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do right

be challenged. Herein, indeed, lies the difficulty of the work that is imposed upon the individual, and the grave nature of his responsibility. He must decide, but he must bear the consequences of his mistakes. Herein is seen the importance of educating the conscience. There is needed that delicate moral sensibility which comes only as the result of a deep religious sense of moral obligation and the habitual exercise of the intellect in ethical discrimination. The crude canons of utilitarian ethics will not help a man in making these delicate measurements. For this work he needs an intimate knowledge of the great ethical principles of Christianity, and the craving for personal holiness which will lead him to make constant application of these principles to the concrete experience of every day. This is an education which must be continued in the great school of religious experience, but there is no reason why it should not be begun in the school-room of secular instruction. Moreover, the true teacher of morality will strive not only to cultivate the conscience so that there will be a knowledge of what is right, but also to cultivate the character so that there will be a disposition to do right. But what can mere secular morality do toward cultivating a high ethical nature ? Has it a maxim ? Has it a motive? Has it an ideal ? Has it a future? Has it a sanction? Ask Spencer or Stephen. Christianity says: love God supremely, and your neighbor as yourself. It says: seek God's glory. It says: Jesus is the ideal man. It promises to his disciples personal immortality and the attainment of complete likeness to him. And it speaks in tones of terrific threatening to sinners. The new ethic has none of these elements, and, lacking these, it can have no transforming power.

The feeling expressed by the word “ought” is an ultimate fact in our constitution, and gives us an obligatory morality; but this feeling is inseparably associated with belief in the moral government of God. To preach an obligatory morality is really to preach a religious morality. But it is as important to know what we ought to do as to know that we ought to do it. And when we raise the question whether this or that is what we ought to do, we must have in mind some standard of right. Theists commonly believe this to be the nature or the will (as expressing the nature) of God. To teach morality on the basis of religion is then to command and forbid in the name of God. How, then, are we to know what God wills, or rather,

high ethical? Has it haristianity says: seek

what is in accordance with his nature which is the norm of right? The answer to this question must determine, in a measure, the mode of moral instruction. We might trust to intuition. But this would not lead us far. It would give us the empty category of obligation, but would not do much toward filling it. We might seek the will of God by inductions based upon the general experience of mankind. But the ethical consensus of mankind would cover a very small area, and we should soon find ourselves picking out such select ethical precepts as might happen to correspond to a preconceived ethical theory. Or, finally, we might accept some one religion as containing a revelation of God's will regarding human conduct. This is what the people of this country have done. Morality with us means Christian morality. Teaching morality means teaching Christian morality; and Christian morality rests upon revelation. We cannot say, with the author of “ Natural Religion," that supernaturalism is an accident and is not of the essence of Christianity; for Christianity, bereft of its supernaturalism, loses authority in respect to both ethics and religion. Christian morality must be inculcated as the known expression of God's will. Protestants and Roman Catholics are in full accord upon this point, though they hold antagonistic views regarding the mode in which moral instruction should be conveyed. It is not likely that the Christian people who are known by these names can ever unite in the cordial support of the existing system of public education; but it is certain that as long as they retain their Christian convictions they will express their disapproval of every proposition that contemplates a nonreligious system of ethical instruction.

FRANCIS L. PATTON.

MAKING BREAD DEAR.

WHILE only one bushel in seven of the wheat crop of the United States is received by the Produce Exchange of New York, its traders buy and sell two for every one that comes out of the ground. When the cotton plantations of the South yielded less than six million bales, the crop on the New York Cotton Exchange was more than thirty-two millions. Oil wells are uncertain, but the flow on the Petroleum Exchanges of New York, Bradford, and Oil City never hesitates. Pennsylvania does well to run twenty-four millions of barrels in a year, but New York city will do as much in two small rooms in one week, and the Petroleum Exchanges sold altogether last year two thousand million barrels. When the Chicago Board of Trade was founded, its members were required to record their transactions. The dance of speculation has nowadays grown to be so rapid that no count is kept of the steps. The Board was lately reported to have turned over as much wheat in one day as the whole State of Ilinois harvests in a twelvemonth. Its speculative hogs outnumber two to one the live hogs in the United States, and it is safe to say that the Board raises five bushels of grain to every one that is produced by the farmers of the West. Securities have become as staple an article of production with us as wheat, cotton, oil, or hogs. One million dollars' worth a day of new stocks and bonds is needed in prosperous years to supply the demands of the New York Stock Exchange, and its annual transactions are nearly thrice the taxable valuation of all the personal property in the United States.

