![FOOTNOTES:
[212] Life of Leo XIII. By O'Reilly. Page 151.
[213] De Montor, Vol. I, p. 495.
[214] O'Reilly, pp. 482-483.
[215] Balmes, pp. 411-412.
[216] Ibid., p.v.
[217] Ibid., p. 320.
[218] Balmes, p. 326.
[219] Balmes, p. 328.
[220] Balmes, pp. 329-330.
[221] Balmes, p. 333.
[222] Life of Leo XIII. By O'Reilly. Page 471.
[223] Life of Leo XIII. By O'Reilly. Page 409.
CHAPTER XXIII.
PAPAL INFALLIBILITY.
There are few things so important to the people of the United States
as that they shall intelligently understand what consequences will
inevitably follow the successful termination of Mgr. Satolli's mission
to this country in his capacity of deputy-pope. If he shall succeed in
breaking down our system of common schools, or in drawing away
from them all the children of our Roman Catholic citizens, and in the
general or partial substitution of the papal for the American system
of education, what will follow? There is but one answer to this
question, which is, that religion will be taught in the schools; not the
religion of Christ, or the apostles, or the martyrs, or that which
prevailed throughout the Christian world for the first five hundred](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-19-320.jpg)
![with which all intelligent readers of ecclesiastical history are familiar.
When the Church recovered from these and other afflictions, it
would be tedious to enumerate; it was done by the influence of the
good and unambitious popes, together with that of the great body of
its membership, who combined to rebuke the claim of infallibility,
because it was founded upon the vain assumption that a mere man,
with the passions and impulses of other men, was the equal of God
in wisdom and authority.
When this decree was obtained by Pius IX from the Vatican Council,
twenty-three years ago, the Jesuits won their proudest triumph since
their restoration. It made no difference with them, or with Pius IX,
or with their obedient followers, that Clement XIV was decreed to
have been also infallible when he suppressed them by a solemn
pontifical decree, reciting how they had disturbed the peace of the
Church and of the nations by their multitude of iniquities, nor how
one act of infallibility could be set aside and abrogated by another.
Not even a single thought was incited by so inconsequential a matter
as this, because everything was centered in the great object of
achieving a triumph over liberalism and modern progress, upon the
Jesuit theory that "the end justifies the means." Pius IX was present
in the Council, and one of the enthusiastic defenders of the decree
afterwards gave full vent to his extraordinary imaginings by declaring
that the souls of all present were "overwhelmed by the brilliant
effulgence of the sun of righteousness and eternal truth, reflected
to-day from one greater than Moses, the very vicar of Christ Jesus
himself."[224] It is not surprising that an author like this should have
become the historian of such a Council, but it is a little so that his
book should have been published in this country about two years
after, in a form so cheap as to assure it a large circulation among our
Roman Catholic population. The motive of this, however, manifestly
was that the volume should become educational in the papal
schools, to take the place of the histories which point out the
advantages we have derived from Protestantism, and at the same
time stamp the impression upon the minds of old and young, that
the pope, as the only guardian and dictator of true Christian faith is](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-21-320.jpg)
![and must continue to be—no matter whether as a man he possesses
good qualities or bad—a "greater man than Moses," because he is
infallible and Moses was not. This character of the work is well
established by the fact that, among the deplorable evils of the times,
it specifies the usurpation of the education of youth "by unbelieving
seculars;" that is, by those who, notwithstanding their professions,
know nothing of true religion because they are Protestants; and by
the further fact that the chief remedy for these evils pointed out by
him is the establishment of the "pope's sovereign power over the
world;" and by the still additional fact that, when referring to those
Roman Catholics who live under the protection of Protestant
institutions, he adds: "The Church has ever regarded it as a matter
of importance that the laws of those civil powers, to which her
spiritual children are subjected, should be formed in perfect
accordance with her own laws;"[225] that is, that as the pope has at
last, after more than a thousand years of hard struggle, been
decreed to be infallible, they shall not be considered by "the faithful"
as binding upon their consciences unless approved by him. And
then, establishing it as the foundation-stone upon which the
superstructure of the papal system rests, that the Church "has ever
proved herself the most powerful bulwark of the temporal power of
temporal princes," he proceeds to instruct those who had not then
learned what was meant by the pope's infallibility, in what sense the
Church expected them to accept it. His words should sink deeply into
the mind of every citizen of this country who desires to know what
principles of government would be instilled into the minds of
American youth if Mgr. Satolli and his Jesuit allies should succeed in
destroying our common schools, and substituting for them parochial
or religious schools. Here is what he says:
"The Church may not wish to interfere in the purely secular concerns
of other States, or in the enactment of purely secular laws, for the
government of foreign subjects, but she claims a right, and a right
divine, to prevent any secular law, or power, being exercised for the
injury of religion, the destruction of morals, and the spiritual ruin of
her children. She claims a right to supervise such laws, to support,](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-22-320.jpg)
![their use, if salutary, to control their abuse. In the domain of morals,
it is the province of the Church to reign. Wherever there is moral
responsibility, it is her prerogative, by divine commission, to guide
and to govern, to sanction, to command, or to condemn, to reward
merit, and to punish moral delinquency."[226]
And, in further definition of infallibility, he says:
"The Council will vindicate its authority over the world, and prove its
right, founded on a divine commission, to enter most intimately into
all the spiritual concerns of the world; to supervise the acts of the
king, the diplomatist, the philosopher, and the general; to
circumscribe the limits of their speculative inquiries; to hold up the
lamp which is to light their only path to knowledge and education; to
subjugate human reason to the yoke of faith; to extinguish liberals,
rationalists, and deists by one stroke of her infallibility. Infallible
dogma is a brilliant light, which every intellect must recognize,
whether willingly or reluctantly.... The Church claims its right to
enter the world's domain, and recognizes no limits but the
circumference of Christendom; to enforce her laws over her
subjects; to control their reason and judgment; to guide their
morals, their thoughts, words, and actions, and to regard temporal
sovereigns, though entitled to exercise power in secular affairs, as
auxiliaries and subordinates to the attainment of the end of her
institution, the glory of God and the salvation of the immortal souls
of men, and to secure for them their everlasting happiness. And this
order of things she regards as true liberty—Ubi Spiritus Domini ibi
libertas."
