,,morals ,,9 ,,trade ,,& ,,comm]ce   ,a 
,,lecture ,,by ,,frank ,b4 ,,&]son      
,presid5t ( ,! ,bank ( ,cali=nia        
,national ,association   ,,deliv]$      
,,be=e ,,! ,,/ud5ts ,,( ,,! ,,univ]sity 
,,( ,,cali=nia ,,b]keley ,febru>y #ae?1 
#aiaa   ,"u ! ,b>b>a ,we9/ock ,f\ndation
     ,,morals ,,9 ,,trade ,,& ,,comm]ce 
,! mo/ beautiful ?+ ab\t y\? is its p[] 
& eag]ness to make ideals1 & he is      
un=tunate :o goes out into ! _w )\t "s  
picture ( s]vices to be r5d]$1 or ( a   
goal to be atta9$4 ,!re are v few ( u   
:o1 at "s "t or ano!r1 h n *]i%$ ^!     
ideals1 p]haps secretly & half a%am$ z  
?\gh to u alone _h come an inspiration (
 a c>e] t %\ld t\* ! pulses ( ! _w &    
leave x bett] ?an we f\nd x4 ,& 9 ! mak+
 ( y\?ful ideals we h *ang$ v little ) !
 passage ( ! c5turies4 ,! "* ( ! ideals 
has *ang$ ) *ang+ ne$s1 b n we          
ourselves4 ,our "y m5 /ill see visions2 
!y /ill fill ! future ) conflict & )    
/ruggle & prospectively live out _!     
lives ) ! cr[n ( a*ievem5t 9 ! di/ance4 

,x is well t x %\ld be s4 ,! ideals (   
our y\? are ! motive-p[] ( our lives1 & 
ev5 ^? ( u :o h liv$ f> into ! eras (   
disappo9tm5t w\ld n will+ly wipe f our  
memories ev5 ! mo/ extravagant day      
dreams f :i* we drew en]gy & hope &     
=titude & self-reliance4  ,if ideals h  
su* a p[] ov] our lives1 if !y en]gize &
 direct our fir/ entry into ! _w (      
affairs--z unque/ionably !y d--!y mu/ be
 c\nt$ among ! real =ces ( ! day & z su*
 !y are z mu* a matt] = our scrut9y &   
control z educational developm5t or     
physical p]fection4 ,n1 p]haps1 9 ! same
 way1 = our ideals belong to t private  
doma9 :]e9 we rightly res5t ei!r        
dictation or au?ority f ! outside4 ,b we
 c apply bo? dictation & au?ority =     
ourselves4 ,) a firm det]m9ation to be  
^u ! "r side ( ! great issues ( ! day1  
to uphold honor & ju/ice 9 public       
affairs1 to uproot ! t>es & to s[ ! :eat
 9 ! doma9 ( national bus9ess1 we c     
apply our :ole m5tal /r5g? to a prop]   
det]m9ation ( ^? issues1 to a correct   

di/ribution ( praise & blame1 to a      
c>eful adju/m5t ( ! means to ! end & to 
a precise appreciation ( ! facts4 ,we c 
satisfy ourselves t we h he>d bo? sides 
& t en?usiasm has n dead5$ our e>s to   
all appeals b ! mo/ noisy4 ,we c see to 
x t our attitude is ! judicial "o & t   
our m9ds are s fix$ ^u ! tru? & ^u !    
:ole tru? t !re is no room = prejudice  
or = passion4 ,all ^! ?+s c be re>$ z a 
sup]/ructure ^u ! gr\ndwork ( l(ty      
ideals1 = j z !re c be no progress )\t  
ideals s !re c come no?+ b calamity f   
ideals t are n guid$ by reflection & by 
k4  ,nev] be=e has x be5 s h>d to "k !  
facts z x is to-day4 ,if we mu/ give    
cr$it to ! press = ! diffusion ( k s    
also mu/ we recognize its equal p[] to  
diffuse prejudice & bias4 ,! newspap] & 
! magaz9e ( to-day are va/ & intricate  
ma*9es t supply ! great majority ( u )  
practically all ! data ^u :i* we base   
our judgm5ts4 ,! public m9d & ! popul>  
press act & react ^u "o ano!r1 ! press  
sett+ its sails to cat* e w9d ( public  

int]e/ & ! public ^u its "p dem&+ to be 
suppli$ ) all ^? dep>tm5ts ( news to :i*
 at ! mom5t x is specially attract$4    
,comm]cialism & competition h b>r$ a    
l>ge "p ( ! press f its rightful (fice z
 lead] & mold] ( op9ion & h r$uc$ x to !
 position ( a clamor\s applicant =      
public favor4 ,! press1 l ev]y?+ else1  
is rul$ by majorities1 & 9 ord] to live 
x mu/ cat] to ! weaknesses ( popul>     
majorities1 x mu/ reflect _! prejudices1
 x mu/ su/a9 _! ill-=m$ judgm5ts1 & x   
mu/ s sift & w9n[ ! news ( ! day t !    
:ims & ! passions ( ! day %all be       
su/a9$4 ,!re are "s newspap]s & magaz9es
 t are honorably will+ to repres5t only 
ripe ?\ght & unbias$ judgm5ts1 b !y are 
n 9 ! majority4  ,:at v]dict w\ld !     
hi/orian ( ! future pass ^u !           
civilization ( to-day if he 7 re/rict$  
to ! files ( our newspap]s = 8 mat]ial4 
,x mu/ be confess$ t we ( to-day1 9 !   
hurry & t5sion ( mod]n life1 are h>dly 9
 a bett] position4 ,:atev] we may       
suppose to be our attitude t[>d ! press1

