Problems of Conduct: An Introductory Survey of Ethics Part 21

Surely our attempt, then, must be to retain "big business," and cure its evils, rather than to turn the hands of the clock backward by reverting to the wasteful compet.i.tive system. If this proves possible, we should work for the organizing of the as yet unorganized industries.

Half of human effort is still wasted, through lack of such organization. If the innumerable butcher shops, grocery stores, apothecary shops, dry goods stores, etc, throughout the country, were consolidated locally, and then for some considerable section of the country, we could have greatly reduced prices and greatly improved shops. Mr. Woolworth's chain of five- and ten-cent stores offers a familiar contemporary example of the efficiency and saving to the consumer of such consolidation.

What are the ethics of the following schemes:

I. TRADE UNIONS AND STRIKES? We must, then, consider what methods of regulating, without destroying, monopoly are efficient and morally defensible; and, first, the method into which the working cla.s.ses have put most of their effort and enthusiasm. The labor-unions have, as a matter of fact, actually effected certain results, which we may rapidly review:-

(1) Their chief accomplishment, and indeed effort, has been the raising of wages and shortening of hours for labor. Their success, however, has fallen far short of their hopes; and it is impossible to say how much more they have accomplished in this direction than would have been effected by other causes without their efforts. As a whole, the employing cla.s.s disbelieves in the unions and is strenuously disinclined to yield to their desires. And at present the employers are usually stronger than their employees, unless public opinion or legislation forces them to surrender their position.

(2) To some slight extent, but only to a slight extent, they have effected amelioration in other matters have freed labor from the tyranny of company stores, decreased child labor, secured the installation of safety appliances, sanitary conditions, and other needed improvements.

(3) Their social effect has been greatest. They have amalgamated our stream of heterogeneous immigrants and fired them with common understanding and purpose; they have taught the ignorant to cooperate, made them think, frowned to some degree upon vice, insured their members to. some extent against illness and death, and promoted general friendliness among the laboring cla.s.ses.

On the other hand, their methods have been productive of much harm:

(1) The economic loss due to strikes has been enormous; the employers have suffered heavily, the public has suffered heavily; the laborers have suffered most of all. Social amelioration certainly ought not to have to come about through such wasteful methods and such bitter privation.

(2) The inconvenience caused the public by strikes has often been very great, especially where the coalmines or railways have been affected.

Only a few years ago a veritable tragedy was barely averted, when President Roosevelt succeeded, after the most strenuous efforts, in ending the general coal strike in the winter season. A strike of locomotive engineers means obviously a great peril to the traveling public.

(3) The antagonisms and cla.s.s hatreds engendered by this sort of industrial warfare do infinite moral harm, and r.e.t.a.r.d heavily the peaceful solution of the problems. The cla.s.s organs always denounce in bitterest terms the opposing cla.s.s, and lawlessness always lurks in the background.

(4) Apart from their conduct of strikes, the labor unions must answer to many serious indictments. They have endeavored to restrict output, in order to raise prices. They have sought to restrict the number of apprentices in a trade, and have opposed trade schools, in order to keep down the compet.i.tion for positions. They have insisted on a uniform wage without regard to efficiency. They have opposed scientific management and the increase of efficiency in various industries, in order to retain more workers therein. They have insisted upon the retention of incompetent employees, thereby directly causing railway accidents and other evils. They have often antagonized such other ameliorative methods as profit sharing and government regulation, and have rejected overtures from employers, because these-to quote from a union pamphlet-"remove the scope and field of trade-unionism." They have at times been run in the interests of selfish leaders and seemed chiefly a moneymaking scheme of a few grafters.

