,fundamentals of ,prosperity            
,what ,they ,are and                    
,whence ,they ,come                     
,by                              ,,roger
 ,w4 ,,babson                ,president 
,babson ,statistical ,organization      
,,new ,,york         ,,chicago          
,fleming ,h4 ,revell ,company           
,,london   ,,and   ,,edinburgh          
,copyright1 #aibj1 by                   
,,fleming ,h4 ,,revell ,,company        
,new ,york3  #aeh ,fifth ,avenue        
,chicago3    #ag ,north ,wabash ,ave4   
,london3     #ba ,paternoster ,square   
,edinburgh3  #ge ,princes ,street       
,contents            ,,foreword         
,i4 ,,honesty ,,or ,,steel ,,doors8     
,,ii4 ,,faith ,,the ,,searchlight ,,of  
,,business      ,,iii4 ,,industry ,,vs4 
,,opportunity       ,,iv4               
,c,o,oe,p,e,r,a,t,i,o,n--,,success ,,by 
,,helping ,,the ,,other ,,fellow        
,v4 ,,our ,,real ,,resources       ,,vi4
 ,,study ,,the ,,human ,,soul           
,,vii4 ,,boost ,,the ,,other ,,fellow   

,,viii4 ,,what ,,truly ,,counts         
,,ix4 ,,what ,,figures ,,show        ,x4
 ,,where ,,the ,,church ,,falls ,,down  
,,xi4 ,,the ,,future ,,church           
,foreword   ,some two thousand years ago
 the greatest teacher who ever walked   
the earth advised the people of ,judea  
not to build their houses on the sand4  
,what he had in mind was that they were 
looking too much to the structure above 
ground1 and too little to the spiritual 
forces which must be the foundation of  
any structure which is to stand4        
,following the war we enjoyed the       
greatest prosperity this country has    
ever witnessed2--the greatest activity1 
the greatest bank clearings1 the        
greatest foreign trade1 the greatest    
railroad gross earnings1 the highest    
commodity prices4  ,we then constructed 
a ten-story building on a foundation    
meant for only a two or three story     
building4 ,hence the problem confronting
 us business men is to strengthen the   
foundation or else see the structure    

fall4 ,i am especially glad of the      
opportunity to write for business men4  
,there are two reasons3--first1 because 
,i feel that the business men are       
largely responsible for having this     
ten-story structure on a foundation made
 for one of only two or three stories2  
secondly1 because ,i believe such men   
alone have the vision1 the imagination  
and the ability to strengthen the       
foundation and prevent the structure    
from falling4  ,the fact is1 we have    
become crazy over material things4 ,we  
are looking only at the structure above 
ground4 ,we are trying to get more smoke
 from the chimney4 ,we are looking at   
space instead of service1 at profits    
instead of volume4 ,with our eyes       
focused on the structure above ground1  
we have lost sight of those human       
resources1 thrift1 imagination1         
integrity1 vision and faith which make  
the structure possible4 ,i feel that    
only by the business men can this       
foundation be strengthened before the   

inevitable fall comes4  ,when steel     
rails were selling at #ee a ton1        
compared with only #be a ton a few years
 previous1 our steel plants increased   
their capacity twenty-five per cent4    
,increased demand1 you say8 ,no1 the    
figures don't show it4 ,only thirty-one 
million tons were produced in #aiai1    
compared with thirty-nine million tons  
in #aiaf4 ,people have forgotten the    
gospel of service4 ,the producing power 
per man has fallen off from fifteen to  
twenty per cent4 ,we have all been keen 
on developing consumption4 ,we have     
devoted nine-tenths of our thought1     
energy and effort to developing         
consumption4 ,this message is to beg of 
every reader to give more thought to    
developing production1 to the reviving  
of a desire to produce and the          
realization of joy in production4  ,we  
are spending millions and millions in   
every city to develop the good-will of  
customers1 to develop in customers a    
desire to buy4 ,this is all well and    

good1 but we can't continue to go in one
 direction indefinitely4 ,we cannot     
always get steam out of the boiler      
without feeding the furnace4 ,the time  
has come when in our own interests1 in  
the interests of our communities1 our   
industry1 and of the nation itself1 for 
a while we must stop adding more stories
 to this structure4 ,instead1 we must   
strengthen the foundations upon which   
the entire structure rests4             
,r4 ,w4 ,b4     ,i  ,,honesty ,,or      
,,steel ,,doors8      ,while fifty-one  
per cent of the people have their eyes  
on     the goal of integrity1 our       
investments are secure2 but     with    
fifty-one per cent of them headed in the
 wrong     direction1 our investments   
are valueless4 ,the first               
fundamental of prosperity is ,integrity4
   ,while on a recent visit to ,chicago1
 ,i was taken by the president of one of
 the largest banks to see his new safety
 deposit vaults4 ,he described these--as
 bank presidents will--as the largest   

and most marvellous vaults in the city4 
,he expatiated on the heavy steel doors 
and the various electrical and          
mechanical contrivances which protect   
the stocks and bonds deposited in the   
institution4  ,while at the bank a      
person came in to rent a box4 ,he made  
the arrangements for the box1 and a box 
was handed to him4 ,in it he deposited  
some stocks and bonds which he took from
 his pocket4 ,then the clerk who had    
charge of the vaults went to a rack on  
the wall and took out a key and gave it 
to the man who had rented the box4 ,the 
man then put the box into one of the    
little steel compartments1 shut the door
 and turned the key4 ,he then went away 
feeling perfectly secure on account of  
those steel doors and various mechanical
 and electrical contrivances existing to
 protect his wealth4  ,i did not wish to
 give him a sleepless night so ,i said  
nothing2 but ,i couldn't help thinking  
how easy it would have been for that    
poorly-paid1 humpbacked clerk to make a 

duplicate of that key before he         
delivered it to the renter of that box4 
,with such a duplicate1 the clerk could 
have made that man penniless within a   
few minutes after he had left the       
building4 ,the great steel door and the 
electrical and mechanical contrivances  
would have been absolutely valueless4   
,of course the point ,i am making is    
that the real security which that great 
bank in ,chicago had to offer its       
clientele lay not in the massive stone  
columns in front of its structure2 nor  
in the heavy steel doors2 nor the       
electrical and mechanical contrivances4 
,the real strength of that institution  
rested in the honesty1--the absolute    
integrity--of its clerks4         99    
99       99       99       99  ,that    
afternoon ,i was talking about the      
matter with a business man4 ,we were    
discussing securities1 earnings and     
capitalization4 ,he seemed greatly      
troubled by the mass of figures before  
him4 ,i said to him3 ,instead of pawing 

over these earnings and striving to     
select yourself the safest bond1 you    
will do better to go to a reliable      
banker or bond-house and leave the      
decision with him4  ,why1 he said1 ,i   
couldn't do that4  ,mr4 ,jones1 ,i went 
on1 tell me the truth6 ,after you buy a 
bond or a stock certificate1 do you ever
 take the trouble to see if it is signed
 and countersigned properly8 ,moreover1 
if you find it signed1 is there any way 
by which you may know whether the       
signature is genuine or forged8  ,no1 he
 said1 there isn't4 ,i am absolutely    
dependent on the integrity of the       
bankers from whom ,i buy the securities4
  ,and when you think of it1 there is   
really no value at all in the pieces of 
paper which one so carefully locks up in
 these safety deposit boxes4 ,there is  
no value at all in the bank-book which  
we so carefully cherish4 ,there is no   
value at all in those deeds and         
mortgages upon which we depend so       
completely4 ,the value rests first1 in  