 ) :atev] scorn we may reg>d its bas]   
features1 x has an effect ^u our m9ds f>
 great] ?an we suppose4 ,x is ! /eady   
drip ( ! wat] ^u ! /one t we>s x away4  
,x is ! /eady pres5tation ( "o aspect ( 
human life1 & t ! l[e/1 t sl[ly         
jaundices our view & t produces ei!r a  
rank pessimism or else an indignation   
aga9/ evil s /rong z to efface judgm5t &
 to p>alyze reason4 ,day aft] day we see
 human nature pres5t$ 9 its wor/ aspects
 & only 9 its wor/ aspects4 ,we see     
fraud1 cupidity1 tyranny1 & viol5ce     
p>ad$ be=e u z be+ almo/ ! only         
activities wor? report+4 ,di%one/y is   
(f]$ to u z ! prevail+ rule ( life1 & we
 are ask$ to believe t ! _s ( comm]cial 
oppression has alli$ itself ) ! ma*9]y (
 gov]nm5t = ! oppression ( a nation4 ,x 
is a dre>y picture1 a picture t1 if     
fai?fully drawn1 w\ld ju/ify almo/ any  
rem$ial measures )9 human p[]1 a picture
 t by ! skill ( its pres5tation arre/s  
att5tion & almo/ compels belief4  ,t we 
s seldom comp>e ! picture ) ! orig9al is

 "o ( ! anomalies ( mod]n life4 ,& yet !
 orig9al is be=e u & ar\nd u all ! "t1  
invit+ u to notice t x is only !        
exceptional t is reproduc$ ) attractive 
skill & t x is only ! abnormal t is     
emphasiz$ ) adroit arrangem5ts ( l9e &  
color4 ,day aft] day we read ( !        
s5sational divorce cases1 b !re is n "o 
l9e ( ! t5s ( ?\s&s ( happy m>riages ^u 
:i* no cl\d ( discord ev] falls4 ,day   
aft] day we read ( ! sc&als ( municipal 
gov]nm5t1 b h[ (t5 d we rememb] ! great 
army ( municipal (ficials :o d _! :ole  
duty devot$ly1 c\rage\sly1 unselfi%ly8  
,day aft] day we he> ( corporation      
tyranny1 corporation lawlessness1 or    
corporation gre$1 b :at recognition d we
 give to corporations t obey ! laws1 ^: 
op]ations are above c5sure & :o add     
immeasurably to ! weal? ( ! c\ntry & to 
! prosp]ity ( e citiz5 9 x8 ,) ?is      
con/ant pres5tation ( depravity1 ?is    
incessant h>p+ ^u ! "o /r+ ( human      
di%one/y1 :at wond] t our visions %\ld  
be di/ort$ or t we %\ld exclude f our   

horizon almo/ ev]y?+ b ! s9i/] features 
( mod]n life4 ,:at wond] t ! "y m5 &    
wom5 %\ld look at ! c>e] be=e !m ?r\gh  
an all-p]vad+ fog ( suspicion or t !    
days ahead ( !m %\ld seem to be fill$ ) 
! /ruggle aga9/ a univ]sal di%one/y4  ,x
 is f su* illusions z ?is t we mu/ free 
our ideals if we w\ld d effective "w = !
 _w & = ourselves4 ,!re are real enemies
 en\gh )\t erect+ imag9>y w9dmills to   
tilt aga9/4 ,frauds1 depravities1       
trag$ies surely await u1 n[ z ev]1 b we 
%all be d\bly arm$ aga9/ !m if we look  
^u !m z ! exceptions & n ! rule & if we 
draw /r5g? f ! great backgr\nd ( human  
virtue & hone/y4 ,& !re is su* a        
backgr\nd1 un*ang+1 resi/ant1 resolute1 
ev5 ?\gh ! limelight ( publicity be     
p]si/5tly direct$ ^u ! few s9i/] figures
 on ! front ( ! /age4 ,we _c af=d to    
lose our fai? 9 human nature1 we _c af=d
 to %ut out ! great] & ! be/ "p ( life  
or to gaze s p]si/5tly ^u ! abnormal t  
we c no long] see ! normal & ! ord9>y4  
,let u cultivate our s5se ( e?ical      

