PREFACE Higher commercial education has evidently gained a place in American universities from which it may never be displaced; yet he would indeed be a daring champion of the new curriculum who showed any confidence in prophesying just how the present tendency will finally crystallize, or just what its advantages will prove to be. But one unanticipated service has already been rendered. However much the caviler may object to the idea that the university can fit one for practical business life, he should nevertheless admit that the movement toward commercial education has at least the advantage that it brings the university man into closer contact with the man of affairs. If it cannot train for business, the university can at least be itself educated by the business man, who brings new points of view, fresh intellectual vigor, helpful criticisms, and, at times, stimulating errors--all of which serve to shake the academician in his loyalty to dogma, or at least to lead him to examine anew its title to sovereignty. Surely economists cannot forget the debt they owe to Ricardo the stockbroker, to Newmarch the banker, to Bagehot the editor, to Brassey the contractor, to Montchretien the manufacturer, and to Gresham the merchant, each of whom has done much to repay to the science of economics the debt due her from the business world for services in explaining the conditions of material prosperity. And so today, instead of forming a close academic clique, the universities are honored by the men 128477 of affairs who consent to burden their overcrowded hours by delivering addresses to the students in the commercial courses. The universities cannot but profit by this innovation, which must lead to more catholic views, to less intellectual arrogance, to a sounder nexus between theory and practice. The University of Chicago has been especially favored in this respect. Situated in so great a commercial center, it has been able to invite men eminent in their callings. The response which has been received is shown by this volume of lectures, and the College of Commerce and Administration again expresses its gratitude to those who have so generously contributed their time to the common work of commercial education. Acknowledgment is also due to the Atlantic Monthly for permission to reprint the introductory lecture by Professor Laughlin. It is regretted that the conditions of publication made it impossible to reproduce the photographs which were used by Mr. H. F. J. Porter to illustrate his two lectures on forging. This has in turn made it necessary for the author to abridge the text, which as printed in this volume, inadequately represents the lectures as delivered. HENRY RAND HATFIELD. CONTENTS PAGE By JOHN LEE MAHIN, President of the Mahin Adver- By A. C. BARTLETT, Vice-President, Hibbard, Spencer, THE CREDIT DEPARTMENT OF MODERN BUSINESS 218 |