fill that gap. He was later to return at the rank of assistant professor beginning with the 1903-04 academic year.

_____________________

From the Williams College Yearbook

CHARLES JESSE BULLOCK, Ph.D.,
Assistant Professor of Political Science.

Graduated from Boston University, 1889, with Commencement appointment, and received the degree of Ph.D. from the University of Wisconsin, in 1895. He taught in high schools from 1889 to 1893 and was traveling fellow in Boston University in 1891. In 1895 he was fellow and assistant at the University of Wisconsin and from 1895 to 1899 was instructor in Economics at Cornell University. Dr. Bullock has written: “The Finance of the United States, 1775-1789,” (1895), “Introduction to the Study of Economics,” (1897), and “Essays on the Monetary History of the United States” (in press [1900]). He also edited William Douglass’s “Discourse Concerning the Currencies of the British Plantations in America,” and has contributed various articles to the economic and statistical magazines. He is a member of the American Economic Association and of the American Statistical Association, an associate member of the National Institute of Art, Science and Letters, and a Fellow of the Royal Statistical Society. Dr. Bullock is a member of the ΦΔΧ Fraternity.

Source: Williams College, The Gulielmensian MCMI, Vol 44 (Williamstown, MA: 1900), p. 23.

_____________________

Course Announcements

For Undergraduates and Graduates.

[open to students who have passed satisfactorily in Course 1. Outlines of Economics]

7a1 hf. Financial Administration and Public Debts. Half-course (first half-year). Mon., Wed., Fri. at 9. Professor Bullock (Williams College).

7b1 hf. The Theory and Methods of Taxation, with special reference to local taxation in the United States. Half-course (first half-year). Tu., Th., Sat. at 10. Professor Bullock (Williams College).

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year, 1901-02 (Second ed., 25 June 1901), p.44.

_____________________

Course Enrollments

7a 1hf. Professor Bullock (Williams College). — Financial Administration and Public Debts.

Total 26: 2 Graduates, 16 Seniors, 5 Juniors, 1 Sophomore, 2 Others.

7b 1hf. Professor Bullock (Williams College). — The Theory and Methods of Taxation with special reference to local taxation, in the United States.

Total 26: 2 Graduates, 13 Seniors, 9 Juniors, 2 Others.

Source: Harvard University. Report of the President of Harvard College, 1901-1902, p. 78.

_____________________

Course Descriptions

7a1 hf. Financial Administration. Half-course (first half-year). Mon., Wed., Fri. at 9. Professor Bullock (Williams College).

This course will deal with the methods by which governments have attempted to adjust expenditures to revenue, and will study the problems arising from the effort to secure popular control over this process. The budget systems of England, France, and Germany will first receive attention; and study will then be concentrated upon the budgetary methods of our federal government. So far as practicable, also, some consideration will be given to State and local budgets in the United States. The history and present form of our federal budget will offer a large field for investigation, and supply subjects for written reports. Students will be encouraged, furthermore, to gather information concerning the methods followed by State and local governments with which they may happen to be familiar. Candidates for Honors in Political Science or for the higher degrees may advantageously use reports thus prepared by them as material for theses.

Course 7a is open to students who have taken Economics 1

7b1 hf. The Theory and Methods of Taxation, with special reference to local taxation in the United States. Half-course (first half-year). Tu., Th., Sat. at 10. Professor Bullock (Williams College).

In this course both the theory and practice of taxation will be studied. Attention will be given at the outset to the tax systems of England, France, and Germany; and the so-called direct taxes employed in those countries will receive special consideration. After this, the principles of taxation will be examined. This will lead to a study of the position of taxation in the system of economic science, and of such subjects as the classification, the just distribution, and the incidence of taxes. Finally, the existing methods of taxation in the United States will be studied, each tax being treated with reference to its proper place in a rational system of federal, state, and local revenues.

Written work will be required of all students, as well as a systematic course of prescribed reading. Candidates for Honors in Political Science and for the higher degrees will be given the opportunity of preparing theses in substitution for the required written work.

Course 7b is open to students who have taken Economics 1.

Source: Harvard University Archives. Official Register of Harvard University 1901-1902, Box 1. Bound volume: Univ. Pub. N.S. 16. History, etc. Faculty of Arts and Sciences, Division of History and Political Science comprising the Departments of History and Government and Economics (June 21, 1901), pp. 43-44.

_____________________

Final Examinations

ECONOMICS 7a
FINANCIAL ADMINISTRATION

  1. How is budgetary legislation prepared in France, in England and in the United States? In which country are the best results attained?
  2. At what time of the year is the budget prepared and enacted in France, England, Germany, Italy, Belgium, Prussia, and the United States? Why is the time of preparation and adoption an important consideration?
  3. Compare methods of budgetary legislation in England with those prevailing in France.
  4. Describe and criticize federal budgetary procedure in the United States?
  5. What part do supplementary, or deficiency, appropriations play in France, in England, and in the United States?
  6. Compare the English and French methods of accounting. What method is followed in the United States?
  7. What are the methods of collecting and issuing public money in England?
  8. What methods of collection and issue are followed in the United States?
  9. Compare the auditing methods of England, France, and the United States?
  10. Why are unity and universality important elements in any good budget system?