He insists that the Church has the right to intrude "into the social
relations of the general community of worldings;" and has also the
"right to supervise the lectures of the professor, the diplomacy of the
statesman, the government of kings, and to scrutinize their morality
and punish their faults."
Referring to the union of Church and State, and the manner in which
politico-religious opinions are brought within the papal jurisdiction,
he says:](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-23-320.jpg)
!["Political theorists nowadays presume so far as to proclaim the right
of secular States to be what they call free and independent of the
Church's laws; that is, they profess to take their temporal
governments out of the Church in which God intended to place and
to bless them, and to consecrate them in and through the Church.
There are even those who have the temerity to advocate the
deordination of a Church dependent on the legislative enactments of
a secular State! Statesmen know the objects of your transitory
existence: it is to enact secular laws, for secular jurisprudence, and
for the secular commonweal, and then to live in the Church; to co-
operate with the Church; to be sanctified through the Church; and
by this happy union to enjoy the reciprocity of the Church's influence
over the consciences of your subjects, which is the solid foundation
of their loyalty and your stability; and to assist the Church in
promoting what is useful for saving their souls, which should be to
you also an object of paramount solicitude. Is the world, then, come
to this!—that social diplomatists should sever the State from the
Church, or domineer over Christian society? Is nature to separate
from grace, and set up a dynasty for itself? No, no; Quis separabit?
The holy alliance of Church and State constitutes the union of the
soul and body—the life and vigor of Christian society! It is time that
a General Council shall teach statesmen this salutary lesson, and
that they may not put their foot on the steps of Peter's throne; that
it is their duty to co-operate with the Church; and that in all matters
appertaining to the order of grace, their position is, to sit down and
listen respectfully before the Church's teaching chair."[227]
Nothing short of the importance of the matters involved in the
doctrine of the pope's infallibility, and the consequences which are
expected to follow it, can justify such lengthy extracts from a single
book. But these considerations do, for the reason that as books like
this are seen by few, and read by still fewer, a better opportunity for
understanding the objects to be accomplished by them is furnished
by this method to both Protestants and Roman Catholics. Multitudes
of the latter are deceived and misled into the belief that the doctrine
of the pope's infallibility is necessary to the Church, whose Christian](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-24-320.jpg)
![in 1870—the period between the two being one thousand five
hundred and forty-five years. And yet, during all this long, protracted
period, there is not to be found, among the articles of religious faith
announced from time to time by the Church, one single sentence or
word or syllable which requires it to be believed that the pope is
infallible! Is all this history mythical? Has it led "the faithful" into
error and sin? Were only those popes obedient to the divine law who
believed themselves infallible, and acted accordingly, while those
who did not were heretics? Why were General Councils necessary to
obtain the universal consent of the Church, if the popes were
infallible and could decree the faith of their own accord? When
popes disagreed—as did John XXII and Nicholas III and Innocent III
and Celestine and Pelagius and Gregory the Great—upon important
questions, how were they to be decided?[228] Were the popes who
denied their own infallibility destined to be cut off in eternity from
the presence of God for their heresy? Edgar enumerates eight of
these who directly disaffirmed their belief in it,[229] and there were
many others who did not affirm it. Were all these heretics? And were
also the great Church historians, such as Launoy, Almain, Marca, Du
Pin, Bossuet, and others—and the whole body of French or Cisalpine
Christians—all heretics? And what is to be said of the General
Councils of Pisa, Constance, and Basel, all three of which denied the
pope's infallibility in terms of strong condemnation? It would be easy
to multiply these questions; but it is sufficient to say that if the
popes who denied infallibility were heretics, then the line of apostolic
succession is broken by the removal of several important links in the
chain, and the attempt to trace back the present Roman Church to
the apostolic times, and to the Apostle Peter, is an entire and
humiliating failure. And it is an unavoidable inference from a long
line of facts, well proved in history, that but for the unfortunate
alliance between the ambitious popes and the Jesuits to build up
and strengthen their power at the expense of the Church, the
Christian world of the present day would have taken no interest in
the prosecution of that inquiry. The Church is of less consequence to
the Jesuits than their own society, and as they have invariably](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-27-320.jpg)
![abolishing monarchy, which is the most natural form of government,
had attributed almost all power to the populace, who follow no
wisdom and no counsel, and have no understanding of things." He
further instructed the bishops that all "poisoned books" should be
removed "from the hands of the faithful by force and by stratagem."
He declared that "the priesthood and tyranny support each other;
and the one overthrown, the other can not long subsist." He
denounced the liberty after which France was striving, in imitation of
our Revolutionary example, as tending "to corrupt minds, pervert
morals, and overthrow all order in affairs and laws," and the equality
of man as leading to "anarchy" and the "speedy dissolution" of
society.[230]
And inasmuch as this same pope, Pius VI and the present pope, Leo
XIII, have been solemnly decreed to be infallible, incapable of error
in matters of faith, and standing in the place of God upon earth—
and Leo XIII has never repudiated these teachings of Pius VI or
many others of like import by other popes—and the decree of
infallibility has so enlarged his spiritual jurisdiction as to bring all
politico-religious matters throughout the world within its circle, and
the Jesuits have been re-established under their original constitution
as it came from the hands of Loyola, and are still full of life and
vigor, which they constantly display in their tireless efforts to control
the education of American youth, the obligation imposed upon all
our people, of every religious creed, to discover in what direction we
are drifting, is positive, absolute, and indispensable.
FOOTNOTES:
[224] The Council of the Vatican. By Thomas Canon Pope. Page
272.
[225] The Council of the Vatican. By Thomas Canon Pope. Page
10.
