In the Words of the Emperor Titus Flavius Vespasianus T. fil. T. fil.: "Pecunia Non Olet!"

Robert Paul Wolff:

There is one more matter about which I feel I must say something. I refer to the controversy to which Richard Tuck referred in his opening remarks this morning [ed. Tuck, the current head of Social Studies and a splendid man, had said a few words about the controversy during his welcoming speech, distancing himself from the content of Peretz's statements.] I have anguished a great deal about this matter, at one point uncertain whether I ought even to attend the celebration. If I were a religious man, I could let my bible fall open at random, relying on The Lord to guide me to a chapter and verse in which I might find some wisdom. But since I am an atheist, that course was not open to me. So I did the next best thing. I took down my copy of Volume One of Das Kapital. As I turned the old, familiar pages, covered with my underlinings and notes, my eye fell on this famous passage from the great chapter on Money. Since you are all former or present Social Studies students, I am sure you will all recall it. Here is what Marx says.

Because money is the metamorphosed shape of all other commodities, the result of their general alienation, for this reason it is alienable itself without restriction or condition. It reads all prices backwards, and thus, so to say, depicts itself in the bodies of all other commodities, which offer to it the material for the realisation of its own use-value. At the same time the prices, wooing glances cast at money by commodities, define the limits of its convertibility, by pointing to its quantity. Since every commodity, upon becoming money, disappears as a commodity, it is impossible to tell from the money itself, how it got into the hands of its possessor, or what article has been changed into it. Non olet, from whatever source it may come.

Marx assumed that the working men and working women for whom he wrote this book all had a classical education, but since I did not, I was forced to look up the source of the Latin tag, non olet. It seems that in the time of the Emperor Vespasian, the Roman state raised a little extra money by taxing the public urinals. One day, Vespasian sent his son, Titus, to collect the taxes from the urinals. Titus was offended by the task, which he considered beneath him, and when he returned he flung the money at his father's feet. Vespasian looked down with equanimity and remarked languidly, "Pecunia non olet." The money does not stink.

In the realm of higher education, Harvard is an imperial power, so quite naturally it adopts Vespasian's point of view toward the money it accepts, Pecunia non olet. But from its founding, fifty years ago, Social Studies has held itself to a higher standard, and so I would hope that it will reject this money for a scholarship, because pecunia olet. The money stinks.