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Economists Exam Questions Harvard Labor

Harvard. Enrollment, Course description, Final exam. Problems of Labor. Ripley and Custis, 1904-1905

Professor William Zebina Ripley of Harvard had comfortably settled in his fields of statistics, labor problems and corporate finance/industrial organization by 1904-05. In that year he co-taught his labor course with his dissertation student Vanderveer Custis, who went on to teach economics at the University of Washington and later at Northwestern University where he attained professorial rank.

Fun fact: According to the 1907 University of Washington yearbook Tyee (p. 22), Assistant Professor of Economics Vanderveer Custis was a lineal descendant of Martha Custis Washington.

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Other Labor Related Posts
for William Z. Ripley

Problems of Labor and Industrial Organization, 1902-1903.

Problems of Labor, 1903-1904.

Short Bibliography of Trade Unionism, 1910.

Short Bibliography of Strikes and Boycotts, 1910.

Trade Unionism and Allied Problems, 1914-1915.

Problems of Labor, 1931.

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Vanderveer Custis
[1878-1961]

Chicago, June 17. Vanderveer Custis, Emeritus Professor of Economics at Northwestern University, died today in a rest home in Arlington Heights. He was 82 years old.

Mr. Custis studied at Harvard University, where he took degrees of Bachelor of Arts [1901], Master of Arts [1902] and Doctor of Philosophy [1905].

He taught economics at the University of Washington from 1905 until 1922, when he went to Northwestern as Associate Professor of Economics. He was made a full professor in 1937 and retired in 1944.

Source: New York Times (18 June 1961).

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Vanderveer Custis
Ph.D. exams

Special Examination in Economics, Wednesday, June 7, 1905.
General Examination passed May 20, 1904.
Committee: Professors Taussig (chairman), Ripley, Bullock, Sprague, and Wyman.
Academic History: Harvard College, 1897-1901; Harvard Graduate School, 1901-04; A.B. (Harvard) 1901; A.M. (ibid.) 1902.
Special Subject: Industrial Organization.
Thesis Subject: “The Theory of Industrial Consolidation.” (With Professor Ripley).

Source: Harvard University Archives. Harvard University, Examinations for the Ph.D. (HUC 7000.70), Folder “Examinations for the Ph.D., 1904-1905”.

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Course Enrollment
1904-05

Economics 9a 1hf. Professor [William Zebina] Ripley and Mr. [Vanderveer] Custis. — Problems of Labor.

Total 128: 10 Graduates, 29 Seniors, 59 Juniors, 23 Sophomores, 7 Others.

Source: Harvard University. Report of the President of Harvard College, 1904-1905, p. 75.

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Course Description
1904-05

[Economics] 9a 1hf. Problems of Labor. Half-course (first half-year). Tu., Th., Sat., at 1.30. Professor Ripley.

The work of this course will be concerned mainly with the economic and social questions relating to the relations of employer and employed, with especial reference to legislation. Among the topics included will be the following, viz.: methods of remuneration, profit sharing, cooperation, collective bargaining; labor organizations; factory legislation in all its phases in the United States and Europe; strikes, strike legislation and legal decisions, conciliation and arbitration; employers’ liability and compulsory compensation acts; compulsory insurance with particular reference to European experience; provident institutions, friendly societies, building and loan associations; the problem of the unemployed; apprenticeship, and trade and technical education.

Each student will be expected to make at least one report upon a labor union, from the original documents. Two lectures a week, with one recitation, will be the usual practice.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1904-05 (May 16, 1904), p. 43.

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ECONOMICS 9a1
Year-end Examination, 1904-05

  1. State two objections to a general policy of insurance against unemployment, as tried in Switzerland.
  2. What peculiar trade conditions may make the National Union outweigh the locals in importance? Illustrate.
  3. State the two principal grounds on which employees were first denied damages for injuries about 1837.
  4. As a commercial venture how does compulsory insurance, as in Germany, differ from ordinary insurance, as it exists in the United States.
  5. What is the present status of the “closed shop” before English and American courts?
  6. In what respects does the British Trades Union Congress differ from the Annual Convention of the British Federation of Labor?
  7. What were the main causes of the downfall of the Knights of Labor? How is the American Federation protecting itself in these regards?
  8. How far has arbitration in labor disputes by governmental agency proceeded in the United States?

Source: Harvard University Archives. Harvard University, Examination Papers 1873-1915. Box 7, Bound volume: Examination Papers, 1904-05;  Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1905), pp. 29-30.

Image Source: The 1907 edition of the University of Washington yearbook, Tyee.

Categories
Columbia Economics Programs

Columbia. Trustee behind the establishment of the School of Political Science. Ruggles, 1880

 

Today’s post introduces us to someone who was critical in creating the institutional infrastructure that promoted the development of economics at Columbia University. Samuel Bulkley Ruggles wanted political economy and public policy to be taught and as a trustee of Columbia College worked to have John W. Burgess hired in the first place and then supported Burgess’s plan to form a faculty of political science to fit between the School of Arts and the School of Law. There in the School of Political Science founded in 1880 would be the origins of the department of economics (sociology, mathematical statistics, public law, international institutes etc, etc).

Note: As far as the curator of Economics in the Rear-view Mirror can determine, there is no relation between Samuel Bulkley Ruggles and the Ruggles dynasty of modern economics.

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Biography of Columbia Trustee,
Samuel Bulkley Ruggles

RUGGLES, Samuel Bulkley, lawyer, b. in New Milford, Conn., 11 April, 1800; d. on Fire island, N. Y., 28 Aug., 1881. He removed at an early age to Poughkeepsie, was graduated at Yale in 1814, studied law in the office of his father, Philo, who was surrogate and district attorney at Poughkeepsie, and was admitted to the bar in 1821. He was elected a member of the assembly of 1888, and, as chairman of the committee on ways and means, presented a “Report upon the Finances and Internal Improvements of the State of New York,” which led the state to enter upon a new policy in its commercial development. This report proposed to borrow sums of money sufficient to enlarge the Erie canal within five years, and not, as had been at first decided, to rely upon part of the tolls to pay for the enlargement while waiting twenty years. The enlargement was not made at once, but Mr. Ruggles’s views, which were much assailed, were amply vindicated by the event. He was a commissioner to determine the route of the Erie railroad, and a director in 1833-’9, a director and promoter of the Bank of commerce in 1839, commissioner of the Croton aqueduct in 1842, delegate from the United States to the International statistical congresses at Berlin in 1863 and the Hague in 1869, U. S. commissioner to the Paris exposition of 1867, and delegate to the International monetary conference that was held there. He laid out Gramercy park, in the city of New York, in 1831, gave it its name, and presented it to the surrounding property-owners. He also had a considerable influence upon shaping Union square, where he resided, and he selected the name of Lexington avenue. He was for a long term of years a trustee of the Astor library, and he held the same office in Columbia college from 1836 till the end of his life. He was also a member of the Chamber of commerce of the state of New York, and of the General convention of the Protestant Episcopal church.

Mr. Ruggles’s claim to distinction rests chiefly upon his canal policy, and the steadfast attention that he continued to give to the Erie canal, both as a private citizen during his life and as canal commissioner, in which office he served from 1840 till 1842, and again in the year 1858. Yale gave him the degree of LL.D. in 1859. Among his numerous printed papers are “Report upon Finances and Internal Improvements” (1838); “Vindication of Canal Policy” (1849); “Defence of Improvement of Navigable Waters by the General Government” (1852); “Law of Burial” (1858); “Report on State of Canals in 1858” (1859); reports on the Statistical congress at Berlin (1863), the Monetary conference at Paris (1867), and the Statistical congress at the Hague (1871); “Report to the Chairman of the Committee on Canals” (1875); and a “Consolidated Table of National Progress in Cheapening Food” (1880).

Source: Appletons’ Cyclopædia of American Biography, edited by James Grant Wilson and John Fiske, Vol. 5, Pickering-Sumter (New York: D. Appleton & Company, 1888), pp. 343-344.

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Research tip

Ruggles of New York: A Life of Samuel B. Ruggles by Daniel Garrison Brinton Thompson (New York: Columbia University Press, 1946).  Includes a bibliography primary and secondary sources regarding Samuel Bulkeley Ruggles.

