During the past few years we have questioned the soundness of many
principles that had for a long time been taken for granted. We have
examined the foundations of our institutions of government. We have
debated again the theories of the men who wrote the Declaration of
Independence, the Constitution of the Nation, and laid down the
fundamental law of our own Commonwealth. Along with this examination of
our form of government has gone an examination of our social,
industrial, and economic system. What is to come out of it all?

In the last fifty years we have had a material prosperity in this
country the like of which was never beheld before. A prosperity which
not only built up great industries, great transportation systems, great
banks and a great commerce, but a prosperity under whose influence arts
and sciences, education and charity flourished most abundantly. It was
little wonder that men came to think that prosperity was the chief end
of man and grew arrogant in the use of its power. It was little wonder
that such a misunderstanding arose that one part of the community
thought the owners and managers of our great industries were robbers, or
that they thought some of the people meant to confiscate all property.
It has been a costly investigation, but if we can arrive at a better
understanding of our economic and social laws it will be worth all it
cost.

As a part of this discussion we have had many attempts at regulation of
industrial activity by law. Some of it has proceeded on the theory that
if those who enjoyed material prosperity used it for wrong purposes,
such prosperity should be limited or abolished. That is as sound as it
would be to abolish writing to prevent forgery. We need to keep forever