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crepancies in the Harvard evidence, he reiterated the statement that the notes issued under the Act of '90 are bad from inherent faults which are common to the whole system of paper legal tender. The whole body of this flat currency must be withdrawn, and replaced by means of the national banking system, which is a reliable source of financial strength.

Warren followed for Harvard. He stated that the negative emphasized the present redundancy of currency, and that they wished to withdraw a quantity of the notes.

Harvard proposed, not the maintenance of all the notes, but of such a quantity only as will not exceed the gold reserve. Above all these notes should not be reissued, except in return for gold.

McElroy was the second Princeton speaker in rebuttal. He attacked the instance cited by the negative, that England had successfully floated paper legal tender, and pointed out the danger, under the present system, of persuading the public that a government can create money. He then showed that the present notes are not actually redeemable, and quoted as an example a rebuff experienced by a Baltimore company trying to redeem notes at Washington.

Finally McElroy pointed out that the remedies proposed by Harvard were as yet imaginary, or at least untried.

Youngman, who spoke next, said that the imperfections in the present system of redemption do not prove that the policy of employing a limited amount of paper, covered by a gold reserve, is wrong in principle. Harvard supported, not the present system, but the present system reformed by simple remedies.

For the affirmative, Loetscher followed. He said that Harvard defended the legal tender by proposing attractive but theoretical changes. The question strictly concerned the present financial system with its faults.

The history of United States finance is, in regard to greenbacks, a long mistake. The root of the evil, flat money, must be removed.

The last speech of the evening was Dobyn's summary. He said that the retirement of all the greenbacks was too sweeping a step. The present fiscal situation is perilous. But the danger, instead of being due to the principle of floating notes on a gold basis, comes from outside causes like the silver movement, which influence the ignorant public.

A stable currency cannot be established by a single stroke. The best system can only be developed by gradual evolution according to practical experience.

The judges then retired for consultation. After an absence of only three minutes and one-half, Professor Hadley complimented all the speakers upon their able presentation of the subject, and declared Harvard the winner of the debate.

Shortly after the debate two private cars of the West End Railway carried the speakers, the judges and others to the banquet which was held at the Empire Cafe in Boston. Mayor Quincy was toastmaster. Ex-Gov. Long, Professor Hadley, Professor Mayo-Smith, and Mr. Williams, as well as President Eliot responded to toasts.