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Excerpt from Joseph Dorfman’s 1955 History of the Economics Department of Columbia

…In 1876, four years after [Francis] Lieber’s death, John W. Burgess was called from Amherst to revive Lieber’s work in the College as well as in the School of Law; it was expected that he would teach political economy. The subject was especially important in the eyes of Samuel B. Ruggles, the Trustee who led this movement for the revival of Lieber’s chair and who was well aware of the developments at Yale, Harvard, and abroad. A lawyer by profession, with extensive business interests, Ruggles was genuinely interested in the advancement of learning in general and political economy in particular. He had a reputation as a statistician, especially in monetary matters. He had served as American Commissioner to a number of international statistical and monetary conferences, had taken an active interest in the enactment of the Coinage Act of 1873, and was one of the leaders in the subsequent controversy over bimetallism.

To Ruggles, Burgess looked like the right person to teach political economy, for Burgess had taught the subject at Knox College from 1869 to 1871 as Professor of English Literature and Political Economy and had subsequently studied at Leipzig under Wilhelm Roscher, the foremost figure in the German historical school of economics. Burgess felt, however, that he could not do justice to the field because of his already heavy program, and he proposed that an assistant be secured especially for instruction in economics. A report presented by Ruggles, for the Trustees’ Committee appointed to inquire into the matter, marked the first definite, explicit recognition by a leading institution of the “historical school.” The report, submitted on October 1, 1877, declared that since [Charles Murray] Nairne had not specialized in political economy, he taught it

“…in a rather peremptory way in conformity with the methods of the old text books, in which certain general principles are first assumed to be true, and are subsequently followed out to their natural conclusions by applying to them the processes of logic. That the results thus reached have failed to command general acceptance not merely among the uneducated, but also with many who have made questions of Political Economy the principal study of their lives, is made evident by the widely discordant opinions which continue to be maintained by writers of ability in regard to matters which concern the very fountain springs of national prosperity. Either the truth of the assumed general principles of the theoretic writers is denied, or it is claimed that these principles are only true with so many qualifications and limitations as to render them practically useless. During the past half century, however, there has arisen a school of political economists, principally on the continent of Europe, who have endeavored to apply to this branch of science the same methods which have long been recognized as the only sure methods in physics and natural history, viz., the methods of induction from ascertained facts. These investigators have, with great labor, brought together and classified the immense amount of varied information in regard to the industrial condition of different countries under different systems of legislation gathered by the statistical bureaus of the several governments, and from these have sought to infer, not what on abstract principles ought to be, but what actually is, the system most favorable to industrial development, to growth in national wealth and to the fairest and most equal distribution of the rewards of labor. It was in the hope that these later views of a subject of so vast importance to the future of the world, and especially of our own country, in which questions of public economy must soon absorb the attention of our lawgivers to the exclusion of almost every other, might be introduced into our course of instruction that the Committee of this Board on the course, when, in 1876, it was proposed to appoint a professor of History and Political Science, gave their assent to such appointment on the condition that the professor so appointed should be charged with the duty of giving instruction on Political Economy.”

The report agreed with Burgess’s view that his value lay in the other branches in which he had specialized. Consequently, he should have an assistant to handle political economy. The report went on to point out that there was available for this post a former student of Burgess’s, a man who had for the “past two years been pursuing a course of instruction in Political Economy under the ablest teachers of this Science in Germany.” Accordingly, Richmond Mayo-Smith was, at the same Trustees’ meeting, appointed as an instructor to assist the Professor of History and Political Science. This was the first time in the College’s history that an appointment depended primarily on the candidate’s qualifications in political economy. Two years later he was promoted to Adjunct Professor of History, Political Science and International Law, and in 1883, at the age of twenty-seven, he obtained a full professorship. It is interesting that among the grounds given for his promotion was the fact that he had spent “three entire summers, in recent years, in study with his old instructors at Heidelberg and Berlin.” At first, half his teaching time was devoted to English constitutional history, which he taught until 1890. From the very beginning, however, he tripled the time allotted to the instruction in political economy. To the two-hour, one-semester course required of all juniors he added an elective, two-hour, one-year course for seniors. He gave the juniors “systematic work” with the aid of the familiar elementary textbooks of Fawcett or Rogers and the use of quizzes. For the seniors, however, he used the more sophisticated and advanced Principles of Political Economy of John Stuart Mill, the great codifier of classical economics.* Mayo-Smith supplemented it with lectures on “practical economics” and with “statistical and documentary works” that reflected the controversies over the tariff, bimetallism, greenbacks, the stir over Irish land reform, and Henry George’s single tax. His lecture topics included land tenure in Europe, monetary systems of Europe and America, and the financial history of the United States.

*The term “political economy” was then generally used in official records, but “economics” was often used, certainly as early as 1878. The printed form of the student’s periodical report card sent to the parent, lists “economics.” (See the report entry November 27, 1878, on E.R.A. Seligman, in Seligman Papers.)

Source: Joseph Dorfman, Chapter 9, “The Department of Economics” in A History of the Faculty of Political Science, Columbia University. New York: Columbia University Press, 1955), pp. 169-172.

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Burgess Recounts Ruggles’ Role in the Establishment of the School of Political Science

In the early autumn of 1875 I received from Professor Theodore W. Dwight, warden of Columbia Law School in New York City, a communication to the effect that the trustees of Columbia College had voted to invite me to deliver a course of lectures on political science to the students of the Law School during the following winter and had authorized him to transmit the invitation to me and to request from me an early reply. This was the second or third time that they had made this offer to me. I had declined it on account of lack of time to prepare the course, but now that I was to have no graduate students in the year 1875-76, I accepted the call and occupied all of my surplus time and energy during the autumn of 1875 in constructing the desired lectures. The month of January, 1876, was employed in the delivery of the same. The audiences were very large, consisting of the trustees of the college, members of the faculty, and the students of the Law School.

It was on the occasion of the first lecture that I made the acquaintance of Mr. Samuel B. Ruggles, the chairman of the committee of the trustees on the Law School, one of the most extraordinary men whom it has ever been my privilege to know. Mr. Hamilton Fish once said to me: “Ruggles can throw off more brilliant and pregnant ideas in a given moment than any man I ever saw.” He was then already seventy-five years of age and I but thirty-one, but from the first moment of our meeting we flew together like steel and magnet. He came to every lecture, and at the end of the course he said to me, “You are the man we have been looking for ever since Lieber’s death. You must come to Columbia.”…

… The months of February, March, April, and May of the year 1876 were among the most distressing of my life. Mr. Ruggles was continually writing and urging me to give my consent to his bringing my name before the trustees of Columbia College for election to a chair in that institution. Professor Dwight and President Barnard were doing likewise, and I was inventing all sorts of subterfuges for delay. At last, on the first Monday of May, 1876, the trustees, on recommendation of the committee of which Mr. Ruggles was chairman, backed by the approval of Professor Dwight and President Barnard, unanimously elected me professor of history, political science, and international law, without my having given any assurance of accepting the office. The action of the trustees was so cordial and complimentary that I cannot refrain from transcribing the resolution in the language of their own records. It ran as follows:

At a meeting of the Trustees of Columbia College of the City of New York on Monday, May 1st, 1876, it was

RESOLVED, that during the pleasure of the Trustees the salary of the Professor of History, Political Science and International Law shall be. . . . The Board then proceeded to an election for Professor and on counting the ballots Professor John W. Burgess was found to be unanimously elected.

Whereupon it was

RESOLVED, that Professor John W. Burgess be appointed Professor of History, Political Science and International Law to hold his office during the pleasure of the Trustees.

Notwithstanding this unanimous and hearty invitation, I still hesitated. Towards the end of the month of May I received a letter from Mr. Ruggles and also one from President Barnard urging me to send my answer before the meeting of the trustees on the first Monday of June following. At the last moment, with a heavy heart and many misgivings, I accepted the call….

