I heartily concur in Professional Socialism, called by Professor Ely, Socialism of the Chair. It repudiates the doctrine of laisser-faire, and in the study of political economy adopts the historical method. It not only repudiates the laisser-faire principle, but it demands the aid of the State to bring about a better distribution of the products of labor and capital. It especially desires that the laborer should have a larger share in the products of his toil, and helps the solution of the labor problems through the assistance of the government in factory acts, sanitary measures, public parks, savings-banks, shortening of the hours of labor, and other similar measures designed to elevate the laboring people. Such a course I think is more than justified by the present economic and social conditions in the United States. The use of machinery has enormously increased the productive capacity of the laborer for his employer, but his wages have not increased in proportion as they should. Invention and machinery have multiplied many times the power of labor, but capital takes practically all of the product, while the lot of labor is little better than in the hand-made era. By this I do not mean to even imply that higher wages would solve the labor problem, and while it would help some, I wish here little more than to call attention to this abnormal phase of the economic situations in the more modern States. I am opposed to what is known as the Socialism of today which had its beginning in Frederick Engels and Karl Marx during the last century and which is now established in both Europe and America, and whose propaganda has tended to meet with favor and increasing acceptance during recent years. The central fact of this school is that the means of production and distribution should be owned by the community and administered by it. Speaking of Socialism, John Stuart Mill said: "What is characteristic of Socialism is the joint ownership by all the members of the community of the instruments and means of production; which carries with it the consequence that the division of the produce among the body of owners must be a public act performed according to rules laid down by the community." In an address by J.W. MacKail, Socialism is defined as having two principal divisions, economic and moral; and he sums them up thus: "On the economic side, its central idea is the communization, the placing in the hands of the community, under the common control and for the common good, of the wealth which the community has inherited or created, and of the machinery for preserving and increasing that wealth." "On its moral side, its central idea is the brotherhood of mankind, and the unimpeded exercise by all of the highest functions and faculties of which their nature is capable."