There can be no question, on a dispa.s.sionate consideration, that the militant methods of the trade unions are an unfortunate and temporary expedient. The grievances which they have sought to remedy are very real and very bitter; and perhaps, on the whole, the unions have done more good than harm, and accomplished results that would not so soon have been effected in any other way. But they have been rather strikingly unsuccessful. After fifty years of propaganda, seventy per cent of all industrial workers remain non-unionized; and there has been a relative loss in their numbers during the past decade. They have never succeeded in cornering the labor market, and there seems to be no prospect of their succeeding. In all events, for a permanent and thoroughgoing solution of labor troubles we must turn to some other method.

II. PROFIT SHARING, COOPERATION, AND CONSUMERS' LEAGUES?

(1) The usual method of profit-sharing is for the employer to set aside voluntarily a certain proportion of the profits of successful years, to be distributed among the employees in addition to their regular wages, the distribution being made proportionate to the amount of each man's wages. It is thus properly called a dividend to wages, and is equivalent to a small ownership of the stock of the business by each worker. The advantage lies not only in the fairer distribution of the profits of a business, but in the interest, contentment, and increased efficiency of the employees. The self-interest of the laborers is enlisted to prevent strikes, and a feeling of good will tends to prevail. Not a few employers are giving a degree of profit sharing as a mere business proposition; and the results have been generally successful. But the method is only a sop. It touches only one of the evils above mentioned, that of underpayment of workers. And, for that matter, it is oftenest introduced where the workers are already well paid. It is possible only in successful and firmly established industries; and even in them, bad years may necessitate a temporary cessation of dividends to wages, and generate resentment in the minds of the laborers, who do not know the precise status of the business.

Moreover, since the workers cannot be expected to reverse the procedure in lean years and contribute to the maintenance of the business, it is necessary, in most industries, to reserve a considerable sum from the profits of fat years to tide over possible periods of lean years.

It might be possible to enforce by law the acc.u.mulation of such a reserve fund, and then the distribution of a fixed percentage of the net profits of the business to labor-instead of permitting all the profits to go into the pockets of owners or stockholders. But such a plan will probably be superseded by or incorporated into some more comprehensive solution for industrial evils, a scheme that can remedy other wrongs besides that of inadequate wages.

(2) Cooperation in production involves democratic management of a business as well as a more radical sharing of its profits. The workers themselves contribute the capital, elect the managers, and divide the profits. By their votes they can determine hours of work, and arrange conditions to suit themselves, so far as their capital allows.

Cooperation-when fully carried out-is socialism on a small scale introduced into the midst of a capitalistic regime. Its defects are, first, that it is difficult while that regime lasts to find capital enough-since those who have capital to invest usually prefer to manage the business themselves or to entrust their money to a business conducted on ordinary lines; secondly, that failure means the loss of the hard-earned savings of workingmen; thirdly, that it is difficult to retain skillful managers, since such men usually prefer the opportunities which individualistic business offers of making a larger income; and fourthly, that it is difficult for a democratically managed concern to compete successfully with autocratic business. Political democracies are at a disadvantage in a struggle with tyrannies, if the latter are governed by able men. A one- man policy is more stable, permits of quicker action and a more consistent policy than is possible to a democracy. Exactly so in business, our dictatorial captains of industry have an advantage over their usually less skilled and always less powerful heads, and their smaller capital. The millionaire can cut prices and stand losses which would ruin a cooperative body of workingmen. So that cooperative production has not generally proved successful. In any case, there seems to be no probability of societies of producers being able to supplant the capitalistic concerns; we must turn elsewhere for the solution of our problems.

(3) Consumers' cooperation has been more widely successful. On this plan a number of people contribute the capital of a business in equal small amounts and share the profits in proportion to their purchases.

The possibility of excessive profits to a single owner or a small group of owners is thus abolished. But the other evils of autocratic industry remain; laborers are hired for current wages, as by the capitalists, and the temptations to unfair treatment of employees and of compet.i.tors remain.