…With the assistance of Mayo-Smith alone, I had worked on thus through the four years from 1876 to 1880, both in the School of Arts and in the School of Law, with some moderate measure of success, and had learned the obstacles to greater success and had felt the way towards it. My first plan was to have a third year added to the curriculum of the School of Law and expand the courses in political science and public law in the law curriculum. But Professor Dwight was distinctly opposed to this as impairing the practical nature of the law instruction according to his view. The peculiar relation of the Law School to the college at that time, which I have already stated, made his opposition to any project for change therein fatal to the undertaking. In the School of Arts all the time had been assigned to the courses in history and political economy which could be afforded in the stiff, required program of studies then obtaining in this school. No relief could be found there.

There was only one other way out of the cramping, unbearable situation, and that was to found a new faculty and a new school for the study, teaching, and development of the historical, political, economic, and social sciences. This was so progressive an idea that I did not dare to broach it for a long time to anybody. I had learned from experience with the vanity of man, to say nothing of that of woman, that the way to succeed in realizing any idea when it must be done through the will of another or others is to make the person or persons in the controlling position think that the idea emanates from him or them. This is not always an easy thing to do. It requires a good deal of skill in psychology to construct approaches through suggestion to the customary obstinacy and obstructiveness of American character. I felt almost instinctively that the man to whom I should turn was Mr. Ruggles. On the evening of the fifth of April, 1880, I went by appointment to his house, then 24 Union Square, for an interview with him. I found two other men with him, his nephew Mr. Robert N. Toppan and Mr. Toppan’s bosom friend John Durand, the American translator of the works of the French author Taine. At first I thought that their presence would prevent me from saying anything to Mr. Ruggles on the subject which I had been for months revolving in mind. But to my surprise and delight I found that Mr. Ruggles had asked them to come in for the purpose of talking with me on points nearly related to my intended proposition. Toppan had taken great interest in my work in the Law School from the beginning and had founded and endowed an annual prize for the best work in public law and political science, and Durand had just returned from Paris and had been telling Toppan about a project in which some of their French friends were participants. Mr. Ruggles immediately opened the conversation and asked me how things were going in my department. I told him and his visitors very frankly of the obstacles in the way of developing these studies in manner and degree as I thought required in a great republic like ours.

They all listened with great attention and evident interest, and when I finally paused in my account of the situation, Mr. Ruggles spoke up quickly and, as was his habit, with apparent impatience, and said: “Well, I do not see but we shall have to found a school for the political sciences separate from both the School of Arts and the School of Law.” At this my heart leaped with gladness into my throat, and it was with a great effort that I restrained myself from saying, “That is the idea I have been for some time entertaining.” I was happily, however, able to modify this into the reply that this would presumably solve the question, but that I knew of no precedent, except perhaps the faculty of “Cameralwissenschaften,” as it was called, of the German Imperial University at Strasbourg very recently founded. At this Mr. Durand said that he had just returned from Paris and while there had by his friend Taine been introduced to one Émile Boutmy, who, with such publicists as Casimir-Périer and Ribot and several others had just founded in Paris the École libre des sciences politiques and had already put it into successful operation. Mr. Ruggles suggested that I draw up a plan for a separate faculty and school of political science in Columbia College and put it into his hands and go myself immediately to Paris, enter the École libre as a student and study carefully its scheme and methods. This suggestion was seconded by both Mr. Toppan and Mr. Durand.

To me it promised the fulfillment of the hope which had been my life’s guide for more than fifteen years. So soon as proper courtesy would allow, I took my leave and hastened home to begin the draft of the proposed new development and to prepare for my journey to Paris. I did not sleep any that night. I did not even retire to rest, but spent the entire night in my study formulating my project. The next morning I summoned Richmond Mayo-Smith to my house and related to him the results of the conference at Mr. Ruggles’s house on the evening before. He, also, was overjoyed at the turn things had so suddenly taken. We talked over the general outline of the plan which I had drawn up and made a few modifications in it, and he agreed to join me in Paris so soon as his duties at the college would allow. I handed the plan to Mr. Ruggles after a few days of reflection upon it, and he assumed the burden of laying it before the trustees and of securing leave of absence for both Professor Mayo-Smith and myself in order that we might have as full an opportunity as possible to investigate the organization and operation of the École libre in Paris….

…At the meeting of the trustees of the college on the first Monday in May, 1880, Mr. Ruggles secured leave of absence for me to go immediately to Paris for the purpose above mentioned, and for Professor Mayo-Smith to go at the end of the month, and laid the plan for the new faculty and School of Political Science before them. This plan was in outline as follows:

  1. A faculty of Political Science should be created, composed of all professors and adjunct and associate professors already giving instruction in history, economics, public law, and political science to the senior class in the School of Arts and the classes of the School of Law and of such other officers of these grades as might be called to chairs in the new faculty.
  2. The plan provided a program of studies in history, economics, public law, and political philosophy, extending over a period of three years, and for a degree of Ph.B. or A.B. to be conferred upon students completing successfully the curriculum of the first year and of Ph.D. to be conferred upon students completing successfully the curricula of the three years and presenting an approved thesis.
  3. The plan provided, further, that members of the senior class of the School of Arts of Columbia College might elect the curriculum of the first year in the School of Political Science and have it take the place of the senior curriculum in the School of Arts and that members of the School of Law who had advanced successfully to the end of the junior year in any college of equal standing with Columbia might enter the School of Political Science as fully qualified candidates for the degrees conferred by recommendation of the faculty of that school.
  4. It provided, finally, that all “persons, of the male sex, having successfully completed the curricula of the first three years of any American college having the same standing as the School of Arts of Columbia College, were qualified to enter the proposed School as candidates for the degrees conferred upon recommendation by the Faculty of the School.”

Such was, in brief, an outline of the project which Mr. Ruggles laid before the trustees of the college at their regular meeting on the first Monday of May, 1880. The trustees referred the proposition to a committee for examination, report, and recommendation at their meeting to be held on the first Monday of the following June, and also granted leave of absence to Professor Mayo-Smith and myself to go to Paris…

…[In Paris] on Tuesday morning after the first Monday of June, I was awakened by a loud knock on the door of my sleeping room about five o’clock. On going to the door, an American cablegram was handed me. It read: “Thank God, the university is born. Go ahead.” It was signed “Samuel B. Ruggles.” This meant that the trustees of Columbia College had, on the day before, adopted the plan for founding the School of Political Science in the college and had authorized me to invite Edmund Munroe Smith, then student in Berlin, and Clifford R. Bateman, then student in Heidelberg, to join Mayo-Smith and myself in forming the new faculty and putting the new school into operation at the beginning of the academic year 1880-81, in the following October.

Source: John W. Burgess, Reminiscences of an American Scholar (New York: Columbia University Press, 1934), pp. 150-153; 187-192; 194-195.

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Resolution of the Columbia College Trustees to Establish a School of Political Science

§. 4. SCHOOL OF POLITICAL SCIENCE.

June 7th, 1880.

Resolved, That there be established to go into operation at the opening of the academic year next ensuing, a school designed to prepare young men for the duties of public life to be entitled a School of Political Science, having a definitely prescribed curriculum of study extending over a period of three years and embracing the History of Philosophy, the History of the Literature of Political Sciences, the General Constitutional History of Europe, the Special Constitutional History of England and the United States, the Roman Law and the jurisprudence of existing codes derived therefrom, the Comparative Constitutional Law of European States and of the United States, the Comparative Constitutional Law of the different States of the American Union, the History of Diplomacy, International Law, Systems of Administrations, State and National, of the United States, Comparison of American, and European Systems of Administration, Political Economy and Statistics.

Resolved, That the qualifications required of the candidate for admission to this School, shall be that he shall have successfully pursued a course of undergraduate study in this College or in some other, maintaining an equivalent curriculum to the close of the Junior year.

Resolved, That the students of the School, who shall satisfactorily complete the studies of the first year, shall be entitled on examination and the recommendation of the Faculty to receive the degree of Bachelor of Philosophy, and those who complete the entire course of three years, shall on similar examination and recommendation, be entitled to receive the degree of Doctor of Philosophy.

Resolved, That the annual tuition fee required of students of this School shall be one hundred and fifty dollars ($150).

