The daily morning journal and courier., 1900-01-03
AN 4DDRESS ON TYR USTS.
Delivered by Presid m Hadlcy of Yale
 In th lcngO Yestrrdny.

llGGllDS DL lIc SlllCcSp olliNCl Spii
 vocation to-day was the caustic address
 of President Arthur T. Hadley of Yale.
 President Hadley said in part:
 An unusually well informed foreign
 critic, Mr. Muirhead, has recently pub
 lished the opinion that the standard Of
 personal morality in America is decld-
 edly igher than in England, that Of
 commercial morality probably little
 lower, and that of political morality
 quite distinctly lower. There is reason
 to think that in this view he represents
 the consensus of opinion of well inform
 ed observers on both sides of the Atlan- I tic. The causes for this condition or
 things demand serious attention. A
 failure to carry into politics the same
 kind of ethical standard which is ap-
 piled in matters of personal morals i'm
 plies, as rule, that there is something
 in peoples political condition to whose
 understanding it has not fully grown
 up Such failure implies defect in
 public judgment rather than in indivld-
 ual character. It indicates that we do
 not know what virtues must be eXer-
 cised for the maintenance of organized
 society, as we'll as we know what Vlr-
 tues are necessary to the harmonious
 living of individuals among their neigh
 bors.
 reorganization in business, in local
 politics and in national politics has
 brought with it an inequality of oppor-
 tunity and an unfairness of conditions
 in which the game of life is played
 Competitive business is giving place to trusts. The town meeting has been sup planted by the organized municipality. The old Federation of States, with strong traditions of home rule, has be- come a centralized nation, reaching out beyond it's old borders to rule over oth- CT nations less civilized than itself.
 "Jnder these circumstances it be- comes impossible for the community to rest complacently in that egotistic mo rality which seemed sufficient for the needs of a generation earlier. We can no longer rely upon competition to pro- tect the consumers against abuse when industry has become so highly organiz- ed that all production is centralized in the control of single body. It is no longer true, in the sense that 1t was fifty years ago, that each man may be left to manage his own business and that the community will find its work best done as consequence Of such freedom. Commerce and industry are no longer to be regarded as games where we have nothing to do but to applaud the most skilful player when he wins and rest in the assurance that his triumph is in line with the best in terests of the community as whole.
 What was once regarded as game has now become trust, not merely in the superficial and accidental sense in which the name trust is now applied to all large combinations of capital, but in a profounder sense-as a trust exer- cised on behalf of the public, which it is in the power of those who control this capital to use well or i'll at their pleasure, without adequate restraint from any quarter. Where competitio: is thus become a remote contingency, and where law is almost necessarily ln- adequate, unless it be made so strict as to forbid the good no less than evil in private business enterprise, new system of ethics is matter of vital necessity for the American people-a system which shall treat the director no longer as an individual pursuing private business of his own and With the right to resent the suggestion that he should conduct it unselishly, but as having moral responsibility to his stockholders to his workmen and to the consumers that purchase his goods or his services. ! In the absence of such an ethical ad- vance no political or legal solution of the so-called trust problem is likely to be effective.
 Until there is a fundamental reform in the code of political ethics which the imposes upon it's members public trusts will be no more adequate ly controlled than private ones Nay, they are likely to be even less adequate ly controlled, because a public official, holding his power as a tool of a ring and acknowledging no allegiance to higher than those which have made his organization successful. is as a fule more firmly intrenched in author ity than the representative of any pri vate corporation, however extensive or powerful. Until such change is made the socialistic ideal of reforming abuse of private trust will be but the sub of one set of maitres for an other.
 "If this opportunity is felt in internal affairs, where those who suffer are at any rate citizens and men of action, with the power to make their protests heard, even where they cannot make their resistance successful, much worse will it be in dealing with colonies and Under an imperialistc policy our government cannot remain what it is. It must grow either worse pr better It cannot remain game in which the struggle for success is as far le possible disassocated from the moral sense of the participants. It will involve either direct breach of trust or a d- rect acceptance of trust
 Our own experience with problems other than these, and the experience of with this particular problem, both warrant us in the belief that we shall move toward a better solution han toward a worse.
 "A country which has in so many of ts parts passed in single generation rom the lawlessness of frontier life to he extreme of legality may readily, in generation more, pass from a state where conceptions of public duty are by legality alone to one where hey are inspired by moral obligation which will carry into the conduct of public affairs the principles and the which were recognized as