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ADDRESS

OF

MAJOR THOMAS C. ELDER

President of the

Virginia State Bar Association

Private Business Corporations in
Virginia

Gentlemen of the Virginia State Bar Association:

Using the word materialistic in its popular rather than in its philosophical sense, the present age is pre-eminently a inaterialistic age. Certainly it may be so characterized amongst the modern ages of the world. Materialism of the kind referred to has grown apace in recent years. The accumulation of wealth and its appropriation to the uses of physical comfort and pleasure engross the attention of the civilized world to an extent heretofore unknown.

Naturally the studies of men and their best efforts will be directed towards the accomplishment of what they most desire, and to this end they will avail themselves of all the means and resources within their reach; hence it is that the science of Economics, or the science of the accumulation of wealth, its

uses and distribution, is the favorite science of the present day; and it may be noted that the accumulation of wealth and its uses for selfish purposes command much more attention than does its distribution for the public welfare. Scarcely a century has passed since Political Economy, the oldest form or branch of what is now usually designated by the more comprehensive name of Economics, assumed the form of a science, or could be regarded as such, although some subjects which it embraces were treated by Aristotle. But the whole science in its wider scope now engages the attention of the great leaders and masterful minds of the business and financial world before all other sciences and learning they in this respect, if in no other, pursuing the arrangement of Aristotle in placing Physics before Metaphysics. Evidently they do not agree with him in the opinion that all knowledge is equally valuable, and is worthy of pursuit mainly for its own sake.

Nothing which has been said, or which may be said in this connection, is in the way of railing or condemnation. My purpose is to recognize actual conditions and to draw from them lessons that may be more or less useful in shaping the industrial policy of our State.

No longer ago than the first half of the nineteenth century most of the talent and much of the learning and culture in this country were devoted to the study of philosophy and science of government, and found active exercise in the higher ranges of politics; in the latter half of the century, and more especially in the last third of it, these gifts and attainments were in large measure turned towards industrial pursuits and great enterprises for the accumulation of wealth. This is still the tendency, and with ever-increasing acceleration. And it is especially noteworthy that these pursuits and enterprises, conducted for the most part on a large scale, have required, and by means of liberal remuneration have secured, much of the best legal talent and learning formerly content to be occupied in other

ways.

It would perhaps not be much out of the way to say that prior to 1860 the millionaires of the United States might be

counted on one's fingers. After that time they increased rapidly, not only in numbers, but in the aggregate of their possessions as well.

This diversion of attention from the affairs of government and politics to industrial fields was not due more to the example of those who had been the most successful in industrial pursuits than to what seemed to be a new-born desire or determination prevalent amongst all classes to improve the physical conditions of existence, and to make the world easier and more enjoyable in all that relates to human wants and comforts in this life. In other words, from whatever cause or causes, the apotheosis of wealth had begun.

As long, however, as the race in pursuit of worldly possessions, and of the pleasure, power and influence which are supposed to accompany them, was open to all and fair, notwithstanding only the most gifted and judicious and energetic and persevering won the great prizes-as, indeed, from the great disparity in the endowments and habits of men must always be the case the great multitude of losers and those not in the race were not disposed to be complaining or unduly envious. The wealth of individuals conducting their respective business enterprises separately and independently of each other, so far from injuring their less gifted and less successful fellow-men, is usually a positive benefit to them. Without the labor and services of the poor, the rich cannot increase their wealth or enjoy it as they would like; and the poor, in return for what they do for the rich, are provided with the means of living.

Moreover, as long as wealthy men conduct their business operations separately they are competitors in the employment of labor, and every laboring man gets the benefit of the competition, and his wages are regulated by the natural and healthy law of supply and demand.

Mr. Jefferson, in his first inaugural address as President of the United States, which has generally been regarded as the best outline of the essential principles of our government which has ever been penned, in a spirit of patriotic enthusiasm summarizes our great national advantages and blessings and states

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