Resolved, That Edmund Munroe Smith be appointed Lecturer on Roman Law in the School of Political Science, to enter upon his duties on the first day of October next, and to hold office for one year, or during the pleasure of the Board, at a compensation of fifteen hundred dollars ($1,500) per annum.

Resolved, That Clifford Rush Bateman be appointed Lecturer on Administrative Law and Government in the School of Political Science, to enter upon duty on the first day of October, 1881, and to serve for the term of one year, or during the pleasure of the Board, at a salary of fifteen hundred dollars ($1,500) per annum.

Source: Columbia College. Resolutions of the Trustees, Volume VIII, 1880-85, pp. 140-141.

Image Source: Appletons’ Cyclopædia of American Biography, edited by James Grant Wilson and John Fiske, Vol. 5, Pickering-Sumter (New York: D. Appleton & Company, 1888), p. 344.

Categories
Exam Questions Harvard Money and Banking

Harvard. Historical and comparative look at banking systems. Enrollment, course description, final exam. Sprague, 1904-1905

Oliver Mitchell Wentworth Sprague taught the banking course that together with Andrew Piatt Andrew’s currency course constituted the money and banking sequence at Harvard’s economic department in the first decade of the twentieth century. Both economists later made major contributions to the work of Senator Nelson W. Aldrich’s National Monetary Commission

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Related, earlier posts

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Course Enrollment
1904-05

Economics 8b 1hf. Asst. Professor Sprague. — Banking and the History of the leading Banking Systems.

Total 82: 5 Graduates, 24 Seniors, 37 Juniors, 13 Sophomores, 2 Freshmen, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1904-1905, p. 75.

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Course Description
1904-05

[Economics] 8b 1hf. Banking and the History of the leading Banking Systems. Half-course (first half-year).Mon., Wed., Fri., at 9. Asst. Professor Sprague.

In Course 8b, after a summary view of early forms of banking in Italy, Amsterdam, and Hamburg, a more detailed account is given of the development, to the middle of the nineteenth century, of the system of banking in which notes were the principal form of credit and the chief subject of discussion and legislation. The rise and growth of the modern system of banking by discount and deposit is then described. The work is both historical and comparative in its methods. The banking development, legislation, and present practice of various countries, including England, France, Germany, Scotland, and Canada, are reviewed and contrasted. Particular attention is given to banking history and experience in this country: the two United States banks; the more important features of banking in the separate states before 1860; the beginnings, growth, operation, and proposed modification of the national banking system; and credit institutions outside that system, such as state banks and trust companies.

The course of the money markets of London, Paris, Berlin, and New York will be followed during a series of months, and the various factors, such as stock exchange dealings, and international exchange payments, which bring about fluctuations in the demand for loans, and the rate of discount upon them will be considered. In conclusion the relations of banks to commercial crises will be analyzed, the crises of 1857 and 1893 being taken for detailed study.

Written work, in the preparation of short papers on assigned topics, and a regular course of prescribed reading will be required of all students.

The course is open to those who have taken Economics 1.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1904-05 (May 16, 1904), pp. 42-43.

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ECONOMICS 8b
Year-end Examination, 1904-05

  1. What influences gave the Bank of England its “monarchical” position? What was Bagehot’s explanation?
  2. Why does New York exchange on London, on Paris, and on Berlin tend to move in the same direction?
  3. French banks of issue other than the bank of France.
  4. The relation of “Other Deposits” to the market rate of discount in London.
  5. The use of certified checks in connection with Stock Exchange dealings.
  6. Did the establishment of the national banking system create a demand for government bonds?
  7. Discuss the proposal to repeal the ten per cent. tax on State bank notes.
  8. Reasons for depositing the money of the government with the banks.
  9. The history and present practice of note redemption under the national banking system.

Source: Harvard University Archives. Harvard University, Examination Papers 1873-1915. Box 7, Bound volume: Examination Papers, 1904-05;  Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1905), p. 29.

Categories
Exam Questions Harvard Money and Banking

Harvard. Course enrollment, description, and final exam for currency legislation, experience, and theory. Andrew, 1904-1905

 

The field of monetary economics used to be called “Money and Banking” where money in earlier times was understood to mean currency used for payment as opposed to the checkable deposits held in commercial banks. Abram Piatt Andrew was to money as Oliver Mitchell Wentworth Sprague was to banking in theHarvard economics department at the start of the 20th century. I don’t know why the courses 8a for money and 8b for banking were offered in the reverse order (8b in the fall term, 8a in the spring term). If I ever find out why that was the sequence in 1904-05, I’ll update this post.

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Related, previous posts

Abram Piatt Andrew’s home and private life was the subject of an earlier post.

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Course Enrollment
1904-1905

Economics 8a 2hf. Asst. Professor Andrew. — Money. A general survey of currency legislation, experience, and theory in recent times.

Total 68: 5 Graduates, 5 Seniors, 28 Juniors, 22 Sophomores, 4 Freshmen, 4 Others.

Source: Harvard University. Report of the President of Harvard College, 1904-1905, p. 75.

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Course Description
1904-05

[Economics] 8a 2hf. Money. — A general survey of currency legislation, experience, and theory in recent times. Half-course (second half-year). Mon., Wed., Fri., at 9. Asst. Professor Andrew.

In this course the aim will be to show how the existing monetary systems of the principal countries have come to be, and to analyze the more important currency problems. The course will begin with a brief history of the precious metals, which will be connected, in so far as possible, with the history of prices and the development of monetary theory. The history of coinage legislation in England and Europe and the United States will be traced, and will lead to an extended consideration of the various aspects of the bimetallic controversy. At convenient points, the experiences of various countries with paper money will be reviewed, and the influence of such issues upon wages, prices, and trade examined. Attention will also be given to the non-monetary means of payment and the questions of monetary theory arising from their use. Among other subjects treated will be the several methods of measuring exchange value, various aspects of the labor and commodity standards, the explanation of price movements, the relations between prices and the rate of interest, and the reasons for the divergence in the value of money in different countries.

Systematic reading will be expected and will be tested by monthly examinations.

Course 8a is open to those who have taken Course 1.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1904-05 (May 16, 1904), p. 42.

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ECONOMICS 8a
Year-end Examination, 1904-05

Omit one question.

  1. “The cost of production of money being given, the quantity will depend upon the rapidity of circulation.” How far is this true? and why?
  2. Suppose the single gold standard universally adopted. How then would the universal authorization of free silver coinage at the ratio of 16 to 1 affect (a) the circulating medium, (b) the standard of value?
    Consider both the immediate and the eventual results.
  3. What conclusions of general significance are to be drawn from the history of the Latin monetary union?
  4. State briefly the circumstances which led to the issue and the withdrawal of the American trade dollar.
  5. What influences in brief caused the cessation of free silver coinage in
    (a) England?
    (b) the United States?
    (c) Germany?
  6. Suppose the market ratio between gold and silver were to decline to 22 to 1, what would be the effect upon the currency of
    (a) Great Britain.
    (b) British India.
    (c) The United States.
    (d) The Philippines.
  7. Do falling prices “necessarily enhance the burden of all debts and fixed charges”?
    Illustrate by the experience of the United States during the period from 1873 to 1896, pointing out possible differences between agricultural and mercantile debts.
  8. Explain the respective merits of the labor standard, and the commodity standard, and show their exemplification in the history of the precious metals between 1873 and 1896.
  9. What conditions favorable to bimetallism existed ten years ago which do not exist today?

Source: Harvard University Archives. Harvard University, Examination Papers 1873-1915. Box 7, Bound volume: Examination Papers, 1904-05;  Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1905), p. 28.

Image Source: 1911 portrait of Abram Piatt Andrew, Jr. by Anders Born at Boston’s Isabella Stewart Gardner Museum. Wikimedia Commons.

Categories
Curriculum Dartmouth Economists Undergraduate Williams

Williams College. Political Economy and Law 1794-1894. Bullock, 1904

 

Before he accepted an appointment to assistant professorship at Harvard in 1903, Charles Jesse Bullock was Orrin Sage professor of history and political science at Williams College. He published a short history of the first hundred years of course offerings in political economy, political philosophy/theory, constitutional law and international law at Williams in 1904. 

