Part 1 - The Institute Libraries - Institute for Advanced Study

was a mutuality in Stewart's and Flem-ierts interest and understanding
of the field. Thus Flex-= wrote Dr. Aydelotte tbr "~ZteuartT - has de-
tided tkzt the way in which we are approaching the subject of economics
is the most hopeful in the entire field today."15
Walter Stewart wss at this ticre a mster of monetary and bank-
ing theory and przctice, and an outstanding economic analyst. A graduate
of the University of Missouri, he was financial editor of the St, huis
Times before he began teaching economics, which he did for twelve years,
first as assistant and associate professor at University of Missouri and
st Michigan, and then, (1916-1922) as full professor at Amherst. He was
greatly admired and respected by his students and colleagues, several of
whom kept their friendships and contzcts through the years. For the Two
yerrs preceding his going to Amherst he vzs both student and colleague
of Thosstein Veblen, iconoclast 2nd sstirist of t b American society and
partfculerly of its le~ders in business and finance. A warn friendship
en2ured until Veblen died in 1929; one is gikn to understand by Isaiah
Dorfmann, biographer of Veblen, that the two men wre close and companion-
able. Since Mr. Stewart wzs to exhibtt none of the qualities of a rebel,
It m y have been Veblen*s influence which led Stewart to vrfte a sardonkc
parody of the Declaration of Independence fn discussing J. P. Norgaa d
of an
Corrrpanyos disposition / applicstion for a loan by revolution-torn
~exico. l6 And perhaps Stewart's leaving Amherst was another instance
of the same influence; Veblen's independence in personal conduct and in
the freedom with vh%ch he spoke his mind that had shortened several of
his successive university connections, Cixcmtances were different here,
In June, 1923, Amherst" Trustees dismissed President Alexander Meikeljohn