lication of social and economic principles to modern life. All this
they are doing and can well do without ignoring the value of the older
forms of scholarship and culture.

But I have a few remarks to make also upon the ethical relations of the
business world of today toward the political world; that is to say,
toward organized government, whether in its sovereign or in its
subordinate forms. We cannot take too high a ground in proclaiming the
value, for the present, at least, of the political organization of
society. I should like to dwell upon this point, but I must merely
state it. If the State: _i.e._, the political form of social
organization, is valuable,--it stands to reason that it must be
respected and maintained at its best. It is also obvious that it will
have a higher or a lower character and efficiency, according to the
attitude toward it taken by one or another of the dominant factors that
make up the complex body politic.

Thus, for example, it is the feeling of men in control of the political
organization in France today that the Church, as a great factor in the
social structure of the nation, is essentially hostile to the spirit
and purposes of a liberal republic. Hence a great disturbance of
various relationships. I do not cite that instance to express even the
shade of an opinion. My point is that if the political organization of
society is desirable and to be maintained, it is a fortunate thing when
one finds the dominant forces of society rendering loyal and faithful
support to the laws and institutions of government and recognizing
without reserve the sovereignty of the State. Yet in our own country
there is a widespread feeling that many of the most potent forces and
agencies in our business life are not wholly patriotic, in that they
are not willing in practice to recognize the necessity of the
domination of government and of law. I do not believe that this is
permanently and generally true. It would constitute a great danger if
it were a fixed or a growing tendency.

As matters stand, however, every one must admit that there is an
element of danger that lies in the very fact that as a nation we are in
a condition of peace, content, and prosperity, and do not find our
political institutions irksome. The danger consists in this: that under
such circumstances the rewards of business and professional life are
for the most part so much more certain and satisfactory than those
which come from the