(4) "Consumers' Leagues," so called, have made a business of ascertaining the conditions under which goods are produced, and exhorting their members to purchase only those which have involved fair treatment to the workers. The undertaking is praiseworthy, and has accomplished some good. But its effects are limited by obvious causes. It is extremely difficult in many cases for the consumer to discover the conditions of production of what he wishes to buy. It is a nuisance to have to burden himself with such perplexing considerations. And it is impossible to maintain public allegiance to a white list in face of the temptation of bargain sales. Evils must be attacked at their source; they cannot be effectively controlled from the consumer's end. III. Government regulation of prices, profits, and wages? There are two proposals that promise thoroughgoing cure for industrial evils government regulation of business, leaving it upon its present capitalistic basis, and socialism, the complete democratizing of industry. It seems that one or the other alternative must ultimately be accepted. According to the former, and less radical, plan, publicity of accounts would be required in every industry; and state or national commissions would have full power to supervise the conditions of production, to set a minimum standard below which wages must not fall, to fix maximum prices above which the products must not be sold, to prevent stock- watering, to enforce standards of honesty and good workmanship in goods, to see to it that all compet.i.tion is carried on fairly, and to forbid excessive salaries to managers. Equal standards would be exacted throughout an industry, and any increased cost of production would result in the raising of prices (except where profits had previously been exorbitant); thus there would be no real hardship upon employers. The minimum wage should not, of course, be set above the actual productive power of labor; and the inefficient laborers who would be thrown out of employment as not worth the standard wage must be looked after by the provision of free vocational education and state employment. Apprentices, cripples, defectives, and persons giving only part time, would be permitted to receive partial wages; and above the minimum wage, differences in stipend would still exist, as now, to stimulate industry and skill. With such provision for safe- guarding the rights of labor, of compet.i.tors, and of the public, profits would not be directly regulated; if they became excessive, they would be clipped by the requirement of a lower price for the product, or of more sanitary or safer conditions of production. But the initiative and energy of the owners would be retained by permitting a sliding scale of profits; the higher the wages paid, or the lower the price set upon products, the greater the profits they could be allowed. Thus a premium would still be set upon efficiency. Under this plan monopoly could be carried to any extent; strikes could be absolutely forbidden, and all dissatisfaction settled by the arbitration of the impartial government commission. Monopoly might even be legally maintained by a refusal of charters to would-be compet.i.tors, thus insuring to the public the advantages of a completely organized business without leaving the public at its mercy. The natural monopolies, such as railways, telephones, lighting-service, from which private fortunes have often been made at public expense, can easily be regulated by carefully considered and short-term franchises.

Up to date, the partial and tentative trials of this plan have been encouragingly successful. But there are obvious defects in it, which we must notice:

(1) The danger of failures in business would still exist. Some factors would tend to lessen this danger as, the prevention of stock- watering, misappropriation of funds, excessive salaries, and the unfair compet.i.tion of rivals. But failures could no longer be averted by squeezing wages, neglecting conditions of production, or lowering the quality of goods. The employers may well ask, in bitterness, what right the Government has to close their chances of high profits when it leaves the chance of total loss. Private ownership of business, still retained on the plan we are considering, must involve risk of bankruptcy, with its economic waste and its suffering.

(2) The plant, capital, and management of a business would still be entirely at the disposal of the owner, and handed down in his family or to partners voluntarily taken in. The son of a capitalist, who inherits the business, may be by no means the most deserving or efficient person to carry it on. Industry is not democratic under this plan; justice is attained as a compromise between the interests of capitalists and laborers. Cla.s.s antagonisms are still fostered; distrust of the impartiality of the government commission would continually be present, and might at any time lead to actual rebellion and violence.

(3) The temptations to corruption would be enormous. The capitalists, with their reserve funds, would be in a position to bribe or unfairly influence any susceptible members of the commissions; and with the danger of bankruptcy on the one hand, and the great prizes to be won on the other, there would inevitably result in the present state of the average human conscience-a great deal of foul play.

