required to cover unforeseen contingencies； but it has all been
done with the explicit reservation that no material innovation
shall be allowed to touch the legacy of modern principles handed
down from the eighteenth century； and that the vital system of
Natural Rights installed in the eighteenth century must not be
deranged at any point or at any cost。
It is scarcely necessary to describe this modern system of
principles that still continues to govern human intercourse among
the civilised peoples； or to attempt an exposition of its
constituent articles。 It is all to be had in exemplary form； ably
incorporated in such familiar documents as the American
Declaration of Independence； the French Declaration of the Rights
of Man； and the American Constitution； and it is all to be found
set forth with all the circumstance of philosophical and juristic
scholarship in the best work of such writers as John Locke。
Montesquieu。 Adam Smith； or Blackstone。 It has all been
sufficiently canvassed； through all its dips； spurs and angles；
by the most competent authorities； who have brought their best
will and their best abilities to bear on its elucidation at every
point； with full documentation。 Besides which； there is no need
of recondite exposition for the present purpose； since all that
is required by the present argument is such a degree of
information on these matters as is familiar to English…speaking
persons by common notoriety。
At the same time it may be to the purpose to call to mind
that this secular profession of faith enters creatively into that
established order of things which has now fallen into a state of
havoc because it does not meet the requirements of the new order。
This eighteenth…century modern plan specifically makes provision
for certain untoward rights； perquisites and disabilities which
have； in the course of time and shifting circumstance； become
incompatible with continued peace on earth and good…will among
men。
There are two main counts included in this modern
eighteenth…century plan； which appear unremittingly to make
for discomfort and dissension under the conditions offered by the
New Order of things： National Ambition； and the Vested Rights
of ownership。 Neither of the two need be condemned as being
intrinsically mischievous。 Indeed； it may be true； as has often
been argued； that both have served a good purpose in their due
time and place； at least there is no need of arguing the
contrary。 Both belong in the settled order of civilised life； and
both alike are countenanced by those principles of truth； equity
and validity that go to make up the modern point of view。 It is
only that now； as things have been turning during the later one
hundred years； both of these immemorially modern rights of man
have come to yield a net return of hardship and ill…will for all
those peoples who have bound up their fortunes with that kind of
enterprise。 The case might be stated to this effect； that the
fault lies not in the nature of these untoward institutions of
national sovereignty and vested rights； nor in those principles
of self…help which underlie them； but only in those latter…day
facts which stubbornly refuse to fall into such lines as these
forms of human enterprise require for their perfect and
beneficent working。 The facts； particularly the facts of industry
and science； have outrun these provisions of law and custom； and
so the scheme of things has got out of joint by that much；
through no inherent weakness in the underlying principles of law
and custom。 The ancient and honorable principles of self…help are
as sound as ever； it is only that the facts have quite
unwarrantably not remained the same。 The fault lies in the
latter…day facts； which have not continued in suitable shape。
Such； in effect； has been the view habitually spoken for by many
thoughtful persons of a conservative turn； who take an interest
in concerting measures for holding fast that which once was good；
in the face of distasteful facts。
The vested right of ownership in all kinds of property has
the sanction of the time…honored principles of individual
self…direction； equal opportunity； free contract； security of
earnings and belongings； self…help； in the simple and honest
meaning of the word。 It would be quite bootless to find fault
with these reasonable principles of tolerance and security。 Their
definitive acceptance and stabilisation in the eighteenth century
are among the illustrious achievements of Western civilisation；
and their roots lie deep in the native wisdom of mankind。 They
are obvious corollaries under the rule of Live and let live；
an Accidental version of the Golden Rule。 Yet in practical effect
those vested rights which rest blamelessly on these reasonable
canons of tolerance and good faith have today become the focus of
vexation and misery in the life of the civilised peoples。
Circumstances have changed to such effect that provisions which
were once framed to uphold a system of neighborly good…will have
now begun to run counter to one another and are working mischief
to the common good。
Any impartial survey of the past one…hundred…fifty years will
show that the constituent principles of this modern point of view
governing the mutual rights and obligations of men within the
civilised nations have held their ground； on the whole； without
material net gain or net loss。 It is the ground of Natural
Rights； of self…help and free bargaining。 Civil rights and the
perquisites and obligations of ownership have remained
substantially intact over this interval of a hundred and fifty
years； but with some slight advance in the way of Live and let
live at certain points； and some slight retrenchment at other
points。 So far as regards the formal stipulations； in law and
custom； the balance of class interests within these countries
has； on the whole； not been seriously disturbed。 In this system
of Natural Rights； as it has worked out in practice； the rights
of ownership are paramount； largely because the other personal
rights in the case have come to be a matter of course and so have
ceased to hold men's attention。
So； in the matter of the franchise； e。g。； the legal
provisions more nearly meet the popular ideals of the modern
point of view today than ever before。 An the other hand the
guiding principles in the case at certain other points have
undergone a certain refinement of interpretation with a view to
greater ease and security for trade and investment； and there
has； in effect； been some slight abridgement of the freedom of
combination and concerted action at any point where an unguarded
exercise of such freedom would hamper trade or curtail the
profits of business； for the modern era has turned out to be
an era of business enterprise； dominated by the paramount claims
of trade and investment。 In point of formal requirements； these
restrictions imposed on concerted action 〃in restraint of trade〃
fall in equal measure on the vested interests engaged in business
and on the working population engaged in industry。 So that the
measures taken to safeguard the natural rights of ownership apply
with equal force to those who own and those who do not。 〃The
majestic equality of the law forbids the rich as well as the poor
to sleep under bridges or to beg on the street corners。〃 But it
has turned out on trial that the vested interests of business are
not seriously hampered by these restrictions； inasmuch as any
formal restriction on any concerted action between the owners of
such vested interests can always be got around by a formal
coalition of ownership in the shape of a corporation。 The
extensive resort to corporate combination of ownership； which is
so marked a feature of the nineteenth century； was not foreseen
and was not taken into account in the eighteenth century； when
the constituent principles of the modern point of view found
their way into the common law。 The system of Natural Rights is a
system of personal rights； among which the rights of ownership
are paramount； and among the rights of ownership is the right of
free disposal and security of ownership and of credit
obligations。
The same line of evasion is not available in the same degree
for concerted action between persons who own nothing。 Still； in
neither case； neither as regards the owners of the country's
wealth nor as regards the common man； can these restrictions on
personal freedom of action be said to be a serious burden。 And
any slight mutilation or abridgement of the rule of self…help in
their economic relations has been offset by an increasingly broad
and liberal construction of the principles of self…direction and
equality among men in their civil capacity and their personal
relations。 Indeed； the increasingly exacting temper of the common
man in these countries during this period has made such an
outcome unavoidable。 By and large； in its formal vindication of
personal liberty and equality before the law； the modern point of
view has with singular consistency remained intact in the shape
in which its principles were stabilised in the eighteenth
century； in spite of changing circumstances。 In point of formal
compliance with their demands； the enlightened ideals of the
eighteenth century are； no doubt； more commonly realised in
practice today than at any earlier period。 So that the modern
civilised countries are now； in point of legal form and perhaps
also in practical effect； more nearly a body of ungraded and
masterless men than any earlier generation has known how to be。
In this modern era； as well as elsewhere and in other times；
the circumstances that make for change and reconstruction have
been chiefly the material circumstances of everyday life；
circumstances affecting the ordinary state of industry and
ordinary intercourse。 These material circumstances have changed
notably during the modern era。 There has been a progressive
change in the state of the industrial arts； which has materially
altered the scope and method of industr