The subjects for the year 1887-8 are as follows:

1. Would there be a diversity of industries in the United States under a system of free trade?

2. The commercial crisis of 1873.

3. A proposal for a model system of taxation for the United States, national and local.

The essays must be deposited with the Secretary of the Finance Club on or before April 1st, 1888. The title-page must, with an assumed name, state of what class the writer is a member. A sealed letter must be sent in at the same time, under cover with the essay, containing the true name of the writer, and superscribed with his assumed name.

The essays must be written upon letter paper, of the quarto size, with a margin of not less than one inch at the top and bottom, and on each side. The sheets on which the essays are written must be securely stitched together.

The essays must not exceed in length the amount of twenty-five pages of the North American Review.

Judges.- Prof. C. F. Dunbar, Prof. J. Lawrence Laughlin, Prof. F. W. Tausig, and Mr. Hamilton Andrews Hill.