Bonus material: links have been added to the key texts identified by Bullock.

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Other Williams College
Related Posts

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The History of Economic and Political Studies
in Williams College

C. J. Bullock, Assistant Professor of Political Economy, Harvard University; late Orrin Sage Professor of Political Economy in Williams College

Historical and political studies seem to have been almost wholly neglected in the American colleges of the colonial epoch. In this direction the first serious impulse came from the stirring discussions of the Revolutionary period and of the years that witnessed the adoption of the Federal Constitution. In 1784 the first law school was established at Litchfield, Connecticut; and during the next twenty years lectureships or professorships of law were created in various institutions. Before this movement had spent its force, political philosophy, political economy, and, in some cases, history had benefited by the interest thus aroused, so that one or more of these subjects found a place in the curricula of many colleges.

The “Free School” at Williamstown was transformed into Williams College in 1793, at the very time when our institutions of higher education were beginning to recognize the importance of training young men for the legal profession, the service of the State, or the common duties of citizenship. In the first invoice of books purchased for the college library, political and historical works were well represented; and upon October 20, 1794, Hon. Theodore Sedgwick, at that time a member of Congress, was appointed Professor of Law and Civil Polity. It does not appear that Mr. Sedgwick ever entered upon the work of his professorship — a fact which may be readily explained by his absorption in the duties of public life or by the meagre resources of the college; but it is interesting to note that this was the first professorship which the trustees attempted to establish.

In 1795 the first laws for the government of the college were adopted. From these we learn that the studies of the fourth year were “metaphysics, ethics, history, the law of nature and nations, civil polity, and theology.” Thomas Robbins, a member of the class of 1796, writes in his diary, under the date of January 1st of his senior year, “Reciting now Paley’s Moral Philosophy”; and under the date of March 22d, “Began to recite Vattel.” Instruction in these subjects was given by President Fitch, as we learn from a letter* written by a member of the class of 1802 who says, “Those students who were instructed by him during their senior year will never forget the ability and interest with which he explained and illustrated the writings of Locke, Paley, and Vattel.”

* [Calvin] Durfee, History of Williams College, p. 77.

The facts just mentioned are sufficient to establish the character of the instruction given in political philosophy and international law; concerning the study of history, however, no evidence is now available. Paley’s Principles of Moral and Political Philosophy, published in England in 1785 and republished in Boston ten years later, devotes one entire book — the sixth — to the philosophy of the State, and treats of such subjects as forms of government, civil liberty, and the administration of justice. This book was used for many years at Williams, as elsewhere. Its author was a conservative by temperament, and a friend of the established social and political order; and these qualities would naturally commend his writings to such an ardent Federalist as President Fitch, who was greatly disturbed over the revolutionary movement in France and the rise of Jeffersonian democracy in the United States.† In his baccalaureate sermon of 1799, Dr. Fitch warned the graduating class that “every civil and religious institution is threatened with ruin,” that “the principles of deism, atheism, and disorganizing politics have of late years made rapid strides,” and he urged his hearers to oppose manfully the progress of these destructive tendencies.

Cf. [Arthur Latham] Perry, Williamstown and Williams College, pp. 230-233.

This arrangement of studies probably remained unchanged for many years. The College Laws of 1805 repeated the provisions of those adopted in 1795; the Laws of 1815 are more general in their terms, but prescribe that history and the law of nations shall be included in the curriculum. These subjects, undoubtedly, fell to the charge of the president. In 1812 Hon. Daniel Dewey was appointed Professor of Law and Civil Polity, but it is not known that he ever gave regular instruction in the college, although his name appeared in the catalogue until his death in 1815. The laws of the latter year state merely that “the Professor of Law shall occasionally deliver lectures to the senior sophisters or to all the students.”

In 1822 the catalogue of the college contains for the first time a statement of the courses of instruction. From it we learn that history was one of three subjects studied during the third term of the sophomore year, and that Tytler’s Elements of History was used as a text-book. In the senior year Paley’s [Moral and] Political Philosophy was studied during the second term, and Vattel’s Law of Nations during the third. Altogether, one third of the instruction for three terms, or about one twelfth of the college course, was devoted to these three subjects. History was probably taught by one of the two tutors who had charge at this time of most of the studies of the lower classes; the senior courses were conducted chiefly by the president.

In 1827 William Porter [Rev. William Augustus Porter, b. 1798; d. 1830] was called to a newly established chair of Moral Philosophy and Rhetoric, and he appears to have relieved President Griffin of most of the instruction of the senior year.* Paley’s Moral and Political Philosophy was now replaced by Say’s [Treatise on] Political Economy, of which an American translation had appeared in 1821; Vattel’s Law of Nations, however, was retained several years longer. History held its place in the third term of the sophomore year.

*Memoir of W. A. Porter, p. 41.

In 1828 a Manual of Political Economy, by Willard Phillips, was published at Boston, and this work was immediately introduced in the place of Say’s treatise. When we recall that in this year the passage of the “Tariff of Abominations” stimulated excited discussions of the tariff question, and that Phillips was an advocate of protectionism, we may venture upon the conjecture that Professor Porter was dissatisfied with the teachings of Say concerning freedom of trade. At any rate Phillips’ Manual continued to be used in the college for a number of years. When Mark Hopkins was called to the chair of Moral Philosophy in 1830, Paley’s work was reintroduced, but only to supplement and not to displace Phillips and Vattel.

In 1835 Joseph Alden was called to a new professorship of Rhetoric and Political Economy, and more adequate provision was made for instruction in political and economic science. In his inaugural address in 1836, President Hopkins alluded to the recent introduction of the study of political economy, and expressed the hope that means could be provided for instruction in constitutional law. For this a place was found in the same year, when Professor Alden discarded Vattel and introduced [Joseph] Story on the Constitution [Commentaries on the Constitution of the United States, Abridged by the author for the use of Colleges and High Schools, 1833)]. The sophomore course in history remained as before, and, after a time at least, came under the charge of Professor Alden. In 1837 the course in political economy was shifted to the first term of the junior year, and in 1840 Wayland’s well-known treatise [Francis Wayland, The Elements of Political Economy (1837)]was introduced as a text-book. Professor Alden was a Jeffersonian Democrat and a free trader, but seems to have made more of his lectures upon the United States Constitution* than of his work in history and political economy. In 1843 a course in American history was introduced in the second term of the junior year, and in 1844 this was placed among the studies prescribed for sophomores. Two years later, however, this subject dropped out of the curriculum.

* Cf. A. L. Perry, Miscellanies, p. 142. Williamstown, 1902.

At this point it will prove interesting to compare the development of political and economic studies at Williams with their history at a sister institution, Dartmouth College.†

† See J. F. Colby, Legal and Political Studies in Dartmouth College, Hanover, 1896.

At Hanover these studies were first introduced in 1796, under the stimulus of the same influences that were felt at Williams in the previous year. In Dartmouth the juniors were given instruction in Paley’s Moral and Political Philosophy by the professor who had general charge of that class; while the seniors, under the guidance of President Wheelock, studied Burlamaqui’s Principles of Natural and Politic Law [1792], of which an American edition had been published at Boston in 1793. In 1804 the course in political philosophy was transferred to the charge of the Professor of Divinity, and in 1823 to the Professor of Moral and Intellectual Philosophy. In 1822 instruction in constitutional law was given to the seniors, and in 1828 a chair of Moral Philosophy and Political Economy was created. Professor Roswell Shurtleff, the incumbent of this chair, introduced Say’s Political Economy in the place of Burlamaqui’s [Principles of] Natural and Politic Law; and continued for a decade the use of Paley’s Political Philosophy and the Federalist. In 1838 Paley was replaced by Wayland’s Moral Philosophy [The Elements of Moral Science, 5th ed. (1837)], and in 1842 a course in Kent’s Commentaries on American Law [2nd ed., 1832: Vol. I ; Vol. II ; Vol. III ; Vol. IV] was offered to seniors. Some years later the latter work was displaced by Story’s well-known treatise. The general similarity of development in the two institutions is emphasized by the fact that Dartmouth, in 1808, made unsuccessful efforts to establish a professorship of law.

