e than they thought of Nature being the
poorer because of the electricity which they induced to run along their
wires. A public franchise was a plum growing on a convenient tree. A
wise man would wait till it was ripe and then, when no one was looking,
would pick it for himself The whole transaction was a trial of wits
between rival pickers. A special privilege, according to this view,
involved no special obligations; it was a reward for special abilities.
Once given, it was property to be enjoyed in perpetuity.

This was the code of ethics which you, in common with multitudes of
American citizens, accepted. You have yourself prospered. Indeed, things
had gone so well with you in this best of all countries that any
fundamental change seemed unthinkable.

But that a change has come seems evident from your conversation last
night. All that fine optimism which your friends have admired seemed to
have deserted you. There was a querulous note which was strangely out of
keeping with your usual disposition. It was what you have been
accustomed to stigmatize as un-American. When you discussed the present
state of the country, you talked--you will pardon me for saying it--for
all the world like a calamity-howler.

The country, you said, is in a bad way, and it must be awakened from its
lethargy. After a period of unexampled prosperity and marvelous
development, something has happened. Just what it is you don't really
know, but it's very alarming. Instead of working together for
Prosperity, the people are listening to demagogues, and trying all sorts
of experiments, half of which you are sure are unconstitutional. The
captains of industry who have made this the biggest country in the world
are thwarted in their plans for further expansion.

There are people who are criticizing the courts, and there are courts
which are criticizing business enterprises that they don't understand.
There are so-called experts--mere college professors--who are tinkering
the tariff. There are over-zealous executives who are currying favor
with the crowd by enforcing laws which are well enough on the statute
books, but which were never meant to go further. As if matters were not
bad enough already, there are demagogues who are stirring up class
feeling by proposing new laws. Party loyalty is being undermined, and
the new generation doesn't half understand the great issues which have
been settled for all time. It is rashly interested in new issues. F