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222 these crimes seldom cause a serious and lasting disturbance in the economic system; it is for this reason that Americans put up with the excesses of their politicians and financiers with so little complaint. P. de Rousiers compares the American to the captain of a ship who, during a dangerous voyage, has no time to look after his thieving cook. "When you point out to Americans that they are being robbed by their politicians, they usually reply, 'Of course we are quite aware of that! But as long as business is good and politicians do not get in the way, it will not be very difficult for them to escape the punishment they deserve.'"

In Europe also, since it has become easy to gain money, ideas, analogous to those current in America, have spread among us. Great company promoters have been able to escape pimishment because in their hour of success they were clever enough to make friends in all circles. We have finally come to believe that it would be extremely unjust to condemn bankrupt merchants and lawyers who retire ruined after moderate catastrophes, while the princes of financial swindling continue to lead gay lives. Gradually the new industrial system has created a new and extraordinary indulgence for all crimes of fraud in the great capitalist countries.

In those countries where the old parsimonious and non-speculative family economy still prevails, the relative estimation of acts of fraud and acts of brutality has not followed the same evolution as in America, England, and France; this is why Germany has preserved so many of the customs of former times, and does not feel the same