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Page 23 text:
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Henrv Carter Adams. j ENRY CARTER ADAMS was born in Davenport, Iowa, December tTj 31st, 1852 He received his bachelor ' s degree at Iowa College, and after teaching a year, spent some time at Andover Theological Seminary. Having always had an inclination for newspaper work, he was considering a change from preparation for a theological to prepara- tion for a journalistic career by accepting a position as reporter on the New York Timea, when he was honored by the offer of a fellowship at Johns Hopkins University. He finally decided to accept the fellowship, upon the advice, it is said, of Mr. E. L. Godkin, then of the Nation. If this be true, economists owe a debt of gratitude to Mr. Godkin, for once at the University, the young student was so filled with its spirit that he gave up all thoughts of a journalistic career. This enthusiasm for aca- demic work was due to many influences, among which was the contact with so many brilliant young minds afforded by the university, some of whom had studied in Germany and brought back the German university spirit; but chief of all the influences was that of two men who were lec- turing at Johns Hopkins at that time, Judge Thomas M. Cooley and the late President Walker. In 1878, the doctor ' s degree was conferred upon him, his examiners being the Historian Bancroft and President Walker. Appointed by courtesy Fellow in Political Science, he spent a year and a half in Germany, studying at Heidelberg under Knies and Bluntschli, and at Berlin under Wagner and Engel. After his return, he lectured in quick succession at Cornell, the University of Michigan and Johns Hop kins, and in 1887 was appointed Professor of Political Economy and Finance at the University of Michigan. In this brief outline, two things have probably suggested them- selves to the reader. Here was a young man evidently endowed with great natural ability, and here were names in Political Science and Polit- ical Economy, that represent the highest achievments of scholarship. The contact between such a student and such masters could not but be productive of interesting results. It is our honor to be assigned the task of reviewing these results.
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Page 24 text:
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Professor Adams ' first work received favorable attention. This was his doctor ' s thesis published under the influence of Wagner, in Tnbinger Zeitschrift fiir die gesarumte Staatswissenschaft, 1879, under title Zur Geschichte der Besteuerung in den Vereinigten Staaten von Amerika in der Periode von 1789-1816. This thesis is familiar to American readers as Taxation in the United States, 1789-1816, published in Johns Hopkins University Studies, 1884. In this work Professor Adams gave evidence of the clearness of insight and power of analysis of which he was later to show himself so eminently possessor. These qualities are just as appar- ent in an article on Socialism which was published in the Penn Monthly for April of that year. This article shows true historical mindedness, and affords consolation neither for those who favor unconditional socialism, nor for those who just as unconditionally condemn it. The principle of free competition, he says, is the object at which socialism is aiming its blows, and while socialism is as a system untenable, it is right in claiming that the remedy must lie in a proper restraint on the opera- tion of the principle of free competition. Not an abolishment of free- dom, but freedom of the right sort, is the solution; liberty with respon- sibility. Among the most interesting expressions in this article, from our view of twenty years later, are those concerning the duty of Political Economy in America. He says, America must repudiate the centraliz- ing tendency of German Economy, because that tendency is opposed to the ideas upon which the government is founded; but, on the other hand, another century of unrestrained activity of private enterprise will itself contradict the theory of freedom, and destroy the government. From this dilemma must arise an American Political Economy an economy which is to be legal rather than industrial in its character. How inter- esting, in the light of the American Political Economy that has been since developed, in the light of Professor Adams place in it, and in the light of certain industrial phenomena, like trusts, which have appeared. In January, 1881, appeared in the New Englander, from his pen, an article on The Irish Land Question, and in November of the same year, one on Democracy, a consideration of that subject which affords some satisfac- tion as one turns from most of the books of this title that are flooding the market at present. Nowhere has the subject been more vitally touched than in these words: Democracy does not necessarily mean, as usually employed, a definite form of government. It is rather the expression of political individualism. Constitutional governments are not necessarily democratic; nor, on the other hand, are democratic ideas
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