Perhaps there is no better illustration of the ethical impotence of the modern church than its failure to deal with the evils and the ethical problems of stock manipulation. Millions in property values are created by pure legerdemain. Stock dividends, watered stock and excessive rise in stock values, due to the productivity of the modern machine, are accepted by the church without a murmur if only a slight return is made by the beneficiaries through church philanthropies.
Here is C——— recapitalizing his business and adding six million dollars in stock. At least five of these millions will not be invested in physical expansion but pocketed by the owner. They simply represent capitalization of expected profits. Once this added burden has been placed upon the industry any demands of the workers for a larger share in the profits will be met by conclusive proof that the stock is earning only a small dividend and that further increase in wages would be “suicidal” to the business.
Meanwhile C——— has become quite philanthropic. He gives fifty thousand dollars here and a hundred thousand there. Since the good man is a “Christian,” religious organizations profit most by his benefactions. Every new donation is received with pæans of praise from church and press.
What I wonder is whether the gentleman is deceiving himself and really imagines himself a Christian or whether he is really quite hard-boiled and harbors a secret contempt for the little men who buzz about his throne, singing their hallelujahs. One can never be sure how much we mortals are fooled by our own inadequate virtues and sanctified vices and how much we accept the world’s convenient tribute without being convinced by it. Nor do I know which interpretation of the facts is to be preferred, not as a matter of truth, but as a matter of charity. What is worse—to be honest with yourself while you are dishonest with the world, or to be dishonest with the world because you have deceived yourself?