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IT seems, at first sight, that under the new regulations which provide for the exchange of rooms, much dishonest speculation might take place. But inasmuch as the provision is not for a transfer, but for an exchange of rooms, we do not see that the objection to the plan is a forcible one. In the first place, the old system has not been entirely satisfactory, for when a poor student draws an expensive room, and a wealthy student a cheap one, the advantage of an exchange is obvious. The new plan is adopted to meet just such needs. Under its provisions a student cannot transfer a room to a friend, nor can he take rooms which he does not want for the sake of an investment. Moreover, the new plan has one great advantage over the old one. Students will be obliged to make a written statement in a book open for public inspection, that they derive no profit from the exchange of rooms. This will prevent some men from perjuring themselves who might do so under the present system; and if the objection is made that there are men who are willing to perjure themselves even in public, yet it must be remembered that the College can adopt no system under which reliance is not placed to some extent upon undergraduate honor.