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post once held, it is said, by Ralph cherish individual liberty. It is, like apt to become a very bad habit, making
Waldo Emerson-to President.

We ap-
oxygen in the air, a life-giving spirit.

people extremely disagreeable in compreciate more and more that the Federal Political liberty will have seen one of pany by the contradiction that is neces

its fairest fruits wither on the bough Government is more honest and efficient

sary to bring it into practice; and than the State and municipal govern.

if that spirit should decline.

thence, besides souring and spoiling the ments because in the Federal Govern

Lord Bryce's book is not only a great conversation, is productive of disgusts ment the voter exercises his choice on treatise on modern government, but it is. and, perhaps, enmities where you may practically only three or four men,his a moral tonic. One of the penalties that have occasion for friendship. I had Congressman, his Senator, his President,

men have to pay for living in a democ- caught it by reading my father's books and possibly his Vice-President-hold- racy is that they are surrounded by a of dispute about religion. Persons of ing them responsible for the wisdom of constant and exhausting din of political good sense, I have since observed, sellegislation and the efficiency of adminis. controversy. Here is a great democrat dom fall into it, except lawyers, unitration. Whereas in the State and the who can write frankly and definitely versity men, and men of all sorts that city the voter has such an enormous list about political matters involving strong have been bred at Edinborough.” of candidates that he cannot exercise feelings and prejudices without being Lord Bryce is a lawyer, a university any kind of intelligent choice and

controversial or disputations. In this man, and was a student at one time at finally, in despair, practically turns his respect Lord Bryce is like another great Glasgow University, which is tolerably ballot over to the party boss.

Anglo-Saxon administrator, ambassador, near Edinburgh; but he is certainly not To those who are sometimes disheart- and student of government-- Benjamin disputatious. He is a shining example ened by the magnitude of the social, Franklin. In his autobiography Benja- of the persuasive influence of a man economic, and political problems of the min Franklin says: "There was another who combines expert knowledge, intelUnited States the conclusion of Lord bookish lad in town, John Collins by lectual honesty, and definite opinions Bryce's survey of those problems will be name, with whom I was intimately ac- with fair dealing, courtesy, and a will. cheering: "No Englishman who remem- quainted. We sometimes disputed, and ingness to see and understand his oppobers American politics as they were half very fond we were of argument, and nent's point of view even when he feels a century ago, and who, having lived in very desirous of confuting one another, bound to disagree with and, if necessary, the United States, bas formed an affec- which disputatious turn, by the way, is to oppose it. LAWRENCE F. ABBOTT. tion as well as an admiration for its people-what Englishman who lives there can do otherwise?—will fail to re

THE NEW BOOKS joice at the many signs that the sense

TRAVEL AND DESCRUTION of public duty has grown stronger, that

its vivid picture of the Macedonian peoAMERICANS LONDON (AN). By Louise the standards of public life are steadily

ple, still living, as they do, under con

Closser lale. Illustrated. Ilarper rising, that democracy is more and more

ditions primitive to a degree unknown

Brothers, New York City, $2. showing itself a force making for or

elsewhere in Europe. Their household

The author of this volume, who last dered progress true to the principles of winter played in "Miss Lulu Bett" in

utensils and their agricultural imple. Liberty and Equality from which it New York City, combines in her book

ments are practically the same as they sprang." the vivid style one might expect from

were thousands of years ago. The imI think it not inappropriate, because

pression made by Mr. Goff's text is em: an actress, together with the acuteness of the hysterical attitude which the

phasized by Dr. Fawcett's illustrations. which we have observed in her previGreat War has developed in some of our ously published works. The present Government officials and State legisla

MISCELLANEOUS volume will be appreciated by any one tures towards free thought and free

HISTORY OF THE ART OF WRITING (A). who has ever tried to "housekeep" in

By William A. Mason. The Macmillan speech, to quote here what Lord Bryce London. Its description of English Company, New York. $6.50. has to say about liberty in a democracy: domestic life and of English social con- An interesting and well-illustrated

Liberty may not have achieved all ventions is certainly intimate and to the study of the art of writing from primithat was expected, yet it remains true point. It is, however, tiresome at times tive picture-writing, the Egyptian and that nothing is more vital to national in its excess of detail.

