TAR HE
OFFICIAL ORGAN OF THE UNIVERSITY OF NORTH CAROLINA ATHLETIC ASSOCIATION
VOL. 19
UNIVERSITY OF NORTH CAROLINA, CHAPEL HILL, N. C, WEDNESDAY DECEMBER 7, 1910
NO. 23
THE
EL
CAROLINA WINS DEBATE FROM PENNSYLVANIA
UNANIMOUS DECISION GIVEN
MESSRS. TAYLOR AND WIALIAMS WIN IN CONTEST
, WITH REPRESENTATIVES OF PENN
Query: Resolved, That the United States Government
Should Establish a Central Bank. Car-
olina Had the Affirmative . ...
In the debate in Philadelphia Sat
urday night between thePhilomathean
Society of the University of Pennsylr
vania and the Dialectic and; Philan
thiopic Societies of Carolina, the de
cision was won by Messrs. Wi F. Tay
lor and C. L. VVilliams, of Carolina.
The query debated was: "Resolved,
That the United States government
should establish a central bank." Car
olina had the affirmative, while Messrs.
C. B. Rhodes and Gilbert Hughes
for Pennsylvania defended he
negative. The judges were Messrs.
David Wallerstein and Clinton Gage,
and Prof. O. Lichtenberger. The. de
cision for the affirmative was unani
mous. hk. Taylor's speech
The following is a summary of Mr.
Taylor's speech on the affirmative:
In advocating a central bank we shall
apply to our present disorganized bank
ing system the principle of organiza
tion, and show the superiority of an
organized banking system over a great
number 'of detached banks. The func
tion of organization is to bring tog-ether
the separate and isolated parts
into a single, organic whole, which
shall work with the least friction pos
sible and produce the greatest possible
efficiency.
Now in all organizations there are
two factors to be noted, two interests
to be cared for; there is both the indi
vidual and the institution. The ele
mental principle, then, is du5? in its
nature, showing its two great forces in
life, the individual and the universal.
The orinciole of organization has
been successfully applied in practically
all phases of American life, its per
fection being in our trovemment; yet
our banking life has been neglected,
and is still in that disorganized stage
of its development at which the States
were under the articles of confedtra-
tion.
Now we propose to organize our
banking system by establishing a cen
tral bank and procuring the co-operation
of our isolated banks. Such a
step will not be a revolution but sim
ply a step in the evolution of our pres
ent system; the central bank will not
compete with, but will supplement and
perfect our system; it will bear the
same relation to local banks as the
Federal government bears to the
states. Our banking business, like
our government, is a two-sided affair,
having both local and national func
tions. Yet, though dualistic in its
nature, the dual principle of organiza
tion has been misapplied in our bank
ing life and we have local institutions
attempting to perform national func
tions. The adjustment of the volume
of the currency to the national busi
ness and the control of the national
gold reserve, is a matter of national
importance and thus far central. We
need a central bank to control our for
eign exchange situation. America,
with six times the gold reserve of Eng
land, should not be forced to dea
through London exchange. With her
unbounded natural resources, with her
extensive economic and industrial ac
tivities, and with her enormous bank
ing power, which is practically three'
fifths that ot the entire world with
these advantages, America should be
the credit nation of the world, instead
of England.
' THE ARGUMENT OF THE NEGATIVE
The Tar Heel is unable to get
summary of each of the speeches ; by
the Pennsylvania debaters, but the fol
lowing is a brief statement of their
argument as reported:
i The negative dealt especially with
the practical operation of the proposed
central bank in the United States
showing the many obstacles to be over
come. They laid stress upon the dan
gers of Wall Street control, politica
'..a ; . .
innuenee, ana discrimination among
banks. They held that panics were
due to a lack of confidence and claimed
that, a central bank could not remedy
the situation. They argued further
that the success of the central bank in
foreign countries was no reason for
believing it would succeed in the
United States. Political and indus
trial conditions are not the same here,
They questioned the constitutionality
of such a bank.
. . MK. WILLIAMS' SPEECH .
. Mr. Williams' argument was :
, Since the adoption ot the present
system there has been a constant
clamor for reform. It maintains ;, ab
normal relations between the United
States treasury and banks, because no
provision is made to return revenue
moneys to. circulation and security is
demanded for . government deposits
The government thus repudiates the
safety of its ownsystem. A central
bank would be-the fiscal agent for the
government and surplus tax money
would be available to re-discount seeu
rities for banks.
Reserve deposits are not properly
regulated. Reserves are scattered and
loaned out; they are unavailable and
when a crisis comes the entire system
breaks down. A central bank would
concentrate them and' make them
available through re-discount power.
Our bankiny system fails to
maintain its stability when a great
financial crisis comes; the crisis then
becomes a panic. A central bank,
through .its re-discpunt power, would
regulate the discount rate and control
the crisis.
lne fourth fundamental detect in
our monetary system is its utter lack
of elasticity. A ceutral banic would
regulate the qnality aud quantity of
our currency and make it responsive to
the nation's business.
As a supplement, the central bank
will furnish every attribute of a sound
monetary system :
I I. By government control and pri
vate ownership it secures safety and
confidence.
2. By regulating the discount rate
it maintains that stabilicy so essential
to. private enterprise.
3. By acting as fiscal agent for the
government it maintains proper rela
tions between the banks and the treas
ury department.
W. F. HENDRIX 10 MANAGE FOOTBALL IN 1911 RHODES SCHOLARSHIP
Other Imnortant Business Transacted. Change in!