Commissioners would have an unlimited opportunity of blackmailing employers. Labor members would pull in one direction, and upper-cla.s.s members in another. The strain upon public morality would be severe.

IV. SOCIALISM? Socialism promises, according to its adherents, to accomplish all the good results of government regulation, while obviating its defects. It behooves us, then, to give it careful and unbiased attention. The movement toward it is, at least, one of the most significant and widespread movements of our times, evoking on the one hand extraordinary enthusiasm and loyalty, so that to millions of men it is almost a religion, and on the other hand deep distrust, impatient contempt, or bitter hostility. Moreover, the movement is steadily growing; we must recognize that it is not a fad, but a deep current, an international brotherhood that numbers in its ranks many able and intellectual men. We may here disregard the inadequate economic theories that have hampered its earlier years, and the Utopian dreams that have been published under its name, and consider it only as a practical program for remedying our acknowledged and serious industrial evils.

The gist of the socialist proposal is that all industry shall be made democratic, as government is now becoming democratic all over the earth. All plants and all capital are to be owned by the State, and all business run as the Post-Office is run, or as the Panama Ca.n.a.l was built. The managers of each industry are to be chosen from the ranks, according to their fitness, for proved efficiency and knowledge of the business. Everybody will be upon a salary, and the opportunity of increasing personal profits by lowering wages, cheating the public, neglecting evil conditions of production, or damaging rivals, will be absent. Thus, instead of trying by an elaborate system of checks to keep within due bounds the greed of man, the possibility of satisfying that greed is definitely removed, and all earnings made proportionate to industriousness and skill. We proceed to summarize the advantages that, it is urged, would follow the inauguration of this industrial democracy:

(1) All industries could be organized and centralized. A vast amount of human effort could be saved, and waste eliminated. Business would no longer, as so often now, be hampered for lack of funds to carry out plans. A special staff could be retained to invent and apply new ideas. In short, just as the trusts now are much more efficient and economical than the small concerns they have superseded, so the completely organized industries of a socialistic regime would be, we are told, in a position to double human efficiency. If the postal business were open to compet.i.tion, there can be no doubt that we should be paying higher rates today for a much less efficient service. If it were a private monopoly, some one would probably be getting enormous profits out of it profits which now go back into extending the service.

The labor saved by industrial unification would be available for a thousand other undertakings that cry to be carried out.

(2) All the industrial wrongs enumerated in the preceding chapter could, it is a.s.serted, be remedied, and all problems adjusted, with comparatively little friction, because it would be to no one's particular advantage to r.e.t.a.r.d such betterment. Those in control of every business, being upon a fixed salary, and having nothing to gain by squeezing laborers or public, would be amenable to a sense of pride in the honesty, cleanliness, and efficiency of their business, and the contentment of their employees. If they were too lazy or stupid to respond to such motives, they could quickly be superseded in office by men who were more ambitious for the fair showing of their branch of the public service.

(3) Opportunity to rise to the control of a business would be open to every laborer in it. The sons of rich men could no longer step easily into the soft berths, whether they were deserving or not. Proved efficiency, plus popularity, would be the road to success. With the higher wages paid to labor (made possible partly by the economic saving through organization, and partly by cutting out the private fortunes now made out of industry), every boy would be able to get a thorough vocational education, and be in a position to strive, if he is ambitious, for leadership. Industrial power would be conferred, directly or indirectly, by popular vote; business would be recognized as a public affair, and nepotism and hereditary advantage banished from it as they have been from politics.

(4) The risk of bankruptcies, with all their attendant evils, would be done away with entirely. Business would have a stability unknown to our present individualistic industry, and businessmen would be freed from that anxiety that drives so many today to a premature grave.

(5) All speculation in stocks would be likewise eliminated. The necessary capital for any new undertaking would be provided by the industrial State, and the undeserved gains and losses of our present system of private investment would come to an end.

