pp. 380-399. He says, "Almost immemorial custom, until recently, started off the corporation account from a given base, a set par value, which supposedly represented either the price at which the securities were sold or else the value of the property for which they were exchanged. But nowadays, under the prevailing practice that abolishes this par value, — permitting the issuance of stock, in most states, at no particular figure whatsoever, - good old-fashioned balance-sheet practice has been knocked galley-west. The accounts, instead of starting from a bench mark solidly established, theoretically at least, start from nowhere, and as certainly fetch up nowhere in particular. . . . The old-fashioned way was to accomplish such things by fictitious inflation of the assets on the balance sheet. The modern way is to bring them to pass by puncturing the liabilities. This used to be impossible, because capital stock had a fixed par value at which it went into the books. But capital stock with no par value under the laws of all but two of our states has no definable bottom. ... Under the oldfashioned theory of capital stock with a definite par value, pranks enough and misfeasance a plenty played around the matter of surplus, also; but with the advent of no-par stock, so often accompanied by practical disappearance of any precisely defined capital fund or estate, the doors were thrown wide open to all sorts of shenanigan here as well" (pp. 391, 392). p. 214, n. 1: Nickel Plate Unification, 105 I. C. C. 425 (1926). (See also an article by William Z. Ripley in The Atlantic Monthly for January, 1926.)

p. 217, n. 1: The New Frontier by Guy Emerson (1920), pp. 186, 187. p. 220, n. 1: Essay on Success by Ralph Waldo Emerson, quoting from a translation by Borrow from the Danish.

p. 223, n. 1: Vital Forces in Current Events, edited by Morris E. Speare and Walter B. Norris (1920): Essay on Women in Politics - A Chance for Broader Education by Helen Taft, p. 174.

p. 223, n. 2: Id., p. 171.

p. 224, n. 1: The America of Today, edited by Gaillard Lapsley (1919): Lecture on The Position of Women by Mrs. Bowlker, p. 238.

p. 224, n. 2: A Modern Outlook Studies of English and American Tendencies by J. A. Hobson (1910), p. 179.

p. 227, n. 1: Democracy in America by Alexis De Tocqueville (1863), P. 352.

p. 227, n. 2: A book by Edmond Demolins in 1898 states that of the 551 members of the French Chamber of Deputies over 300 were probably law graduates and that of this number 133 were lawyers, 6 law professors, besides 95 officials, most of whom were lawyers. He says the lawyers "are the real

He

masters of the national representation, the real masters of France." states that of the 583 members of the English House of Commons 107 were from the liberal professions, which includes journalists, physicians, teachers, and civil engineers as well as lawyers (pp. 206, 208, 209, 224, 229), AngloSaxon Superiority.

p. 228, n. 1: Address by United States Senator Hoar of Massachusetts before the Virginia State Bar Association in July, 1898, p. 13.

p. 228, n. 2: History of the United States by Henry Adams (1889-1917), Vol. 2, p. 244.

p. 229, n. 1: Democracy in America by Alexis De Tocqueville (1863), pp. 352, 353.

p. 229, n. 2: Macaulay's Life and Letters by Sir George Trevelyan (1909), Vol. 2, Appendices, p. 453.

p. 230, n. 1: The Privileged Classes by Professor Barrett Wendell (1908), p. 152.

p. 230, n. 2: English Traits Wealth by Ralph Waldo Emerson.

p. 231, n. 1: The author's views on this subject are given more fully in an article published in the American Bar Association Journal for November, 1922, entitled Power and Responsibility of the American Bar.

p. 232, n. 1: Emerson on his trip to Europe in 1848 in a talk with Carlyle said, "I told Carlyle that I was easily dazzled, and was accustomed to concede readily all that an Englishman would ask; I saw everywhere in the country proofs of sense and spirit, and success of every sort: I like the people; they are as good as they are handsome; but meantime, I surely know that as soon as I return to Massachusetts I shall lapse at once into the feeling, which the geography of America inevitably inspires, that we play the game with immense advantage; that there and not here is the seat and centre of the British race; and that no skill or activity can long compete with the prodigious natural advantages of that country, in the hands of the same race; and that England, an old and exhausted island, must one day be contented, like other parents, to be strong only in her children. But this was a proposition which no Englishman of whatever condition can easily entertain." (Emerson on Stonehenge.") In a note to this it appears that in 1856 Emerson wrote, "We read without pain what the English say to the advantage of England to the disparagement of America; for are not we the heir?"