Constitution of A. A. Proposed
i The annual meeting of the Athletic
Association for the purpose of electing
the manager and assistant managers
of the football team for next season was
held last Saturday afternoon.
It was moved and carried that a com
mittee of five be appointed to look into
thej advisability of bonding the man
agers of "Varsity" athletic teams, and
of chane-inff the constitution of the
Athletic Association, in regard to
the awarding of "N. C." sweaters, the
selection of managers of athletic
teams, and other matters. The presi
dent appointed Messrs. R. S. Stewart,
A. W. Graham, I. C. Moser, C. B. Ruf-
fin and W. C. George, to serve on the
committee. Mr. R. S. Stewart moved
that the constitution be suspended
and the election of assistant managers
postponed until . the committee shall
have met. The election of the
manager for next session was then
taken uo. The candidates were
Messrs. J. D. Bou shall, Jr., and W. F.
Hendrix, both of the junior class, who
had served as assistant managers this
year; Mr. Hendrix received one hun
dred and thirty votes and Mr. Boushal
one hundred and thirteen. Mr. Hen-
dnx, was declared elected.
I A call was then made upon Dr.
EDGAR W. TURLINGTON, OF THE UNIVERSITY IS
THE FORTUNATE CANDIDATE
Royster, the athletic advisor, for a
speech. Dr. Royster responded and
spoke briefly of the Association. Mr.
B..D, Stephenson was elected assistant
editor-in-chief of the Tar Heel to fill
the vacancy caused by the resignation
of Mr. Graham. ,
J. T. Pritchett Wins Freshman Prize
In the freshman debate, held in the
Dialectic Society on Saturday night,
the question discussed was: Resolved,
That a $2.00 fee should be paid by each
student, at the fall regisiration, for
the support of athletics. On the af
firmative were Messrs. J. P. Burke, J.
E Holmes, L. R. Johnston and J. T.
Pritchett. On the negative: Messrs.
M. R. Dunnagan, J. A. Holmes, R. L.
Lasley and W. J. Ward. The ques
tion was decided in favor of the nega
tive, but Mr. Pritchett, of the affirma
tive, was judged to have made the best
debate and was awarded the ten dollar
prizes
The university ot Colorado re-
quires tiuncK-outs to wear Diue
TIT ft J 11
caps, would not a yeuow cap De more
appropriate? The Idea.
One hundred dollars is divided among1
the membeis of the winning team in
the annual freshman-sophomore de
bate at the University of Minnesota.
Crimson and White.
"English is a funny language, after
all, isn't it?" . ; :
"Why so?"
"I heard a man talking, to a political
candidate the other day say: 'If he
only takes this stand, when he runs he
will; have a walk-over.' " Stetson
Weekly Collegiate.
Scholarship Provides for Three Years Residence at
f Oxford University. Mr. Turlington Will
I , Enter Oxford Next Fall
1 Intelligence was received at the Uni
versity Monday to the effect that Mr.
E. W. Turlington, of the senior class,
was the successful candidate in the re
cent Rhodes Scholarship examination
held at Raleigh. Mr. Turlington will
go to Oxford University, England,
sometime next fall and remain as a
student three years, traveling on the
continent in summer,
j Mr. Turlington is president of the
Y, M. C. A. and won the presidency
of the Phi Beta Kappa in his class.
He has won honors in debate as well
as in scholarship, having been awarded
the Bingham medal last commence
ment. His winning the Rhodes schol
arship was not a surprise to those
acquainted with his record as a student.
4. By issuing properly secured credit
notes it combines safety and elasticity.
5. By acting as a bankers' bank, as
a supplement in time of need, the cen
tral bank remedies the one inherent
defect and unites our banking system,
protecting commercial life from the
danger of panic.
The Historical Society
' The Historical Society met, for the-:
second time this year, on last Monday
night. About fifteen or eighteen were
present, all of whom enjoyed them
selves immensely. Cigars were passed
around, and the meeting took on the
sociable and informal character aimed
at by Dr. Wagstaff and Dr. Hamilton.
The results of the recent election, and
the probable program of ; the Demo
cratic party as the majority party, and .
of the Republican party as the opposi
tion party, were discussed at some
length. Dr. Wagstaff spoke of the re
cent election as being to his wish, not
so much on assurance of tenure in
office for the Democratic party, nor a
promise of victory in 1912, as a drastic
rebuke to the Republican party. The
question is, What are the Democrats
going to do with their initial advan
tage, and what are the Republicans
going to do under the country's re
buke?
The revision downward of the tariff
was given as one of the most impor
tant problems of the Democratic house.
A tough proposition was predicted,
while sympathies were extended to
Champ Clark. The question of pop
ular election of United States senators
was advanced also as a prQbable topic
for legislation. Just here and this
shows the informal nature of the
meeting the appearance, power and ,
influence of Woodrow Wilson in poli
tics was discussed. The attitude of
the Democrats towards the impeach
ment of Secretary Ballinger was talked ,
of, as well as their probable action
concerning t tie ruies oi tne uouse.
Action in the latter instance was predicted-
as inevitable. And as for the
Republicans in minority, their prob
lem was tersely put "Get together and ;
nominate Roosevelt in 1912 "
Towards the end of the hour, State
politics, and especially the probable :
appropriation of the Legislature to ;
the University was discussed. The
subject for the next meeting1 was
decided to be "The Negro Problem."
A midnight football game will be
played at Los Angeles Cal., under the
rays of 1,000 arc light as a curtain
raiser to the big automobile race to be
held there, .
. ,,., -4 i " r V. ry T t
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