Tag: Swain

Early economics course offerings for Harvard, Columbia, Chicago, and a guide to graduate economics study at 23 universities from 1898 have been posted earlier. Today’s post for the University of Wisconsin serves as a reminder of the humble scale of economics departments just(?) 125 years ago: one professor (Ely), one associate professor (Scott), an instructor (Kinley) and two teaching fellows (Swain and Hubbard) covered the sixteen economics courses offered at the University of Wisconsin then. It is also worth noting the disciplines of the academic triplet joined at the hips: School of Economics, Political Science, and History. Finally I note that of three scholarships offered at the school, one was reserved for women.

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Richard T. Ely

Richard T. Ely, the illustrious Director of the School of Economics, Political Science and History of the University of Wisconsin, was born in Ripley, New York, April 13, 1854. In 1876 he graduated from Columbia College, and, as the holder of the Graduate Fellowship of Letters in that institution, spent the next three years abroad in the study of social science, taking the degree of Ph.D. at Heidelberg in 1879. For several years he lectured in Cornell, Johns Hopkins and other Eastern colleges, and in 1885 Dr. Ely went to the associate chair of Political Economy at Johns Hopkins University, which institution he left to become the Director of the new School of Economics in Wisconsin University at the opening of the present college year.

Dr. Ely can receive no eulogy at our hands. His fame is world-wide, and the prosperity of the department under his control attests his powers of organization and successful management. The foundation of this school has been the beginning of a new order of things in the Universsity. A superior class of post-graduate effort has come under the direction of Dr. Ely, and the University of Wisconsin has attracted students from the far East and from the West.

Dr. Ely’s own writings need no comment. His field is large and accurately sustained. He stands foremost in the ranks of the new-school writers on econoimcs, and he has done much to advance economic study to its present enviable position of wide sympathies and scholarly effort.

David Kinley.

David Kinley was born in Dundee, Scotland, August 2, 1861. He came to this country at the age of twelve, and was fitted for college at Phillips Academy, Andover, Massachusetts, graduating from Yale in 1884. For the next six years Mr. Kinley was prinipal of the High School of North Andover, Mass. He then studied a year in Johns Hopkins, and at the end of that time was elected instructor in History and Political Economy in that institution, and instructor in Political Economy and Logic at the Woman’s College, Baltimore. At the beginning of the present college year Mr. Kinley came to the University of Wisconsin as fellow and instructor in the School of Economics.

[Note: David Kinley’s Ph.D. thesis (1892-93) at Wisconsin, “The Independent Treasury”.]

Willam A. Scott

Prof. W. A. Scott was born in Clarkson, Monroe County, New York, April 17, 1862. When sixteen years of age he entered the State Normal School at Brockport, New York, from which he was graduated in June, 1882. In the fall of the same year he entered the University of Rochester, and received therefrom in 1886 the degree of B.A., and a scholarship in political science. The latter was granted for success in a competitive examination on the works of Bluntschli and certain selected French writers on political economy.

During a portion of the academic year 1884-5 Prof. Scott occupied temporarily the position of instructor in Latin and Greek to the Normal School at Oswego, N.Y. The year following his graduation he spent in post-graduate study, occupying at the same time the position of librarian of the Reynolds Library at Rochester. In the spring of 1887 he was appointed Professor of History and Political Economy in the University of South Dakota, and after occupying this position for three years he was granted leave of absence to complete his course of post-graduate study. He entered Johns Hopkins University in October, 1890, was appointed instructor in that institution in January, 1891, and in June, ’92, received the degree of Doctor of Philosophy. Since September, 1892, he has occupied the position of Assistant Professor of Political Economy in the University of Wisconsin.

Besides numerous articles published in the newspapers and periodicals, Prof. Scott has in process of publication at the present time by T. Y. Crowell & Co. of New York, a book entitled: “The Repudiation of State Debts in the United States”.

Prof. Scott is a member of the Alpha Delta Phi and Phi Beta Kappa fraternities.

Source: The University of Wisconsin yearbook, The Badger 1894, pp. 26-29. Portraits inserted between pp. 26 and 27.

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Faculty and Courses of Instruction
1893-1894

Officers of Instruction.

CHARLES KENDALL ADAMS, LL.D., President of the University.
RICHARD T. ELY, Ph.D., L.L.D., Director and Professor of Political Economy.
JOHN B. PARKINSON, A.M., Professor of Constitutional and International Law.
FREDERICK J. TURNER, Ph.D., Professor of American History.
CHARLES H. HASKINS, Ph.D., Professor of Institutional History.
WILLIAM A. SCOTT, Ph.D., Associate Professor of Political Economy.
VICTOR E. COFFIN, Ph.D., Assistant Professor of European History.
DAVID KINLEY, Ph.D., Instructor in Administration and Political Science, and Lecturer on Money and Banking.
H. H. SWAIN, A.B., Fellow in Economics.
CHARLES M. HUBBARD, A.B., Fellow in Finance.
O. G. LIBBY, B.L., Fellow in History.

