A great social and political order has been built up, and we all hold
that it must not be exploited for private gain. It has not been created
or maintained by chance. Nor could it survive if every man sought
primarily his own advantage and left the commonwealth to care for
itself. Nor in a democracy would it be maintained, provided the
governing class alone were disinterested, deprived of private property,
and given education, as Plato suggested. The only safety is in the
general and intelligent desire for the public interest and common
welfare. At this moment almost unanimous acceptance of responsibility
for what we believe to be the public good and the maintenance of
American ideals--though it brings to each of us sacrifice and to many
the full measure of devotion--bears witness to the ability of human
nature to adopt as its compelling motives a high end which opposes
private advantage.
Is the economic process too desperate a field for larger motives? To me
it seems less desperate than the field of government in the days of
autocratic kings. One great need is to substitute a different standard
of success for the financial gains which have seemed the only test. Our
schools of commerce are aiming to perform this service, by introducing
professional standards. A physician is measured by his ability to cure
the sick, an engineer by the soundness of his bridge and ship; why not
measure a railroad president by his ability to supply coal in winter,
to run trains on time, and decrease the cost of freight, rather than by
his private accumulations? Why not measure a merchant or banker by
similar tests?
Mankind has built up a great economic system. Pioneer, adventurer,
inventor, scientist, laborer, organizer, all have contributed. It is as
essential to human welfare as the political system, and like that
system it comes to us as an inheritance. I can see no reason why it
should be thought unworthy of a statesman or a judge to use the
political structure for his own profit, but perfectly justifiable for a
man to exploit the economic structure for private gain. This does not
necessarily exclude profit as a method of paying for services, and of
increasing capital needed for development, but it would seek to adjust
profits to services, and treat capital, just as it regards political
power, as a public trust in need of coöperative regulation and to be
used for the general welfare.
Public-domain text, read in full here on John Shaqi.
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