Excerpt from Bowdoin Orient, Vol. 40
This was followed by an informal discussion which lasted until the meeting adjourned. The next meeting will be on May 2.
Theta Delta Chi Dance
The Annual Dance of Eta Charge of Theta Delta Chi was held at the chapter house last evening. The patronesses were Mrs. Wilmot B. Mitchell, Mrs. Roscoe J. Ham, Mrs. Frank E. Woodruff, and Mrs. Paul Nixon. Among the guests were the Misses Florence Coffey, Mildred Mace, Rose Tyler, Mildred Merriweather, Frances Smith, Dorothy Abbott, Ethel McConkey, Helen Jewett, Bertha Flanders, and Dorothy Lowell of Portland; Misses Emily Felt and Margaret Day of Brunswick; Misses Marion Dana and Ellie Hawes of Westbrook; Miss Blanche Webster of Augusta; Miss Lillian Fogg of Freeport; and Miss Lena Paul of Auburn.
The delegates from the other fraternities were Harry B. McLaughlin, '10, Alpha Delta Phi; John L. Crosby, '10, Delta Kappa Epsilon; William H. Sanborn, '10, Psi Upsilon; Harold B. Ballard, '10, Kappa Sigma; John E. Cartland, '11, Beta Theta Pi; Lawrence McFarland, '11, Delta Upsilon; and Frank H. Burns, '11, Zeta Psi. Music was furnished by Kendrie's Orchestra. The committee in charge consisted of James F. Hamburger, '10, of Hyde Park, Mass., Harlan F. Hansen, '10, of Portland, and Alonzo G. Dennis, '11, of Medford, Mass.
Bowdoin Wins Debate
Defeats Wesleyao in a Close Contest
The second annual Bowdoin-Wesleyan Debate, which was held in Memorial Hall on Friday, April 8, resulted in a victory for Bowdoin. The question at issue was.
Resolved, That the United States Government should establish a Central Bank similar to the Imperial Bank of Germany.
C. B. Shuntz opened the affirmative for Wesleyan by giving a brief history of the question and pointing out the flagrant evils in the present banking system. He showed that our present system rests on the Banking Law of 1863, which was merely an expedient to provide a market for government bonds. He then named the frequent and severe panics in this country as a result of inherent evils in our present system. As a contrast he pointed to the nations of Europe which are free from panics. We may well look to her for a cure for our financial ills. When we do so we find one great point of difference the existence of great national central banks. As German industrial conditions present the greatest similarity to American, her system may best be studied. Mr. Shuntz then outlined briefly the main provisions of the German Banking Act. He showed its advantages as a "bank of banks" or rediscounting agent of other banks and also its advantages as fiscal agent of the German government.
C. F. Adams opened the negative for Bowdoin by admitting the contentions of the affirmative as to the evils in the present system, and admitted that the success of foreign banks gave good cause to consider them as measures of reform.
He outlined the essentials of a central bank as follows:
1. That it should be controlled by the United States Government.
2. That it should have the sole right of note issue.
3. That it should do a general banking business.
4. That it should have a system of branches.
Mr. Adams then suggested that with such essentials the bank would have to enter direct competition with other banks and that the adoption of a Central Bank would cast aside as useless our present system of National Banks. He also quoted a number of authorities creating presumption against such an act.
A. T. Vanderbilt, the second speaker on the affirmative, immediately accepted the definition of a central bank given by the negative. He proceeded to show in greater detail the evils of the present system. Banks hold back their reserves in time of panic when, of all times, they should use them. He argued that asset currency is impracticable because the banks would expand their issue in time of prosperity and thus endanger the whole financia. Это и многое другое вы найдете в книге Bowdoin Orient, Vol. 40 (Classic Reprint) (Bowdoin Orient)