(6) Morally, there would be a probable gain in several ways. The elimination of private profit from business would give freer room for the development of a social spirit which is now choked out by the temptation that each owner of a business is under to grab all that he can for himself. There would be no motive, and no fortunes available, for, at least, the most striking forms of that corruption of the press which is such a grave problem today. Munic.i.p.al theaters would be under no temptation to produce nasty plays. All this exploitation of human weakness and pa.s.sion is done because it PAYS; if the men at the top were on a salary there would be no such inducement to cater to vicious instincts. The economic pressure that now pushes so many girls in the direction of prost.i.tution would be relieved. The people generally would be dignified and educated by their partic.i.p.ation in industrial, as now in political decisions. If some of the tougher strains of character, grit, push, endurance, etc. would be less fostered, the gentler and more social aspects of character would find better soil.

Whether all these advantages would actually accrue, in the degree hoped for, it is, of course, impossible to know. There are, however, at least two grave dangers in socialism which must be squarely faced:

(1) A certain degree of slackness and consequent inefficiency would almost inevitably result from the relaxing of the pressure of compet.i.tion and the removal of the opportunity for unlimited personal profit. Employees and managers of state and munic.i.p.al undertakings are apt to take things easily; and there have been usually waste and inertia and extravagance in such enterprises. The probable loss in grit, push, and endurance, mentioned above, might prove serious.

We must admit that, on the whole, private business has been managed much better than public business, both in this country and abroad. To a considerable extent, however, the inefficiency of munic.i.p.al and state undertakings has been due to the clumsiness and corruption of political systems, and can be cured by political reform. That public affairs can be managed as successfully as private business has been demonstrated on many occasions. The parcel post offers a much more economical service than the express companies ever gave.

The most efficient and successful engineering undertaking ever accomplished by man the construction of the Panama Ca.n.a.l was a thoroughgoing socialistic achievement. Moreover, in our criticism of public undertakings, we are apt to forget how slack and inefficient the great bulk of private business has been; our attention is caught by the few concerns that have made a striking success, and we overlook the vast numbers that have failed or barely kept alive.

Looking at the matter psychologically, observation does not altogether confirm the statement that men need an unlimited possibility of financial reward to work hard. The vast majority of workers today are on salary; and on the whole they probably work as faithfully as the few at the top (continually becoming fewer) who have the spur of private profit.[Footnote: 1 Cf. this testimony in regard to former owners of stores in Minnesota and Wisconsin who have been bought out and retained as managers by cooperative societies: "they work for moderate salaries, and in almost all cases are working as ardently for success as they ever did for their own gain." N. O.

Nelson, in Outlook, vol. 89, p. 527.] Not all capitalists are hard workers; much of the real work is done for them by salaried managers.

It is very questionable if doctors and lawyers, who work for profits, give any more loyal service to the community than teachers, ministers, or nurses, who work on salary. There would still be the need of earning one's living, and the incentive of rising to positions of higher salary, greater authority, and wider interest. And, after all, most of the really good work of the world is done on honor, from the normal human pleasure in doing things well, and pride in being known to do things well. When freed from the private greed and antisocial cla.s.s feelings which now inhibit it, this zest in efficient work and loyal service might receive a new impetus. A socialistic regime would surely make a business of inculcating in its public schools the conception of all work as public service; and the pressure of public opinion would bear more heavily upon workers-as there is today much freer criticism of public than of private undertakings. But even if there should be a considerable increase in slackness and a decrease in PER CAPITA production, that economic loss might be more than made up by the saving of labor through organization. And if not, it is true that efficiency is not the only good. Considerations of humanity should weigh with us as well as considerations of moneymaking; if socialism can cure the intolerable evils in our present selfish and chaotic system, a certain decrease in production might not be too great a price to pay.

(2) The running of the complicated socialistic machine would involve a great deal of friction, with consequent dissatisfaction and dissension.

