THE TAR HEEL
3
INTER-SOCIETY DEBATE
The annual inter-society commence
ment debate between the representa
tives of the Dialectic and Philanthrop
ic Literary Societies took place in
Gerrard Hall Monday night. E. W.
Turlington and W. P. Taylor of the
Phi presenting the negative of the
query, "Resolved, that the United
States government should establish a
great central bank" won the decision
over C. L. Williams and G. W.
Thompson of the Di.
Mr. Thompson of the Di opened for
the affirmative. He pointed out the
great anomaly of a paralyzing panic
in a time of great prosperity and laid
its blame at the door of our decentral
ized banking system. He proposed as'
a remedy the establishment of a cen-'
tral bank. The centralization of ourj
banking system he developed to be iti j
harmony with our democratic torm ot
government and our banking system.
Banking he showed to be both local
and national in nature. The local
features of the bank supplied local
needs. The material functions of our
banking system were ineffective on
account of a lack of central control.
The central bank meets the needs for
currency to supply local needs. Without
the central bank each isolated bank is
powerless before a panic, but with a
centralized banking system the vast
army of isolated banks can present a
united front to that great enemy the
panic.
Mr. Turlington opened the debate
for the Phi as follows:
The United States government is a
democratic government, a mutual or
ganization of free individuals as such,
its function is to operate public busi
ness. Banking is a private business,
which private individuals can, will,
and ought to do. Our government
can therefore only supervise it. To
establish a central bank is both to
enter the banking business and to di
rect it. We have here the double in
consistency of an organization com
peting with its members and directing
their activities. To establish a cen
tral bank further as the center of a
compulsory and superimposed organi
zation of the bankers is to violate the
life principle of strong organization
which is growth, aud inward strength
gathering.
Mr. Williams of the Di followed as
second speaker for the affirmative. He
showed the inadequacy of the present
system to meet the banking needs aud
the adequacy of the -central bank to
meet those needs. Through govern
mental control and private ownership
it combines safety and confidence. By
properly secured credit notes it pro
vides the needed elasticity. By regu
lation of the discount rate it prevents
panics and gives stability to private
enterprise. By acting as the govern
mental fiscal agent it maintains the
proper relation between the banks and
the treasury and prevents money
hoarding. By acting as a banker's
bank, as a supplement, the central bank
unifies American banks and protects
all commercial activity from imminent
danger of financial spasm.
The great agitation that has re-,
ceutly come about in behalf of a cen-;
tral bank is unjustifiable. Its advo
cates base their plea upon the grounds
that we have had panics and say that
such a bank is the proper remedy.
But after analyzing the true cause of
panics we find that they are periodic
in their occurrence and are really psy
chological phenomena. They are not
the result of our banking system. A
central bank therefore is not necessary
to prevent panics and further because
it will not cure the evils of our present
systems.
Not only is tuis true but a govern
ment central bank in the U. S. is
impracticable. The absence of branch
banking is an unsurpassable obstacle.
Our country is too large and the
authorities in Washington could not
know the needs of the country as well
as the local bankers. There is great
danger of such a bank becoming in
volved in politics. And finally such a
high degree of financial centralization
will not be acceptable to the American
people.
The rejoinders were spirited and
strongly put. Mr. Taylor clinched
the debate for the negative when he
claimed and proved that the gentlemen
of the affirmative had been arguing
beside the question and had not sus
tained the point that the United States
government should establish the cen
tral bank.
ANNOUNCEMENTS BY THE
PRESIDENT
At the conclusion of Dr. Smith's ad
dress on Tuesday President Venable
made the following announcements
of fellows, assistants, and instructors.
Mathematics: J. M. Costner. T. R
Eagles, instructors. J. W. Lasley, Jr.,
fellow. Geology: W. H. Fry, instruc
tor. C. A. Vogler, assistant. Ana
tomy: C. A. Wheeler, assistant. Zo
ology: O. W. flyman, L. F. Turling
ton, assistants. Botany: J. A. McKay,
assistant. Chemistry: C. S. Venable,
Toch Fellow. : T. P. Nash, Jr., W. L.
Jeffries, R. L. Hunter and C. W. Wil
lard, assistants. Physics: V. L. Chris
ler, instructor. A. L. Field, G. W.