the integrity of the lawyers1 clerks and
 stenographers who draw up the papers2  
secondly1 in the integrity of the       
officers who sign the documents2        
thirdly1 in the integrity of the courts 
and judges which would enable us to     
enforce our claims2 and finally1 in the 
integrity of the community which would  
determine whether or not the orders of  
the court will be executed4  ,these     
things which we look upon as of great   
value3--the stocks1 bonds1 bank-books1  
deeds1 mortgages1 insurance policies1   
etc41 are merely nothing4 ,while        
fifty-one per cent4 of the people have  
their eyes on the goal of ,integrity1   
our investments are secure2 but with    
fifty-one per cent4 of them headed in   
the wrong direction1 our investments are
 valueless4 ,so the first fundamental of
 prosperity is integrity4 ,without it   
there is no civilization1 there is no   
peace1 there is no security1 there is no
 safety4 ,mind you also that this       
applies just as much to the man who is  

working for wages as to the capitalist  
and every owner of property4            
,integrity1 however1 is very much       
broader than the above illustration     
would indicate4 ,integrity applies to   
many more things than to money4         
,integrity requires the seeking after1  
as well as the dispensing of1 truth4 ,it
 was this desire for truth which founded
 our educational institutions1 our      
sciences and our arts4 ,all the great   
professions1 from medicine to           
engineering1 rest upon this spirit of   
integrity4 ,only as they so rest1 can   
they prosper or even survive4           
,integrity is the mother of knowledge4  
,the desire for truth is the basis of   
all learning1 the value of all          
experience and the reason for all study 
and investigation4 ,without integrity as
 a basis1 our entire educational system 
would fall to the ground2 all newspapers
 and magazines would become sources of  
great danger and the publication of     
books would have to be suppressed4 ,our 

whole civilization rests upon the       
assumption that people are honest4 ,with
 this confidence shaken1 the structure  
falls4 ,and it should fall1 for1 unless 
the truth be taught1 the nation would be
 much better off without its schools1   
newspapers1 books and professions4      
,better have no gun at all1 than one    
aimed at yourself4 ,the corner-stone of 
prosperity is the stone of ,integrity4  
,,ii  ,,faith ,,the ,,searchlight ,,of  
,,business      ,this religion which we 
talk about for an hour a week1 on       
,sunday1 is not only the vital force    
which protects our     community1 but it
 is the vital force which makes our     
communities4 ,the power of our spiritual
 forces has not yet     been tapped4    
,about three years ago ,i was travelling
 in ,south ,america4 ,when going from   
,sao ,paulo up across the tablelands to 
,rio ,janeiro1 ,i passed through a      
little poverty-stricken ,indian village4
 ,it was some #c1jjj feet above sea     
level2 but it was located at the foot of

 a great water-power4 ,this water-power1
 ,i was told1 could easily develop from 
#aj1jjj to #ae1jjj horse-power for      
twelve months of the year4 ,at the base 
of this waterfall lived these           
poverty-stricken ,indians1 plowing their
 ground with broken sticks1 bringing    
their corn two hundred miles on their   
backs from the seacoast1 and grinding it
 by hand between two stones4 ,yet1--with
 a little faith and vision1 they could  
have developed that water-power1 even   
though in a most primitive manner1 and  
with irrigation1 could have made that   
poverty-stricken valley a veritable     
,garden of ,eden4 ,they simply lacked   
faith4 ,they lacked vision4 ,they were  
unwilling1 or unable1 to look ahead to  
do something for the next generation and
 trust to the ,lord for the results4  ,i
 met the head man of the village and    
said to him3 ,why is it that you don't  
do something to develop this power8     
,why1 if we started to develop this     
thing1 he answered1 by the time we got  

it done1 we would be dead4  ,indians had
 lived there for the last two hundred   
years lacking the vision4 ,no one in    
that community had the foresight or     
vision to think or see beyond the end of
 his day4 ,it was lack of faith which   
stood between them and prosperity4      
,hence1 the second great fundamental of 
prosperity is that intangible           
something1--known as faith1 vision1     
hope1 whatever you may call it4  ,the   
writer of the ,book of ,proverbs says3  
,where there is no vision1 the people   
perish4 ,statistics teach that where    
there is no vision1 civilization never  
gets started6 ,the tangible things which
 we prize so highly1--buildings1        
railroads1 steamships1 factories1 power 
plants1 telephones1 aeroplanes1 etc41   
are but the result of faith and vision4 
,these things are only symptoms of      
conditions1 mere barometers which       
register the faith and vision of        
mankind4  ,this religion which we talk  
about for an hour a week1 on ,sunday1 is

 not only the vital force which protects
 our community1 but it is the vital     
force which makes our communities4 ,the 
power of our spiritual forces has not   
yet been tapped6 ,our grandchildren will
 look back upon us and wonder why we    
neglected our trust and our opportunity1
 just as we look back on those poor     
,indians in ,brazil who plowed with     
crooked sticks1 grinding their corn     
between stones and hauling it on their  
backs two hundred miles from the        
seaboard4         99       99       99  
99       99  ,these statements are not  
the result of any special interest as a 
churchman4 ,i am not a preacher4 ,i am  
simply a business man1 and my work is   
almost wholly for bankers1 brokers1     
manufacturers1 merchants and investors4 
,the concern with which ,i am associated
 has one hundred and eighty people in a 
suburb of ,boston who are collecting1   
compiling and distributing statistics on
 business conditions4 ,we have only one 
source of income1 and that is from the  

clients who pay us for an analysis of   
the situation4 ,therefore you may rest  
assured that it is impossible for us to 
do any propaganda work in the interests 
of any one nation1 sect1 religion or    
church4 ,the only thing we can give     
clients is a conclusion based on a      
diagnosis of a given situation4 ,as     
probably few of you readers are clients 
of ours1 may ,i quote from a ,bulletin  
which we recently sent to these bankers 
and manufacturers8  ,the need of the    
hour is not more legislation4 ,the need 
of the hour is more religion4 ,more     
religion is needed everywhere1 from the 
halls of ,congress at ,washington1 to   
the factories1 the mines1 the fields and
 the forests4 ,it is one thing to talk  
about plans or policies1 but a plan or  
policy without a religious motive is    
like a watch without a spring or a body 
without the breath of life4 ,the        
trouble1 to-day1 is that we are trying  
to hatch chickens from sterile eggs4 ,we
 may have the finest incubator in the   

world and operate it according to the   
most improved regulations--moreover1 the
 eggs may appear perfect specimens--but 
unless they have the germ of life in    
them all our efforts are of no avail4   
,i have referred to the fact that the   
security of our investments is          
absolutely dependent upon the faith1 the
 righteousness and the religion of other
 people4 ,i have stated that the real   
strength of our investments is due1 not 
to the distinguished bankers of         
,america1 but rather to the poor        
preachers4 ,i now go farther than that  
and say that the development of the     
country as a whole is due to this       
something1 this indescribable something1
 this combination of faith1 thrift1     
industry1 initiative1 integrity and     
vision1 which these preachers have      
developed in their communities4  ,faith 
and vision do not come from the wealth  
of a nation4 ,it's the faith and vision 
which produce the wealth4 ,the wealth of
 a country does not depend on its raw   

materials4 ,raw materials are to a      
certain extent essential and to a great 
extent valuable2 but the nations which  
to-day are richest in raw materials are 
the poorest in wealth4 ,even when       
considering one country--the ,united    
,states--the principle holds true4 ,the 
coal and iron and copper have been here 
in this country for thousands of years1 
but only within the last fifty years    
have they been used4 ,water-powers exist
 even to-day absolutely unharnessed4    
,look the whole world over and there has
 been no increase in raw materials4     
,there existed one thousand years ago   
more raw materials than we have to-day1 
but we then lacked men with a vision and
 the faith to take that coal out of the 
ground1 to harness the water-powers1 to 
build the railroads and to do other     
things worth while4 ,so ,i say1 the     
second great fundamental of prosperity  
is ,faith4     ,,iii  ,,industry ,,vs4  
,,opportunity      ,industry is the     
mother of invention4 ,struggle1         