Problems would arise on all hands: On what basis should the wage-rate in this industry and in that be determined? How much of the public moneys should be put into this and how much into that undertaking?

Was this department head fair in discharging this man and promoting that man? Suspicion of bribery and graft would continually recur. Bad seasons would be encountered, blunders would be made, overproduction would occur, men would be thrown out of employment in the work they had chosen, floods, fires, plagues, and other disasters would sweep away profits; the adjustment of these losses would be an enormously delicate matter. At present, the poor are apt to feel that prosperity for them is hopeless; under a socialistic regime they would expect it, and be loath to see their incomes diminished when things went wrong. Socialism would require a great deal of good temper and willingness to submit to decisions which seemed unwise or unfair.

It is highly doubtful if human nature is yet good enough to fit the system.

(3) A third objection to socialism, that corruption would be increased, is a much-debated point. There would be, as now, opportunity for falsification of accounts and embezzlement. Individual promotions would too often hinge upon personal friendship or favors received.

The enormous administrative machinery would open up all sorts of new avenues to personal gain at the expense of others, which unprincipled men would be quick to take advantage of. But, on the other hand, no great private fortunes or wealthy corporations would exist to bribe, and no such money-prizes would exist to be won by bribery as are common in our present system. There would be no temptation to adulterate goods, and less of a temptation to award contracts or franchises to friends -since there would be no private profit in it. What supports our political rings today is, above all, the existence of the "interests" wealthy corporations that are making profits enough to spare large sums for "influencing" legislation; these "interests" would no longer exist. On the whole, then, the amount and direction of corruption under socialism is unpredictable; but its possibility should give us pause. The other general objections to socialism are probably less serious; some of them complete misapprehensions. It is certainly not anti-Christian; on the contrary, there are those who believe that it is the necessary the Christian spirit.[Footnote: Cf, for example, W. Rauschenbusch, Christianity and the Social Crisis.] It is not "materialistic" any more than any industrial system must necessarily be. It would not necessarily destroy private property or lessen human freedom, except in the one matter that it would prevent private ownership of the instruments of industrial production and destroy the freedom to conduct business to private advantage. But it is clear that it would involve us in all sorts of complicated and delicate problems of detail which would require generations for satisfactory solution and which might never be satisfactorily solved. And it might, of course, lead to other difficulties now unforeseen, graver and more difficult to meet than we now realize. Surely, then, it is not to be lightly undertaken, and not to be undertaken as a mere revolt of the lower cla.s.ses against their industrial masters. It must be worked out in great detail, and contrasted with every possible alternative, before cautious statesmen will consent to its adoption. For it would mean a revolutionary change of enormous proportions; and it would not be easy to revert to the earlier order. Our political machinery, under which the vast industrial system would come, must first be reconstructed and made efficient. Religion and public education must be strengthened to meet the new demands upon character and intelligence. It is earnestly to be hoped that if socialism comes, it will come not by revolution, as the result of a cla.s.s struggle, but by evolution and a general consent, the result of long and careful public discussion. In the writer's opinion, present steps must be along the line of government regulation, with socialism as the possible, but as yet by no means certain, eventual outcome. In any case, there is no simple and sweeping panacea for our industrial ills; the patient thought and experimentation and effort of generations will be required before a satisfactory and stable equilibrium is attained.

Compet.i.tion VS. concentration: C. R. Van Hise, CONCENTRATION AND CONTROL, chap. I. J. W. Jenks, THE TRUST PROBLEM. E. von Halle, TRUSTS AND INDUSTRIAL COMBINATIONS. F. C. McVey, MODERN INDUSTRIALISM. S. C. T. Dodd, COMBINATIONS, THEIR USE AND ABUSE. R. T. Ely, MONOPOLIES AND TRUSTS. C. N. Fay, BIG BUSINESS AND GOVERNMENT. Edmond Kelly, TWENTIETH CENTURY SOCIALISM, book II, chap, II; book III, chap. I. A. J. Eddy, THE NEW COMPEt.i.tION. Atlantic Monthly, vol. 79, p. 377. FORUM, vol. 8, p. 61.