[226] The Council of the Vatican. By Thomas Canon Pope. Page
11.](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-33-320.jpg)
![[227] The Council of the Vatican. By Thomas Canon Pope. Pages
12 to 15.
[228] Ecclesiastical History. By Du Pin. Vol. XV-XVI, p. 260.
[229] Variations of Popery. By Edgar. Page 188.
[230] Lives and Times of the Roman Pontiffs. By De Montor. Vol.
II, pp. 461 to 470.
CHAPTER XXIV.
THE CHURCH AND LITERATURE.
It is of the highest importance that the papal interpretation of the
decree of infallibility should be understood. This can be ascertained
only by obtaining information from authoritative sources, from those
who bear such relations to the pope as entitle what they say of the
intentions and purposes of those charged with the administration of
Church affairs, not merely at Rome but elsewhere throughout the
world, to the highest consideration. In the absence of any direct
avowal sent forth from the Vatican, the next best evidence is
embodied in the papal literature, manifestly provided to explain the
character of such teachings as it is designed to introduce into Roman
Catholic religious schools in the United States, and into our common
schools, provided Mgr. Satolli should make his mission here a
success. The conscientious "searcher after truth"—whether
Protestant or Roman Catholic—will find himself well rewarded for
whatsoever labor he may expend in this method of investigation. If
he be a Protestant, he will see that all the principles of
Protestantism, religious and civil, are threatened; and if he be a
Roman Catholic, not belonging to the ecclesiastic body, he will be
likely to discover that his silence is construed by his Church
authorities into acquiescence in politico-religious opinions which his
conscience repudiates and condemns.](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-34-320.jpg)
![can be saved from eternal perdition in no other way than by
conceding to the pope the universality of dominion which it claims
for him, and which, if granted, would overturn every Government
existing in the world, and, first of all, the present Government of
Italy. It is almost impossible, within a reasonable compass, to
explain anything more than his general ideas, and such of these only
as are intended to show how the powers and authority of the Church
and the pope—made equivalent terms by the decree—are viewed by
those whose position and character entitle them to speak knowingly
and authoritatively. For the want of such information as this volume,
and others of the same kind, contain, multitudes of good-intentioned
people, both Protestants and Roman Catholics, are misled.
He attributes the present "spread of false principles," now prevailing
in the progressive nations, to two causes: First, "modern
civilization;" and second, "freedom of conscience," or "the right of
private judgment." He considers all who "respect every religion" as
guilty of "formal apostasy;" and says that "Catholics certainly are
intolerant, and so they ought to be," because "if a Catholic is not
intolerant, he is either a hypocrite, or else does not really believe
what he professes."[231] He insists that when a contest shall arise
"between an ecclesiastical and a lay authority, the Church knows
infallibly that it belongs to her to determine the question," not only
over "spiritual matters," but "whether the point in dispute be a
spiritual matter, or necessarily connected with a spiritual matter."
Hence he argues, in explanation, that "therefore the temporal
authority must be subordinate to the spiritual; the civil authority, and
its rights and powers, must be placed at the absolute disposal of the
Church;" that is, the State must obey the pope in whatsoever he
shall command or exact. Consequently, says he, "the Church, whose
end is the highest end of man, must be preferred before the State;
for all States regard only a temporary or earthly end. If, then, we
have to avoid an imperium in imperio, it is necessary that the
temporal State should give way to the eternal Church;" that is, the
laws of the Church must be obeyed before those of the State. He is
careful to designate the duties of a secular Government like ours as](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-36-320.jpg)
![follows: "Let it look to the civil and criminal laws, its army, its trade,
its finance, its railways, its screw-frigates, and its telegraphs; but let
it not step out of its province, and, like Oza, put forth its hand to
hold up the ark of God." To make the Church free, the pope must be
absolutely independent, and not "in the power of any Government—
with the control of education, and the right to 'administer and
dispose of her own property.'" Referring to a free Government, such
as that of the United States, he says: "A State which is free from the
Church is an atheistical State; it denotes a godless Government and
godless laws, ... which knows nothing of any kind of religion, and
which, therefore, determines to do without God." In order to avoid
confusion, the State must be subordinate to and dependent upon
the Church, because, "by separating Church and State, you cut man
in two, and make inextricable confusion," and because also "a
separation of Church and State is the destruction both of the State
and the religion of the people." And so he argues that "the State can
not be separated from the Church without commencing its
decadence and ruin;" wherefore "the State must obey the legitimate
authority of the Church, and be in subordination to the Church, so
that there may be no clashing of authorities, or conflict of
jurisdictions."[232]
He fiercely denounces secret societies, such as the Freemasons, but
strangely omits the Jesuits, whose proceedings have always been
sheltered behind an impenetrable veil. All such as are not favorable
to the papal demands he calls the "slaves of the devil," and
represents them as belonging to "the synagogue of Satan," only for
the reason that they do not bow their necks to the pontifical yoke—a
method of denunciation as persistently indulged in by such writers,
as if Christ had commanded the passions of hatred and revenge to
be cultivated, and not suppressed. Referring to the bulls of Clement
IX, Benedict XIV, Pius VII, and Leo XII, excommunicating all who
show favor to or harbor them, he declares that any oaths they may
take are not binding. He does not base this upon the conclusion that
they are not authorized by law, and are merely voluntary, but upon
the third canon of the Third Council of Lateran, which applies to all](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-37-320.jpg)
![oaths of whatsoever character, and provides that "it is not an oath,
but an act of perjury, when a man swears to do anything against the
Church;" as, for example, our oath of naturalization and allegiance,
which requires fidelity to heretical institutions, and the maintenance
of the atheistical principle, which requires the State to be separated
from the Church.[233]
The "liberty and independence of the pope in his spiritual
government," he makes to mean "not only the liberty and
independence of his own person, but also that of the numerous
great dignitaries of the Church who assist him, and of the officials
and ministers and employees of every order whom he requires, and
who are required by the numerous ecclesiastical institutions which
surround him, and which extend their operations over the whole
world." In this extraordinary and pretentious claim there is no
disguise—not even equivocation. All appointed by the pope,
including a whole army of employees, of every grade, are to be
exempt from the operations of the public laws of all Protestant
Governments and answerable alone to the pope! Let the friends of
popular government mark well the reason for this universality of the
pope's absolute jurisdiction over the world. It is this, that "if any
Government were to have jurisdiction over them, except that of the
pope alone, or if any Government were able to impede their action,
then the pope would have less immunity and freedom of action than
an ambassador of the meanest power in the world," because he
could not compel them to obey his laws and commands—that is, the
Canon law—instead of those of the State. And he carries this idea of
antagonism between the laws of a State and the Canon laws, to the
extent of the excommunication of the former for "sanctioning some
antichristian principle;" such, for example, as the separation of
Church and State, secular education, or civil marriages. In any of
these cases, "that luckless State may find itself confronted by the
two hundred million Catholics in the world, and the God of armies,
who protect the Church!"[234] And because these "two hundred
million Catholics"—which exceeds the actual number by twenty-five
million—do not protest against such vain threats as this, the Church](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-38-320.jpg)
![enter into politics, if government is not to become an impossibility."
