The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-01-01
HADLEY ON TRUSTS.
Draws Lesson From Modern Tenden-
cies In Address at Ithaca

New York, Jan 1.--At the meeting of
the, American Economic association at
Ithaca Arthur T. Hadley, president of
Yale university. delivered an address
on Modern Political Economy" de-
Glazing: "a mans theory of prosperity
is closely interviewer with his theories
of ethics and of politics Moral and po-
Htieal standards are a determining ele-
ment i'll our Judgment as to whether
nations aggregate condition is good or
bad
Observation as to the effect of diff
ferent industrial systems on the Stabil-
ity or destruction of a nation reacts. in
turn, upon our moral and political judg-
mehts. 1t is at this point that the in
teractioD between economics and poll
tics, whether by way of mutual aid or
mutual criticism, is most constant.
1.-THE man who would sink the interest
of 4 class in g. supposed general public
interest is but depriving that class of
its own national safeguard in the strug
gle for existence.
Business has become a trust in a far
different sense from that which the ac-
cidzntal application of this word has
carried with tia thing involving a
delegation of power by the public to the
hands of a few men, which they are
able, if they please, to misuse to the
detriment of others without being i'm
mediately overtaken by any legal or
commercial penalty.
1.-The correctives to the abuse of indi-
V1QuaI SoluSnneSS IN the CONNIE ~c1dl
world today are SO much less immed-
late and automatic than they once were
that few persons now preach unlimited
competition as means OF promoting
the general good. So marked, indeed,
is this reaction that there is danger of
our having too little confidence in indi-
vidual initiative in the immediate flu
ture and of regulating these trusts by
exercise of public authority, which may
prove in the long run less wise than
private enterprise itself.
"A similar change is taking place in
matters political as we'll as Industrial
hot only are our municipalities giving
examples of combined action in the way
of public works undreamed of a, century
age. but our nations as a whole are
undertaking yet larger combinations in
the shape of colonial empires.
what will be the ultimate result of
this last change of national character
it is far too early to predict: but this
is certain, that it will necessarily be ac-
companied by a recognition of the fact
that public office is a public trust more
fully than it has been recognized in the
past.
"a federation Of states of approx
mafely equal strength may govern one
another on a principle of separate pur-
suits of selfish interests. But when we
come to administer the affairs of a
weaker nation, to which we don't and
can not give political autonomy, the
evils of the old system become so OBJ
V1ouS, and the need OF ideals in politics
becomes so exaggerated, that even
those who in the past public life have
scoffed at the conception of a higher
law than their own selfshness are. I'M
der the new conditions, compelled by
shame TO appeal to such higher law.
THE more completely our undertake
ings, whether private or public, indus
trial or political, take on the character
of trusts, the more impossible does it
become for those who are placed in
e.
interests without gross violation of
what we. in our everyday life, recognize
| as fundamental dictates of sympathy or
of justice ~