sacrifice     and burning midnight oil  
have produced the cotton gin1 the       
sewing machine1 the printing press1 the 
steam engine1 the     electric motor1   
the telephone1 the incandescent lamp and
     the other great inventions of      
civilization4 ,some religious           
enthusiasts think only of the lilies of 
the fields and     forget the parable of
 the talents4   ,a few years ago ,i was 
employed by one of the largest          
publishing houses in the country to make
 a study of ,america's captains of      
industry4 ,the real purpose of the study
 was to discover some industry or some  
man that could be helped greatly through
 national advertising4 ,in connection   
with that study of those captains of    
industry1 ,i tabulated their ancestry4  
,these were the seventy greatest        
manufacturers1 merchants and railroad   
builders1 the leading men who have made 
,america by developing the fields1 the  
forests1 the mines and the industries4  
,what did ,i find8 ,i found that only   

five per cent4 of these captains of     
industry are the sons of bankers2 only  
ten per cent4 of them are the sons of   
manufacturers2 fifteen per cent4 of them
 are the sons of merchants1 while over  
thirty per cent4 of them are the sons of
 poor preachers and farmers4  ,why is it
 that ministers' sons hold a much more  
important place in the industrial       
development of ,america than the sons of
 bankers8 ,the ministers' sons inherit  
no wealth1 they have no more than their 
share of college education2 they are not
 especially religious as the world      
measures religion4 ,in fact1 there is an
 old saying about ministers' sons and   
deacons' daughters4 ,i would be false to
 my reputation as a statistician to hold
 up these captains of industry as       
saintly examples for young men to       
follow4 ,but the fact remains           
nevertheless that these men are creating
 ,america to-day4 ,now1 what's the      
reason8  ,the reason is that these men  
have a combination of the two traits    

already mentioned and a third added     
thereto2--namely1 the habit of work4    
,they have inherited a certain rugged   
integrity from their mothers and a gift 
of vision from their fathers which1 when
 combined with the habit of work--forced
 upon them by their family's meager     
income--means power4 ,integrity is a dry
 seed until put in the ground of faith  
and allowed to grow4 ,but faith with    
works is prosperity4  ,a man may be     
honest and wonder why he does not get   
ahead2 a man may have vision and still  
remain only a dreamer2 but when         
integrity and vision are combined with  
hard work1 the man prospers4 ,it is the 
same with classes and nations4  ,it has 
been said that genius is the author of  
invention4 ,statistics do not support   
this statement4 ,the facts show that    
industry is the mother of invention4    
,struggle1 sacrifice and burning        
midnight oil have produced the cotton   
gin1 the sewing machine1 the printing   
press1 the steam engine1 the electric   

motor1 the telephone1 the incandescent  
lamp and the other great inventions of  
civilization4  ,why is it that most of  
the able men in our great industries    
came from the country districts8 ,the   
reason is that the country boy is       
trained to work4 ,statistics indicate   
that very seldom does a child1 brought  
up in a city apartment house1 amount to 
much2 while the children of well-to-do  
city people are seriously handicapped4  
,the great educator of the previous     
generation was not the public school1   
but rather the wood box4 ,those of us   
parents who have not a wood box for our 
children to keep filled1 or chores for  
them to do1 are unfortunate4  ,run      
through the list of the greatest        
captains of industry1 as they come to   
your mind4 ,how many of the men who are 
really directing the country's business 
gained their position through inherited 
wealth8 ,you will find them             
astonishingly few4 ,there is no divine  
right of kings in business4 ,in fact1   

statistics show us that the very things 
which most people think of as           
advantages1 namely1 wealth and not      
having to work are really obstacles     
which are rarely surmounted4  ,industry 
and thrift are closely allied4 ,economic
 studies show clearly that ninety-five  
per cent4 of the employers are employers
 because they systematically saved      
money4 ,any man who systematically saves
 money from early youth automatically   
becomes an employer4 ,he may employ     
thousands or he may have only two or    
three clerks in a country store1 but he 
nevertheless is an employer4 ,these same
 studies show that ninety-five per cent4
 of the wage workers are wage workers   
because they have systematically spent  
their money as fast as they have earned 
it4 ,they of necessity remain wage      
workers4 ,these are facts which no      
labour leader can disprove and which are
 exceedingly significant4 ,this is      
especially striking when one considers  
that the employer often started out at  

the same wages and in the same community
 as his wage workers4 ,the employer was 
naturally industrious and thrifty2 while
 those who remained wage workers were   
not4  ,the development of this nation   
through the construction of the         
transcontinental railways1 the financing
 of the western farms1 and the building 
of our cities is largely due to the old 
,new ,england doctrine that laziness and
 extravagance are sins4 ,in some western
 communities it is popular to laugh at  
these ,new ,england traits2 but had it  
not been for them1 these western        
communities would never have existed4   
,the industry and thrift developed by   
the old ,new ,england religion were the 
basis of our national growth4  ,i       
especially desire to emphasize this     
point because of the position of certain
 religious enthusiasts who think only of
 the lilies of the field and forget the 
parable of the talents4 ,it is a fact   
that the third fundamental of prosperity
 is ,industry4     ,,iv                 

,c,o,oe,p,e,r,a,t,i,o,n--,,success ,,by 
,,helping ,,the ,,other ,,fellow        
,our industrial system has resulted in  
making many men     economic eunuchs4   
,the salvation of our cities1 the       
salvation of our industries and the     
salvation of our     nation depend on   
discovering something which will revive 
in man that desire to produce and joy in
 production which     he had            
instinctively when he was a small boy4  
,a few days ago ,i was present at a     
dinner of business men in ,boston who   
were called together in order to secure 
some preferential freight rates for     
,massachusetts4 ,the principal theme of 
that gathering was to boom              
,massachusetts at the expense of the    
rest of the country4 ,at the close of   
the dinner ,i was asked to give my      
opinion and said3 ,let us see how many  
things there are in this room that we   
could have were we dependent solely on  
,massachusetts4 ,the chairs and         
furniture are from ,michigan2 the cotton

 is from ,georgia2 the linen from       
,ireland2 the silver from ,mexico2 the  
glassware from ,pennsylvania2 the paper 
from ,maine2 the paint from ,missouri2  
the clock from ,connecticut--and so on4 
,finally ,i got the courage to ask if   
there was a single thing in the room    
that did not originate from some state  
other than ,massachusetts4 ,those men   
were absolutely helpless in finding a   
single thing4  ,the same fact applies in
 a general way to every state and every 
home4 ,look about1 where you are sitting
 now4 ,how many things are there in the 
room just where you are1--there is a    
table1 a chair1 a shoe1 a coat1 a       
necktie1 a cigar1 a lampshade1 a piano1 
a basket--for all of these you are      
dependent upon others4  ,the same fact  
is true when we analyze one staple like 
shoes which1 primarily1 are made of     
leather4 ,where does the leather come   
from8 ,just follow that leather from the
 back of the steer until you buy it in  
the form of shoes4 ,think where that    