And, surveying the whole field occupied by the modern nations, he
admonishes society to avoid a republic, and adds: "Let the form of
government be a republic, and you will then endure the horrors of
the democracy of '89, or of the Commune of '71; for a nation will
assuredly plunge itself into misery as soon as it attempts to govern
itself."[235]
He devotes a chapter to liberty, in which he says "liberty of thought
is, in fact, the principle of disorder and uncertainty, and a license to
commit every crime." He condemns "liberty of speech," "liberty of
the press," "freedom of worship, religious liberty, or equality of
Churches," and declares that "freedom of worship, or religious
liberty, is a false and pernicious liberty."[236] But being compelled to
realize that Roman Catholics are allowed freedom of religious belief
and worship in Protestant countries, he finds himself constrained to
make an explanation. In doing so, however, he makes a startling
exhibition of Romish and Jesuit intolerance, wheresoever the power
to enforce it is possessed. What is to follow from his pen should
command the most serious attention from all American readers,
whatsoever their religion. His book was not written and published
under influences favorable to the liberty of the press, but under
papal auspices exclusively. It is fairly to be presumed that he was
chosen by the proper papal authority for the purpose, and that so
far from its having been placed upon the "Prohibitory Index" it has
the highest papal sanction. He says:
"Thus it is that Catholics, in some countries, ask for liberty of
education, liberty of worship, liberty of speech, liberty of the press,
and so forth; not because these are good things, but because, in
those countries, the compulsory education, the law for conformity of
worship, the press law, etc., enforce that which is far worse. In the
Egyptian darkness of error, it is good to obtain a little struggling ray
of light. It is better to be on a Cunard steamer than on a raft, but if
the steamer was going down the raft would be preferable. So it is
relatively good, in a pagan or heretic country, to obtain liberty of](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-40-320.jpg)
![worship, or religious liberty; but that choice no more proves that it is
absolutely good, and should be granted in Catholic countries also,
than your getting on a raft in mid-ocean proves that every one, in all
cases, should do so. Still less does it follow that, because liberty of
worship is demanded in Protestant countries, therefore it should be
granted in Catholic countries. To deny religious liberty would be
contradictory of the principle of Protestantism, which is the right of
private judgment. But the principle of Catholicism is repugnant to a
liberty of worship; for the principle of Catholicism is that God has
appointed an infallible Teacher of faith and morals."[237]
He proceeds, with marvelous complacency, to argue that Protestants
have no right to be intolerant toward Roman Catholics, because
"they have no business to imagine that truth is on their side," and
"lies and errors have no rights;"[238] but Roman Catholics have a
right to be intolerant towards Protestants because truth abides only
with them.
The liberty of the press is especially denounced. It is called "the
most hurtful of liberties," and restraints and "checks should be
imposed upon the press." It is condemned as "a crime," and, it is
said, "there is no right to a freedom of the press." In order to prove
how hard the popes and Councils have struggled to put a stop to
"telling lies in public" by "newspaper editors," he cites the "strict
orders" issued by the Lateran Council, under Leo X, that nothing
should be published which the bishops did not approve; and the
renewal of these orders by the Council of Trent. He then enumerates
the following popes, who prescribed rules and injunctions to prevent
these commands from being evaded: Alexander VII, Clement VIII,
Benedict XIV, Pius VI, Pius VII, Leo XII, Pius VIII, Gregory XVI, the
last of whom is represented as saying that "the freedom of the press
is 'detestable' and 'execrable;'" and lastly, Pius IX, in the seventy-
ninth proposition of his Syllabus.[239]
He expresses the most sovereign contempt for the people and to the
principle of fraternity which unites them in a mutual bond for the
establishment and maintenance of their own civil and religious](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-41-320.jpg)
![liberty. "As dogs have their bark," says he, "and 'brindle cats' their
mews, as horses have their neighs and donkeys their brays, so have
the populace their cries." He continues: "Dirty democrats overthrow
those who are above them, in order to leap into their seats and
oppose all other dirty democrats."[240] He condemns the idea of the
sovereignty of the people, as it is established in the United States, in
the severest terms. Where this maxim prevails, according to him,
"no government would be possible," because everything would be in
"fearful disorder," for the reason that "men have always lived in
submission," and every society should continue to have "a
permanent authority over" it. And as this authority must have its
derivation from God, the pope must be this permanent ruler,
because he alone represents God. He draws a picture of the people
performing the "juggling trick and acrobat feat of functioning the
office of sovereign." He mocks at the "supreme wisdom in the
legislation of tinkers;" the "far-sighted prudence in the commands of
clodpoles, hucksters, and scavengers;" and the "docility and
readiness to obey in their beer-wrought, undisciplined minds."
