Rensselaer Semi-Weekly Republican, Volume 39, Number 28, Rensselaer, Jasper County, 7 December 1906 — The Ethies of Trade. [ARTICLE]

The Ethies of Trade.

On this subject President Hadley of Yale delivered the second of-a series of lectures at the New York school of philanthropy, designed to discover the basis of public morals, lie said" there were two objections, to modern trade ethics; first, that trade is gambling or worse; second, that fair competition cannot exist when buyer and seller are on equal terms. He ndinitted that much of speculation is bad,-but insisted that some of it was good and. indeed, necessary. Bight speculation demanded that -the speculator be able to make good his guarantee as to the future; fo„r if he is using the money of others, the others must suffer the losses, while his profit is certain. Such trade he defined as gambling with loaded dice; Speaking of competitive system in general. President Hadley bolds that the good outweighs the evil, and it seems to him undeniable that all through the nineteenth century the laboring class has made great progress by reason of the existing competition. The abuses of child labor, the sweat shop, etc., he regards as remnants of a former system and not characteristic of modern competition.