with the College of
Commerce of the University of California.

Let the hope be expressed that this is but the beginning of a movement
which may be taken up by abler and wealthier men in business and
broadened in many ways. A growing literature on "The Morals of Trade,"
representing the best thoughts of our best minds, is likely to live and
to do splendid service in elevating commerce and in raising its
standards.

H. WEINSTOCK.

The purpose of this discourse is to set forth some of the social and
public aspects of trade and commerce in our modern life. We have heard
much in these recent times concerning the State in its relation to
trade, industry, and the economic concerns of individuals and groups.
Rapidly changing conditions, however, make it fitting that more should
be said from the opposite standpoint;--that is to say, regarding the
responsibilities of the business community as such toward the State in
particular and toward the whole social organism in general.

Some of the thoughts to which I should like to give expression might
perhaps too readily fall into abstract or philosophical terms. They
might, on the other hand, only too readily clothe themselves in cant
phrases and assume the hortatory tone. I shall try to avoid dialectic
or theory on the one hand, and preaching on the other. I take it that
what I am to say is addressed chiefly to young men, and that it ought
to serve a practical object.

In the universities the spirit of idealism dominates. The academic
point of view is not merely an intellectual one, but it is also ethical
and altruistic. In the business world, on the other hand, we are told
that no success is possible except that which is based upon the motive
of money-getting by any means, however ruthless. We are told that the
standards of business life are in conflict irreconcilable with true
idealistic aims. It is this situation that I wish to analyze and
discuss; for it concerns the student in a very direct way.

Our moralists point out the dangerous prevalence of those low standards
of personal life and conduct summed up in the term "commercialism." We
are warned by some of our foremost teachers and ethical leaders against
commercialism in politics and commercialism in society. So bitterly
reprobated indeed is the influence of commercialism that it might be
inferred that commerce itself is at best a necessary evil and a thing
to be apologized for. But if we are to accept this point