Thompson, J. T. Dobbins, assistants.
Histology: W. Wyatt, Robert Drane,
assistants. Latin: E. W. Turlington,
assistant. German: Cyrus Hogue,
Assistant. Library: Miss Randolph
Archer, assistant librarian. G. W.
Whitley, J. M. Reeves, fellows. F. N.
Cox, I. Harding Hughes, E. C. Ward,
assistants.
John W. Ware, Instructor in Ro
mance Languages. A.M. Randolph
Macon, Johns Hopkins University.
Has taught at Winchester, Va.; Spo
kane, Washington; Sewanee Grammar
School.
V. L. Chrisler, appointed Instructor
in Elictrical Engineering. A.B. Pied
mont College, A.M. University of Ne
braska. Has served as assistant in the
University of Nebraska.
Charles W. Bain, graduate of the
University of Virginia, and for a num
ber of years Professor in the Univer
sity of South Carolina has been elected
Professor of Greek to succeed Dr. Eben
Alexander.
Robert A. Hall, University of Nash
ville; Ph.D. University of Chicago.
Assistant Professor of Chemistry,
Clemsom College, will fill the place of
Professor Wheeler for the session
1910-11.
Guy R. Clements, A.B. Hiram Col
lege; A.M. University of Chicago.
Graduate student at Harvard; Instruc
tor in Mathematics at "Williams Col
lege, will take up the work of Dr. Hen
derson during his year's leave of ab
sence. George B. Viles, A.B. and A.M.
Harvard; Ph.D. Cornell; associate pro
fessor of German, University of Ohio,
will take up the classes of Professor
Toy during his leave of absence.
The William Cain Medal in Mathe
matics: G. C. Mann. The Harris Prize
in Anatomy: J. P. Jones. The Eben
Alexander Prize in Greek: E- W. Turl
ington. The Worth Prize in Philos
ophy: J. I. Reece. The Early English
Text Society Prize: S. R. Carrington.
The Henry R. Bryan Prize in Law: R.
N. McNeely. Prizes in N. C. Colonial
History: first, J. R. Nixon; second, S.
F. Teague. The Toch Fellowship in
Chemistry, C. S. Venable. The W. J.
Bryan Prize in Political Science: J.
D.Eason, Jr. The Ben Smith Preston
Cup: B. D. Stephenson. The Bingham
Prize: E. W. Turlington. The Man
gum Medal: H. E.v Stacy. Elected to
membership in the Phi Beta Kappa
Society, 1910: E. W. Turlington, A. L.
Field, R. L. Deal, W. A. Dees, W. T.
Joyner, J. A. McKay, G. C. Mann, II.
M. Solomon, W. ; F. Taylor, G. W.
Thompson.
Certificates
English: L. A. Brown, S. R. Car
rington. French: R. C. Dellingor, O.
W. Hyman, J. H. Johnston, R. S. Mc
Neill, A. R. Morgan. German: L. A.
Brown, J. T. Johnston. Greek: E. S.
DeLaney. History: J. R. Nixon, II.
V. P. Vreeland. Latin: Frank Hough,
O. W. Hyman, R. A. Urquhart. Ped
agogy: C. C. Garret, J. A. Leitch, Jr.,
O. A. Hamilton. Zoology: S. Cooper
smith, O. W. Hyman, L. F. Turling
ton.