steer was raised1 and where the leather 
was tanned4 ,think of all the men       
engaged in the industry from the        
cow-punchers to the salesmen in the     
stores4 ,but there is more than leather 
involved in shoes4 ,there is cotton in  
the shoe lacing and lining4 ,there is   
metal in the nails and eyelets4 ,not    
only must different localities          
cooeperate to produce a shoe2 but       
various industries must give and take   
likewise4  ,civilization is ultimately  
dependent on the ability of men to      
cooeperate4 ,the best barometer of      
civilization is the desire and ability  
of men to cooeperate4 ,the willingness  
to share with others1--the desire to    
work with others is the great           
contribution which ,christianity has    
given to the world4 ,the effect of this 
new spirit is most thrilling when one   
considers the clothes which he has on   
his back1 the food which he has on the  
table1 the things which he has in the   
house1 and thinks of the thousands of   

people whose labour has directly        
contributed toward these things4 ,now   
this clearly shows that the fourth great
 fundamental of prosperity is           
cooeperation1 the willingness and       
ability of men to cooeperate1 to serve  
one another1 to help one another1 to    
give and to take4  ,but the teachings of
 ,jesus along these lines have a very   
much broader application than when      
applied merely to raw materials1 or even
 manufactured products4 ,as we can begin
 to prosper only when we develop into   
finished products the raw materials of  
the fields1 mines and forests1 so we can
 become truly prosperous only as we     
develop the greatest of all             
resources1--the human resources4 ,not   
only does ,christianity demand that we  
seek to help and build up others2 but   
our own prosperity depends thereon as   
well4         99       99       99      
99       99  ,when in ,washington1      
during the war1 ,i had a wonderful      
opportunity of meeting the              

representatives of both labour and      
capital4 ,i had some preconceived ideas 
on the labour question when ,i went to  
,washington2 but now they are all gone4 
,i am perfectly willing1 now1 to agree  
with the wage worker1 to agree with the 
employer1 to agree with both or to agree
 with neither4 ,but this one thing ,i am
 sure of1 and that is that the present  
system doesn't work4 ,the present system
 is failing in getting men to produce4  
,by nature man likes to produce4 ,our   
boy1 as soon as he can toddle           
out-of-doors1 starts instinctively to   
make a mud pie4 ,when he gets a little  
older he gets some boards1 shingles and 
nails and builds a hut4 ,just as soon as
 he gets a knife1 do you have to show   
him how to use it8 ,he instinctively    
begins to make a boat or an arrow or    
perhaps something he has never seen4    
,why8 ,because in his soul is a natural 
desire to produce and an inborn joy in  
production4 ,but what happens to most of
 these boys after they grow up8  ,our   

industrial system has resulted in almost
 stultifying men economically and making
 most of them economically              
non-productive4 ,why8 ,i don't know4 ,i 
simply say it happens and the salvation 
of our industries depends on discovering
 something which will revive in man that
 desire to produce and that joy in      
production which he had instinctively   
when he was a small boy4  ,increased    
wages will not do it4 ,shorter hours    
will not do it4 ,the wage worker must   
feel right and the employer must feel   
right4 ,it is all a question of feeling4
 ,feelings rule this world1--not things4
 ,the reason that some people are not   
successful with collective bargaining   
and profit sharing and all these other  
plans is because they think that men act
 according to what they say1 or         
according to what they learn1 or        
according to that in which they agree4  
,men act according to their feelings1   
and good feeling is synonymous with the 
spirit of cooeperation4 ,one cannot     

exist without the other and prosperity  
cannot continue without both4 ,hence the
 fourth fundamental of prosperity is    
,cooeperation4     ,v  ,,our ,,real     
,,resources      ,we have gone daffy    
over things like steam1 electricity1    
water power1 buildings1 railroads1 and  
ships and we have     forgotten the     
human soul upon which all of these      
things     depend and from which all of 
these things originate4   ,two captains 
of industry were standing1 one day1 on  
the bridge at ,niagara looking at the   
great falls4 ,one man turned to the     
other and said3 ,behold the greatest    
source of undeveloped power in ,america4
  ,no4 ,the greatest source of          
undeveloped power in ,america is the    
soul of man1 the other replied4  ,i was 
talking with a large manufacturer the   
other day1 and he told me that he was   
supporting scholarships in four         
universities to enable young men to     
study the raw materials which he is     
using in his plant4 ,i asked him if he  

was supporting any scholarships to study
 the human element in his plant1 and he 
said ,no4 ,yet when asked for definite  
figures1 it appeared that eighty per    
cent4 of every dollar which he spends1  
goes for labour1 and only twenty per    
cent4 goes for materials4 ,he is        
endowing four scholarships to study the 
twenty per cent4 and is not doing a     
thing to study the eighty per cent46    
,statistics show that the greatest      
undeveloped resources in ,america are   
not our mines or our forests or our     
streams1 but rather the human souls of  
the men and women who work for us4      
,this is most significant when one      
resorts to statistics and learns that   
everything that we have1--every         
improvement1 every railroad1 every ship1
 every building costing in excess of    
#e1jjj1 every manufacturing concern     
employing over twenty men1 yes1 every   
newspaper and book worth while1 has     
originated and been developed in the    
minds of less than two per cent4 of the 

people4 ,the solution of our industrial 
problems and the reduction of the cost  
of living depend not on fighting over   
what is already produced1 but upon      
producing more4 ,this means that this   
two per cent4 must be increased to four 
per cent41 and then to six per cent4 ,if
 all the good things which we now have1 
come from the enterprise of only two per
 cent41 it is evident that we would all 
have three times as much if the two per 
cent were increased to six per cent4    
,jesus was absolutely right in ,his     
contention that if we would seek first  
the ,kingdom of ,god and ,his           
righteousness all these other things    
would naturally come to us4 ,this is    
what ,jesus had in mind when ,he urged  
people to give and serve1 promising that
 such giving and serving should be      
returned to them a hundred fold or more4
 ,jesus never preached unselfishness or 
talked sacrifice as such1 but only urged
 ,his hearers to look through to the    
end1 see what the final result would be 

and do what would be best for them in   
the long run4 ,jesus urged ,his         
followers to consider the spiritual     
things rather than the material1 and the
 eternal things rather than the         
temporal2 but not in the spirit of      
sacrifice4 ,the only sacrifice which    
,jesus asked of ,his people was the same
 sacrifice which the farmer makes when  
he throws his seed into the soil4  ,the 
story of the loaves and fishes is still 
taught as a miracle1 but the day will   
come when it will not be considered     
such4 ,the same is true regarding the   
incident when ,jesus found that ,his    
disciples had been fishing all night    
without results and ,he suggested that  
they cast the net on the other side4    
,they followed ,his advice and the net  
immediately filled with so many fishes  
that they could hardly pull it up4 ,if  
we to-day would give more thought to the
 spiritual and less to the material1 we 
would have more in health1 happiness1   
and prosperity4 ,the business men to-day

 would be far better off if--like the   
fishermen of ,galilee--we would take    
,jesus' advice and cast our net on the  
other side4  ,we are told that with     
sufficient faith we could remove        
mountains4 ,have mountains ever been    
removed or tunnelled without faith8 ,the
 bridging of rivers1 the building of    
railroads1 the launching of steamships1 
and the creation of all industries are  
dependent on the faith of somebody4 ,too
 much credit is given both to capital   
and labour in the current discussions of
 to-day4 ,the real credit for most of   
the things which we have is due to some 
human soul which supplied the faith that
 was the mainspring of every enterprise4
 ,furthermore in most instances this    
human soul owes this germ of faith to   
some little country church with a white 
steeple and old-fashioned furnishings4  
,the reason ,i say old-fashioned church 
is because our fathers were more willing
 to rely upon the power of faith than   
many of us to-day4 ,what they lacked in 

