quickened conscience and large views to the front. Expert engineers and auditors, in the public service, have established the technique of publicity. The fear of large aggregates of capital is departing. We are swinging to the view that they need not be dissolved, but rather should be regulated in the public interest.

And so, we have entered upon a new day, as our honorable Secretary of Commerce has suggested. There never was a time when, through the discussions of conferences of business experts, so great a variety of knowledge concerning the intimate practices and policies of industry was spread before the public and the learning generation as now. Those who twenty-five years ago began the study of industry may well contrast the poverty of knowledge of that period with the present abundance. This is the means by which the professional spirit nourishes itself. The instinct of professionalism in industry has brought us, in efficiency, far in advance of anything attained by the one-man domination, under a régime of pure property interest, as represented by the captain of industry. To this professional spirit, with its scientific rule of free interchange of basic data, much may be intrusted, for it is fast producing a pride in good workmanship which will make it impossible for a representative of property right, who plans evil, to find a competent agent to execute his bidding.

In the second place, we have definitely abandoned the doctrine of laissez faire. The Housing Commission of the City of Milwaukee, in its report to the mayor, November 30, 1918, inserted' the following general clause:

We must not fail to appreciate the gradual change in the concept of government, which has been manifested so conspicuously in England and on the continent during the past decade or two, and to some degree in this country. Legislation relating to social amelioration, to transportation, to land improvement and development and to public health has expanded the functions of government far beyond the older concepts of government (which concerned themselves largely with restrictive legislation) and has more fully organized nations to achieve prosperity and stability because it has put the welfare of the whole above the welfare of groups or individuals.

The political party which was once the party of particularism as regards political organization (but now become the champion of solidarity in economic interest) has led us during the war in a gigantic experiment in the organization and control of industry.

Although this has been terminated, with its temporary occasion, it will for decades to come be drawn upon as an arsenal of expedients, whenever any economic interest threatens the general welfare. We have multiplied the standards set up by law, as the plane of competition. We have devised the inspecting, administering and law-enforcing agencies which give legislation effect. In its relation to the key industries of transportation and banking, and in its control of the issue of securities, government has put itself on the way to a supervision which will extend over a wide range of activities, without unduly hampering individual initiative.

In the third place, industry, in response to the temper of the times and the influence of labor organization, is sincerely addressing itself to the wage-earner. This is our backfire to bolshevism. We realize that our safeguard is the stake of the average man in the present economic order and his intelligence with reference to the functions of each factor in production-the factors of capital and management, as well as of labor and the state. Indeed, we only wish that the average man knew much more of capital formation and risk and interest and profits and cost accounts and the nature of the market and the work of the executive. These things the powers-that-were might have been teaching him in the years that have gone by.

Our safeguard is also in the new attitude of our industrial leaders, as shown by the things in which they are interested and the things they think it worth while to do. The point of view has not been better put than by Mr. John D. Rockefeller, Jr., in the first three points of the creed presented by him recently at the convention of the Chamber of Commerce of the United States.

1. I believe that Labor and Capital are partners, not enemies; that their interests are common, not opposed; and that neither can attain the fullest measure of prosperity at the expense of the other, but only in association with the other.

2. I believe that the Community is an essential party to industry, and that it should have adequate representation with the other parties.

3. I believe that the purpose of industry is quite as much to advance social well-being as material prosperity; that, in the pursuit of that purpose, the interests of the Community should be carefully considered, the well-being of employees fully guarded, management adequately recognized and Capital justly compensated, and that failure in any of these particulars means loss to all four parties (Capital, Management, Labor, and the Community).

The war has been a great common cause. It has revealed to many men the joy of a truly big aim and a truly social process of achieving it. Of the dollar-a-year men, the Saturday Evening Post (July 12th, 1919) has just said:

They realize that heretofore business has fallen short, and upon returning to their local industries in the various states these men have started the diffusion of new ideas . . . all these men have seen the light. They know that the business man of tomorrow must live and serve as a statesman and trustee, not as a private individual.

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