It is one of the happy incidents of the federal system that a single courageous State may, if its citizens choose, serve as a laboratory; and try novel social and economic experiments without risk to the rest of the country.

A man is a better citizen of the United States for being also a loyal citizen of his state and of his city; for being loyal to his family and to his profession or trade; for being loyal to his college or his lodge.

Fear of serious injury cannot alone justify suppression of free speech and assembly. Men feared witches and burnt women. It is the function of speech to free men from the bondage of irrational fears.

Our government is the potent, the omnipresent teacher. For good or for ill, it teaches the whole people by its example. Crime is contagious. If the government becomes a law-breaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy.

Nearly all legislation involves a weighing of public needs as against private desires; and likewise a weighing of relative social values.

There is no such thing as an innocent purchaser of stocks.