Classing all peoples who have established Governments subject to
their own will, as included in the false picture he has drawn, he
avers "that the people possess no authority, and as they have it not,
they can not delegate it." "The sovereignty of the people, on the
contrary, is the origin of every sort of evil, and the destruction of the
public good or 'commonweal.'" "The people can not ever understand
the principles of justice; they have lost, behind their counters, the
little sense of right they had."[241]
In the chapter from which these extracts are taken, there are a
couple of sentences intentionally passed by as worthy of special
notice and comment. They are pregnant with meaning, and
especially interesting to us in this country, in view of the fact that
Protestants are regarded as rebels against the Church, and are, as a
class, still held to be within its jurisdiction, and subject, like sheep
that have strayed away, to be brought back into the fold again.
These questions are asked:](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-42-320.jpg)
!["If you refuse to recognize the authority of Christ in the Church, how
can you expect your subjects to recognize your authority in the
State? If it is lawful for you to revolt from the Church, it must be
lawful for others to rebel against the State?"[242]
Whilst this does not openly assert the right of Roman Catholics to
revolt against Protestantism and Protestant institutions, it not only
suggests, but leaves it to be inferred. Everybody knows that
Protestantism was the fruit of a revolt against the authority of the
Church at Rome. According to this author, and the teachings of that
Church, no just rights were thereby acquired, because none can
grow out of resistance to its authority. Consequently, Protestantism
has no right to exist, and it is the duty of the Church to reduce it to
obedience—that is, to destroy it—whensoever it can be
accomplished. Hence the suggestions of the author include two
propositions: First, that as Protestantism is rebellion against the
Church, it has set an example which may be rightfully followed in
rebellion against itself; and, second, that if Protestantism has, by its
rebellion against the Church, established civil institutions which the
Church considers inimical to itself, "it must be lawful" to rebel
against such institutions until they shall be made to conform to the
interests and welfare of the Church. Hence, as his theories advance,
he denies that any such thing as nationality, as understood by all
modern peoples, can have any rightful existence, because "it is
opposed to the Church's precept of submission to lawful authority;"
[243] in other words, it is opposed to the right of the infallible pope
to ignore all the boundary-lines of States, and make himself the
sovereign and universal dispenser of the governing authority of the
world within whatsoever jurisdiction he himself shall define. In the
same connection he condemns the doctrine of non-intervention
among nations, and insists that it is their duty to interfere with the
affairs of each other, for the reason that "Christian charity
commands men and nations to come to the rescue of each other."
[244] "Mutual help," says he, "is a fundamental duty of Christianity;
and therefore non-intervention must be a principle belonging to](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-43-320.jpg)
![paganism."[245] This doctrine is manifestly employed to convince all
Roman Catholics throughout the world that it is their duty to bring,
not only themselves, but the Governments under which they live, to
the point of interfering with the affairs of Italy, by force, if necessary,
in order to secure the restoration of the pope's temporal power. In
so far as it applies to the United States it advises that our non-
intervention laws shall be disregarded, because, in enacting them,
the Government usurped a power which did not belong to it,
inasmuch as it tends to results prejudicial to the sovereign rights of
the pope. In furtherance of the same idea, he strenuously resists the
doctrine of what is known as accomplished facts—what the French
call fait accompli; that is, the recognition of the independence and
nationality of a Government which has been successful in
maintaining itself, as the kingdom of Italy has done, by revolutionary
resistance to the arbitrary temporal power of the pope. Therefore, as
the present Government of Italy is an "oppressive tyranny," has
acquired no rights, but has shown "only crime upon crime in a
never-ending chain of iniquities," the "old order of things," with the
pope as a temporal monarch, possessed of absolute power to dictate
all the laws, should be returned to.[246]
We must follow this author somewhat farther, because, before
closing, he reaches a point absolutely vital under civil institutions like
those of this country. He devotes over a dozen pages to "liberal
Catholics," in order to prove that, as the Church must necessarily be
intolerant, liberalism is one of the forms of heresy. "To be Catholic
with the pope, and to be liberal with the Government, are
contradictory characters; they can not exist in the same subject;"
[247] because the former involves that which is true, and the latter
that which is false, where the civil constitution does not conform to
the papal ideas. Such "liberal Catholics" as "put their faith in liberty
of the press, representative government, ministerial responsibility, or
the like"—as all foreign-born Roman Catholics who have taken the
oath of allegiance to the United States have sworn to do—"betray
not only an ignorance or oblivion of what is vital to religion, and of](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-44-320.jpg)
![the principles which Christianity requires in Governments and
constitutions; but also a most false and pernicious opinion." And in
expressing his amazement that there are any in the Church so liberal
towards a Government that is entirely secular and not subject to the
dictation of the pope, he asks this question: "Is it not a matter of
marvel that any one should imagine himself to be a Catholic, while
he is liberal with the Government?" He recognizes no authority for
the government of society but that of the Church, because
conformity to the law of God can be obtained in no other way; and
therefore he says: "If this idea of authority is contradicted,
counterbalanced, or checked in the constitution of a country, then
the Government is founded on a basis which is opposed to reason,
to nature, and to the Christian faith." And for this reason, "modern
constitutions have therefore put themselves into direct antagonism
to the Catholic religion."[248] Consequently, he continues, "every
honest man, in every country, now sighs out a new prayer to his
litany: From a Legislative Chamber, 'good Lord, deliver us!'"[249] He
insists that fidelity to the Church consists in the observance of all the
dogmas set forth in the Syllabus of Pius IX, and thus enumerates
these important propositions contained in it: The 55th condemning
the separation of Church and State; the limitation of the rights of
Governments declared by the 67th; the liberty of worship
condemned by the 77th; the freedom of the press censured by the
79th; civil marriage reprobated by the 65th to the 74th; secular
education, which is called usurpation, proscribed by the 45th to the
48th; oppression of the clergy denounced in the 49th; and "all the
principles of liberalism, of progress, and of modern civilization,"
declared in the 80th, "to be irreconcilable with the Catholicism of the
pope."[250]
With a few more brief comments upon "civil marriage," the
"secularization of education," and the Jesuits, this extraordinary
book is brought to a close by admonishing the faithful not to permit
their children to receive "a godless education" in such public schools
as are authorized by the laws of all our States—because all](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-45-320.jpg)
![education should be under the supervision of the Church—and by
announcing in serious and solemn phrase, that "Protestantism has
filled the world with ruins!"[251]
What an extent of infatuation must have incited this last remark!