At Williams the next important event was the resignation of Professor Alden in 1852. After an interval of a year, Arthur Latham Perry was called to a professorship of History and Political Economy; and commenced those studies, especially in the field of political economy, which soon brought him a national reputation and secured distinguished recognition in France and England. Although compelled by the poverty of the college to give instruction in German and in Christian Evidences for many years, he soon built up a strong department of history and political economy. To the sophomores he gave instruction in history, at first for one and later for two terms, introducing newer and better text-books, as they appeared, in place of the wretched treatise by Tytler. To the juniors he offered a course in political economy for which he published, in 1865, the first of his well-known books, Elements of Political Economy. In addition, Professor Perry continued the work in constitutional law which had been begun by his predecessor. This study was, in 1859, transferred to the junior year, where it long remained; at the outset Story’s work was used as a text, but in time the instruction came to be given by lectures. Upon an average, during the period from 1857 to 1887, the three subjects above mentioned occupied about one-eighth of the entire college course, and until the latter year they were required of all students.*

* Cf. A. L. Perry, Miscellanies, pp. 141-148.

In 1871 Orrin Sage, a Massachusetts manufacturer, gave the college $50,000 as an endowment for Professor Perry’s chair. In part, at least, this action was the result of the attacks which had been made from time to time upon Professor Perry’s views concerning the injustice and inexpediency of the protective tariff. The trustees of the college had at all times upheld the independence of the department of political economy, but the gift was prompted by a desire to place the chair upon the most secure foundation possible. So far as freedom of teaching is concerned, few, if any, American colleges can boast of better traditions.

In 1882, with the coming of the elective system, there was established an elective course in European history, conducted by a new instructor. This marked the beginning of the separation of the departments of history and political economy, which became complete when, in 1890, an endowment was received for a chair of American History. In the following year Professor Perry closed his long term of faithful service to the college, and John Bascom was made acting professor upon the Orrin Sage foundation, which was thereafter devoted to the department of political economy. Thus at the close of the first century of its existence, Williams College had created two independent departments for the studies in which, at the outset, the president had instructed the seniors during the last half of the collegiate year.

With the history of the last decade it is not the purpose of this paper to deal. Suffice it to say that the establishment of new chairs of Political Science and of European History has enabled the college to extend and to specialize instruction in these subjects, so that now four professors are cultivating the field where Professor Perry labored so long and so successfully as Professor of History and Political Economy. In all this the college is but meeting the demands of the times for more extensive instruction in political and economic studies. To-day, as in 1794, it is attempting, so far as its resources permit, to prepare young men for the intelligent exercise of the rights and duties of citizenship; and now, as formerly, it seeks to prescribe, for students or teachers, no tests of political or economic orthodoxy. With such a record of honorable achievement, the college faces hopefully the educational demands of the twentieth century.

Source: Charles Jesse Bullock, “History of economic and political studies in Williams College.” Education, Vol. XXIV (May, 1904), pp. 532-537.

Image Source: From the title page of A History of Williams College by Calvin Durfee (1860).

 

Categories
Exam Questions Harvard Public Finance

Harvard. Course enrollment, description, and final exam for theory and methods of taxation. Bullock, 1904-1905

The field of public finance was covered at Harvard in 1904-05 in two semester courses taught by Charles Jesse Bullock. The previous post contains material from the first course in the sequence, an introduction to public finance. The second semester’s focus was on the theory and methods of taxation with enrollment figures, a course description and the final exam transcribed and posted below.

A short bibliography “for serious students” on taxation published in 1910 by Bullock has been transcribed earlier (with many links to the items).

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Course Enrollment
1904-05

Economics 7b 2hf. Asst. Professor Bullock. — Theory and Methods of Taxation.

Total 45: 5 Graduates, 8 Seniors, 16 Juniors, 12 Sophomores, 1 Freshman, 3 Others.

Source: Harvard University. Report of the President of Harvard College, 1904-1905, p. 74.

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Course Description
1904-05

[Economics] 7b 2hf. The Theory and Methods of Taxation. Half-course (second half-year). Mon., Wed., Fri., at 10. Asst. Professor Bullock.

In this course the tax systems of England, France, and Germany are first studied. Then the theory of taxation is examined, attention being given to such subjects as the classification, the just distribution, and the incidence of taxes. Finally, the existing methods of taxation in the United States, will receive careful consideration.

Systematic reading will be required, and most of the exercises conducted by the method of informal discussion. Graduate Students and candidates for Honors will be given the opportunity of writing theses.

The course is open to students who have taken Economies 1.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1904-05 (May 16, 1904), pp. 41-42.

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ECONOMICS 7b2
Year-end Examination, 1904-05

  1. Make a list of the different taxes employed in the United States, and state by what governments — federal, state, or local — each tax is employed.
  2. What taxes are employed by (a) the German Empire, (b) the Kingdom of Prussia, (c) the local governing bodies of Prussia?
  3. What taxes are employed by the national government in England which our own national government does not employ? How can you account for the differences between the two systems of national taxation?
  4. Compare the British and the Prussian income taxes.
  5. Describe the taxation of inheritances in Great Britain and in France.
  6. Write a brief history of direct apportioned taxes levied by our national government.
  7. What are the chief constitutional limitations upon the taxing power of the states of the American Union?
  8. If called upon to draft a general corporation tax for an Ameri can state, what plan would you follow in order to make the tax (a) constitutional, (b) productive, (c) as just as possible?
  9. Describe the taxation of mortgages in Massachusetts and California, and describe the results secured in each state.
  10. Discuss in some detail the methods of taxing personal property in Massachusetts and the results secured.

Source: Harvard University Archives. Harvard University, Examination Papers 1873-1915. Box 7, Bound volume: Examination Papers, 1904-05;  Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1905), p. 27.

Image Source: Library of Congress. Puck, 23 June 1909. “The fountain of taxation”. Published by Keppler & Schwarzmann, Puck Building.

A large fountain with four basins, at top, supported by a crown and scepters, is a basin labeled “Millionaire”, next resting on a cornucopia is “Well-To-Do”, then the “Middle Class” basin supported by an octopus, and at the bottom is the largest basin labeled the “Laboring Class”. The fountain is standing on a platform labeled “Tax System”; the water, cascading from top down is labeled “Burden of Taxation”.

Categories
Exam Questions Harvard Public Finance

Harvard. Course enrollment, description, final exam. Public finance. Bullock, 1904-05

The systematic transcription of economics exam questions and course materials through the years can be tedious even for the curator of the artifacts collected here at Economics in the Rear-view Mirror, so I’ll try to make such posts a bit livelier adding a dash or two of additional anecdotal material about the instructor or the course itself.

From the obituaries for Charles Jesse Bullock inserted immediately below we learn that in his pre-economics life Bullock taught Latin and Greek. This perhaps accounts for his interest in early, as in ancient Greek early, economic thought. Also interesting is to learn that after his retirement from Harvard that he served as the chief of the research division for the Republican National committee and provided advice to the 1936 Republican presidential nominee, Alf Landon.

Bullock’s pre-Harvard career is sketched in a note taken from the Williams College yearbook, The Gulielmensian (1900).

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A Pair of Obituaries

FORMER WILLIAMS TEACHER IS DEAD
Prof. Charles J. Bullock,Retired Harvard Economist,
on Faculty Here at Century’s Turn.

The North Adams Transcript (March 20, 1941)

Dr. Charles Jesse Bullock, professor emeritus of economics at Harvard university, a nationally known tax authority and a former member of the Williams college faculty, died Monday at his home in Hingham. He was 72 years old.

From 1899 until 1903 when he went to Harvard, Dr. Bullock taught at Williams, first as an assistant professor of economics and sociology and then as Orrin Sage professor of history and political science. He became a full professor at Harvard in 1908 and continued to teach there until 1935 when he took the title of professor emeritus.

Prof. Bullock was the author of many books and articles on economics. In the presidential campaign year of 1936, after his retirement, he served as chief of the research division of the Republican National committee and conferred with Alfred M. Landon, the Republican candidate, on many occasions.