Hittite hieroglyphic systems, and Babyprogress than the spontaneous de

BELGIUM: OLD AND NEW. By George Whar- lonian and Assyrian cuneiforms down velopment of individual character,

ton Edwards. Illustrated. The Penn Pub- to the invention of the printing-press and that free play of intellect which

lishing Company, Philadelphia. $10. is independent of current prejudice,

and the subsequent development of type

Mr. Edwards has done for Belgium examines everything by the light of

faces and penmanship. what he did for Holland a year ago. reason and history, and fearlessly de

STATES OF SOUTH AMERICA (THE). By fends unpopular opinions. IndependLike the illustrations in Mr. Edwards's

Charles Domville-Fife. Illustrated. The ence of thought was formerly threat

"Holland of To-Day," those in the pres- Macmillan Company, New York. $3. ened by monarchs who feared the ent volume are often exquisite; they are

STRAIGHT BUSINESS IN SOUTH AMERICA.

By James H. Collins. disaffection of their subjects. May it

D. Appleton & Co., always apt and attractive. His text is

New York. $2.30. not again be threatened by other as excellent as his illustrations.

Here are two books of value to all forms of intolerance, possible even in

CHINA, JAPAN, AND KOREA. By J. 0. P. a popular government?

commercial people interested in South

Bland. Illustrated Charles Scribner's
Room should be found in every

America. Both describe the economic
Sons, New York.

$1.30.
country for men who, like the proph- Mr. Bland is an authority on Far East-

conditions, the foreign trade, the rail. ets in ancient Israel, have along with ern affairs. The special reason for pub.

ways and industries, of the South Ameritheir wrath at the evils of their own lishing this volume is to note the ex

can countries. In Mr. Domville-Fife's time inspiring visions of a better future and the right to speak their traordinary changes which have occurred

volume we have a special treatment of minds. That love of freedom which during the past decade. Mr. Bland is

the laws relating to the granting of well qualified to observe these changes

Government concessions. will bear with opposition because it

In his more has faith in the victory of truth is in their proper perspective, for he spent

readable and vivacious volume Mr. Col. none too common. Many of those

lins does not discuss all of the South over thirty years of his life in China as who have the word on their lips are Secretary to the late Sir Robert Hart,

American countries; he confines himself despots at heart. Those men in

Inspector-General of the Chinese Cus. to Argentina, Brazil, Chile, Peru, and whom that love seemed to glow with toms. The volume is a report on the

Uruguay, with a chapter on the Panama the hottest flame may have had an

Canal for good measure. excessive faith in its power for good, present, and not a prophecy as to the

In both vol. future. but if this be an infirmity, it is an

umes practivel men may gain valuable

hints concerning investments, advertisinfirmity of noble minds, which de- MACEDONIA, By A. Gofr and Hugh A. mocracies ought to honor.

Fawcett, M.R.C.S., D.L.11. Illustrated. The

ing, business possibilities, and, above

$6. Not less than any other form of

Join Line ('ompany, Ve.! Yorh.

all, the necessity of a knowledge of the government does democracy need to

The chief value of this volume lies in Spanish and Portuguese languages.

I

the .

“ IS THE CHURCH LOSING

which trained minds can fully and THE PEOPLE?"

freely express themselves without obUITE unintentionally Dr. Andrew Q

taining permission of dogmas and the I

Ten Eyck and Dr. Howard A. LIVE in a prosperous community of

Bridgman engaged in a debate in the

ologies. The end may be a Church pages of The Outlook. Under the two thousand. There is no doubt th: at

wholly modernized, or it may be a com

question “Is the Church Losing the pletely new and modern institution rethe majority of the residents prefer; a

People?" we placed their two articles placing the Church. It will be one or quiet day at home or a trip in the auto- in the issue of July 13. Neither of the other of these. mobile to spending an hour in caurch. the two writers knew of the exist

MORRISON I. Swin, The question of religious duts, seems ence of the other's article until it

Boston, Massachusetts. to have departed. They go where they appeared. Dr. Ten Eyck described can find the most pleasu' e. But I conditions in a small town which in

III should hesitate to say tha'c these same

dicated that people--especially young s the Church losing people? I doubt people are not religious and, on the

people-are not for the most part go

ing to church, Dr. Bridgman dewhole, God-fearing.

bers that used to attend. We hear

scribed conditions in five churches in For the past year I have been an

the city of Boston, which indicated

much of the sacrifice of older people usher at the University of Chicago Sun- that in those cases, at least, people

about attending church-walking miles, day chapel in Mansel Hall. It has been are going to church in crowds.

etc.—but we must remember that few interesting to notice the quantity and

It was by these articles that the of them did this, just as few of them arm quality of the 2.tendance. Students are

letters on this page were called forth. now as faithful as their pastors desire in the minority. The average age I

