Word: youngmans
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...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...
...Youngman opened the debate for Harvard. He showed that no presumption could be raised against the negative either by history or by authority. He said that the negative did not defend flat money, but legal tenders convertible into gold. He closed by saying: "I have cited some of the most eminent authorities in favor of the government's supplying the country's minimum of paper money. I have called attention to the parallels of the uncovered notes in three of the soundest currency systems in the world. I have referred to the remarkable success of our own greenbacks...
...sound financial basis. Legal tender notes make the gold reserve necessary, and so long as they exist the reserve must be kept up. Such a system constantly threatens the country with financial panics, as we have seen during the last three or four years. The gentleman (Youngman), advocated the retirement of a certain amount of these notes. This would only be a temporary relief. The only cure is to remove the legal tender notes entirely. By this means the danger of a deficit in the gold reserve would be forever avoided...
...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...
...competitive debate, held January 17, the Judges, Professors Briggs, Hart and Baker, chose the following men to speak against Princeton: William Sterling Youngman, L. S., of Pennsylvania, Joseph Parker Warren '96, of Massachusetts, Fletcher Dobyns '98, of Ohio, and Frank Rudolph Steward '96, of Montana, the last as substitute...