This state of affairs is likely to continue for some years. I am not complaining about it because it is part of what we had to pay for the great reform that was accomplished. After a while confidence will be restored, and we shall come to our senses, just as they did in Kansas in the Populist days. The Kansas farmers concluded that all their unhappiness, and they suffered real stress, was due to the wicked mortgagees who had lent them money on mortgage security and who insisted on the payment of interest and even the principal when it was due. So they elected a Populist legislature and passed a law providing that a mortgagee could not foreclose his mortgage under two years. They did this by stay laws and by requiring an obstructive procedure in collection of debts. As a result, capital fled the state as men would flee yellow fever. When there was no money at all left in the state and they found that they couldn't get any, they began to recognize the benefit in money loaned on mortgages. Their next legislature repealed all these laws and devoted its attention to advertising their change of attitude in Eastern markets where money could be had and mortgages could be floated, promising to be good thereafter, and in general welcoming the capitalists who would advance money on farms. The next sign of the times is pleasanter to dwell upon, that is, the spread of the fraternal spirit that has grown out of this great material development. Material development in this country had grown into corruption, undue luxury and waste at the hands of men who did not realize the responsibility of having been fortunate in accumulating money, and this absorption in the chase for the dollar began to pall on the people. They tired of statistics of the growth of business, and began to look about for some justification for our activities. The change has brought a greater popular interest in the less fortunate who have fallen behind in the race. This feeling has much weakened the influence of the _laissez faire_ school of political and economic thought which was largely in control when I was in college. Professor Sumner was a strong member of this school. He was sure of his opinions and taught them. But we have now drifted away from some of his moorings, and today a good many professors are giving way to their imagination in suggesting remedies that have not stood the test of experience. Yet it is generally conceded that the government can do a lot to help the people that individual enterprise cannot do. We have also gone far in the matter of regulation, though there again we are likely to go to excesses.