On another page there is editorial

them to be. The writer believes that should estirate at from forty to fifty.

reference to these letters.—THE EDI.

the figures will show a very much

TORS. Judging from appearances, there are

greater proportion of the people belong. people from many stations of life. I

ing to the Church now than one hun. have 1.shered people in frock coats into

dred years ago. He saw the statement seats adjacent to those occupied by peo- country church will always have to be somewhere a short while ago that one ple who could barely speak English satisfied with ministers who are not the person in seventy-five were Baptists in plainly enough to tell me where they best, whether their deficiency be in edu- the United States then, and that now preferred to sit. There are professors cation, in personality, or both. And the one in about every fourteen. This is and university employees. The seating city will glean from the vast field of quite a gain for Baptists. It is likely capacity is slightly over one thousand, eligibles those men who possess ability, that the other churches would show a and there are rarely fewer than seven who have proved though years of service similar gain. hundred seats filled. Often we have ca. that they have the power to draw the Is the Church serving the people as pacity houses, and on several occasions people to them and maintain their in- it should? No. Is it the medium it have turned away from two to five hun- terest in religion.

STUDENT. should be of creating a spiritual atmosdred persons.

phere and building Christian patriotism? I have come to the conclusion that if

II

No. Why? Because most of the pas. the Church gives the people what they ITH five thousand Protestant pulpits tors think much more of a mem.

W want no lack of congregation will con

now vacant and the prospect of ber's loyalty to the organization than front the pastor. On the other hand, if double that number empty a year hence, of anything else. All of the great the sermon is beyond the grasp of the we have entered a veritable theological church leaders seem to the writer to be average church-goer, and especially if it crisis. What we are witnessing is an seeking to build up a great denomina. is a theoretical theological treatise, he is American students' strike against the tional organization. One has to put going to stay at home and get his ma- Church. It is the more portentous be- this claim first to become affiliated terial for thought from the Sunday pa. cause so wholly spontaneous. Why have with the conferences, synods, etc. In per. What the bulk of the congregation these students struck? The common other words, only those laymen who are wants, after all, is “food for thought.” explanations—that there is better pay of narrow sectarian views and willing And they don't want to hear what the elsewhere, that the preacher's social to put up money and finance sectarian Rev. B thinks Paul meant in the standing has sagged, that he is muzzled projects are allowed in the inner circles second paragraph of his third letter to -do not explain.

The people as a whole care very little the Corinthians. The orthodox members They have struck because the theo. for this form of church service. Most will absorb this as well as anything logical training of students is out of of them want spiritual uplift and enelse. They attend through a sense of date. Good colleges and universities in- couragement to meet their daily prob duty.

troduce young men to modern ideas and lems. It matters little to the average In my little town the minister of my the modern world; theological institu- man whether one follows one creed or church is the graduate of an excellent tions then invite them to take on the another-what matters is a Christianity Eastern university. He is brilliant, a harness of antiquity, which they cannot that serves him and helps him to meet good thinker, but a man that apparently do without self-stultification. They also his problems and causes him to con does too much thinking. He isn't a man see the present unhappy plight of the mune with the higher self. that one would readily follow in any pulpit, where well-meaning men are The Church is combing the world for undertaking. Physically he is insignifi. floundering ineffectually, unable to grap- members, but in itself it has done little cant, and his personality does not over- ple with the problems of a revolution. to solve the problem of crime, of por. come the deficiency. I 'never go to ized modern world because they were erty, of war, of alcohol, of famine, of church at home. It “gets on my nerves." equipped with antiquity as their tool for disease, of hygiene, and many other This man is the one minister of the improving the present.

problems that are shackling the human town who is well educated. The others It is a great mistake to see tragedy race. In fact, it has openly fought are fair enough men, but they are in or pathos in this desertion of the pulpit, some of them. What was done along every sense "small town" ministers. for rather is the event a splendid out. this line had to be done by church men

Now at Mandel Hall we have such burst of spiritual honesty, indicating the bers out of the Church organization. men as Bishop William Fraser McDow- only way of modernizing the Church. When its leaders think less of buildell, Dr. Henry van Dyke, Dr. Harry With only a thin stream of applicants ing denominational fences and more of Emerson Fosdick, Dr. Lynn Harold for the pulpit, the churches must either pulling the fangs of ignorance, supersti. Hough, and others of that class. They close, or accept inferior men who will tion, self-greed, and incompetence from know how to speak to the people. empty the pews, or transform them. the body politie, then the Church will The situation is unavoidable. The selves into organs of modern life in come into its own.