values & ( e?ical p]spective r ?an to   
cr\* beh9d a %rub until x looks l a =e/4
  ,we are indebt$ to our comm]cializ$   
newspap]s & magaz9es = our di/ort$ views
 ( human life & = ! cynicism t x is !   
mom5t>y fa%ion to affect1 b t is always 
disfigur+ to ! m9d t h>bors x4 ,c]ta9ly 
we c get no su* views & no su* cynicism 
f our own exp]i5ce or f p]sonal k ( ! m5
 & wom5 :o surr\nd u4 ,hone/y is a m    
famili> sight ?an di%one/y4 ,all !      
common & famili> processes ( our daily  
life are bas$ ^u an expectation (       
hone/y1 & if y w /op to consid] = a     
mom5t y w see t ^? processes c\ld n g on
 )\t t expectation4 ,& h[ seldom is x   
falsifi$4 ,sometimes ( c\rse !re comes !
 j> ( disappo9tm5t1 b ! fact t !re is a 
j> %[s t x is ! exception & n ! rule4   
,h[ev] mu* we may talk ( gu>antees &    
safegu>ds & securities1 h[ev] mu* we may
 talk ( a bus9ess me?od or in/9ct t     
takes no?+ = grant$1 x rema9s a         
self-evid5t fact t we mu/ take human    
hone/y = grant$1 t we mu/ assume t ! man

 ) :om we d bus9ess int5ds to d x       
rightly & honorably1 t he is actuat$ by 
a settl$ pr9ciple ( fair conduct t w "w 
automatically1 & t )\t ?is automatically
 work+ /&>d ( behavior all our gu>antees
 & safegu>ds & securities w\ld really h 
v little value4 ,x is ! univ]sal        
expectation ( fair deal+ t makes bus9ess
 possible &1 9 fact1 x is ?is univ]sal  
expectation ( good behavior t makes its 
brea* suffici5tly novel to be report$ 9 
! newspap]s4 ,if fraud & *ican]y &      
viol5ce 7 ! ord] ( ! day1 !y w\ld h no  
value z news4 ,aft] tw5ty-n9e ye>s (    
deal+ ) human nature 9 a bus9ess :]e x  
is se5 at its extremes--at its be/ & at 
its wor/--,i believe t ! great majority 
( m5 & wom5 9 bus9ess are hone/ & ,i am 
c]ta9 t if ?is 7 n s1 x w\ld be         
impossible to c>ry on bus9ess4 ,take !  
/ati/ics ( ! cr$it insurance bus9ess1 a 
bus9ess t may be said to be bas$ ^u an  
assumption ( human hone/y2 exam9e !     
/ati/ics ( ! losses made 9 bus9ess & y w
 f9d t ^! are b a small fraction ( !    

total am\nt involv$ & ev5 ?is small     
proportion is *iefly due to errors (    
judgm5t or to causes 9 :i* di%one/y     
plays no "p4 ,ask any bank] h[ mu* he   
relies ^u human hone/y z an indisp5sable
 backgr\nd to ! ord9>y precautions &    
safegu>ds ( 8 bus9ess4 ,ask him :at is 8
 attitude t[>d a cli5t :om he detects 9 
a lie or 9 %>p practice1 & he w tell y t
 he has no use = su* a man4 ,he w\ld r  
be )\t 8 bus9ess & free f all contact ) 
^? ^: natural & innate s5se ( hone/y is 
lack+4 ,g :]ev] y l1 & y w f9d ! same   
expectation1 ! same assumption ( hone/y4
 ,y w f9d t no bus9ess c be c>ri$ on )\t
 x4 ,:atev] high & honorable ideals y   
may h =m$ y ne$ h no appreh5sion t !y w 
be scorn$ 9 ! bus9ess _w or t y w h to  
put !m away to w9 success4 ,x is 9 !    
bus9ess _w t !y w be valu$1 & ev5 !     
m5tal equipm5t t y are n[ seek+ w be    
less important to y1 a less] gu>antee ( 
success ?an y\r s5se ( honor & tru? &   
probity4 ,:5 y rea* ! bus9ess _w--& _m (
 y p]haps w g into ! great corporations 

t are n[ ceaselessly p>ad$ be=e y z     
wolves & z public enemies--y w f9d !re !
 same k9d ( human nature t y f9d "h 9   
college1 ! same e/imation ( probity & ( 
fair deal+4 ,if y d mean or und]h& ?+s1 
y w f9d t !y are br&$ 9 ! same way !re z
 "h4 ,y w f9d t manl9ess & integrity are
 ! rule & n ! exception1 & ,i w v5ture  
^u ! pr$iction t :5 ! "t comes = y to   
look back ^u y\r c>e] y w see t !re has 
be5 a /eady improvem5t all along ! l9e1 
j z ^? :o are already able to look      
backw>d f9d t !re has be5 an improvem5t 
s9ce _! own college days4 ,b t w re/ )  
y\rselves1 = ! future is 9 y\r own h&s4 
,x is = y1 g5tlem51 to see t moral &    
e?ical progress is unbrok54  ,n[ let me 
say a ^w ab\t ! corporations ( :i* we   
he> s mu* 9 ! newspap]s & magaz9es & t  
are s p]si/5tly repres5t$ z enemies ( ! 
community & z vampires t are suck+ !    
life-blood ( ! nation4 ,i ?9k !re may be
 pl5ty ( room "h = cl>ification ( our   
views1 &1 inde$1 we %\ld all be bett] = 
x if we c\ld give m precision to our    