There need be said of it only that, in former times, there were
powerful Governments subject to the dominion of the popes, but all
these have passed away—not a single one is left. Protestant
Governments have risen out of the ruins of some, and are now rising
out of those of others of them, and all these are happy, prosperous,
and progressive; whilst the pope himself, with the vast multitude of
his allies assisting him, is devoting all the power given him by the
Church to persuade them to retrace their steps and return to the
retrogressive period of the Middle Ages. The author of the work to
which so much space has been appropriated, is one of his
conspicuous allies, far from being the least distinguished among
them; and for that reason the doctrines he has announced in behalf
of the papacy have been set forth at unusual length. This having
been done, in order that what he has said may be thoroughly
comprehended, it needs only to be further remarked here, that,
according to what he has laid down as the established religious
teachings of the Roman Church, with an infallible pope at its head, it
is impossible for any man to maintain those teachings and at the
same time be loyal to the Government of the United States. There is
no escape from this; but before further comments upon this point,
there are other evidences to show how, since the pope's infallibility
was decreed, the lines of distinction between the popular and papal
forms of government have been so distinctly announced that it
requires very little sagacity to distinguish them, and even less to
realize that they can not co-exist in the same country.
A reverend educator attached to St. Joseph's Seminary, Leeds, in
England, has, since the Vatican Council, also entered upon the task
of instructing the English-speaking world what are the only relations
between civil Governments and the Church which an infallible pope
can approve. His views were first communicated through the](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-46-320.jpg)
![columns of the Catholic Progress, a periodical of extensive
circulation; but they were deemed to be of so much importance and
such an essential part of the permanent literature of the Church,
that in 1883 they were published in book form so as to assure more
general reading. This book, entitled "The Catholic Church and Civil
Governments," contains but little over one hundred pages, and,
being in cheap form, has found its way to the United States, where it
is expected, of course, that its teachings will inoculate the minds of
all the faithful, and furnish instructors to conduct education in
religious schools. What it is expected to accomplish will be seen from
the following references to its contents.
At the opening of the volume the reader is apprised beforehand of
what he shall expect in the way of doctrinal teaching. It is dedicated
to the present pope, Leo XIII, who, besides being designated as the
vicar of Christ, is addressed as "The Christ on earth!"—not as man,
with the faculties and frailties of human nature, but as God himself!
Although the author is not represented as a Jesuit, it may well be
inferred that he is one, from these blasphemous words, which shock
the sense of Christian propriety, and ought to excite indignation in
every intelligent Christian mind.
He starts out by assuming that the present pope "is still a king," and
that "he exercises a real authority over his subjects, irrespective of
the country to which by birth they belong."[252] In this he agrees
with the Italian P. Franco, and the English statesman Lord Montagu,
that the principle of nationality can not be permitted to prevail
against the pope in his march to universal dominion—that State lines
and even ocean boundaries amount to nothing. Upon this hypothesis
he bases the assumption that the Church "is a public society, a
kingdom, a divine State," and possesses "the power of public
jurisprudence."[253] Elsewhere he calls this "external power to
legislate;" that is, to pass laws binding the consciences of her
subjects, to take means to insure those laws being put in exercise,
to be herself the judge of the sense of her laws, to punish them that
trespass against the laws, and to bring them into the right path by](https://image.slidesharecdn.com/53878-250705205432-77d5f5b4/85/Principles-of-Managerial-Finance-Brief-8th-Edition-Zutter-Test-Bank-47-320.jpg)
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- 5. 1. Principles of Managerial Finance Brief 2. Principles of Managerial Finance Brief 3. About the Authors 4. Preface 5. New to This Edition 6. Solving Teaching and Learning Challenges 7. MyLab Finance 8. Developing Employability Skills 9. Instructor Teaching Resources 10. To Our Colleagues, Friends, and Family 11. Part One Introduction to Managerial Finance 12. Chapter 1 The Role of Managerial Finance 13. Learning Goals 14. Why this Chapter Matters to You 15. In Your Professional Life 16. Accounting 17. Information Systems 18. Management 19. Marketing 20. Operations 21. In Your Personal Life 22. 1.1 Finance and the Firm 23. What is Finance? 24. What is a Firm? 25. What is the Goal of the Firm? 26. Maximize Shareholder Wealth 27. Maximize Profit? 28. Timing 29. Cash Flows 30. Risk 31. Maximize Stakeholders’ Welfare? 32. The Role of Business Ethics 33. Ethical Guidelines 34. Ethics and Share Price 35. Review Questions MyLab Finance Solutions 36. 1.2 Managing the Firm 37. The Managerial Finance Function 38. Financial Managers’ Key Decisions 39. Principles That Guide Managers’ Decisions 40. The Time Value of Money 41. The Tradeoff between Return and Risk 42. Cash Is King 43. Competitive Financial Markets 44. Incentives Are Important 45. Organization of the Finance Function 46. Relationship to Economics