many other ways was more than           
compensated by their faith in ,god4     
,they got1 through faith1 that something
 which men to-day are trying to get     
through every other means4 ,all the     
educators1 all the psychologists1 all   
the inspirational writers cannot put    
into a man the vision and the will to do
 things which are gained by a clear     
faith4 ,most of us to-day are           
frantically trying to invent a machine  
which will solve our problems1 when all 
the while we have the machine within us1
 if we will only set it going4 ,that    
machine is the human soul4  ,the great  
problem to-day is to develop the human  
soul1 to develop this wonderful machine 
which each one of us has between his    
ears4 ,only as this is developed can we 
solve our other problems4 ,when we give 
as much thought to the solution of the  
human problem as we give to the solution
 of the steam problem or the electrical 
problem1 we will have no labour problem4
 ,we have gone daffy over things like   

steam1 electricity1 water-power1        
buildings1 railroads and ships1 and we  
have forgotten the human soul upon which
 all of these things depend and from    
which all of these things originate4    
,,vi  ,,study ,,the ,,human ,,soul      
,the first step is to give more thought 
and attention to     people1 to         
establish more points of contact4 ,let  
us do     humanly1 individually1 man to 
man1 what we are trying to     do in a  
great big way4   ,i was visiting the    
home of a famous manufacturer recently  
and he took me out to his farm4 ,he     
showed me his cattle4 ,above the head of
 each heifer and each cow was the       
pedigree4 ,the most careful record was  
kept of every animal4 ,he had a         
blue-print in his library at home of    
every one of those animals4 ,yet when we
 began later to talk about the labour   
problem in his own plant and ,i asked   
him how many of his people he knew      
personally1 he told me1--,i quote his   
words3  ,why1 they are all alike to me1 

,mr4 ,babson4 ,i don't know one from the
 other4  ,later in the evening--it was  
during the ,christmas vacation--a young 
fellow drove up to the house in a fancy 
automobile1 came in and asked for this  
manufacturer's only daughter in order to
 take her to a party4 ,i didn't like the
 looks of the fellow very well4 ,after  
they had gone out1 ,i said to the       
father3  ,who is that chap8  ,the father
 replied3 ,i don't know2 some friend of 
,mary's4  ,the father had every one of  
his cows blue-printed1 but he didn't    
know the name of the man who came to get
 his daughter and who didn't deliver her
 until two o'clock the next morning6    
,that man was neglecting the human soul1
 both in his factory and in his home4   
99       99       99       99       99  
,i repeat that we have gone crazy over  
structures above ground4 ,we are        
absolutely forgetting the greatest of   
our resources1--the great spiritual     
resource1 upon which everything depends4
 ,how shall we develop these resources8 

,certainly we are not developing this   
great spiritual resource in the public  
schools4 ,the educational system was    
originally founded by the ,church to    
train the children in the fundamentals  
of righteousness4 ,gradually1 but       
constantly1 we have drifted away from   
this goal and to-day the purpose for    
which our schools were started has been 
almost entirely lost4 ,in some states it
 is now a criminal offence for a school 
superintendent to ask a prospective     
school teacher what she believes or     
whether she has any religion whatever6  
,under these conditions1 is it          
surprising that the spiritual resources 
of our children are lying dormant8      
,much of the prosperity of this nation  
is due to the family prayers which were 
once daily held in the homes of our     
fathers4 ,to a very large extent this   
custom has gone by4 ,whatever the       
arguments pro and con may be1 the fact  
nevertheless remains that such family   
prayers nurtured and developed these    

spiritual resources to which the        
prosperity of the nation is due4 ,the   
custom of family prayers should be      
revived along with many other good ,new 
,england customs which some modern      
radicals may ridicule1 but to which they
 owe all that they possess4  ,the masses
 to-day are getting their real education
 from the daily newspapers4 ,many of    
these newspapers have much good         
material1 but the great effort of the   
daily press is not to make producers1   
but rather to make consumers4 ,the      
policy of the daily press is not to get 
people to serve1 but rather to get them 
to buy4 ,not only is the larger portion 
of the newspapers given up to           
advertising1 but most of this           
advertising is of non-essentials1 if not
 of luxuries4 ,with this advertising    
constantly before the people of the     
country1 it is but natural that the     
material things should seem of greatest 
importance4 ,to remedy this situation is
 a great problem to-day facing the      

,christian business men of this country4
 ,what shall we do about it8  ,the first
 step is to give more thought and       
attention to people1 and to establish   
more points of contact4 ,let us do      
humanly1 individually1 man to man1 what 
we are trying to do in a great big way4 
,another method to develop this human   
resource is to give people              
responsibility4 ,moreover1 we must do so
 if the nation is to be truly           
prosperous4     ,,vii  ,,boost ,,the    
,,other ,,fellow      ,just as our      
property is safe only as the other      
fellow's     property is safe1 just as  
our daughter is safe only as the        
other fellow's daughter is safe1 so it  
also is true that     in order to       
develop the human soul in other men1 we 
have     to give those men something4   
,my little girl has a black cat2 about  
once in four months this cat has        
kittens4 ,opposite our place is a man   
who has an ,airedale dog4 ,when that dog
 comes across the street and that cat   

has no kittens1 the cat immediately     
beats it as fast as she can1 with the   
dog after her4 ,but when that dog comes 
across the street and that cat has the  
responsibility of some kittens1 she     
immediately turns on the dog and the dog
 beats it with the cat after him4 ,it is
 the same dog1 the same cat1 and the    
same backyard2 but in one instance the  
cat has no responsibilities and in the  
other case she has4 ,responsibilities   
develop faith1 vision1 courage1         
initiative1 and other things that make  
the world go round4  ,just as our       
property is safe1 only as the other     
fellow's property is safe2 just as our  
daughter is safe1 only as the other     
fellow's daughter is safe2 so is it also
 true that1 in order to develop the     
human soul in other men1 we have to give
 those men something4 ,we must give them
 a chance4 ,we must give them           
opportunity4 ,we must give them a boost4
 ,all of us are simply storage          
batteries4 ,we get out of life what we  

put into life4 ,we care for others1 not 
in accordance with what they do for us1 
but rather in accordance with what we   
have done for them4  ,i am quite often  
asked about investments4 ,well1 there   
are times1 about once in three or four  
years--during panics1 when every one is 
scared to death--that ,i invest in      
stocks4 ,there are other times when ,i  
advise the purchase of bonds4 ,the fact 
is1 however1 that ,i have not made my   
money investing either in stocks or     
bonds4 ,what money ,i have made has come
 from investing in boys and girls1 young
 men and young women4  ,there is a      
common belief current to-day that only  
people with experience are worth while4 
,but ,i say3 ,quit looking for the      
experienced salesmen and trying to make 
a man out of him2 get a man1 and then   
make a salesman of him4 ,i have a young 
man in my business who was delivering   
trunks for an express company twelve    
years ago4 ,to-day he is my sales       
manager and has built our gross from    

