raph systems.

Mr. George W. Perkins, recently partner of Mr. J. P. Morgan, foreshadows
the new policy in another form when he advocates a Supreme Court of
Business (as a preventive of Socialism):--

"Federal legislation is feasible, and if we unite the work for it
now we may be able to secure it; whereas, if we continue to fight
against it much longer, the incoming time may sweep the question
along either to government ownership or to Socialism [Mr. Perkins
recognizes that they are two different things].

"I have long believed that we should have at Washington a business
court, to which our great problems would go for final adjustment
when they could not be settled otherwise. We now have at Washington
a Supreme Court, composed, of course, of lawyers only, and it is
the dream of every young man who enters law that he may some day be
called to the Supreme Court bench. Why not have a similar goal for
our business men? Why not have a court for business questions, on
which no man could sit who has not had a business training with an
honorable record? _The supervision_ of business by such a body of
men, _who had_ reached such a court in such a way, would
unquestionably _be fair and equitable to business_, fair and
equitable to the public." (Italics mine.)

Mr. Roosevelt and Senator Root are similarly inspired by the
quasi-partnership that exists between the government and business in
those countries where prices and wages in certain monopolized industries
are regulated for the general good of the business interests. In the
words of Mr. Root:--

"Germany, to a considerable extent, requires combination of her
manufacturers, producers, and commercial concerns. Japan also
practically does this. But in the United States it cannot be done
under government leadership, because the people do not conceive it
to be the government's function. It seems to be rather that the
government is largely taken up with breaking up organizations, and
that reduces the industrial efficiency of the country."

As the great interests become "integrated," _i.e._ more and more
interrelated and interdependent, the good of one becomes the good of
all, and the policy of utilizing and controlling, instead of opposing
the new industrial activities of the government, is bound to become
general. The enlightened element among the c