permission to record the feat in his
coat of arms, it is hardly possible that men respected the claims of
their fellow-citizens more than at present. Times characterized by an
administration of justice so inefficient that there were in London nests
of criminals who defied the law, and on all high roads robbers who
eluded it, cannot have been distinguished by just mercantile dealings.
While, conversely, an age which, like ours, has seen so many equitable
social changes thrust on the legislature by public opinion, is very
unlikely to be an age in which the transactions between individuals have
been growing more inequitable. Yet, on the other hand, it is undeniable
that many of the dishonesties we have described are of modern origin.
Not a few of them have become established during the last thirty years;
and others are even now arising. How are the seeming contradictions to
be reconciled?

We believe the reconciliation is not difficult. It lies in the fact that
while the _great_ and _direct_ frauds have been diminishing, the _small_
and _indirect_ frauds have been increasing: alike in variety and in
number. And this admission we take to be quite consistent with the
opinion that the standard of commercial morals is higher than it was.
For, if we omit, as excluded from the question, the penal
restraints--religious and legal--and ask what is the ultimate moral
restraint to the aggression of man on man, we find it to be--sympathy
with the pain inflicted. Now the keenness of the sympathy, depending on
the vividness with which this pain is realised, varies with the
conditions of the case. It may be active enough to check misdeeds which
will cause great suffering; and yet not be active enough to check
misdeeds which will cause but slight annoyance. While sufficiently acute
to prevent a man from doing that which will entail immediate injury on a
given person, it may not be sufficiently acute to prevent him from
doing that which will entail remote injuries on unknown persons. And we
find the facts to agree with this deduction, that the moral restraint
varies according to the clearness with which the evil consequences are
conceived. Many a one who would shrink from picking a pocket does not
scruple to adulterate his goods; and he who never dreams of passing base
coin, will yet be a party to joint-stock-bank deceptions. Hence, as we
say, the multiplication of the more subtle and complex forms of fraud,
is consistent with a general p