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the extraordinary power of money capital. It displays still greater power when it engages in the defence of monopolies in respect to which it is always possible to confuse the public judgment to some degree by sophistical appeals in favor of vested rights and of (so-called) innocent stockholders, and by figures artfully arrayed to prove that watered stock is a genuine investment, and that dividends have not adequately reimbursed actual outlay.

The contest with the encroachments of monopoly which is now one of the most pressing duties of the country, is no holiday undertaking. It will not be finished in one year or in many years, and indeed it will never be fully ended. It is a law of humanity that the body politic, like the physical body of men, is always exposed on every side to diseases, which must be ceaselessly guarded against by preventive measures or counteracted by appropriate remedies. Eternal vigilance is said to be the price of liberty, and it is the price also of all the blessings of men and nations. In this case we must begin at the foundation. As no stream can rise higher than its source, we have no right to expect in legislative bodies a greater average degree of virtue and public spirit than exists among the people by whose suffrages they are created. The corruption of the American law-making power is largely due to the frequent spectacle of the long enjoyment of public favor by men who, while notoriously venal, are still able to retain popularity by the skillful manipulation of patronage, the purchased favor of newspapers and by all the arts known to politicians of deceiving and misleading the public mind.

The character of American legislation will never attain a high standard until the people shall inflexibly discard those who betray the public interests, and shall also steadily uphold honest legislators against the enmities and attacks which they may provoke by resisting the unjust and rapacious demands of monopolists.

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STAMPED BELOW

AN INITIAL FINE OF 25 CENTS WILL BE ASSESSED FOR FAILURE TO RETURN THIS BOOK ON THE DATE DUE. THE PENALTY WILL INCREASE TO 50 CENTS ON THE FOURTH DAY AND TO $1.00 ON THE SEVENTH DAY OVERDUE.

APR 15 1933

LIBRARY USE

AUG 23 0063 REC D LD

AUG 23 1953

LD 21-50m-1,'33

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