ATTORNEY.

[graphic]

When Ed Wetherbee got lost

a mile and a half from home

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The Financial Department is prepared to furnish information regarding standard investment securities, but cannot undertake to advise the purchase of any specific security. It will give to inquirers facts of record or information resulting from expert investigation, and a nominal charge of one dollar per inquiry will be made for this special service. All letters of inquiry should be addressed to THE OUTLOOK FINANCIAL DEPARTMENT, 381 Fourth Avenue, New York.

T

SAFETY OR YIELD HERE are as many different kinds of investments as there of two thousand dollars a year, however, conditions would prob

are styles of women's hats. And just as one style of hat ably be reversed. Everything depends upon the circumstances

may be eminently suited to one woman and absolutely un- of the individual investor. There are so many kinds of invest. suited to one another, so there are investments which fulfill some ments to be had, however, that there is no good reason apparent people's requirements and do not at all measure up to those of why every one should not get the right kind. others. A man with an income of a million dollars a year, for Take the man with a small salary, a family to support, and instance, would probably find it more to his advantage to in- scanty savings; he would be foolish to invest his meager capital vest his money in 4 per cent tax-free Government or municipal in a speculative mining or oil venture, where the chances of bonds than to buy 8 per cent bonds of a concern on which he loss outweigh the probabilities of gain by about a hundred to would have to pay the income tax. For a man with an income

The proper investment for him is something as safe as

one.

Revitalizing the Arteries of Trade

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This should materially improve the financial position of the railroads and hasten the time when they can make much needed expenditures for maintenance, improvements, and expansion.

This should have a direct influence on various industries connected with transportation and facilitate the liquidation of a considerable volume of “frozen" credit, which should tend to stimulate business generally.

The recent decision of the Railroad Labor Board reducing railroad wages on an average of 12 per cent. went into effect on

July 1, and is expected to save
the railroads approximately
$360,000,000 annually.

Lower prices for coal, it is
estimated, will result in a saving
during the second half of the year
of probably $25,000,000.

These savings are being effected in two of the largest items of railroad expenditures labor and fuel.

During the first five months of this year the net operating income of the railroads was $90,380,000, as contrasted with $26,400,000 in the corresponding period of last year.

The railroads are the arteries of trade of this country. Their revitalizing is an important step toward the revival of business as a whole.

Guaranty Trust Company of New York

Come to
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this Summer

save

to lose he cannot afford to take chances with it. So with a woman dependent upon her income; she has no business to take any chances with her capital and her investments should be selected with as much care as can humanly be exercised.

None of this is new. It has all been said thousands of times before, and it would seem as if it were unnecessary to repeat it again. Yet people apparently do not learn the most elementary lessons of investing; at any rate, they seem to ignore these lessons on every possible occasion. Perhaps it is due to the war. Prices are being deflated, money is being deflated, everything except people's ideas. As one man recently remarked, there is little chance that our business and every-day life will be straightened out until we realize that all of us are not entitled to own an automobile, a talking-machine, and a closet full of clothes; that we cannot go to theaters and cafés every evening and spend our summers at the seashore or in the mountains. While the war was

on, too many people became accustomed to these luxuries for our own good. Now they are not willing to admit to themselves that these things are of the past, and that the order of the present day is work and more work, followed by economy and saving. These are the things which will

the world in general and the United States in particular. Those people who are living as they were living three years ago and who seem to think some mysterious force is going to set things right can make up their minds that no such thing will happen. Thrift, like charity, begins at home.

Just as our ideas about living need deflating, so with our ideas of what constitutes a profitable investment. People who bought the “war babies" and doubled their money think an invest. ment yielding 6 per cent is beneath their notice. Only a short time ago "ererybody" was making money in the stock market. How many are making it now? As a matter of fact, few people are buying. Compare the recent transac. tions on the Stock Exchange with those of war days and just after the war. Of late the number of shares dealt in has averaged in the neighborhood of three hundred thousand, which is dull business when a comparison is made with the million and a half and two million share days we had formerly. Dealings in "outside" stocks too have fallen off and the bond market has slumped. Is it because people are afraid to buy, because they have no money, or because they think it will be to their advantage to wait? All three of these considerations exert their influence, no doubt; but is any one of them the real reason? Is it not possible that people are still thinking about the profits of former days and are not content to take a fair and reasonable return on their money? In other words, their ideas about what they should get from an investment are not deflated.

What should one get from an investment, anyway? Should he get large profits or a moderate return combined

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