THIS is the eighth of the David A. Wells Prize Essays to which Williams College has made the award provided by the will of the late David A. Wells of the Class of 1847. Seniors and graduates of the College of not more than three years' standing are eligible for the prize. The donor's will specifies a large number of economic fields of inquiry as suitable for these essays, with the restriction that "No subject shall be selected for competitive writing or investigation and no essay shall be considered which in any way advocates or defends the spoliation of property under form or process of law; or the restriction of Commerce in times of peace by Legislation, except for moral or sanitary purposes; or the enactment of usury laws; or the impairment of contracts by the debasement of coin; or the issue and use by Government of irredeemable notes or promises to pay intended to be used as currency and as a substitute for money; or which defends the endowment of such 'paper', 'notes' and 'promises to pay' with legal tender quality."
Interested as David A. Wells was in taxation, convinced of the evil effects of inflation, and devoted to statistics, this distinguished alumnus of the College would certainly have regarded Mr. Stein's essay with unusual interest and approval.
In June, 1936, a committee made up of President Tyler Dennett, Professor Edward S. Mason of Harvard University, and Professor Walter B. Smith, representing the Department of Economics at Williams College, awarded the Wells prize to Mr. Herbert Stein, of the Class of 1935, for his essay entitled "Government Price Policy in the United States During the World War."
WALTER BUCKINGHAM SMITH
Orrin Sage Professor of Economics, Williams College.
Williamstown, Mass. December 20, 1938