?9k+ & free ourselves f ! imputations t 
h be5 all[$ to clu/] ar\nd c]ta9 t]ms4  
,y may be sure t ,i am "u no incl9ation 
to def5d crim9ality or wrong-do+ or to  
d5y _! exi/5ce :]ev] !y are actually to 
be f\nd4 ,!re are crim9al corporations j
 z !re are crim9al doctors1 & lawy]s1 & 
cl]gym54 ,:]ev] m5 are ga!r$ toge!r !re 
y w f9d a c]ta9 numb] :o are dispos$ to 
seek _! p]sonal advantage 9 repreh5sible
 ways1 b because "s doctors & "s lawy]s 
& "s cl]gym5 are crim9als we d n atta*  
an imputation to _! respective          
pr(essions4 ,we are cont5t to say t !re 
are black %eep 9 e flock & s pass on4 ,b
 ! newspap]s & ! magaz9es h se5 fit to  
conc5trate _! att5tion ^u ! crim9al or !
 illegal acts ( c]ta9 individuals :o    
belong to corporations & to expla9 ^?   
acts 9 a mann] :i* (t5 leads _! read]s  
to assume t ! acts are an ess5tial "p ( 
corporation bus9ess4 ,z a result1 ! v ^w
 corporation has tak5 on a s9i/] mean+1 
& we are ask$ to look ^u ! corporations 
v mu* z ! ,rh9e peasants us$ to look ^u 

! robb] b>ons :o 7 accu/om$ to swoop d[n
 ^u !m & c>ry (f _! flocks4 ,a          
corporation is absolutely no?+ m ?an a  
p>tn]%ip ( individuals :o pref] to d    
bus9ess "u c]ta9 regulations impos$ by !
 gov]nm5t4 ,!re is no diff]5ce betwe5 ! 
corporate & ! individual ways ( do+     
bus9ess except a piece ( /amp$ pap]     
issu$ by ! ,secret>y ( ,/ate4 ,!        
corporation is made up ( individuals :o 
h j ! same ideas ( honor z y h          
y\rselves1 :o h j z mu* integrity1 j z  
great a love ( fair play4 ,a man does n 
*ange 8 nature j because he turns 8     
bus9ess into a corporation any m ?an he 
*anges 8 nature because he moves f "o   
/reet to ano!r or f ! fir/ floor to !   
second4 ,a corporation !n is a          
comb9ation ( m5 t has be5 =m$ "u !      
sanction ( law to c>ry out c]ta9        
projects t x w\ld be difficult or ev5   
impossible to c>ry out 9 any o!r way4 ,!
 m5 =m+ ^? corporations are j su* m5 z  
we meet 9 daily life1 no bett] & no     
worse1 & !re=e ) all ^? normal          

incl9ations t[>d hone/y t we are        
consci\s ( possess+ ourselves & t we are
 9 ! habit ( f9d+ 9 o!rs4 ,! fact t ^!  
m5 h =m$ !mselves into a corporation is 
no m significant ( evil ?an a comb9ation
 or a p>tn]%ip among doctors or labor]s4
 ,x is a "p ( ! _s ( ! age1 an age t is 
call$ ^u to d great ?+s1 to develop va/ 
natural res\rces1 to fe$ & clo! great   
c5t]s ( population1 & to und]take a     
hundr$ o!r ent]prises too l>ge = ! /r5g?
 ( ! individual4 ,i %\ld l y to ?9k ov] 
! real mean+ ( ?is t]m corporation 9    
ord] t y may und]/& t x has no s9i/]    
significance :atev]1 t x is no?+ m ?an a
 p>tn]%ip t has regi/]$ itself "u c]ta9 
legal conditions = purposes t are       
laudable & hone/4 ,if y w d ?is1 y w    
und]/& at once h[ s5seless is ! outcry  
aga9/ corporations z su* & h[ absurd x  
is t any /igma ( di%one/y %\ld be plac$ 
^u a p>ticul> =m ( do+ bus9ess t is     
exactly l o!r =ms ( do+ bus9ess1 ) !    
addition ( a legal regi/ration4 ,z ,i h 
already said1 !re are "s corporations t 

