Word: mcelroy
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Dates: during 1890-1899
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...Sanders Theatre last evening to hear the second debate between Harvard and Princeton. The question was: "Resolved, That Congress should take immediate steps towards the retirement of all the legal tenders." The affirmative was supported by Princeton, her representatives being Herbert Ure '96, of New Jersey, Robert McNutt McElroy '96, of Missouri, and Frederick William Loetscher '96, of Iowa. For Harvard, William S. Youngman L. S., of Pennsylvania, Joseph P. Warren '96, of Massachusetts, and Fletcher Dobyns '98, of Ohio, supported the negative...
...second speaker for Princeton was R. M. McElroy '96. Reminding the audience that his colleague had already shown how the government was in no way suited to issue legal tender notes, he went on to point out various other reasons for retiring them. He said that their presence continually threaten the financial situation of the country. Confidence is the basis of all financial success. We have $1,000,000,000 of notes resting on a nominal gold reserve of $1,000,000, which may at any time sink lower. The depletion of the gold reserve takes away foreign confidence with...
...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...
...debate last year at Princeton resulted in a victory for Harvard. The question for debate tonight is: "Resolved, That Congress should take immediate steps towards the retirement of all the legal tenders." Princeton will support the affirmative, her representatives being Herbert Ure '96 of New Jersey, Robert McNutt McElroy '96 of Missouri, and Frederick William Loetscher '96 of Lowa. For Harvard, William S. Youngman L. S., of Pennsylvania, Joseph P. Warren '96 of Massachusetts, and Fletcher Dobyns '98 of Ohio will represent the negative. Warren has improved very much and will speak tonight...