Source: Harvard University Archives. Mid-year examinations, 1852-1943. Box 6. Bound Volume: Examination Papers, Mid-years 1901-1902.
Also included in: Examination Papers, 1873-1915. Box 6, Bound volume Examination Papers, 1902-03Papers Set for Final Examinations in History, Government, Economics, Philosophy,… in Harvard College(June, 1902), pp. 26-27.

ECONOMICS 7b
TAXATION

  1. Describe the land taxes of France, Prussia, and Great Britain.
  2. Compare the French and the Prussian business taxes.
  3. Discuss the British income tax, giving special consideration to methods of administration and to financial results.
  4. In a similar manner discuss the Prussian income tax.
  5. Discuss briefly the customs taxes of Great Britain, France, and Germany.
  6. Describe the excise taxes of the same countries.
  7. What reasons are there for thinking that a tax on rent can not be shifted? Discuss the incidence of an excise tax on each unit of the product of an industry.
  8. What arguments are advanced for and against progressive taxation?
  9. Discuss the shortcomings of the property tax in the United States: (a) with reference to the taxation of realty; (b) with reference to the taxation of personalty.
  10. Describe the corporation taxes of Massachusetts.

Source:  Harvard University Archives. Mid-year examinations, 1852-1943. Box 6. Bound Volume: Examination Papers, Mid-years 1901-1902.
Also included in: Examination Papers, 1873-1915. Box 6, Bound volume Examination Papers, 1902-03Papers Set for Final Examinations in History, Government, Economics, Philosophy,… in Harvard College(June, 1902), pp. 26-27.

Image Source: Williams College, The Gulielmensian 1902, Vol. 45, p. 26. Colorized by Economics in the Rear-view Mirror.

Categories
Exam Questions Harvard Principles

Harvard. Principles of Economics. Description, Enrollment, Exam Questions. Andrew, Mixter, and Sprague. 1901-1902

 

With the expansion of economics course offerings at Harvard going into the 20th century, Economics in the Rear-View Mirror will continue its collection of semester examinations but limiting each post in the series to a single course per year. This post brings together material from four different sources (announcement, enrollment, mid-year exam and final-year exam) for the first course in economics “Outlines of Economics” that was taught in sections by five instructors in 1901-1902. Frank W. Taussig was on leave in Europe that year which is the reason the course was entrusted to the experienced junior hands of Abram Piatt Andrew and Oliver Mitchell Wentworth Sprague.

The complete battery of 1900-01 course exams can be found in a previous post.

The course material for the 1902-03 academic year has been posted too.

______________________________ 

Course Announcement

…Course 1 is introductory to the other courses. It is intended to give a general survey of the subject for those who take but one course in Economics, and also to prepare for the further study of the subject in advanced courses. It is usually taken with most profit by undergraduates in the second or third year of their college career. Students who plan to take it in their first year are strongly advised to consult the instructor in advance. History 1 or Government 1, or both of these courses, will usually be taken to advantage before Economics 1…

Primarily for Undergraduates

  1. Outlines of Economics. — Lectures on Social Questions and Monetary Legislation. Mon., Wed., Fri., at 9.Drs. [Instructor in Political Economy, Abram Piatt] Andrew [Jr.] and [Instructor in Political Economy, Oliver Mitchell Wentworth] Sprague, and Messrs. [Instructor in Political Economy, Charles] Beardsley and [Austin Teaching Fellow, James Horace] Patten.

Course 1 gives a general introduction to economic study, and a general view of Economics for those who have not further time to give to the subject. It undertakes a consideration of the principles of production, distribution, exchange, money, banking, and international trade. Social questions and the relations of labor and capital, and the recent currency legislation of the United States, will be treated in outline.

Course 1 will be conducted partly by lectures, partly by oral discussion in sections. A course of reading will be laid down, and weekly written exercises will test the work of students in following systematically and continuously the lectures and the prescribed reading. Large parts of Mill’s Principles of Political Economy, of Walker’s Political Economy (advanced course), and of Dunbar’s Theory and History of Banking will be read; and these books must be procured by all members of the Course.

Source: Harvard University Archives. Annual Announcement of the Faculty of Arts and Sciences, Division of History and Political Science comprising the Departments of History and Government and Economics (June 21, 1901).  Official Register of Harvard University 1901-1902. Box 1. Bound volume: Univ. Pub. N.S. 16. History, etc. pp. 35-36.