break laws1 or r c]ta9 individuals :o   
are p>ts ( corporations & :o break laws1
 j z !re is a c]ta9 small proportion (  
law-break]s 9 e section ( e community4  
,b t fact c>ries ) x no reflection ^u   
corporations z su*1 & :5 our s5sational 
publications & politicians use ! ^w     
corporation z ?\gh x 7 an alt]native t]m
 = brig& or pirate !y are simply assum+ 
a public ignorance t may exi/ outside1 b
 t c]ta9ly ought n to be f\nd )9 a      
univ]sity4 ,!y are tak+ advantage ( a   
ne>ly univ]sal disposition to believe   
"o's self injur$ & are appeal+ n only to
 ignorance1 b to a l[ =m ( cupidity & ( 
mob gre$4 ,!y w\ld h no success 9 _!    
crusade aga9/ corporations z su* if !re 
7 any g5]al und]/&+ ( ! mean+ ( t]ms or 
if x 7 g5]ally recogniz$ t !re are ?\s&s
 ( corporations 9 ?is ,/ate1 & ?\s&s 9 e
 ,/ate aga9/ :om no :isp] ( wrong-do+   
has ev] be5 rais$ & :o are do+ a useful 
"w1 ( :i* e individual among u is a     
b5efici>y1 directly or indirectly4 ,n[ x
 is n only 9 our def9itions t we ne$ to 

be precise & to ?9k cle>ly4 ,we h       
already se5 ! ne$ ( a bett]             
discrim9ation betwe5 ! v few            
corporations t are accus$ ( break+ !    
laws & ! va/ly great] numb] t we nev]   
he> ( at all & t d _! bus9ess z quietly 
& hone/ly z ! bak] or ! but*]4 ,if      
lawbreak+ is to be f\nd 9 ! bus9ess ( "s
 corporations1 x is incumb5t ^u u to    
det]m9e j 9 :at way ! law is be+ brok51 
:y x is be+ brok51 :at sort ( law x is t
 is be+ brok51 & h[ mu* moral turpitude 
or public wrong is involv$4 ,all ^!     
factors w\ld be det]m9$ by a judge ^u ! 
b5* be=e pass+ s5t5ce ^u ! meane/       
malefactor1 & yet we f9d t ! public is  
con/antly urg$ by ! newspap]s to pass   
s5t5ces ( ru9 & confiscation ^u         
corporations z a :ole1 ) _! t5s ( ?\s&s 
( innoc5t /ockhold]s1 )\t any k9d (     
inquiry & "u ! influ5ce ( un9=m$        
passion4  ,!re is no dep>tm5t ( e?ics m 
disput$ ?an ! mean+ ( ab/ract "r &      
wrong1 & z ,i am n talk+ ei!r on        
philosophy or e?ics ,i w ask y to accept

 j su* commons5se def9itions z c be     
appli$ to ! bus9ess _w & t may be       
usefully employ$ z a work+ basis4       
,comm]cial morality & hone/y are det]m9$
 by ea* community = itself 9 ! light (  
its own special ne$s & po9t ( evolution4
 ,to-day we hold _m ?+s to be wrong t 7 
done by our =efa!rs ) cle> consci5ces1 &
 on ! o!r h& we n[ believe t _m ?+s are 
"r t 7 held by our =efa!rs to be wrong4 
,!re 0 a "t :5 slav]y did n (f5d ! mo/  
delicate consci5ce1 & if we g /ill fur!r
 back1 we %all rea* a "t :5 !ft 0 almo/ 
! only crime recogniz$ & :5 :olesale    
murd] 0 a virtue4 ,e age _h its own     
/&>ds1 & x w\ld be absurd to argue t an 
act 0 wrong if x receiv$ ! sanction ( ! 
:ole community4 ,x 0 ! communal         
consci5ce t det]m9$ all problems ( "r or
 wrong1 & x is /ill ! communal consci5ce
 t gives u our def9itions ( morality &  
hone/y4 ,"h1 9 my op9ion1 is :]e a great
 "p ( our tr\ble arises4 ,! communal    
consci5ce has *ang$1 & "s ?+s reg>d$ "r 
& prop] tw5ty ye>s ago are fr[n$ ^u     

to-day4 ,b bus9ess me?ods t5d to become 
rigid & inela/ic1 & a sudd5 evolution ( 
! public consci5ce leaves !m 9 ! re>4   
,!n comes a sudd5 recognition ( !       
disp>ity1 & laws are pass$ to prev5t !  
practices t =m]ly w5t un*all5g$4        
,usually ^! laws are pass$ 9 a hurry &  
by politicians :o h no cle> grasp ( !   
problem4 ,z a result ! laws are         
ineffective4 ,t is to say1 bus9ess1 cl++
 cons]vatively to its famili> ways1 f9ds
 a plan to cont9ue ^? ways 9 spite ( !  
laws pass$ to prev5t !m & !n public     
op9ion1 f9d+ no relief1 is ang]$1--n at 
! break+ ( a law1 b because ! law itself
 0 ill-design$ & ineffective4 ,9 o!r    
words1 public op9ion has fail$ 9 its    
ef=t to =ce ! individual to set aside 8 
own int]e/s = :at public op9ion consid]s
 to be ! int]e/s ( ! community4 ,public 
op9ion 9 ?is c\ntry is n a /eady &      
p]si/+ =ce1 z x is 9 "s old]            
communities4 ,x moves spasmodically &   
aft] long p]iods ( quiesc5ce & usually  
"u "s /ress ( excitem5t1 :i* prev5ts    

