The people of the United States appear now to have entered upon such a
period of re-examination of their system of government. Not only are
political parties denouncing old abuses and demanding new laws, but
essential principles embodied in the Federal Constitution of 1787, and long
followed in the constitutions of all the states, are questioned and denied.
The wisdom of the founders of the Republic is disputed and the political
ideas which they repudiated are urged for approval.

I wish in these lectures to present some observations which may have a
useful application in the course of this process.




I

EXPERIMENTS


There are two separate processes going on among the civilized nations at
the present time. One is an assault by socialism against the individualism
which underlies the social system of western civilization. The other is
an assault against existing institutions upon the ground that they do not
adequately protect and develop the existing social order. It is of this
latter process in our own country that I wish to speak, and I assume an
agreement, that the right of individual liberty and the inseparable right
of private property which lie at the foundation of our modern civilization
ought to be maintained.