Introductory.

The purpose of the school is to afford superior means for systematic and thorough study in economics, political and social science and history. The courses are graded and arranged so as to meet the wants of students in the various stages of their progress, beginning with the elementary and proceeding to the most advanced work. They are also designed to meet the wants of different classes of students; as, for instance, those who wish to enter the public service, the professions of law, journalism, the ministry or teaching, or those who wish to supplement their legal, theological, or other professional studies with courses in social science or history. Capable students are encouraged to undertake original investigations, and assistance is given them in the prosecution of such work through seminaries and the personal guidance of instructors. A means for the publication of the results of investigations of merit and importance is provided in the University studies, the expense of which is met by the state.

Courses of Instruction.

I. ECONOMICS.

1. The Principles of Political Economy. — A survey of the principles of political economy in their present state. Emphasis will be laid upon the sociological character of the science and upon the importance of the subjective standpoint in the explanation of economic phenomena. — Ely’s Outlines of Economics. — Three hours per week during the fall term. — ASSOCIATE PROFESSOR SCOTT and MR. SWAIN.
2. The Classical Economists. — A study of the development of economic theory as exhibited in the writings of Adam Smith, Ricardo, Mill and Cairnes. Characteristic parts of the writings of these authors will be assigned to the students for careful study, and conversational lectures will be given for the purpose of summarizing, systematizing and supplementing the class discussions. Three hours per week during the winter term. — Associate PROFESSOR SCOTT.
3. Money and Banking. — A study of the functions and history of money and banks and of the problems connected therewith. Especial attention will be given to the history of bi-metallism in this country and Europe, to the various banking systems of the world, and to our own monetary and banking problems. — Walker’s “Money, Trade and Industry,” Laughlin’s “History of Bi-metallism in the United States,” and Dunbar’s “The History and Theory of Banking.” — Three hours per week during the spring term. — ASSOCIATE PROFESSOR SCOTT.
4. Practical Economic Questions. — Socialism, Communism, Co-operation, Profit Sharing, Labor Organizations, Factory Legislation and similar topics will be discussed in this course. Its aim is to familiarize students with the problems of our social life and the plans suggested for their solution, and to give them actual practice in the investigation of such topics. — Three hours per week during the winter term. — MR. SWAIN and MR. HUBBARD.
5. The Financial History of the United States. — A survey of the financial legislation and experiences of the United States, including the finances of the Colonies and the Revolutionary epoch. — Three hours per week during the spring term. — MR. HUBBARD.
6. Distribution of Wealth. — Rent, interest, profits and wages. Plans which have been advocated for bringing about what their authors regard as a better distribution of wealth will be discussed. — Two hours per week throughout the year. — PROFESSOR ELY.
7. History of Economic Thought. — The history of economic theories in classical antiquity will be sketched; their development under the influence of the Christian era and the middle ages to the time of the Mercantilists will be discussed at greater length. The rise and growth of economics as a distinct branch of social science. Existing schools of economic thought. — Three hours a week during the winter term. — PROFESSOR ELY.
8. Theories of Value and Interest. — History of value and interest theories down to the present day. The seminary method of instruction will be employed, and each student will be expected to study critically the writings of the theorists examined. — Twice a week throughout the year. – ASSOCIATE PROFESSOR SCOTT.
9. Theories of Rent, Wages and Profits. — A critical study of the history of these theories conducted in the manner described in the previous course. — Twice a week throughout the year. — ASSOCIATE PROFESSOR SCOTT.
10. Theory of Exchange. — The history, methods and theory of domestic and foreign exchange will be considered in this course, under the two following heads:
    1. Money. — This is an advanced course, open only to those who have done the equivalent of courses 1, 2 and 3. In it a knowledge of the history of money will be assumed, and attention devoted to the critical consideration of such topics as the international movement of the precious metals, the theory of prices, bimetallism, paper money, etc. — Two hours a week throughout the winter term. — MR. KINLEY.
    2. Banking. — This is also an advanced course. The history, theory and practice of banking will be studied, including a comparison of the existing banking systems of different countries, the theory of credit, bank paper, the management of stringencies and panics, and the proper attitude of government towards the banking business. – Two hours a week throughout the spring term. – MR. KINLEY.
11. Socialism. — Historical account of its origin, followed by a critical examination of its nature, strength and weakness. — Three hours per week during the fall term.— PROFESSOR ELY.
12. Business Corporations. — The nature and economic functions of corporations, including a sketch of their origin and history. Lectures. — One hour per week during fall term. — MR. HUBBARD.
13. The Economics of Agriculture. — A discussion of those economic topics which are of especial interest and importance to farmers. This course is designed primarily for the students of the college of agriculture, though any student who desires may be admitted. — Lectures.—One hour per week during the winter term.—ASSOCIATE PROFESSOR SCOTT.
14. American Taxation. — Brief examination of federal taxation and a more detailed study of taxation in American states and cities. — Three times per week during the spring term. — PROFESSOR ELY.
15. Sociology. — This course will consist of an historical study of the nature and principles of growth of the social body, and of a critical investigation of the positivist, the synthetic, the evolutionary, and other theories of society. — Three times a week throughout the fall term. — MR. KINLEY.
16. Economic Seminary. — This is designed primarily for advanced students who wish to carry on special investigations under the guidance which the department affords. Each student, with the consent of the instructors, may select a topic of investigation for himself, or one may be assigned him connected with the subject selected for the main seminary work of the year. The subject for 1893–94 will be American Taxation. A subordinate feature of the seminary work will be the review of recent books and important articles published in the periodicals. — PROFESSOR ELY and ASSOCIATE PROFESSOR SCOTT.