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Course Enrollment

Primarily for Undergraduates:—

[Economics] 1. Drs. [Instructor in Economics, Abram Piatt] Andrew [Jr.], [Assistant in Economics, Charles Whitney] Mixter, and [Instructor in Economics, Oliver Mitchell Wentworth] Sprague, and Messrs. [Austin Teaching Fellow, James Horace] Patten and [Assistant in Economics, Gilbert Holland] Montagne. — Outlines of economics.

Total 432: 19 Seniors, 79 Juniors, 239 Sophomores, 37 Freshmen, 58 Others.

Source: Harvard University. Report of the President of Harvard College, 1901-1902, p. 77.

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Mid-year Examination 1902
ECONOMICS 1

Arrange your answers strictly in the order of the questions.

  1. A man increases his capital by saving which involves diminution of his consumption, but his capital can be used only by being consumed. Explain.
  2. What is over-population? What is under-population? Some years ago British India had 200 inhabitants to the square mile; Belgium 469; Rhode Island 254. Which came nearer to over-population and which to under-population?
  3. Why are the wages of servants higher in the United States than in England for the same grade of service?
  4. How does Hadley’s justification of rent resemble that of profits? Does Mill differ from Hadley in regard to the “unearned increment”?
  5. To what other conceptions than that of return from land has the notion of “rent” been applied?
    Explain the analogy between these various sorts of “rent.”
  6. Which of Mill’s laws of value is applicable to
    1. iron ore
    2. shoes
    3. typewriters
    4. street railway fares
    5. postage stamps.

State the law of value governing each case.

  1. A member of Congress maintained that there was not money enough in the country, using the following argument: “Our currency must keep pace with our growth as a nation … France has a circulation per capita of thirty dollars: England, of twenty-five: and we with our extent of territory and improvements, certainly require more than either.” State your opinion of this argument.
  2. When it is asserted that the value of gold rose 40% or 50% between 1873 and 1896, what are the various methods by which such a measurement of the amount of appreciation is affected? Point out the limitations of these methods.
  3. Consider the monetary history of the United States since 1860 with reference to the quantity theory?

Source: Harvard University Archives. Mid-year examinations, 1852-1943. Box 6. Bound volume: Examination Papers, Mid-Years 1901-02.

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Year-end Examination 1902
ECONOMICS 1

Arrange your answers in the order of the questions. One question in each group may be omitted.

I.
Answer two.
  1. Are the private ownership of capital, and the payment of interest on capital justified when it is said that interest is the reward of abstinence? If so, in what manner? If not, why not?
  2. Explain what Hadley means when he says that “economic rent and net profit are differential gains.”Does Mill differ from Hadley in regard to these subjects?
  3. What groups of persons are favored by rising prices? by falling prices?
II.
Answer two.
  1. Suppose that labor became twice as productive as it is in all of our industries, what would be the probable effect upon the prices and values of the articles we import? Distinguish between the immediate and the ultimate effects.
  2. It is frequently urged that the high rate of wages prevailing in the United States disables this country from competing with “the pauper labor” of Europe. Examine the grounds of this statement, and consider how far it forms a justification for protection to American industry.
  3. Suppose the discovery of important gold fields in France. What would be the effect upon her foreign trade?
III.
Answer two.
  1. What is the difference between a commercial bank and a savings bank?
  2. “As the exchange of checks through the Clearing House has had results far beyond the mere gain in convenience and safety to which the practice owes its origin, so the redemption of notes by some corresponding mode has important bearings of much greater scope than the convenience of banks in maintaining their issues, and quite independent of any question as to the security of the currency. (Dunbar, p. 74). Explain the system suggested, and the particular advantage referred to.
  3. “The notion is often entertained that the national banks have some peculiar opportunity for making a double profit, by receiving both interest earned by their bonds, and interest earned by the loan of the notes issued upon the bonds” (Dunbar, p. 180).
    Comment upon this.
IV.
Answer three.
  1. Do prices fluctuate because men speculate, or do men speculate because prices fluctuate?
  2. Would the country gain or lose from the abolition (1) of the “produce exchanges”? (2) of the “stock exchanges”? Give reasons in each case.
  3. Assuming that a combination has secured a monopoly, what influences would tend to check an indefinite increase in prices? Illustrate the varying operation of these influences in the case of diamonds, petroleum, and iron and steel.
  4. Discuss the economic effects of the immigration of unskilled labor to the United States?

Source: Harvard University Archives. Examination Papers, 1873-1915. Box 6. Papers set for Final Examinations in History, Government, Economics… in Harvard College (June 1902) included in the bound volume: Examination Papers 1902-03.

Image Sources: Abram Piatt Andrew (1920) from Wikimedia Commons. O.M.W. Sprague from Harvard Class Album 1920, p. 25.