JOURNAL OF POLITICAL ECONOMY, vol. 20, p. 358. Labor unions and strikes: J. R. Commons, TRADE-UNIONISM AND LABOR PROBLEMS.

Carlton, HISTORY AND PROBLEMS OF ORGANIZED LABOR. S. and B. Webb, INDUSTRIAL DEMOCRACY; HISTORY OF TRADE UNIONISM. J. Mitch.e.l.l, ORGANIZED LABOR. C. R. Henderson, SOCIAL SPIRIT IN AMERICA, chap. ix. Jane Addams, NEWER IDEALS OF PEACE, chap. v. ATLANTIC MONTHLY, vol. 109, p. 758. H. R. Seager, I NTRODUCTION TO ECONOMICS, chap. xxi. F. W. Taussig, PRINCIPLES OF ECONOMICS, chap. 55. Profit sharing: W. H. Tolman, SOCIAL ENGINEERING, chap. vii. Seager, OP. CIT, chap, xxvi, sec. 281. Adams and Sumner, LABOR PROBLEMS, chap. X. N. P. Gilman, PROFIT SHARING; A DIVIDEND TO LABOR. Outlook, vol. 106, p. 627.

QUARTERLY REVIEW, vol. 219, p. 509. Cooperation: G. J. Holyoake, HISTORY OF COOPERATION. C. R. Fay, COOPERATION AT HOME AND ABROAD. Adams and Sumner, LABOR PROBLEMS, chap. x.

ARENA, vol. 36, p. 200; vol. 40, p. 632. H. R. Seager, OP. CIT, sec.

282. F. W. Taussig, OP. CIT, chap. 59. Consumers' leagues: Publications of the National Consumers' League (106 East Nineteenth Street, New York City). Government regulation: J. W. Jenks, OP. CIT, Appendices.

C. R. Van Hise, OP. CIT, chaps, iii-v. F. W. Taussig, OP. CIT, chaps.

62,63. H. R. Seager, OP. CIT, chap. xxv. C. L. King, REGULATION OF MUNIc.i.p.aL UTILITIES. J. B. and J. M. Clark, CONTROL OF THE TRUSTS. E. M. Phelps, FEDERAL CONTROL OF INTERSTATE CORPORATIONS. ATLANTIC MONTHLY, vol. iii, p. 433. OUTLOOK, vol. 99, p. 649; vol. 100, pp. 574, 690; vol. 101, p. 353; vol. 103, p. 476. NORTH AMERICAN REVIEW, vol. 197, pp. 62, 222, 350.

INTERNATIONAL JOURNAL OF ETHICS, vol. 23, p. 158. JOURNAL OF POLITICAL ECONOMY, vol. 20, pp. 309, 574. Socialism: Edmond Kelly, TWENTIETH CENTURY SOCIALISM. H. G. Wells, NEW WORLDS FOR OLD. J. Spargo, SOCIALISM. M. Hillquit, SOCIALISM IN THEORY AND PRACTICE. A. Schaffle, THE QUINTESSENCE OF SOCIALISM. F. W. Taussig, OP. CIT, chaps.

64, 65. J. Rae, the roman numerals are both upper and lower case did not standardize PORARY SOCIALISM. R. T. Ely, SOCIALISM.

W. G. Towler, SOCIALISM IN LOCAL GOIVERNEMNT. H. R. SEAGER, OP. CIT, sec. 282. N. P. Gilman, SOCIALISM AND THE AMERICAN SPIRIT. R. Hunter, SOCIALISTS AT WORK. JOURNAL OF POLITICAL ECONOMY, vol. 14, p. 257. OUTLOOK, vol. 91, pp. 618, 662; vol. 95, pp. 831, 876.

CHAPTER XXVIII