One of the things that would be new to Solomon, if he lived to-day, is the part played by the modern Exchange in the distribution of the products of labor, and the redistribution of wealth. The honest industry that builds up our greatest fortunes is raising wheat and pork on the Chicago Board of Trade, mining on the San Francisco Stock Exchange, building railroads in Wall street, sinking oil wells in William street, and picking cotton in Hanover Square. While the text-books of the science of exchange are describing in infantile prattle the imaginary trade of prehistoric trout for pre-Adamite venison between the "first hunter" and the “first fisherman," the industry of the cotton plantation, the oil fields, and the farm, is being overlaid by an apparatus of Exchanges which will prove an extremely interesting study to the Ricardo of, say, the twenty-fifth century. These Exchanges are the creameries of the world of labor. The prices of the speculative wheat and the spectral hog of the Board fix those of the real wheat and the actual hog of the field. The negro planter of Georgia who raises his bale and a half must sell it for what the Cotton Exchange says it is worth. The man who works in the ground must take the price fixed for him by the man who works in the air. No one can understand the corner” who does not comprehend the development and reach of the Exchanges of our time.

The manufacture of prices, like other modern industries, is being concentrated into vast establishments, and these are passing under the rule of bosses and syndicates. The markets, like political parties, are run by the Machine. The people are losing the power of making prices as well as nominations. The “Free Breakfast Table” pays tribute to some clique, whether railroad pool, trades-union, match monopoly, coal combination, pottery tariff infant, or Board of Trade corner, on pretty much everything upon it. The coffee market of the country has lately gone out of the region of unorganized supply and demand into the hands of a Coffee Exchange, with all the modern improvements for speculation. A price factory to make the quota tions of butter and cheese has just been established in New York. It deals in brokers' eggs as well as hens eggs, and has all the approved facilities to enable it to count and sell the chickens that are not yet hatched out of eggs that are not yet laid.

The concentration of news, capital, and middle-men, in a focus; steam, electricity, and credit; the specially modern means of finding out the “statistical situation"; the development of the corporation; the multiplication of huge private fortunes and their union in syndicates; and the lupine standard of business morality, make the modern market a thing new in development if not in kind. These Exchanges are cosmopolitan legislatures. Their enactments are prices, and their jurisdiction extends beyond that of Congress, Parliament, the Assembly, and the Reichstag. They are more than negative registers of prices determined by a conflux of forces external to them. Under the manipulation of cliques they have become positive agencies of mighty influence, and are the scenes of operations that menace the lives and happiness of nations. The “strong man” now builds corners instead of castles, and collects tribute at the end of a telegraph wire instead of a chain stretched across the Rhine. Money, knowledge, and energy are nearing the boundaries of exploration, and are turning back to monopolize the provinces. The whole world is platted. Such appliances as ours for exchange have never co-existed before, in the history of business. The criminal rich,—those who appropriate the labor of others in one age by brute strength, and in another by brute wealth,who are to-day degrading competition into a rivalry of adulteration, are seizing upon them for peculative purposes. The control of the machinery of the Exchanges is the control of prices, and the control of prices is the control of property. In markets where the cotton crop, and the wheat crop, and the pork product of the whole country can be turned over half a dozen or a dozen times in a year, it is an easy thing for a combination to get hold of the marketable surplus and dictate its price. The “fittest” in the trade world are those who have learned the magic art of the manufacture of prices, and the Exchanges are shifting the property of smaller men into their hands.

The greatest of these price factories is the Chicago Board of Trade. Thirty years ago, its thirty-eight members were scouring the country back of them to persuade the farmers to send their stuff to Chicago for sale. Cheese, crackers, and ale were spread out in the Board room to induce the members to attend, but for days in succession the minutes of attendance read “none." Last year, the Board received and paid for, in cash, three hundred and eighty-two millions of dollars worth of farm produce; and the total of its transactions was not less than three thousand million dollars. It has become not only the chief of the food markets, but “the greatest speculative market in the world,” as an authority on speculation testified last winter before the

for sale. Co persuade the embers were

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