ARRANGEMENT OF COURSES.

Of the above courses, 1, 2, 3, 4, 5, and 12 are elementary. All beginners will take course 1; for those who wish to make a more special study of political economy, — with a view, possibly, of making it their major subject of study, — course 1 will be followed by courses 2 and 3 and these by course 6; those who expect to do most of their work in other departments, but desire such a knowledge of economic science as is needed for purposes of general culture and the proper performance of the duties of citizenship are advised to take courses 4 and 5 after course 1. Special students in economics are also urged to take courses 4 and 5 during the first year of their economic study, if their time will permit. Courses 7, 8 and 9 are theoretical. Course 7 is designed to furnish students with a general knowledge of economic literature and the general features of the development of economic thought. Courses 8 and 9 furnish opportunity for critical and exhaustive study of the most important economic theories, and are designed to cultivate the power of independent judgment; in other words, to equip competent students for original work in the domain of economic theory.

At least courses 1, 2 and 3, or their equivalent, must have been taken as preparation for courses 8 and 9. Graduate students will find it to their advantage to take at least courses 7 and 8, and, if possible, course 9 during the first year of their graduate study. Courses 10, 11, 12 and 14 furnish training in the application of economic principles to the affairs of practical life.

II. HISTORY
[11 courses listed…]

III. POLITICAL SCIENCE
[7] Courses by Professor Parkinson
[…]

ADMINISTRATION
[3] Courses by Mr. Kinley
[…]

Library Facilities

The General University Library, including the department libraries catalogued therewith, contains about 29,000 volumes and 8,000 pamphlets. About 200 of the best American and Foreign periodicals are taken. The College of Law has a special library of 2,300 volumes, and in addition students have access to the state law library, containing about 25,000 volumes, and to the city library of Madison, containing a well-selected collection of over 12,000 volumes.

The library of the State Historical Society contains about 76,000 volumes and 77,000 pamphlets. It is exceptionally rich in manuscript and other material for the study of the Mississippi valley. The collections of the late Lyman C. Draper are included in this library. Its files of newspapers and periodicals are among the most complete in the United States. There are over 5,000 volumes of bound newspapers published outside of Wisconsin, and the files cover, with but few breaks, the period from the middle of the seventeenth century to the present.

There is an excellent collection of United States government documents, and the material for the study of American local history, Western travel, the Revolution, Slavery, and the Civil War, is unusually abundant. In English history the library possesses the Calendars of the State Papers, the Rolls Series, and other important collections, including works on local history. The Tank collection (Dutch) offers facilities for the study of the Netherlands. The library of the Historical Society is accessible to students of the University, and thus affords exceptional facilities for the prosecution of advanced historical work. The Historical and Economic Seminaries have been generously granted special facilities in the rooms of the library. The Historical, State, University and City libraries afford duplicate copies of books most in use, and to a large extent supplement one another.

During the year 1892–93 the Regents of the University appropriated five thousand dollars for the supply of special works for the use of the seminary students of the school. The works supplied by this fund afford good facilities for investigations of an advanced nature.

These library facilities are unsurpassed in the interior, and equaled by very few institutions in the country.

Fellowships and Scholarships.

The University offers nine annual fellowships of $400 each, which are open to general competition without restriction except in one instance. During the current year three scholarships of $150 each will be awarded to members of the school. One of these is furnished by the Woman’s Club of Madison, and is open only to Women.

For further information, address

PROFESSOR RICHARD T. ELY,
Director,

Or the
REGISTRAR OF THE UNIVERSITY.

Source:  University of Wisconsin. School of Economics, Political Science, and History. Announcement for 1893-94 (Madison, Wis., 1893), pp. 3-8, 14-15.

Images Source: The University of Wisconsin yearbook, The Badger 1894.