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A YALE MAN'S VIEW.
Proposed Solution of the Present
Political Situation.
Mr. S. A. Galpin, of this city, who
entered Yale with the class of ’70,
writes as follows to the Springfield
Republican:—
“The campaign for sound money was
won beeause the business interests of
the country united in its support as
never before in history. No time
should be lost in securing the fruits
of that victory, and united action
should continue in the effort to secure
some early measure of relief,—if pos-
sible, from the present Congress. The
Republican is quite right in saying
that the future settlement of the sil-
ver question depends entirely upon
the future of business. ‘There will be
no sure and satisfactory business re-
vival until the currency question is
definitely settled. Hor this reason the
apparent disposition of the Republican
leaders to interpret the results of the
election as giving them a mandate to
revise the tariff upon lines which, even
if moderate, are nevertheless strictly
partisan, instead of interpreting it as
a mandate to reform the currency, is
by no means encouraging. If the suc-
cessful party should make any mis-
take ininterpreting this victory, it will
need the help of all its late allies,—and
it may call in vain for it.
“The writer is one of those who feel
that the original issue of greenbacks
was a mistake, their reissue little
short of a crime, and their existence
a continued menace to business sta-
bility; who believe, further, that the
issue by the national banks of an elas-
tic currency based on their assets, re-
deemable by them in gold, would fur-
nish an ideal system of bank note cur-
rency; and who believe, still further,
that a tariff for revenue only will fur-
nisn ample protection for all deserv-
ing American industries, while the
policy of free raw materials outlined
in the Wilson bill will aid in Securing
the much needed oultet in foreign
markets.
‘‘Nevertheless, recognizing that the
business of the country needs, above
all, rest; that, as each one of the
points in his own creed is vigorously
denied by others with equal or better
right to be heard; and that, as the
statesman is always hampered by ex-
isting conditions in reaching the abso-
lute ideal, the highest statesmanship
is thus often found in compromises
not involving principles, so that mu-
tual concessions are thus in order,—
he submits the following:—
“First.—Let Congress declare that
every greenback or Sherman note
hereafter redeemed in gold shali be
canceled. This does not apply to those
notes now in the Treasury, or here-
after paid into the Treasury in the
regular course of business. Such an
act would complete the restoration
among foreign investors of that con-
fidence in the soundness of our secu-
rities and the good faith of our peo-
ple which the result of the election has
begun. If it did nothing more, it
would stop the returning tide of our
securities, which has in the last few
years absorbed all of our savings, and
greatly tried the capacity and cour-
age of all investors. From the pres-
ent outlook, very few, if any, of the
national notes would be thus redeem-
ed and canceled.
‘“‘Second.—Inasmuch as the hostility
of Western and Southern sentiment
toward national banks will undoubt- -
edly prevent any extension to them of
the authority to issue notes against
assets, remove the tax upon the is-
Ssuance of currency by state banks.
This would enable the Western and
Southern States, who have just cause
for complaint of the present system,
to meet their own needs in their own
way. Most of the States have bank-
ing systems more or less adequate to
present conditions, while the States
not yet thus equipped could readily
supply the defect. The present means
of communication throughout the
country would prevent any recurrence
on a wide scale of the evils of ‘‘wild-
cat’? banking; while the losses, if any,
would be primarily borne by the com-
munities most directly interested.
The much-needed element of flexibil-
ity would thus be introduced into our
currency; the cure for any redundan-
cy due to such state bank issues, and
resulting in the export of gold would
be found in the cancelation of all gov-
ernment notes redeemed by the Treas-
ury to secure gold for export.
“Third.—Restore the equilibrium be-
tween national dJutgo and national in-
come by reducing the present extrav-
agant expenditures, and by securing
additional revenue, pleferably from
any quarter which does not disturb
the tariff. Tariff agitation injures bus-
iness; and, as both parties now have
reason to know, abcunds in political
pitfalls.
“Inasmuch as the foregoing sugges-
tions furnish simply the beginnings
of the settlement of the currency and
tariff problems now pressing, provide,
“Rourth.—For the establishment of
two non-partisan commissions, one on
the currency and one on the tariff,
whose duty it shall be to consider
carefully all of the problems now
pressing for solution. Let the cur-
rency commission be made up of ex-
perts,—unless those people who take
the advice of experts in every detail
of life’s business, can furnish some
good reason why difficult problems of
finance can be better settled without
expert assistance than with it. Let
the tariff commission be so made up
as to include for once, some represSen-
tative of Professor Sumner’s ‘For-
gotten Man’—the consumer.”’