delib]ation & !re=e effectiv5ess4 ,law  
be+ m unwieldy ?an conditions1 naturally
 lags beh9d !m1 & :at we h to recognize 
is a *ange 9 conditions & 9 laws & n an 
outbreak ( lawlessness4 ,ano!r evil     
result f ! impetu\s way 9 :i* we make   
laws is t !y are n en=c$ because !y are 
n 9 h>mony ) ! views ( ! community4 ,!  
/atute books ( e ,/ate are encumb]$ )   
laws pass$ 9 mom5ts ( hy/]ia & nev] put 
into op]ation1 or else all[$ to lapse   
aft] a few mon?s ( confusion4 ,e        
newspap] 9 ,cali=nia1 = example1 breaks 
! law e day :5 x pr9ts a news item )\t  
app5d+ ! "n ( ! writ]1 & probably we are
 all ( u break+ laws ( :i* we nev] he>d4
 ,?is sort ( ?+ br+s a law into contempt
 & robs x ( ! sacr$ness t %\ld atta* to 
x4 ,! ,%]man anti-tru/ law1 = example1  
w\ld br+ ! :ole bus9ess ( ! c\ntry to a 
/&/ill if x 7 /rictly en=c$1 & ,i       
believe x is n good to br+ l>ge &       
innoc5t sections ( ! community )9 !     
scope ( a crim9al law simply = ! purpose
 ( rea*+ a m9ute proportion ^: me?ods   

are flagrantly bad4 ,if ! ,%]man        
anti-tru/ law 7 en=c$1 x w\ld h to be   
repeal$ at once1 & ,i ?9k hone/ trad]s h
 a "r to compla9 ( a law t makes !m     
te*nical crim9als & is en=c$ only aga9/ 
notori\s wrongdo]s4 ,! law %\ld be s    
fram$ z to rea* only wrongdo]s & to     
leave hone/ trad]s outside ( ev5 its    
te*nical scope4  ,presid5t ,roosevelt 0 
emphatic 9 8 decl>ation t he int5d$ to  
en=ce ! ,%]man anti-tru/ act1 & dur+ !  
f\r ye>s beg9n+ ) #aijb 8 adm9i/ration 0
 active 9 t direction4  ,9 #aijf he     
/at$3 ,comb9ations ( capital1 l         
comb9ations ( labor1 are a necess>y     
elem5t 9 our pres5t indu/rial sy/em4 ,x 
is n possible completely to prev5t !m2  
&1 if x 7 possible1 su* complete        
prev5tion w\ld d damage to ! body       
politic4 ,x is un=tunate t our pres5t   
laws %\ld =bid all comb9ations1 in/ead (
 %>ply discrim9at+ betwe5 ^? comb9ations
 :i* d good & ^? comb9ations :i* d evil4
  ,x is a public evil to h on !         
/atute-books a law incapable ( full     

en=cem5t1 because bo? judges & juries   
realize t its full en=cem5t w\ld de/roy 
! bus9ess ( ! c\ntry2 = ! result is to  
make dec5t m5 violators ( ! law aga9/ _!
 w & to put a premium on ! behavior ( ! 
willful wrongdo]s4 ,su* a result1 9     
turn1 t5ds to ?r[ ! dec5t man & willful 
wrongdo] into close association1 & 9 !  
end to drag d[n ! =m] to ! latt]'s      
level2 = ! man :o becomes a law-break] 9
 "o way unhappily t5ds to lose all      
respect = law & to be will+ to break x 9
 _m ways4 ,! law z con/ru$ by ! ,supreme
 ,c\rt is su* t ! bus9ess ( ! c\ntry _c 
be conduct$ )\t break+ x4  ,b let x be  
admitt$ t !re are cases :]e abuses exi/ 
& :]e me?ods ( do+ bus9ess t 7 h>mless  
en\gh & ev5 necess>y en\gh a few ye>s   
ago are n[ work+ h>d%ip ^u ! public z a 
result ( *ang$ conditions4 ,^! abuses   
%\ld be correct$2 !re is no "q ab\t t1 &
 !y w be correct$ ei!r by viol5t me?ods 
t w leave beh9d !m a h]itage ( bitt]    
res5tm5ts & wrongs or by ! way ( a real 
/atesman%ip t w recognize only facts & t