A native of Boston, Dr. Bullock was graduated from Boston university in 1889. He taught Greek and Latin in New England schools and served as principal of the Middlebury, Vt. high school before entering the University of Wisconsin to study economics. He earned a doctorate there in 1895.

Prof. Bullock returned to Williamstown in 1921 to receive an honorary degree of doctor of laws from Williams.

Dr. Bullock married Helena M. Smith of Washington in 1895 and they had one daughter, Grace Helena Bullock.

*  *  *  *  *  *  *  *  *  *  *

Prof. Chas. J. Bullock

Middlebury Register and Addison County Journal (Mar 28, 1941)

Word has been received in Middlebury of the death at Hingham, Mass. on Mar. 17 of Prof. Charles Jesse Bullock of Harvard University, who was principal of Middlebury High School in 1891 and whose wife was the former Helena Smith of Middlebury. Funeral services were held Mar. 19. After he left Middlebury Prof. Bullock served on the faculties of the University of Wisconsin, Cornell, Williams, and Harvard. He became widely noted as an economist, specializing in taxation and monetary problems. In an editorial tribute to him the Boston Herald said: “He saw the necessity of elevating the standards of business and of giving some of the aspects and ideals of the professions. It was due largely to his quiet preliminary work over a considerable period that the Harvard Graduate School of Business Administration was initiated and endowed liberally. . . It was not the least of his services that he made academic and nonacademic circles understand each other better, and work together in harmony and with mutual respect.”

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Course Enrollment
1904-05

Economics 7a 1hf. Asst. Professor Bullock. — Introduction to Public Finance.

Total 26: 5 Graduates, 8 Seniors, 7 Juniors, 5 Sophomores, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1904-1905, p. 74.

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Course Description
1904-05

[Economics] 7a 1hf. Introduction to Public Finance. Half-course (first half-year). Mon., Wed., Fri., at 10. Asst. Professor Bullock.

This course is designed to cover the general field of Public Finance exclusive of Taxation. After a brief survey of the scope and history of Public Finance, the following subjects are studied: Public Expenditures, Public Revenues other than Taxes, Public Debts, Financial Administration, and Budgetary Legislation. Attention is given both to theory and to the practice of various countries.

A systematic course of reading will be prescribed, and most of the exercises conducted by the method of informal discussion. Graduate Students and candidates for Honors will be given the opportunity of writing theses.

The course is open to students who have taken Economics 1.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1904-05 (May 16, 1904), p. 41.

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ECONOMICS 7a1
Final Examination, 1904-05

PUBLIC FINANCE

  1. Discuss the history of federal expenditures in the United States since 1860.
  2. What can you say concerning the probable future of the following classes of public expenditures: outlay for external defence, out lay for police purposes, outlay for dependent and defective classes, outlay for the benefit of industry and commerce?
  3. What is your opinion of the arguments advanced in favor of municipalization of the lighting and street-transportation industries?
  4. Discuss the past and the present policy of the United States with respect to its public lands.
  5. Discuss in broad outline the history of the British national debt from 1630 to 1815 and that of the French national debt from 1815 to the present day.
  6. Should a national debt be repaid? State and criticise the theory of Pitt’s sinking fund of 1786.
  7. What is your opinion of the proposition to pay off a national debt by accumulating a fund which, invested and improved at interest, will be sufficient to meet the principal of the debt at maturity?
  8. Compare British and American methods of preparing and voting the national budget.
  9. What are the comparative merits of the British and the French methods of public accounting?
  10. Describe in outline the experience of the United States with the independent treasury from 1846 to the present day.

Source: Harvard University Archives. Harvard University, Mid-year Examinations, 1852-1943. Box 7, Bound Volume: Examination Papers, Mid-Years 1904-05. Copy also available in Harvard University, Examination Papers 1873-1915. Box 7, Bound volume: Examination Papers, 1904-05;  Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1905), pp. 26-27.

Image Source: Interior of Gore Hall, the library at Harvard University from 1838 to 1913. Library of Congress Prints and Photographs Division Washington, D.C.  For a colorized mugshot of Charles Jesse Bullock.

Categories
Economic History Exam Questions Harvard

Harvard. Course enrollment, description and final exams. U.S. economic history. Sprague, 1904-1905

 

Judging from his faculty photos published in the Harvard Classbook Oliver Mitchell Wentworth Sprague (1873-1953) was an assistant professor of economics with boyish good looks. His main field was banking and finance but he carried on Charles Dunbar’s interest in monetary and financial history in both his teaching and his research. He was sort of a Charles Kindleberger in his day, see his History of crises under the national banking system (Washington, Gov’t Print. Off., 1910, 1911).

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Course Enrollment
1904-05

Economics 6. Asst. Professor Sprague. — Economic and Financial History of the United States.

Total 79: 9 Graduates, 13 Seniors, 42 Juniors, 12 Sophomores, 3 Others.

Source: Harvard University. Report of the President of Harvard College, 1904-1905, p. 74.

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Course Description
1904-05

[Economics] 6. The Economic and Financial History of the United States. Tu., Th., Sat., at 9. Asst. Professor Sprague.

Course 6 gives a general survey of the economic history of the United States from the close of the eighteenth century to the present time, and aims to show on the one hand the mode in which economic principles are illustrated by American experience and, on the other, the extent to which economic conditions have influenced social and political development. The following are among the subjects considered: aspects of the Revolution and commercial relations during the Confederation and the European wars; the history of the protective tariff policy and the growth of manufacturing industries; the settlement of the West and the history of transportation, including the early canal and turnpike enterprises of the states, the various phases of railway building and the establishment of public regulation of railways; various aspects of agrarian history, such as the public land policy, the growth of foreign demand for American produce and the subsequent competition of other sources of supply; certain social topics, such as slavery and its economic basis, emancipation and the present condition of the Negro, and the effects of immigration. Comparisons will be made from time to time with the contemporary economic history of Europe. Finally the more important features of our currency and financial history are reviewed.

The course is taken advantageously with or after History 13. It is open to students who have taken Economics 1, and also to Seniors who are taking that course.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1904-05 (May 16, 1904), pp. 40-41.

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ECONOMICS 6
Mid-year Examination, 1904-05

  1. Mention at least five of the means by which, according to Hamilton, manufactures may be encouraged. Comment upon the one which he considers at greatest length, and as probably the most effective.
  2. Compare the views of Hamilton and Gallatin upon the effect which the trade policy of other countries should have upon that of the United States.
  3. What section of the country suffered most severely from the separation from England?
  4. (Take seven.) Whitney, Slater, Dallas, Cheeves, Biddle, McDuffie, Guthrie, Taney, Walker, Morrill.
  5. United States monetary legislation, 1830-1860.
  6. What lessons may be drawn from the financial experience of the Government during (a) the War of 1812; (b) the years following the Crises of 1837 and 1857?
  7. Mention by date and character (more or less protective) the chief tariff acts between 1810 and 1860.
  8. The relation of tariffs to crises to 1860.
  9. The policy adopted with reference to their debts by Ohio, Michigan, and Mississippi.

Source: Harvard University Archives. . Harvard University. Mid-year Examinations, 1852-1943. Box 7, Bound Volume: Examination Papers, Mid-Years 1904-05.

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ECONOMICS 6
Year-end Examination, 1904-05

  1. (a) The negro and the cultivation of tobacco.
    (b) The negro death rate.
    (c) The negro in the North.
  2. Protection and the iron industry before and after the Civil War.
  3. The taxation policy of Congress in successive wars.
  4. Government deficits and the currency, 1893-96. Would the situation have been essentially different if the act of 1900 had been in operation during those years?
  5. The act of 1894 as a free trade measure.
  6. Treasury arrangements for the resumption of specie payments.
  7. The policy and the results of refunding under the acts of 1870 and 1900.
  8. Wages and prices, 1890-1903.

Source: Harvard University Archives. Harvard University, Examination Papers 1873-1915. Box 7, Bound volume: Examination Papers, 1904-05;  Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1905), p. 26.

Image Source:   Harvard University. Quinquennial Catalogue of the Officers and Graduates, 1636-1920Cambridge, Massachusetts, 1920. Front cover.