#ajj1jjj to #a1jjj1jjj4 ,one of my best 
experts1 a man who is sought for by the 
leading ,chambers of ,commerce all over 
the land1 was a carpenter on my garage  
nine years ago4 ,another one of my      
experts1 a man the demand for whose     
services ,i cannot supply1 never        
acquired recognition until he was over  
forty-five years of age4 ,i found him   
keeping hens at ,wellesley ,farms6 ,a   
young lady in my office to whom ,i pay  
#bjj a week and who is worth1 to me1    
#a1jjj a week1 ,i picked up at #d a week
 twelve years ago4  ,such cases exist   
everywhere4 ,you men yourselves know    
them4 ,you look over your own           
organizations4 ,who are the men who are 
really doing things8 ,are they the men  
you acquired ready-made from other      
concerns8 ,no6 ,they are the men that   
have been taken up and developed4 ,these
 are the men that have made money for   
you and have created the business       
enterprise of which you are the head4   
,yet when we have reached a point of    

prestige1 and have a big business1 we   
are tempted to say3 ,i haven't time to  
develop any more people1 ,i have got to 
get them already made4 ,this is a big   
mistake4         99       99       99   
99       99  ,i beg my readers--those   
who have them--to get your foremen      
together4 ,say to the partners or the   
officials of your concern3 ,haven't we  
given too much thought to developing the
 structure8 ,aren't we piling too many  
stories one upon another with too little
 thought to the foundation8 ,then go out
 and look over your plant and select a  
few people in each department to whom   
you will give a real opportunity4 ,start
 in to develop them and thereby         
strengthen the foundation of the        
business and the prosperity of the      
nation4     ,,viii  ,,what ,,truly      
,,counts      ,the greatest resources in
 the world to-day are human             
resources1 not resources of iron1 copper
 and lumber4 ,the     great need of the 
hour is to strengthen this human        

foundation and you business men are the 
one group that can     do it4   ,when it
 comes to the sale of goods1 the same   
principle applies4 ,eighty per cent4 of 
our sales organizations are devoted to  
selling to ten per cent4 of the         
population4 ,we have forgotten to       
consider whether or not goods are       
needed4 ,we only consider whether or not
 they are being bought4 ,we are         
forgetting to establish new markets1 but
 rather are scrambling over the markets 
already secured4 ,tremendous            
opportunities exist in developing new   
industries1 in creating new communities1
 in relocating the center of production 
from one community to another community 
to match up with the center of          
consumption4  ,we have forgotten the    
latent power in the human soul1 in the  
individual1 in the community1 in the    
different parts of the country4 ,we have
 forgotten those human possibilities    
upon which all prosperity ultimately    
depends4 ,i cannot perhaps emphasize    

this any more than by saying that the   
foundation of progress is spiritual1 not
 material4  ,the greatest resources of  
the world to-day are human              
resources1--not resources of iron1      
copper and lumber4 ,the great need of   
the hour is to strengthen this human    
foundation and revive in men a desire to
 produce and a joy in service4 ,business
 men are the one group that can do it4  
,they understand the emotions1          
understand the importance of the        
intangible things4 ,they understand how 
to awaken in people new motives4 ,so my 
appeal is not to wait too long to revive
 man and awaken the soul which is       
slumbering to-day4  ,the nation is only 
a mass of individuals4 ,the true        
prosperity of a country depends upon the
 same qualities as the true prosperity  
of its people4 ,as religion is necessary
 for the man1 it is also necessary for  
the nation4 ,as the soul of man needs to
 be developed1 so also does the soul of 
the nation4         99       99       99

       99       99  ,let me tell one    
more personal incident4 ,not long ago ,i
 was at my ,washington office spending  
the week4 ,while there a little ,western
 ,union messenger girl came in to apply 
for a position4 ,it was in the          
afternoon--about half-past five4 ,i was 
struck with the intelligence of the     
girl's face and asked her two or three  
questions4 ,she was tired4 ,i asked her 
to sit down4 ,i was astonished to hear  
her story4  ,she had been born and      
brought up in the mountains of ,west    
,virginia1--many miles from             
civilization4 ,her father and mother    
died when she was four years old4 ,she  
had been living with an old grandfather 
and brother4 ,when ,i began to talk with
 her ,i found her to have a most        
remarkable acquaintance with ,emerson1  
with ,thoreau1 with ,bernard ,shaw and  
with the old ,eastern writers4  ,i said 
to her3 ,how is it that you are         
delivering telegrams in a khaki suit and
 a soldier cap8  ,she replied3 ,because 

,i could get nothing else to do4 ,i     
lived down there in the mountains just  
as long as ,i could4 ,i had to get to   
the city where ,i could express myself  
and develop my finer qualities4 ,when ,i
 got to ,washington there was nothing   
that ,i could do4 ,they asked me if ,i  
could typewrite1 but ,i had never seen a
 typewriter4 ,finally1 after walking the
 streets for a while1 ,i got a job as a 
,western ,union messenger4  ,i wrote    
,mrs4 ,babson and made arrangements to  
have the girl come to ,wellesley and    
work for a few months with the ,babson  
,organization4 ,i saw in her certain    
qualities which1 if developed1 should   
make her very useful to someone         
somewhere4 ,she came to ,wellesley4     
,about a month after her arrival ,i was 
obliged to leave on a two months' trip  
and ,mrs4 ,babson invited her up to dine
 the night before ,i left4 ,i told her  
that ,i was going to speak while away on
 ,america's ,undeveloped ,resources4    
,after dinner she went to my desk and   

took her pen and scribbled these lines  
and said3  ,perhaps during your talk on 
,america's ,greatest ,undeveloped       
,resources you will give those men a    
message from a ,western ,union girl4    
,these are the lines she wrote4 ,they   
are by ,ella ,wheeler ,wilcox4    ,i    
gave a beggar from my little store of   
wealth some gold2   ,he spent the       
shining ore1 and came again and yet     
again1   ,still cold and hungry1 as     
before4   ,i gave a thought--and through
 that thought of mine1   ,he found      
himself1 the man supreme1 divine1       
,fed1 clothed and crowned with blessing 
manifold2   ,and now he begs no more4   
,the mind of man is a wonderful thing1  
but unless the soul of man is awakened  
he must lack faith1 power1 originality1 
ambition1--those vital elements which   
make a man a real producer4 ,i do not   
say that you can awaken this force in   
every soul4 ,if you are an employer1    
perhaps only a few of all your employees
 can be made to understand4 ,but this   

much is certain1--in every man or woman 
in whom you can loose the power of this 
invisible something1 you will mobilize a
 force1 not only for his or her good1   
but for the good and perhaps the very   
salvation of your own business4     ,,ix
  ,,what ,,figures ,,show      ,panics  
are caused by spiritual causes rather   
than     financial4 ,prosperity is the  
result of righteousness     rather than 
of material things4   ,the large black  
areas on the adjoining chart are formed 
by combining and plotting current       
figures on ,new ,building1 ,crops1      
,clearings1 ,immigration1 ,total        
,foreign ,trade1 ,money1 ,failures1     
,commodity ,prices1 ,railroad ,earnings1
 ,stock ,prices and ,politics in order  
to give a composite view of business in 
the ,united ,states4 7,when ,interstate 
,commerce reports of earnings of all    
,united ,states railroads became        
available1 ,january1 #aiji1 this record 
was substituted in place of the earnings
 of ten representative roads which had  

been used previous to that time4        
,revised scales for monetary figures    
were also introduced1 in ,august1       
#aiab47  ,illustration  ,the line ,x-,y 
represents the country's net gain or    
growth4 ,based on the economic theory   
that action and reaction are equal when 
the two factors of time and intensity   
are multiplied to form an area1 the sums
 of the areas above and below said line 
,x-,y must1 over sufficiently long      
periods of time1 be equal1 provided     
enough subjects are included1 properly  
weighed and combined4 ,an area of       
prosperity is always followed by an area
 of depression2 an area of depression in
 turn is always followed by an area of  
prosperity4 ,the areas1 however1 need   
not have the same shapes4  ,it will be  
seen that each area is divided into     
halves by a narrow white line4 ,this is 
to emphasize the fact that the first    
halves of areas below the ,x-,y line are
 really reactions from the extravagance1
 inefficiency and corruption which      