 w d ju/ice by me?ods t are !mselves j4 
,= a long "t to come x mu/ be ! greate/ 
( all problems confront+ ! /atesman%ip (
 our day1 a problem t mu/ try our       
pati5ce & our capacity = self-gov]nm5t4 
,d n imag9e t ,am]ica /&s alone on ?is  
p]il\s pa? ( re=m4 ,all ! c\ntries (    
civilization /& 9 ! same place4 ,all are
 confront$ ) ! same conflict betwe5 new 
ideals & old me?ods1 betwe5 ! _s (      
to-day & ! me*anism ( ye/]day4 ,!       
problems ( o!r c\ntries arise f _! own  
peculi> conditions j z our problems     
arise f our conditions1 b _! ess5ce1 _! 
purport1 is ! same4 ,& d n imag9e t !re 
is any "o solution t c be appli$ or t   
!re is any virtue 9 ! sov]eign cure-alls
 t are clamor\sly urg$ ^u u by          
demagogues & by re=m]s :o are eag] to   
re=m ev]y?+ & ev]ybody b !mselves4 ,!re 
is no su* panacea4 ,x is to be f\nd     
nei!r 9 municipalization1 nor           
nationalization1 nor confiscation1 nor  
any ( ! no/rums advocat$ s we>isomely by
 s5sation mong]s4 ,!re is inde$ no hope 

= u except by labori\s /udy ( conditions
 & by an inf9itely cauti\s advance f    
po9t to po9t1 s t !re may be no         
inju/ice1 no concessions to prejudice1  
no incitem5ts ( class feel+1 no embitt]+
 ( relations t %\ld be cordial z betwe5 
citiz5s ( ! same republic1 ^: diff]5ces 
are inf9itely small z comp>$ ) !        
well-be+ ( a great nation4 ,( all !     
dang]s t ?reat5 ! pa? ( ! re=m] t (     
inju/ice is ! greate/4 ,x is bett] ev5 t
 abuses %\ld cont9ue = a "t long] ?an t 
!y %\ld be correct$ by inju/ice & by !  
infliction ( h>d%ips ^u ^? :o are :olly 
innoc5t4 ,two wrongs c nev] make a "r1 &
 :]ev] we f9d a s-call$ re=m t is bas$  
^u inju/ice be assur$ t we are only     
sub/itut+ "o evil = ano!r & t our latt] 
end %all be worse ?an ! fir/4 ,x w\ld be
 impossible = "o n[ to indicate !       
direction 9 :i* re=ms %\ld lie1 & !re is
 ( c\rse no?+ human to :i* re=m is      
impossible4 ,b x is p]haps suitable t ,i
 %\ld indicate "s ( ! ways t c end 9    
no?+ b calamity1 h[ev] allur+ly &       

speci\sly !y may be advocat$4 ,=        
example1 !re is nei!r good s5se nor     
hone/y 9 p5aliz+ a corporation because  
"s ( its (ficials h done wrong4 ,:]ev]  
wrong has be5 done1 ! guilt is ) "s     
individual & n ) ! corporation z a :ole4
 ,f9d out :o t individual is & let him  
answ] to ! law1 b d n visit 8 misde$s ^u
 innoc5t /ockhold]s :o h _h no?+ :atev] 
to d ) ! (f5se1 :o knew no?+ ( its      
commission & c\ld h done no?+ to prev5t 
x if !y _h kn[n4 ,rememb]1 t a p5alty   
inflict$ ^u a corporation is actually   
inflict$ n ^u guilty p]sons b ^u innoc5t
 inve/ors4  ,let me give an illu/ration 
( ! s-call$ re=ms t are recklessly urg$ 
^u u to-day & t are to be f\nd 9        
op]ation "h & !re ?r\gh\t ! c\ntry4 ,i  
ref] to ! matt] ( /reet fran*ises4 ,n[ x
 may be true1 x probably is true1 t 9 _m
 cases ^! fran*ises h become ( great    
value & t !y ought n to be grant$ )\t   
adequate return4 ,b w\ld x n be j to    
rememb] t :5 ^! fran*ises 7 orig9ally   
grant$ !y provid$ a s]vice t 0          

absolutely ess5tial to ! gr[? ( !       
community & t ^? :o obta9$ ! fran*ises  
fac$ a s]i\s risk to _! capital &       
practically ?rew 9 _! lot ) !           
prospective welf>e ( ! city8 ,x is h>d  
to realize h[ s]i\s t risk sometimes 0 &
 h[ problematical 7 ! returns4 ,!       
%>ehold]s 9 ^! /reet traction           
corporations are spread ov] ! population
 & e class ( ! population is repres5t$ 9
 !m4 ,!y inve/$ _! money 9 good fai? at 
a "t :5 no "q _h ev] be5 rais$ z to !   
propriety ( ^! fran*ises & at a "t :5 ^!
 fran*ises 7 consid]$ to be = ! public  
good & indubitably 7 = ! public good4 ,&
 ,i w ask y if x is hone/ to use all !  
ma*9]y ( ! gov]nm5t1 all ! artifices ( !
 politician to depreciate ! value ( ^?  
fran*ises1 to ?reat5 _! hold]s )        
confiscation1 to hamp] & h>ass !m by all
 ! ways t are op5 to a democratically   
gov]n$ p8 ,i say unhesitat+ly t x is    
di%one/ to d ^! ?+s1 & ,i w g s f> z to 
say--believ+ z ,i d 9 ! good fai? ( !   
great majority--t mo/ ( ^? :o noisily   

