As regards embezzlements, forgeries, and frauds in the management of pecuniary trusts, there can be no doubt that the number is greatly multiplied by the morbid sympathy of the public with the criminals, by their frequent evasion of punishment or prompt pardon after conviction, and by the ease with which they have often recovered their social position and the means of maintaining it. In addition to this complicity with fraud and wrong on the part of the public, there are many ways in which *dishonesty engenders*, almost necessitates *dishonesty*. A branch of business, in itself honest, may be virtually closed against an honest man. The adulterations of food, so appallingly prevalent, will suggest an illustration of this point. There are commodities in which the mixture of cheaper ingredients cannot be detected by the purchaser, and which in their debased form can be offered at so low a price as to drive the genuine commodities which they replace out of the market; and thus the alternative is presented to the hitherto honest dealer to participate in the fraud, or to quit the business. The former course is, no doubt, taken by many who sincerely regret the seeming necessity. *Dishonesty* not only injures the immediate sufferer by the fraud or wrong, but when it becomes frequent, *is a public injury* and calamity. In one way or another it alienates from the use of every honest man a very large proportion of his earnings or income. In this country, at the present time, we probably fall short of the truth in saying that at least a third part of every citizen’s income is paid in the form of either direct or indirect taxation, and of this amount a percentage much larger than would be readily believed is pillaged on its way into the treasury or in its disbursement. Then, as regards bad debts (so-called), most of them fraudulently contracted or evaded, they are not, in general, the loss of the immediate creditor, nor ought they to be; he is obliged to charge for his goods a price which will cover these debts, and honest purchasers must thus pay the dues of the insolvent purchaser. Nor is this a solitary instance in which innocent persons are obliged to suffer for wrongs with which they seem to have no necessary connection. There are very few exceptions to the rule, under which, however, we have room but one more example. It is a well known fact that many American railways have not only cost very much more money than was ever laid out upon them, but are made, by keeping the construction-account long and generously open, to represent on the books of the respective corporations much larger sums than they cost,—especially in cases where the enterprise is lucrative and the dividends are limited by statute.