The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-03-26
Wanted: Words Of Wisd ON .

Some twenty-five years ago Mr.. GOLD
WIN SMITH delivered an address which
appeared later in the form Of a pamphlet
bearing the title Of False Hopes" In
this published address Mr.. GOODWIN
SMITH considers some Of the prominent
economic and financial fallacies which
prevailed at that time. In his own clear
sighted way he deals with such questions
as socialism in its various forms, with
cooperation, trade unionism and the
various panaceas whose advocates regard
them as infallible remedies for all the ills
Of our complex modern society.
Recent years have seen the market
flooded with books, pamphlets and
essays dealing with these and with kim
dred subjects. Many OF them are able,
and some Of them are profound. But
they are, in the main, the productions Of
specialists, students Of unquestionable
ability, whose arguments are compre-
hensible only by other specialists and
other students Of the science Of econom-
los, They are much too profound and
much too abstruse TO be Of any service
whatever TO the general reader, and il ID
the general reader who stands most In
need Of enlightenment with regard to the
basic principles involved In questions
which are now a part Of the daily life Of
all, Of workingman as well as student,
Of artisan as well az so-ealled capitalist.
The issues with which Mr.. GOODWIN
| Smith dealt In his treatise on False
kHOraaH ara Nth ona - 49,, o,roov,4;o,.
the issues Of to-day. The principles
ifEolYed in them are unchanged, but
many new-oonditions have arisen TO give
them new form and to introduce new
inhueppes. The so-called Trust was
unlnoth twenty-five year, ago, and
American labor unionism was in its in
fancy. We then dealt in millions, where
a. we now deal IN billions. New devices
have appeared in endless numbers, and
there have come new methods and sys-
TENS in production, distribution and
communication We live in an old world
which has become q new world by the
introduction Of what we call modern
improvements,
Yet this new world, which is still always
the old world. stands on the same founda-
ton asthe world Of a generation ago, and
throughout It's structure there run the
same essential principles. With those
principles, those fundRmental laws OF
industriali commercial, social and flnan-
cial ptocesses aud operations, we are az
a people wofully unfamiliar. We ham
die a bank bill with little or no clear
understanding Of its place ana meaning
In the. world Of affairs. The policy of a
protective tariff is considered IN its rela-
ton TO individual interests. To many.
labor upionism rears itself as a fearful
monster threatening the destruction Of
our industrial institutions, while TO
Others, "a Mr.. GOODWIN SMITH said in
his 4False Hopes, Capital, spelt with a
big initial letter, sweils into malignant
giant, the personal enemy Of labor We
discourse learnedly and otherwise on
railway rate regulation and Federal
control Of corporations and public util-
tiles, assuming that human nature can
be changed radically by statutory laws.
To-day, perhaps more than ever be-
fore in our history, there Is needed clear
and concise presentation Of the princi-
piles involved in these issues There is
need OF an Instructor who can lay these
principles before readers in a simple
form which shall make them easily and
readily comprehensive TO ell. There h
no one better fitted to do such a work
then Mr.. GOODWIN Smith. lHis ripeped
judgment lie the fruit Of long years Of
close study and comprehensive observa.
uon' He has seen and studied modern
indHstHahsp and modern finance In
their infanfy, their growth and their
oeVeiopm91 'into that which they have