existed during the latter half of the   
preceding prosperity area4              
,contrariwise1 the first halves of areas
 above the ,x-,y line are really        
reactions from the economy1 industry and
 righteousness developed during the hard
 times just preceding4 ,the high points 
of the stock market have come in the    
early part of the prosperity areas and  
the low points have come about the      
beginning of the depression areas4 ,in  
#aiad the war held down prices of all   
securities4 ,the highest prices of bonds
 have usually come about the end of the 
depression areas and high money rates1  
and lowest bond prices at about the end 
of the prosperity areas4  ,but what     
causes these fluctuations in business   
and prices8 ,statistics show that panics
 are caused by spiritual causes1 rather 
than financial1 and that prosperity is  
the result of righteousness rather than 
of material things4 ,hence1 the         
importance to industry and commerce of  
the forces already mentioned4 ,these    

spiritual forces are the true           
fundamentals of prosperity4 ,this in    
turn leads us to consider from where    
they come and upon what we are to depend
 for their further development4 ,the    
following pages will give the answer4   
99       99       99       99       99  
,what are the sources of these          
fundamentals of prosperity8 ,where do we
 get this faith1 integrity1 industry1   
cooeperation and interest in the soul of
 man upon which civilization is based8  
,as already explained1 we do not get it 
from the raw materials4 ,we have always 
had the raw materials4 ,we do not get it
 from education4 ,from a statistical    
point of view ,germany is the best      
educated country in the world4 ,it has  
the least illiteracy4 ,it has the       
largest percentage of scientific        
culture4 ,no1 these three fundamentals  
do not come from education4 ,they do not
 come from the inheritance of property4 
,i mentioned in the preceding pages the 
investigation we made of leading        

captains of industry in ,america1 the   
men who head the various greatest       
industries in this country4 ,out of this
 group of men1 only ten per cent4       
inherited their business1 while only    
fifteen per cent4 received special      
education4 ,this shows that the source  
of these qualities is from something    
more than wealth or education4  ,we are 
striving and even slaving to lay up     
property for our children1 when         
statistics clearly show that the more we
 lay up for them the worse off they are 
going to be4 ,if statistics demonstrate 
any one thing1 they demonstrate that the
 less money we leave our children the   
better off they will be2 not only       
spiritually and physically1 but also    
financially4 ,when it comes to the      
question of education1 we work and      
economize to give our children an       
education and to send our children to   
college4 ,yet statistics show that only 
a small percentage of these leading     
business men are college graduates4     

,the success of individuals1 the success
 of communities1 the success of nations1
 depends on these                       
fundamentals1--integrity1 faith1        
industry1 brotherly kindness and an     
interest in the soul of man4 ,to what do
 we owe these great fundamental         
qualities8 ,statistics show clearly that
 we owe them to religion4 ,yes1 and to  
the old-fashioned religion of our       
forefathers4 ,moreover1 ,i say this not 
as a churchman4 ,i would give the same  
message if ,i were speaking to a group  
of bankers or a group of engineers4 ,i  
was first brought into the ,church      
through the ,christian ,endeavour       
,society1 but ,i was really converted to
 the ,bible teachings through a study of
 statistics4  ,to religion we owe our   
civilization and to the ,church we owe  
our religion4 ,all there is in the world
 to-day that is worth while comes from  
men filled with1 and from groups        
actuated by1 these fundamentals of      
integrity1 faith1 industry1 brotherly   

love and those other factors which come 
only through ,god4 ,the ,church to-day  
deserves the credit for keeping these   
factors before the world4 ,hence1 it is 
evident that the people of ,america have
 not the bankers to thank for their     
security and prosperity1 but rather the 
preachers and the churches4 ,to these   
men we are obligated for our growth and 
development4     ,x  ,,where ,,the      
,,church ,,falls ,,down      ,become    
saturated with ,christ's principles1 be 
clean and     upright1 cooeperate with  
one another1 have faith1 serve1         
trust the ,almighty for the results1 and
 you will never     have to worry about 
property4 ,if you will do these         
things1 all of the others will be given 
to you4   ,there are two groups of      
people who criticize the ,church4       
,first1 there are those who claim great 
love for their fellow-men1 but do not go
 to church because it is allied with the
 property interests of the community4 ,i
 believe that to be the fundamental     

reason why the wage workers1 labour     
leaders1 socialists and radicals are not
 interested in the ,church4 ,they       
believe that the ,church is too closely 
allied with property4 ,i have been      
severely criticized myself for          
presenting the ,church as a defender of 
property and as a means of making your  
home1 your business and your securities 
safer4 ,such critics are perfectly      
conscientious and the ,church suffers   
much because those people1 in their love
 for humanity1 are antagonistic to the  
,church4  ,the second group are those   
defenders of property who look upon the 
,church as impractical2 who consider the
 ,golden ,rule as something all right   
for the minister to talk about on       
,sundays1 but something useless to try  
to follow during the week4 ,those men   
criticize the ,church for preaching     
love1 for talking the ,sermon on the    
,mount1 and for being what they say is  
impractical4 ,so the ,church suffers    
to-day by having both of these groups   

stand off alone4 ,neither of them is    
interested in the ,church1 the most     
important organization in ,america4 ,it 
is the ,church which has created        
,america1 which has developed our       
schools1 which has created our homes1   
which has built our cities1 which has   
developed our industries1 which has made
 our hospitals1 charities1 and which has
 done everything that is worth while in 
,america4  ,yet to-day1 the ,church is  
the most discarded industry of all1     
because it has not the cooeperation of  
either of the above groups1--the radical
 group which claims to be interested    
only in humanity and not in property1   
and the propertied group which frankly  
says that it is primarily interested in 
property and not humanity4 ,it seems    
that we should stop side-stepping this  
question4 ,instead we should face it    
squarely and answer both of these       
criticisms4 ,my answer is as follows3   
,jesus was not interested in property1  
per se4 ,there is no question but that  

,jesus had no interest in property4     
,these things which look so important to
 us1--houses1 roads1 taxation1          
buildings1 fields1 crops1 foreign trade1
 ships1--it is very evident were        
insignificant to ,jesus4 ,when any of   
,jesus' disciples came to ,him to settle
 some property question1 ,he pushed them
 aside and said ,he was too busy to     
consider it4 ,i am sure that if ,jesus  
were here to-day1 ,he would tell us all 
that we are idiots for striving so to   
accumulate things--building ourselves   
bigger houses1 getting bigger bank      
accounts and more automobiles4 ,hence1  
when the socialist or the radical or the
 labour leader complains to me1 ,i      
frankly admit this fact4 ,without doubt 
the ,church should emphasize that       
property of itself is of no value1 and  
the only things worth while in life are 
happiness and the health and the freedom
 which come from living an upright1     
simple life4  ,on the other hand1 and   
this point ,i wish to emphasize just as 

strongly1 ,jesus took the position      
throughout ,his teachings1 that if ,his 
disciples would simply get saturated    
with ,his fundamentals1 if they would be
 clean and upright1 if they would       
cooeperate with one another1 if they    
would have faith to serve and trust the 
,almighty for the results1 they would   
never have to worry about property4     
,property would take care of itself4    
,jesus emphasized1 first1 that they     
should not think of property2 but ,he   
always closed ,his discourses by some   
such statement as this3 ,if you will do 
these things1 all of the others will be 
given to you4  ,it is absolutely        
impossible for any individual to develop
 the above fundamentals of              
prosperity1--faith1 integrity1 industry 
and brotherly kindness--without being   
successful4 ,i care not whether he is a 
doctor1 teacher1 banker1 lawyer1        
business man or manufacturer4 ,that same
 thing is true of groups and of nations4
 ,it is fundamental law1 ,whatsoever a  

