ested pay starvation wages, have
withdrawn their investments. And others who, stumbling upon a state
legislature among the productive assets of a railway corporation, have
sold their bonds and invested the proceeds elsewhere. It is a modern way
of obeying the injunction, "Sell all thou hast and follow me." And not a
very painful way, since the irreproachable investments pay almost, if not
quite, as well as those that are suspect.

It is not, however, impossible to conceive of a property owner driven from
one position to another, in order to satisfy this new requirement of the
social conscience, without ever finding peace. Miss Addams put the money
withdrawn from those hideous farm mortgages into a flock of "innocent
looking sheep." Alas, they were not so innocent as they seemed. "The sight
of two hundred sheep with four rotting hoofs each was not reassuring to
one whose conscience craved economic peace. A fortunate series of sales of
mutton, wool and farm enabled the partners to end the enterprise without
loss." Sales of mutton? Let us hope those eight hundred infected hoofs are
well printed on the butcher's conscience.

And the net result of all these moral strivings? The evil investments
still continue to be evil, and still yield profits. Doubtless they rest,
in the end, upon less sensitive consciences. Marvellous moral gain!

IV

We are bound to the wheel, say the sociological fatalists. All our efforts
are of no avail; the Wheel revolves as it was destined. Not so. Our
strivings for purity in investments, puny as may be their results in the
individual instance, may compose a sum that is imposing in its
effectiveness. How their influence may be exerted will best appear from an
analogy.

It is a settled conviction among Americans of Puritan antecedents, and
among all other Americans, native born or alien, that have come under
Puritan influence, that the dispensing of alcoholic beverages is a
degrading function. This conviction has not, to be sure, notably impaired
the performance of the function. But it has none the less produced a
striking effect. It has set apart for the function in question those
elements in the population that place the lowest valuation upon the esteem
of the public, and that are, on the whole, least worthy of it. In
consequence the American saloon is, by common consent, the very worst
institution of its kind in the world. Such is the immediate result of good
intentions working by the metho