p. 232, n. 2: See The British Empire and the United States by William A. Dunning (1914): Introduction by Viscount James Bryce, p. xxix.

p. 233, n. 1: History of the United States by Henry Adams (1889-1917), Vol. 6, ch. 13, p. 267.

p. 233, n. 2: See The English-Speaking Peoples by George L. Beer (1917), p. 103.

p. 234, n. 1: America's Place in the World by Herbert Adams Gibbons (1924), p. 129.

p. 235, n. 1: See The Pathway of Peace, a Collection of Addresses by Charles E. Hughes (1925), pp. 16, 17.

p. 236, n. 1: The United States as a Neighbour from a Canadian Point of View by Sir Robert Falconer (1925), pp. 81, 82.

p. 237, n. 1: The Americanization of the World by W. T. Stead (1901), P. 435.

p. 240, n. 1: Outline of History by H. G. Wells (1920), p. 285.

p. 240, n. 2: See National Isolation an Illusion by Perry Belmont (1925), p. 153 and p. 157.

p. 241, n. 1: Educating for Freedom by Edward O. Sisson (1925), p. 36. The Conquest of New England by the Immigrant by Daniel C. Brewer (1926) gives facts and figures to show how New England manufacturing has brought in foreign labor until now New England civilization may be engulfed, (just as New Englanders by descent are now far outnumbered by the foreign races in Massachusetts, Connecticut, and Rhode Island). Mr. Brewer calls on New Englanders to spread their cultural qualities and institutions among the newcomers before it is too late. He says (p. 74), "The Puritan and the Pilgrim, mightily aided by God in man and in nature, got to heights that presented a wide outlook an outlook that perhaps was broader than men had thus far enjoyed. Their state papers and early history, as integral parts of a new nation, abundantly reflect a desire to hold what they had acquired. In face of all this they and their stock, feeling the stir of power which had been generated within by the experience of the two centuries which we have lightly reviewed, let it take its course, without regard for the safety of things already won. Gold loomed large on their horizon. They made it their objective, and thus repeated the error that has beckoned every civilization to its doom. Trade is good. Ay! Commerce is the Deity's way of opening up communications between men. Ay! Abundant production of the things the body and soul yearn for is good. Ay! Ay! But mark this, reader. When the leaders of a nation secure wealth for themselves or for their people, the end threatens because man cannot or will not busy himself with great possessions without ignoring things which are infinitely more important."

p. 241, n. 2: Race or Nation by Gino Speranza (1925), p. 256.

p. 241, n. 3: The Challenge of the Future by Roland G. Usher (1916), pp. 213, 214.

p. 244, n. 1: The Spirit of Democracy by Lyman Abbott (1910), p. 119. p. 245, n. 1: The Forgotten Man and Other Essays (1918): Address on The Administration of Andrew Jackson by William Graham Sumner, p. 349.