man soweth that shall he also reap4     
,those who serve will be served2 those  
who knock will be knocked2 those who    
boost will be boosted4 ,we are paid in  
the coin that we give4 ,we are forgiven 
as we forgive4 ,if we are friendly1 we  
will make friends4  ,statistics show    
that the ,church is the greatest factor 
in the worldly success of men1 groups   
and nations4 ,some readers may have seen
 a book written by ,professor ,carver of
 ,harvard entitled1 ,the ,religion      
,worth ,having4 ,in that book the author
 discusses the various denominations of 
,christianity4 ,then he says most       
conclusively that the religion worth    
having1 the religion that will survive1 
is the religion which produces the most4
 ,yet this production will not come by  
seeking production per se1 but rather by
 the development of these fundamental   
characteristics which have been         
described4  ,try as you will you cannot 
separate the factor of religion from    
economic development4 ,in the work      

conducted by my ,organization at        
,wellesley ,hills we study the trend of 
religious interest as closely as we do  
the condition of the banks or the supply
 of and demand for commodities4         
,statistics of church membership form   
one of the best barometers of business  
conditions4 ,we have these figures      
charted back for the past fifty years4  
,whenever this line of religious        
interest turns downward and reaches a   
low level1 history shows that it is time
 to prepare for a reaction and          
depression in business conditions4      
,every great panic we have ever had has 
been foreshadowed by a general decline  
in observance of religious principles4  
,on the other hand1 when the line of    
religious interest begins to climb and  
the nation turns again to the simple    
mode of living laid by in the ,bible1   
then it is time to make ready for a     
period of business prosperity4     ,,xi 
,,the ,,future ,,church      ,the time  
is coming when the ,church will awake to

 its great     opportunities4 ,the      
greatest industry in ,america but the   
most backward and inefficiently         
operated1 is still in the               
stage-coach class4   ,of course the     
,church is very far from developed4 ,the
 ,church is in the same position to-day 
as were the water-powers fifty years    
ago4 ,the ,church has great resources2  
but these resources are sadly           
undeveloped4 ,from an efficiency point  
of view1 from an organization point of  
view1 from a production point of view1  
the ,church to-day is in the stage-coach
 class4 ,it holds within itself the keys
 of prosperity4 ,it holds within itself 
the salvation and solution of our       
industrial1 commercial and international
 problems4 ,yet it is working1 or at    
least the ,protestant branch is open1   
only three or four hours a week4 ,the   
,church has the greatest opportunity    
to-day of any industry4 ,it is the least
 developed industry1 the most           
inefficiently operated1 and the most    

backward in its methods4  ,let us shut  
our eyes and look ahead at what it will 
be twenty-five years from now4 ,let us  
imagine five churches within a radius of
 five miles4 ,all of them now operating 
independently4 ,each one open only a few
 hours a week4 ,twenty-five years from  
now these five churches will be linked  
up together under a general manager who 
will not be a parson1 but who will be a 
business man4  ,to-day the preacher of  
our churches is a combination of        
preacher1 business manager1 and         
salesman4 ,he is the service department1
 the finance department and everything  
but the janitor4 ,the ,church is being  
operated to-day as a college would be   
operated with one professor1 who would  
be president1 treasurer1 general        
manager1 and everything else4 ,the      
,church is being operated to-day as a   
factory with simply a production man and
 no one to tend the finances or the     
sales4 ,manufacturers reading this book 
know how long a factory could be run    

with only a superintendent and no one to
 sell or finance the proposition4       
,twenty-five years from to-day1 instead 
of the pastor being at the head of the  
church and a few good people doing      
voluntary work1 there will be four or   
five churches of the same denomination  
united under one general manager4 ,i do 
not mean by this that four of them will 
be closed4 ,they will all be open much  
more than they are now2 but they will   
all be under one general manager and    
will be taking orders from that general 
manager4 ,twenty-five years from to-day 
the churches will be self-supporting4   
,the days of begging will be over4      
,religion has been cheapened by singing 
about salvation's free for you and me4  
,when we have our legal difficulties1 we
 go to a lawyer and pay him2 when we    
have a pain we go to a doctor and pay   
him2 if we want our children taught we  
pay the price2 but if we want our       
children instructed in the fundamentals 
of prosperity upon which their future   

depends1 we send them to a ,sunday      
,school for a half-hour a week with the 
possibility of having them taught by a  
silly girl who doesn't know her work4   
,in any event the parent seldom takes   
the trouble to ascertain the quality of 
the teaching4  ,the time is coming when 
the ,church will awake to its great     
principles and opportunities4 ,the      
greatest industry in ,america is still  
the most backward and most inefficiently
 operated4 ,when these four or five     
churches are combined1 the preacher will
 not have to spend half the week in     
preparing a different sermon every      
,sunday4 ,he will have two weeks or a   
month to prepare that sermon4 ,he will  
have time and have the pep and energy to
 deliver it to you so you won't go to   
sleep while sitting in the pews4 ,the   
audience will then hear the same        
preacher only once each month1 and the  
preacher will then have more than one   
congregation to appeal to4  ,the same   
man is not going to be expected to      

preach on ,love1 ,hate1 the ,league of  
,nations1 ,how to ,settle ,labour       
,disputes and the ,health of the        
,community and every other subject4 ,all
 of these men will preach the salvation 
of ,jesus1 but each one will specialize 
in one particular phase of the          
,christian life1 such as ,faith1        
,integrity1 ,industry1 ,cooeperation4   
,then we will take more stock in our    
preachers because they won't pretend to 
know every subject4 ,then the preacher  
will not be of lesser intelligence than 
the average audience4  ,fifty years ago 
the ablest men in every community were  
the preachers1 the doctors1 and the     
lawyers4 ,they were the only college    
graduates of the town and were looked up
 to4 ,to-day1 while we pay our          
salesmanagers from #ae1jjj to #bj1jjj a 
year1 and lawyers and doctors large     
fees1 we pay our preachers only         
miserable salaries4 ,it's a damnable    
disgrace to all of us4 ,i often think   
that if ,jesus were to come back to us1 

that ,he would take for ,his text that  
thought from the ,sermon on the ,mount1 
,if you have aught against your         
neighbour1 before you enter into your   
worship go and square up4 ,i think that 
when ,he came in to speak to us on      
,sunday morning1 ,he would say3         
,gentlemen1 ,i suggest that before we   
have this service1 we raise funds to pay
 the preacher a decent salary4          
99       99       99       99       99  
,just before ,i went to ,brazil ,i was  
the guest of the ,president of the      
,argentine ,republic4 ,after lunching   
one day we sat in his sun parlour       
looking out over the river4 ,he was very
 thoughtful4 ,he said1 ,mr4 ,babson1 ,i 
have been wondering why it is that      
,south ,america with all its great      
natural advantages is so far behind     
,north ,america notwithstanding that    
,south ,america was settled before      
,north ,america4 ,then he went on to    
tell how the forests of ,south ,america 
had two hundred and eighty-six trees    

that can be found in no book of botany4 
,he told me about many ranches that had 
thousands of acres under alfalfa in one 
block4 ,he mentioned the mines of iron1 
coal1 copper1 silver1 gold2 all those   
great rivers and water-powers which     
rival ,niagara4 ,why is it1 with all    
these natural resources1 ,south ,america
 is so far behind ,north ,america8 he   
asked4 ,well1 those of you who have been
 there know the reason4 ,but1 being a   
guest1 ,i said3  ,mr4 ,president1 what  
do you think is the reason8  ,he        
replied3 ,i have come to this           
conclusion4 ,south ,america was settled 
by the ,spanish who came to ,south      
,america in search of gold1 but ,north  
,america was settled by the ,pilgrim    
,fathers who went there in search of    
,god4  ,friends1 let us as ,american    
citizens never kick down the ladder by  
which we climbed up4 ,let us never      
forget the foundation upon which all    
permanent prosperity is based4          
,printed in the ,united ,states of      

,america