Excerpt from The Work of the Stock Exchange
During the past half-century the entire machinery of production, transportation, and distribution by which modern civilization is fundamentally sustained, has grown both in the volume of its transactions and in the complexity of its mechanism with a speed altogether unparalleled in history. Particularly in our own new and still unsettled country, so relentlessly swift an evolution in these respects has been experienced that public opinion and public knowledge have by no means kept pace with it. Thus, even if we do not quite misunderstand the financial institutions and methods of today, we are nevertheless only too prone to judge them by the standards of an economic America which already has largely ceased to exist. This dangerous tendency of public understanding to lag far behind the economic progress of the nation was, indeed, clearly stated some decades ago by W. G. Sumner in the following terms: "Our scientific knowledge of the laws which govern the life of man in society must keep pace with this development, or we shall find our social tasks grow faster than our knowledge of social science, and our society will break to pieces under the burden."
After the acute economic convulsions which have resulted from the war, it is more than ever important to make available to the entire reading public of the United States accurate and dependable information concerning all parts of the economic structure of the nation. To this gigantic educational task many published economic studies and many far-sighted institutions of learning have already bent their efforts. Such an educational movement should, of course, include a careful consideration of the present-day money and securities markets.
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