advocate su* measures w\ld be a%am$ to d
 s if !y w\ld b face ! facts & und]/&   
:at x is t !y are actually do+ & ! wrong
 t !y are inflict+ ^u innoc5t m5 & wom54
 ,if mi/akes h be5 made 9 grant+        
fran*ises1 !n take c>e to avoid su*     
mi/akes 9 ! future1 b d n ent] into a   
b>ga9 t seem$ advantage\s to y\rselves &
 !n repudiate x :5 y f9d t x is n s     
advantage\s z y ?\ght4 ,!re is no way to
 reconcile su* a ?+ ) common hone/y1 & x
 is 9 no way mitigat$ by ! fact t x is  
done by a community & by means ( a vote 
r ?an by an individual & 9 ! ord9>y     
small affairs ( life4 ,we all "k :at we 
%\ld say ( ! man :o act$ 9 ?is way t[>d 
ourselves p]sonally1 b 9 advocat+ "s ( !
 s*emes t are n[ recomm5d$ to u by      
s5sational politicians1 newspap]s1 &    
magaz9es we are mak+ ourselves          
responsible = a di%one/y f> great] ?an !
 evils t we are try+ to rem$y4 ,let u by
 all means re=m :atev] ne$s to be re=m$1
 b let u d x ) clean h&s4  ,n[1 ,i ?9k t
 ,i h said en\gh to ju/ify my belief t  

^! great problems ( our social life are 
n ( a k9d to be settl$ (f-h& by viol5t  
or radical legislation4 ,!y are n to be 
settl$ by any "o s*eme or by any "o     
plan4 ,! only way to approa* !m is by   
c>eful & consci5ti\s ?\ght1 a m9ute     
exam9ation ( ! facts at fir/ h& & a     
rigid det]m9ation to act t[>d           
corporations & bus9ess int]e/s 9 g5]al 9
 ! same _s ( unsw]v+ hone/y t y w\ld wi%
 to display to a comrade or to a fri5d &
 t y w\ld wi% to be display$ t[>d       
y\rselves4 ,y w f9d t hone/y is ! royal 
road to success 9 comm]cial life1 & x is
 also ! royal road to all re=m 9 our    
communal life4 ,d n g out into ! _w )   
any expectation t y w be requir$ to     
surr5d] ! ideals t y h =m$ 9 y\r y\?1 or
 t y w be ask$ to *oose betwe5 honor &  
success4 ,^? ideals w be ! greate/      
capital ) :i* y c be end[$4 ,!y w       
attract to y ev]y?+ t makes life        
desirable & )\t !m y c h nei!r          
self-respect nor ! respect ( o!rs4  ,& z
 a la/ ^w let me recomm5d y n to be     

c>ri$ away by ^? gu/s ( prejudice &     
passion t sweep p]iodically ?r\gh !     
community4 ,!re is a contagion 9 ^! ?+s 
t x is h>d to resi/1 & s mu* t to-day   
passes = ?\ght is n ?\ght at all1 b     
m]ely ! automatic1 unreflect+ acceptance
 ( wild !ories t are enunciat$ ) s mu*  
=ce t !y seem to be almo/ axioms4 ,y\r  
/udy ( hi/ory w %[ y t ! _w has always  
be5 subject to ^! waves ( emotion1 t are
 sometimes religi\s1 sometimes          
political1 & seem = ! "t to c>ry ev]y?+ 
be=e !m4 ,we are pass+ ?r\gh su* a p]iod
 n[1 a p]iod ( int5se unre/1 ( revolt   
aga9/ conditions t we ourselves made1   
aga9/ me?ods t we ourselves creat$ &    
sanction$4 ,i advise y to look askance  
^u e movem5t t 9 ! language ( ! day is  
call$ popul>4 ,d n accept a !ory or a   
doctr9e because x is popul>1 b on ! o!r 
h& d n reject x = t reason4 ,d n p]mit  
y\rselves to be c>ri$ (f y\r            
intellectual feet by indignation or by  
prote/4 ,dem& ( e political !ory t x /& 
& deliv] its cr$5tials1 & be=e y all[ x 

to pass into ! realm ( y\r adoption1 see
 to x t y und]/& x 9 all its be>+s & t y
 h trac$ its results s f> z is possible 
to y\r =esight2 let ! f9al te/ be "o (  
human ju/ice & ( hone/y1 & !n ) c\rage  
use y\r p[] to aid 9 ! =mation ( public 
op9ion1 rememb]+ t public op9ion is aft]
 all ! great controll+ =ce4             
,transcrib]'s ,note4  ,! typographical  
error resi/5t has be5 correct$4         
,v>iations ( hyph5ation f ! orig9al     
docum5t h be5 reta9$4