The 1883-84 academic year at Harvard marked a notable expansion in economics course offerings. That year the third course (on practical economic questions) was taught by J. Laurence Laughlin. According to the brief description included in the annual report of the Harvard College President, it appears that the first semester was devoted to “the general question of Bimetallism”. Unfortunately, I haven’t yet found the mid-year final examination for the first semester. However, I have found a copy of the end-of-year final exam covering government policy regarding sea transportation and paper currency. Those questions have been transcribed and are included below.
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Course Enrollment
Political Economy 3. Prof. Laughlin. Discussion of Practical Economic Questions. — Theses and lectures on the general question of Bimetallism, on its history, and on the production of gold and silver. — Lectures on the Navigation Laws and American shipping, and on the relative advantages of government issues and national bank notes.
Total 7: 1 Graduate, 6 Seniors.
Source: Harvard University. Report of the President of Harvard College, 1883-1884, p. 71
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POLITICAL ECONOMY 3.
[Year-end Examination. June 1884]
- Discuss the effects of the English Navigation Acts of 1651 on English and Dutch shipping.
- Explain the following terms: enumerated articles, Pacte colonial, droit de tonnage, surtaxe de pavillon, surtaxe d’entrepôt.
- Describe the causes which led to the American Navigation Laws. State some of the existing anomalies in their provisions.
- To what do you ascribe the decline of our merchant marine? What is our position in regard to wooden sailing vessels since 1869?
- Discuss the argument that so long as foreigners carry our goods, this country is paying them a tribute for freight which is an utter loss to us.
- In looking at the history of the issues of paper money by the two United States Banks and the State Banks, which have furnished the safest currency? Why?
- Describe the workings of the New York Banking Act of 1838, and its results. Of what was this legislation the natural outcome?
- In the provisions of the National Banking Act of 1864, what are the exact provisions as to immediate, and ultimate redemption of notes? Is convertibility secured?
- Explain the operations by which the national banks can now contract their issues. Does this furnish an “elastic currency” since the passage of the Free Banking Law?
- Discuss the main disadvantages of a government paper money. By what interpretation of the Constitution has the recent decision of the Supreme Court declared the post-bellum issues constitutional?
- What are the merits of the Potter Bill now pending in the present Congress?
Source: Harvard University Archives. Harvard University Examination Papers, 1873-1915. Box 2. Bound Volume: Examination Papers 1883-1886. Papers set for Final Examinations in Rhetoric, Philosophy, Political Economy, History, Roman Law, Fine Arts, and Music in Harvard College (June, 1884), pp. 9-10.
Image Source: Portrait (1885-88) of James Lawrence Laughlin. Harvard Art Museums/Fogg Museum, Transfer from the Carpenter Center for the Visual Arts.