p. 245, n. 2: Character and Opinion in the United States by George Santayana (1920), p. 226. Socialistic writers who seek to undermine American institutions do so by first attacking the Constitution, the Supreme Court, Washington, and New England. I have before me a book by a prominent socialist, published in 1911 and republished in 1920. It contains the following: "New England has been hailed as the birthplace of social equality and orators and superficial historians are prone to trace all democratic institutions back to the famous 'New England town meeting.' The fact is that in the beginning these colonies, so far as local government is concerned, were theocratic autocracies" (p. 40). Of the Constitution it says, "The organic law of this nation was formulated in secret session by a body called into existence through a conspiratory trick, and was forced upon a disfranchised people by means of a dishonest apportionment in order that the interests of a small body of wealthy rulers might be served" (p. 99). And again, "The constitution had been formulated and foisted upon the people largely by stealth and deception, aided by a closely restricted suffrage" (p. 109). And again, "The principles of the Declaration of Independence had long ago been cast aside" (p. 119). And again, "They [the Federalists] had formulated the constitution in secret, secured its adoption by deceit and gerrymandering, extended its provisions by shrewd legislation, and made it clearly an instrument of class government" (p. 125). Of the Supreme Court the book refers to the power of that court to pass on the constitutionality of statutes as a "revolutionary usurpation of power" (pp. 126, 127). And it says that after the Rebellion "One of the obstacles to the carrying out of the Reconstruction program was the Supreme Court. This body was still dominated by a combination of small capitalist and chattel slave interests and ideas. Because that power generally safeguarded the interests of the exploiting class, this Court had been permitted to retain its usurped power to declare laws unconstitutional" (pp. 300, 301). Of Washington it says, he "had used his position as royal surveyor to locate lands within the limits which he was supposed to preserve from settlement" (p. 65). And in speaking of Lincoln it says "there is no small amount of evidence tending to show that the shot that killed him came from the direction of Wall Street rather than Richmond" (p. 289). The book closes by saying the working class "is fighting for victory with a certainty of success before it" and "is fighting for political power. It will use that political power to obtain

control of the instruments essential to the lives of the workers. That ownership cannot be individual. Industry cannot be disintegrated back to the stage of individual ownership. It must be still further integrated into common ownership by a democratically controlled government of the workers" (pp. 317, 318). Social Forces in American History by A. M. Simons.

p. 245, n. 3: Gleanings of Past Years by William E. Gladstone (1878), Vol. 1, Ch. VIII, p. 212.

p. 246, n. 1: See American Bar Assoc. Journal for 1923, p. 536, quoting, "I do not think the United States would come to an end if we lost our power to declare an Act of Congress void. I do think the Union would be imperiled if we could not make that declaration as to the laws of the several states." p. 246, n. 2: See Smyth v. Ames, 169 U. S. 466 (1898) at p. 528.

p. 247, n. 1: Addresses on Government and Citizenship (1916): Address on Individual Liberty and the Responsibility of the Bar, by Elihu Root, P. 517.

p. 247, n. 2: Democracy and Leadership by Irving Babbitt (1924), pp. 307, 308.

p. 248, n. 1: See The Foundations of the Modern Commonwealth by Arthur N. Holcombe (1923), p. 205.

p. 248, n. 2: The Spirit of America (1910): Conference III on Fair Play and Democracy by Henry Van Dyke, pp. 76, 77.

p. 249, n. 1: The Future of Trades-Unionism and Capitalism in a Democracy by Charles W. Eliot (1910), p. 96.

p. 249, n. 2: Conduct of Life: Essay on Fate, by Ralph Waldo Emerson. p. 251, n. 1: Sartor Resartus by Thomas Carlyle (1833), Book 2, Ch. VII. p. 251, n. 2: The Faith of a Liberal (1924): Socialism versus Capitalism, a Statement written for the London Daily Telegraph by Nicholas Murray Butler, pp. 197, 198.

p. 252, n. 1: The Present Economic Revolution in the United States by Thomas Nixon Carver (1925), p. 176.

p. 252, n. 2: Encyclopædia Britannica, 11th Ed. (1911), Vol. 6, p. 792. p. 253, n. 1: Spirit of Democracy by Lyman Abbott (1910). See also an article by Professor Elisha B. Andrews on The Social Plaint in Persistent Questions in Public Discussion, edited by Alexander M. Drummond and Everett Lee Hunt (1924), pp. 159-174.

p. 253, n. 2: Problems of Today by Andrew Carnegie (1909), pp. 32, 117. p. 254, n. 1: Janus in Modern Life by W. M. Flinders Petrie (1907), p. 8. p. 254, n. 2: The Forgotten Man by William Graham Sumner (1918),

p. 79.