- 6. 47. Relationship to Accounting 48. Emphasis on Cash Flows 49. Decision Making 50. Review Questions MyLab Finance Solutions 51. 1.3 Organizational Forms, Taxation, and the Principal–Agent Relationship 52. Legal Forms of Business Organization 53. Sole Proprietorships 54. Partnerships 55. Corporations 56. Business Organizational Forms and Taxation 57. Other Limited Liability Organizations 58. Agency Problems and Agency Costs 59. Corporate Governance 60. Internal Corporate Governance Mechanisms 61. External Corporate Governance Mechanisms 62. Individual versus Institutional Investors 63. The Threat of Takeover 64. Government Regulation 65. Review Questions MyLab Finance Solutions 66. 1.4 Developing Skills for Your Career 67. Critical Thinking 68. Communication and Collaboration 69. Financial Computing Skills 70. Summary 71. Focus on Value 72. Review of Learning Goals 73. Self-Test Problem (Solution in Appendix) 74. Warm-Up Exercises All problems are available in MyLab Finance 75. Problems All problems are available in MyLab Finance. The icon indicates problems in Excel format available in MyLab Finance. 76. Personal Finance Problem 77. Spreadsheet Exercise 78. To Do 79. Chapter 2 The Financial Market Environment 80. Learning Goals 81. Why this Chapter Matters to You 82. In Your Professional Life 83. Accounting 84. Information Systems 85. Management 86. Marketing 87. Operations 88. In Your Personal Life 89. 2.1 Financial Institutions 90. Commercial Banks, Investment Banks, and the Shadow Banking System 91. Commercial Banks
- 7. 92. Investment Banks 93. Shadow Banking System 94. Review Questions MyLab Finance Solutions 95. 2.2 Financial Markets 96. The Relationship between Institutions and Markets 97. The Money Market 98. The Capital Market 99. Key Securities Traded: Bonds and Stocks 100. Broker Markets and Dealer Markets 101. Broker Markets 102. Dealer Markets 103. International Capital Markets 104. The Role of Capital Markets 105. The Efficient-Market Hypothesis 106. Review Questions MyLab Finance Solutions 107. 2.3 Regulation of Financial Markets and Institutions 108. Regulations Governing Financial Institutions 109. Regulations Governing Financial Markets 110. Review Questions MyLab Finance Solutions 111. 2.4 The Securities Issuing Process 112. Issuing Common Stock 113. Private Equity 114. Organization and Investment Stages 115. Deal Structure and Pricing 116. Going Public 117. The Investment Bank’s Role 118. Review Questions MyLab Finance Solutions 119. 2.5 Financial Markets in Crisis 120. Financial Institutions and Real Estate Finance 121. Falling Home Prices and Delinquent Mortgages 122. Crisis of Confidence in Banks 123. Spillover Effects and Recovery from the Great Recession 124. Review Questions MyLab Finance Solutions 125. Summary 126. The Role of Financial Institutions and Markets 127. Review of Learning Goals 128. Self-Test Problem (Solution in Appendix) 129. Warm-Up Exercises All problems are available in MyLab Finance 130. Problems All problems are available in MyLab Finance. The icon indicates problems in Excel format available in MyLab Finance. 131. Spreadsheet Exercise 132. To Do 133. Part Two Financial Tools 134. Chapter 3 Financial Statements and Ratio Analysis 135. Learning Goals 136. Why this Chapter Matters to You
- 8. 137. In Your Professional Life 138. Accounting 139. Information Systems 140. Management 141. Marketing 142. Operations 143. In Your Personal Life 144. 3.1 The Stockholders’ Report 145. The Letter to Stockholders 146. The Four Key Financial Statements 147. Income Statement 148. Balance Sheet 149. Statement of Retained Earnings 150. Statement of Cash Flows 151. Notes to the Financial Statements 152. Consolidating International Financial Statements 153. Review Questions MyLab Finance Solutions 154. 3.2 Using Financial Ratios 155. Interested Parties 156. Types of Ratio Comparisons 157. Cross-Sectional Analysis 158. Time-Series Analysis 159. Combined Analysis 160. Cautions About Using Ratio Analysis 161. Review Questions MyLab Finance Solutions 162. 3.3 Liquidity Ratios 163. Current Ratio 164. Quick (Acid-Test) Ratio 165. Review Questions MyLab Finance Solutions 166. 3.4 Activity Ratios 167. Inventory Turnover 168. Average Collection Period 169. Average Payment Period 170. Total Asset Turnover 171. Review Question MyLab Finance Solutions 172. 3.5 Debt Ratios 173. Debt Ratio 174. Debt-to-Equity Ratio 175. Times Interest Earned Ratio 176. Fixed-Payment Coverage Ratio 177. Review Questions MyLab Finance Solutions 178. 3.6 Profitability Ratios 179. Common-Size Income Statements 180. Gross Profit Margin 181. Operating Profit Margin 182. Net Profit Margin
- 9. 183. Earnings Per Share (EPS) 184. Return on Total Assets (ROA) 185. Return on Equity (ROE) 186. Review Questions MyLab Finance Solutions 187. 3.7 Market Ratios 188. Price/Earnings (P/E) Ratio 189. Market/Book (M/B) Ratio 190. Review Questions MyLab Finance Solutions 191. 3.8 A Complete Ratio Analysis 192. Summary of Whole Foods’ Financial Condition 193. Liquidity 194. Activity 195. Debt 196. Profitability 197. Market 198. DuPont System of Analysis 199. DuPont Formula 200. Modified DuPont Formula 201. Applying the DuPont System 202. Review Questions MyLab Finance Solutions 203. Summary 204. Focus on Value 205. Review of Learning Goals 206. Self-Test Problems (Solutions in Appendix) 207. Warm-Up Exercises All problems are available in MyLab Finance 208. Problems All problems are available in MyLab Finance. The icon indicates problems in Excel format available in MyLab Finance. 209. Personal Finance Problem 210. Personal Finance Problem 211. Spreadsheet Exercise 212. To Do 213. Chapter 4 Long- and Short-Term Financial Planning 214. Learning Goals 215. Why this Chapter Matters to You 216. In Your Professional Life 217. Accounting 218. Information Systems 219. Management 220. Marketing 221. Operations 222. In Your Personal Life 223. 4.1 The Financial Planning Process 224. Long-Term (Strategic) Financial Plans 225. Short-Term (Operating) Financial Plans 226. Review Questions MyLab Finance Solutions 227. 4.2 Measuring the Firm’s Cash Flow
