Davis Rich Dewey was a visiting lecturer in economics at Harvard in 1909-10 from M.I.T. who taught the Money course. His assistant was a recent Harvard graduate who continued on to become a lawyer who practiced law, among other things, in Maine.
Description, enrollment and final examination for Dewey’s money course are posted below.
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Teaching Assistant
George Randolph Grua
1883. Born 6 November 1883 in Green Valley, South Dakota.
1909. A.B. Harvard.
1912. LL.B. Harvard.
1913-76. Among his activities in Livermore Falls, Maine: lawyer; insurance salesman; operated an apple orchard and apiary.
1939, 1941, 1943. Representative to the Maine Legislature.
1953. Appointed Judge at the Livermore Falls Municipal Court.
1976. Died 22 July in Livermore Falls, Maine.
Source: Obituary in The Lewiston Daily Sun, July 23, 1976. Also “Who’s Who: George R. Grua, Attorney” in The Lewiston Daily Sun, June 25, 1953.
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Previous course materials for
Money and Banking
1900-01(Meyer and Sprague)
1901-02 (Andrew, Sprague, Meyer)
1902-03 (Andrew’s money exam, Sprague’s banking exam)
1903-04 (Andrew and Sprague)
1904-05 (Andrew’s money exam, Sprague’s banking exam)
1905-06 (Andrew’s money and banking exams)
1906-07 (Andrew’s money and banking exams)
1907-08 (Andrew’s money and banking exams)
1908-09 (Wesley Clair Mitchell’s money and banking exams)
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Course Description
1909-10
8a 1hf. Money. — A general survey of currency legislation, experience, and theory in recent times. Half-course (first half-year). Tu., Th., and (at the pleasure of the instructor) Sat., at 9. Professor [Davis Rich] Dewey (Massachusetts Institute of Technology), assisted by Mr. [George Randolph] Grua.
The course begins with a brief history of the precious metals, which is connected, in so far as possible, with the history of prices and the development of monetary theory. The evolution of currency legislation in England and Europe and the United States is traced, involving a consideration of various aspects of the bimetallic controversy, and a study of the experiences of several countries with paper money. Attention is also given to the non-monetary means of payment and the questions of monetary theory arising from their use. Among other subjects treated are the several methods of measuring exchange value, the explanation of price movements, the relations between prices and the rate of interest, the effects of appreciation and depreciation, the criteria of an ideal standard, and the reasons for divergences in the value of money as between different countries.
Course 8a is open to those only who have taken Course 1.
Source: Official Register of Harvard University, Vol. VI, No. 29 (23 July 1909). History and Political Science Comprising the Departments of History and Government, and Economics, 1909-10, pp. 57-58.
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Course Enrollment
1909-10
Economics 8a 1hf. Professor [Davis Rich] Dewey (Massachusetts Institute of Technology) assisted by Mr. [George Randolph] Grua. — Money. A general survey of currency legislation, experience, and theory in recent times.
Total 56: 4 Graduates, 15 Seniors, 29 Juniors, 4 Sophomores, 1 Freshman, 3 Others.
Source: Harvard University. Report of the President of Harvard College, 1909-1910, p. 44.
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ECONOMICS 8a
Mid-year Examination, 1909-10
- State the various functions of money. Mention the different kinds of money in the monetary system of the United States, and describe the special functions performed by each kind.
- Describe the characteristics of inconvertible paper money. How are prices affected by its issue? Is such money ever worth its face value?
- Summarize the history of the debasement of the coinage in England, noting in particular:—
- The ways in which it was debased.
- Reasons for debasement.
- Recoinage of William III.
- Does an increased production of gold have any effect upon the rate of interest? Discuss.
- Explain the statement: The quantity theory is simply an application of the general principle that value is determined by demand and supply.
- Discuss the changes in prices due to causes connected with
- Commodities.
- Money.
- What influences affected the value of greenbacks during the Civil War period?
- Contrast the motives for the issue of government notes and of bank notes.
- Sketch the history of bimetallism in the United States.
- What was the Latin Union? State the results of its operation.
Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 9, Bound vol. Examination Papers 1910-11; Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1910), p. 44.
Image Source: Portrait of Professor of Economics and Statistics Davis R. Dewey in M.I.T. Technique 1910, published April 1909, p. 14.