dly than they were accustomed to at
home, and come to quite another conclusion. But they are comparing
American business life with the social club-and-country-house life of
home. Let them acquire the same experience of business circles in
England, and then compare the tone with that of business circles in
America, and they will change their opinions.

Let me recall again what was said above as to the difference in the
motives which may impel a man to go into business or trade in the two
countries. An Englishman cannot well pretend that he does it with any
other purpose than to make money. The American hopes to make money too,
but he takes up business as an honourable career and for the sake of
winning standing and reputation among his fellows. This being so,
business in America has a tendency to become more of a game or a
pastime--to be followed with the whole heart certainly--but in a measure
for itself, and not alone for the stakes to be won. It is not difficult
to see how, in this spirit, it may be easier to forego those stakes--to
let the actual money slip--when once you have won the game.

* * * * *

It is necessary to refer briefly again to the subject of trusts. In
England a great corporation which was able to demonstrate beyond dispute
that it had materially cheapened the cost of any staple article to the
public, and further showed that when, in the process of extending its
operations, it of necessity wiped out any smaller business concerns, it
never failed to provide the owners or partners of those concerns with
managerial positions which secured to them a larger income than they
could have hoped to earn as individual traders, and moreover took into
their service the employees of the disbanded concerns at equal
salaries,--such a corporation would generally be regarded by the English
people as a public benefactor and as a philanthropically and charitably
disposed institution. In America the former consideration has some
weight, though not much; the latter none at all.

When a trust takes into its service those men whom it has destroyed as
individual traders, the fact remains that their industrial independence
has been crushed. The individual can no longer "insist upon himself." He
is subordinate and no longer free. One of the first principles of
American business life, the encouragement of individual initiative, has
been violated, and nothing will atone for it.

The Standard O