/
—————+>—__—_-
Mr. Lehmann’s Status,
[New York Sun.]
A recent statement by our esteemed
contemporary the Herald, that Mr. R.
Cc. Lehmann, who has come to Ameri-
ca from England to relay the founda-
tions of the oarsman’s art in Harvard
University, is a professional, “main-
taining himself by coaching college
crews,’ was an error which should be
refuted, in justice to Harvard as weil
as to Mr. Lehmann,
The truth is that last spring, at the
time of the Oxford-Cambridge boat
race, Mr. R. C. Watson, who has
coached the Harvard crew for the past
two years, met Mr. Lehmann in Eng-
land, and, in the name of the men of
his college, invited the latter to come
tc America to coach the crew of next
year, Saying at the time that Harvard
would certainly be pleased to pay his
traveling expenses and to regard him
as its guest while in this country. Mr.
Lehmann at the time declined toenter-
tain the thought of payment or sup-
port in any form, but signified his in-
terest in the proposition. Later, after
the invitation had been repeated by a
former comrade of Mr. Lehmann in the
Cambridge hoat, Mr. Peabody of Bos-
ton, Mr. Lehmannaccepted it, carefully
insisting that no part of his expenses,
either for traveling or for his stay
here, was to be paid for him. He was
to coach the crew this fall while the
river was open, and, returning to Eng-
land, come back here again in the
spring to remain until the race. Mr.
Lehmann said emphatically that if he
received a penny of compensation in
any form for his services he would no
longer be an amateur, or able there-
after to engage in amateur sports, a
position which he declined to accept.
Mr. Lehmann’s relations to the Har-
vard crew are no different from those
which he has sustained to the Oxford
crew. In fact, at some time in every
year in which Mr. Lehmann has
coached the English University crews
they have been his guests at his house
on the Thames.
Mr. Lehmann’s kindnessinthus visit-
ing this country is one of the most
refreshingly sportsmanlike acts we
know of, and the performance of the
Harvard crew, under his instruction,
will be watched next summer with
very great public interest. If he wins
a wave of ambition for the grand style
of rowing will sweep over the coun-
try greater than that which followed
the brilliant success of Mr. Cook at
Yale,
—_———_++—__
U. 8. University Club of Paris.
An American University Dinner
Club has been formed at Paris. The
first banquet was held on Thursday,
Nov. 26, at which Ambassador Eustis,
Harvard Law School, ’54, presided.
About thirty-five graduates of various
universities and colleges were present.
Another banquet will be held on
“Vashington’s birthday.
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University Courses,
The following table shows the num-
ber of courses which are offered in the
various branches at the larger univer-
sities in the United States. It will be
seen that in most of the colleges there
are more courses offered in Language
and Literature than in either of the
other branuches;—
pe aie ole
ED me og
ART ARR
University. ee
Bo EB
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Brown wets tees 49 54 38 141
Bryn MawFikecs secu 47 18 28 ©6938
California. oed-eed. cas 44 25 61 1380
ChicagOvces., sec. 182 146 1388 461
Colum bisiv’ soa. ee os 106 «1020's 101 = 309
Cornell sii. Seahieeere 60 84 1414 258
El arvard ssa ee ores 148 92 8 325
Johns Hiopkins.. .. .. 84 29 58 171
Michigan...0c eset ores 70 al 78 219
Minnesota ..viised ie 620 31 OO 117
New Yor Kiwvsss:ieesussees 46 26 18 90
Northwestern... .. .... 40 24 Bi Os
Pennsylvania... ... s.4 88 62 53 174
Princeton. 60k sos 48 46 33 127
Vanderbilt.2: «ir vee ae ae 14 wag 71
W iSCOnSiNy, 46 205 oe eee 35 57 45 187
Wale..ct 1050 wee 116 81 88 285
SCE WB lS
Presilent Patton, of Princeton Col-
lege, made an official denial of the
rumor that President Cleveland had
been asked to accept the Deanship of
Princeton Law School.
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