Categories
Exam Questions Harvard Transportation

Harvard. Course enrollment, description, and final exam. Economics of Transportation. Ripley and Daggett, 1904-1905

 

Professor William Zebina Ripley together with his student Stuart Daggett (Ph.D. 1906) offered “Economics of Transportation” during the first semester of 1904-05 at Harvard. Reading the exam questions it is pretty clear that the emphasis was on railroads, a subject that posed interesting and important policy questions in industrial organization, government regulation, and finance. Ripley published much on transportation problems in general and railway problems in particular. 

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Monographs/Books on Transportation by W. Z. Ripley

TransportationChapter from the Final report of the U.S. Industrial Commission (Vol. XIX) and privately issued by the author for the use of his students and others. Washington, D.C., 1902.

Railway Problems, edited with an introduction by William Z. Ripley (Boston: Ginn & Company, 1907).

Railroads: Rates and Regulation (New York: Longmans, Green, and Co., 1912).

Railroads: Finance & Organization (New York: Longmans, Green, and Co., 1915).

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Course Enrollment
1904-05

Economics 5 1hf. Professor [William Zebina] Ripley and Mr. [Stuart] Daggett. — Economics of Transportation.

Total 139: 5 Graduates, 54 Seniors, 47 Juniors, 25 Sophomores, 2 Freshmen, 6 Others.

Source: Harvard University. Report of the President of Harvard College, 1904-1905, p. 74.

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Course Description
1904-05

[Economics] 5. 1hf. Economics of Transportation. Half-course (first half-year). Tu., Th., and (at the pleasure of the instructor) Sat., at 10. Professor Ripley.

A brief outline of the historical development of rail and water transportation in the United States will be followed by a description of the condition of transportation systems at the present time; with a view to familiarizing the student with the principal sources of information. The four main subdivisions of Rates and Rate-Making, Finance, Traffic Operation, and Legislation will be considered in turn. The first subdivision deals with the relation of the railroad to the shipper. It will comprehend an analysis of the theory and practice of rate-making, including, for example, freight classification, the nature of railroad competition, the long and short haul principle, pooling, etc. Under the second heading, having reference to the interests of owners and investors, an outline will be given of the nature of railroad securities, such as stocks, bonds, etc., the principles of capitalization, the interpretation of railroad accounts and annual reports, receiverships and reorganizations, etc. Railroad Operation, the third subdivision, will deal with the practical problems of the traffic department, such as the collection and interpretation of statistics of operation, pro-rating, the apportionment of cost, depreciation and maintenance, etc. In the fourth subdivision, Legislation, the course of state regulation and control in the United States and Europe will be traced. Discussion will follow concerning the work of the Interstate Commerce Commission, judicial interpretation of the law, and the relation of the Commission to the Courts.

One special report from original sources on an assigned topic will be required of every student in the course. Two lectures will be given regularly per week, while the third hour will be devoted to recitation and written work. Course 5 is open to all students who have taken Economics 1.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1904-05 (May 16, 1904), p. 40.

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ECONOMICS 51
Final Examination, 1904-05

  1. What is a “voting trust,” and for what purposes may one be created?
  2. What seems to be the plan of organization of the anthracite coal roads to secure concerted action in marketing their product? Outline clearly what their policy is.
  3. What does the Operating Ratio show and what is its main defect as an index of efficiency?
  4. Outline the Massachusetts policy of railway regulation: (a) in respect of general service; and (b) in financial matters.
  5. What are the present powers of the Interstate Commerce Commission in respect of rate making? Carefully distinguish the different phases of this matter.
  6. How far have the Elkins’ Amendments remedied the abuses against which it was directed?
  7. Illustrate at least two possible uses of the power of injunction to remedy evils in railway service. Give concrete illustrations.
  8. Define exactly what is meant by the following:—

(a) Charging expenses to capital account.
(b) Cancelling a commodity rate.
(c) A pro-rating division of the rate.

Source: Harvard University Archives. . Harvard University. Mid-year Examinations, 1852-1943. Box 7, Bound Volume: Examination Papers, Mid-Years 1904-05. Copy also available in Harvard University, Examination Papers 1873-1915. Box 7, Bound volume: Examination Papers, 1904-05;  Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1905), p. 25.

Image Source: Buster Keaton in “The General” (1926). If you want a mugshot of Professor William Z. Ripley go here.

Categories
Exam Questions Harvard Statistics

Harvard. Enrollment, course description, final examinations. Statistics. Ripley, 1904-1905

 

The sole course devoted to number-crunching in the Harvard economics program in the early 20th century required no more than a command of the four arithmetic operations, sharp pencils and graph paper. William Z. Ripley was there to introduce his students to the myriad sources of economic and social statistics available for his time. Interpretation was what did with one’s data when one was not collecting, aggregating, averaging and/or tabulating raw counts and accounting sums.

In a collection of short bibliographies published in 1910, prepared with students of social ethics in mind,William Z. Ripley assembled the following Short Bibliography on Social Statistics for “Serious-minded Students”.

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Course Enrollment
1904-05

Economics 4. Professor Ripley. — Statistics. Theory, method, and practice.

Total 11: 7 Graduates, 1 Senior, 2 Sophomores, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1904-1905, p. 74.

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Course Description
1904-05

[Economics] 4. Statistics. — Theory, method, and practice. Tu., Th., at 10. Professor Ripley.

This course is intended to serve rather as an analysis of methods of research and sources of information than as a description of mere results. A brief history of statistics will be followed by an account of modes of collecting and tabulating census and other statistical material in the United States and abroad, the scientific use and interpretation of results by the mean, the average, seriation, the theory of probability, etc. The main divisions of vital statistics, relating to birth, marriage, morbidity, and mortality, life tables, etc.; the statistics of trade and commerce, such as price indexes, etc.; industrial statistics relating to labor, wages, and employment; statistics of agriculture, manufactures, and transportation, will be then considered in order. The principal methods of graphic representation will be comprehended, and laboratory work, amounting to not less than two hours per week, in the preparation of charts, maps, and diagrams from original material, will be required.

 

Course 4 is open to students who have taken Economics 1; and it is also open to Juniors and Seniors who are taking Economics 1. It is especially recommended, in connection with Economics 2, for all candidates for advanced degrees.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1904-05 (May 16, 1904), pp. 39-40.

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Economics 4
Mid-year Exam, 1904-05

  1. What were the main causes in 1890 for the “apparent loss of over 1,000,000 children under five years of age as compared with the proportion in 1880”? Were the same conditions revealed in 1900, and why?
  2. State separately at least four changes in vital statistics revealed in 1900 due to changes in immigration, explaining fully in each case the differences from the situation in 1900.
  3. What is the “chip system” in use in the Massachusetts Bureau of Labor Statistics, comparing it with the Federal apparatus for tabulation?
  4. How is the birth rate for the United States calculated in the Federal Census Office?
  5. What is meant by “standardizing” a mortality rate? Has any proposal to do this internationally been made? Outline it in general.
  6. What are some of the theories seeking to explain the slight preponderance of boys over girls at birth?

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 7, Bound Volume: Examination Papers, Mid-Years 1904-05.

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Economics 4
Year-end Exam, 1904-05

  1. Which system of price index numbers seems to you most reliable and why?
  2. What was Engel’s “quet” and wherefor was it devised?
  3. What are the best authorities on wage statistics; (a) for the United States; (b) for Great Britain?
  4. What are the principal difficulties in measuring the intensity of criminal phenomena in two countries over a term of years?
  5. What items in statistics of manufactures may be used with confidence, as being really indicative of conditions?
  6. Outline the nature of our American agricultural statistics, describing (1) the method of collection; (2) reliability; and (3) the problem of coöperation in effort.

Source: Harvard University Archives. Harvard University, Examination Papers 1873-1915. Box 7, Bound volume: Examination Papers, 1904-05;  Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1905), p. 25.

Image Source: Harvard University Archives.  William Zebina Ripley [photographic portrait, ca. 1910], J. E. Purdy & Co., J. E. P. & C. (1910). Colorized by Economics in the Rear-view Mirror.