Degrees Conferred
Bachelors of Arts: Lenoir Thomas
Avery, Michael Seth Beam, John Heck
Boushall, Levi Ames Brown, Edwin
Wall Bryant, Sterling Ruffin Carring
ton, Samuel Coopersinilh, Harvey Os
car Craver, William Arthur Darden,
Ernest Stanhope DeLaney, Russel Con
way Dellinger, Robcit Drane, Joseph
Daniel Eason, Jr., William Rufus Ed
monds, James Alphonso Everett, John
Broadhurst Farrior, Baxter Lee Fen
tress, William Haigler Ferguson, Ed
ward Lee Franck, William Henry Fry,
Cecil Clark Garrett, Adolphus Barte
Greenwood, John Amos Guiou, Oscar
Alexander Hamilton, , William Penn
Henley, James Albert Highsmith, Or
ren Williams Hyman, William Lewis
Jeffries, Joseph Henry Johnston, Er
nest Jones, James Noah Joyner, Lang
don Chevis Kerr, John Wayne Lasley,
Jr., Orin Cottrell Lloyd, Robt. Strange
McNeill, Donald Conroy McRae, Yu
taka Minakuchi, Albert Rufus Mor
gan, Thomas Palmer Nash, Jr., Joseph
Rober Nixon, James Southerland Pat
terson, Nixon Sandy Plummer, Wil
liam Hoke Ramsaur, John Mercer
Reeves, Charles Oakley Robinson, Wil
liaoi Blount Rodman, Jr., David Bryan
Sloan, William Marvin Snider, Carroll
Baxter Spencer, Horace Edney Stacy,
Leon Gladstone Stevens, Samuel Brad
ley Stroup, David Lindsay Strutliers,
Benjamin Franklin Taylor, Lewis Na
thaniel Taylor, Dossey Battle Teague,
Samuel Farris Teague, Hugh Alexan
der Thompson, Lee Franklin Turling
ton, Richard Alexander Urquhart,
Charles Scott Venable, John Manning
Venable, Harold VanPelt Vreeland,
Edgar Strickland Welborn, Ivey Willis,
Adolphus Harrison Wolfe.
Bachelors of Science: Louis de Key
ser Belden, Francisco Virgilio Fuentes,
David Samuel Harris, Daniel Ray
mond Kramer, Leon McCulloeh, Mar
cos Salvador Rodriguez, Thomas Dun
can Rose, Daniel McGregor Williams,
Eldeu Bay ley.
Bachelors of Law: Francis Eugene
Hester, Robert Ney McNeely, James
Franklin Spruill, Pli.B., 1909.
Graduates in Pharmacy: Henry
Moody Gaddy, John Edward Murray,
Miguel Alberto Porro, Luther Wyatt
Richardson, Robert Theodore Up
church, M.D., Walter Rodwell White,
Masters of Arts: Fred Lee Bly the,
Percy Glyndon Gunter, Yutaka Min
akuchi, Eugene Joseph Newell, Joseph
Isaac Reece.
Master of Science: Vergil Clayton
Pritchett.
Doctors of Medicine: George Speight
Barbee, Mordecai Lee Barefoot,
Arthur Edward Brides, Alton Cook
Campbell, Oscar Eason, William Le
Roy Fleming, George Wesley Gentry,
Charles Fortune Gold, James Madison
Harper, Joseph Robert Hester, Wil
liam Dexter Moser, Adolpho Bartolo
me Rodriguez, Jesse Armed Strickland,
Amos Monroe Wooten,
Honorary Degrees
The degree of Doctor of Laws was
conferred upon the following candi
dates: Kemp Plummer Battle, of the class
of 1849; President of the University of
North Carolina, 1876-1891; Professor
of History in the University of North
Carolina, 1891-1907; author of the
History of the University of North
Carolina', distinguished for long and
efficient service and for a charm of per
sonality most remarkable.
Julius Isaac Foust, of the class of
1890; Superintendent of Schools in
Wilson and Goldsboro for a number of
years; Professor of Pedagogy in the
State Norman and Industrial College
of North Carolina, 1902-1906; President
of the State Normal and Industrial Col
lege since 1906; a capable teacher and
a skillful educational administrator.
Edward Joseph Hale, of the class of
1860; a major in the Army of the Con
federate States; Editor of the Fayette
ville Observer for many years; a dele
gate, five times, to the Democratic
National Convention; United States
Consul to Manchester, England, 1885
1889; an expert advocate of canal
transportation; distinguished for many
acts of service.
Thomas Hume, a minister of the
gospel; Professor of the English Lan
guage and Literature in the Univer
sity of North Carolina, 1885-1902; Pro
fessor of English Literature in the
University of North Carolina, 1902
1907; a teacher and a preacher in whose
mind the beautiful always rules with
transcendent power.
George Taylor Winston, Professor
of Latin in the University of North
Carolina, 1891-1896; President of the
University of North Carolina, 1891-
1896; President of the University of
Texas, 1896-1899; President of the
North Carolina College of Agriculture
and Mechanic Arts, 1899-1900; a teach
er and an educational administrator of
of marked vigor and power.
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