- 10. 228. Depreciation 229. Depreciable Value of an Asset 230. Depreciable Life of an Asset 231. Depreciation Methods 232. Developing the Statement of Cash Flows 233. Classifying Inflows and Outflows of Cash 234. Preparing the Statement of Cash Flows 235. Interpreting the Statement 236. Operating Cash Flow 237. Free Cash Flow 238. Review Questions MyLab Finance Solutions 239. 4.3 Cash Planning: Cash Budgets 240. The Sales Forecast 241. Preparing the Cash Budget 242. Total Cash Receipts 243. Total Cash Disbursements 244. Net Cash Flow, Ending Cash, Financing, and Excess Cash 245. Evaluating the Cash Budget 246. Coping With Uncertainty in the Cash Budget 247. Cash Flow Within the Month 248. Review Questions MyLab Finance Solutions 249. 4.4 Profit Planning: Pro Forma Statements 250. Preceding Year’s Financial Statements 251. Sales Forecast 252. Review Question MyLab Finance Solutions 253. 4.5 Preparing the Pro Forma Income Statement 254. Considering Types of Costs and Expenses 255. Review Questions MyLab Finance Solutions 256. 4.6 Preparing the Pro Forma Balance Sheet 257. Review Questions MyLab Finance Solutions 258. 4.7 Evaluation of Pro Forma Statements 259. Review Questions MyLab Finance Solutions 260. Summary 261. Focus on Value 262. Review of Learning Goals 263. Self-Test Problems (Solutions in Appendix) 264. Warm-Up Exercises All problems are available in MyLab Finance 265. Problems All problems are available in MyLab Finance. The icon indicates problems in Excel format available in MyLab Finance. 266. Personal Finance Problem 267. Spreadsheet Exercise 268. To Do 269. Chapter 5 Time Value of Money 270. Learning Goals 271. Why this Chapter Matters to You 272. In Your Professional Life
- 11. 273. Accounting 274. Information Systems 275. Management 276. Marketing 277. Operations 278. In Your Personal Life 279. 5.1 The Role of Time Value in Finance 280. Future Value Versus Present Value 281. Computational Tools 282. Financial Calculators 283. Electronic Spreadsheets 284. Cash Flow Signs 285. Basic Patterns of Cash Flow 286. Review Questions MyLab Finance Solutions 287. 5.2 Single Amounts 288. Future Value of A Single Amount 289. The Concept of Future Value 290. The Equation for Future Value 291. A Graphical View of Future Value 292. Compound Interest versus Simple Interest 293. Present Value of A Single Amount 294. The Concept of Present Value 295. The Equation for Present Value 296. A Graphical View of Present Value 297. Review Questions MyLab Finance Solutions 298. Excel Review Questions MyLab Finance Solutions 299. 5.3 Annuities 300. Types of Annuities 301. Finding the Future Value of An Ordinary Annuity 302. Finding the Present Value of An Ordinary Annuity 303. Finding the Future Value of An Annuity Due 304. Comparison of An Annuity Due with an Ordinary Annuity Future Value 305. Finding the Present Value of An Annuity Due 306. Comparison of an Annuity Due with an Ordinary Annuity Present Value 307. Finding The Present Value of A Perpetuity 308. Excel Review Questions MyLab Finance Solutions 309. Excel Review Questions MyLab Finance Solutions 310. 5.4 Mixed Streams 311. Future Value of a Mixed Stream 312. Present Value of a Mixed Stream 313. Review Question MyLab Finance Solutions 314. Excel Review Question MyLab Finance Solutions 315. 5.5 Compounding Interest More Frequently Than Annually 316. Semiannual Compounding 317. Quarterly Compounding 318. A General Equation for Compounding
- 12. 319. Using Computational Tools for Compounding 320. Continuous Compounding 321. Nominal and Effective Annual Rates of Interest 322. Review Questions MyLab Finance Solutions 323. Excel Review Questions MyLab Finance Solutions 324. 5.6 Special Applications of Time Value 325. Determining Deposits Needed to Accumulate A Future Sum 326. Loan Amortization 327. Finding Interest or Growth Rates 328. Finding An Unknown Number of Periods 329. Review Questions MyLab Finance Solutions 330. Excel Review Questions MyLab Finance Solutions 331. Summary 332. Focus on Value 333. Review of Learning Goals 334. Self-Test Problems (Solutions in Appendix) 335. Warm-Up Exercises All problems are available in MyLab Finance. 336. Problems All problems are available in MyLab Finance. The icon indicates problems in Excel format available in MyLab Finance. 337. Personal Finance Problem 338. Personal Finance Problem 339. Personal Finance Problem 340. Personal Finance Problem 341. Personal Finance Problem 342. Personal Finance Problem 343. Personal Finance Problem 344. Personal Finance Problem 345. Personal Finance Problem 346. Personal Finance Problem 347. Personal Finance Problem 348. Personal Finance Problem 349. Personal Finance Problem 350. Personal Finance Problem 351. Personal Finance Problem 352. Personal Finance Problem 353. Personal Finance Problem 354. Personal Finance Problem 355. Personal Finance Problem 356. Personal Finance Problem 357. Personal Finance Problem 358. Personal Finance Problem 359. Personal Finance Problem 360. Personal Finance Problem 361. Personal Finance Problem 362. Personal Finance Problem 363. Personal Finance Problem
- 13. 364. Personal Finance Problem 365. Personal Finance Problem 366. Personal Finance Problem 367. Spreadsheet Exercise 368. To Do 369. Part Three Valuation of Securities, 370. Chapter 6 Interest Rates and Bond Valuation 371. Learning Goals 372. Why this Chapter Matters to You 373. In Your Professional Life 374. Accounting 375. Information Systems 376. Management 377. Marketing 378. Operations 379. In Your Personal Life 380. 6.1 Interest Rates and Required Returns 381. Interest Rate Fundamentals 382. Negative Interest Rates 383. Nominal and Real Interest Rates 384. Nominal Interest Rates, Inflation, and Risk 385. Term Structure of Interest Rates 386. Yield Curves 387. Theories of the Term Structure 388. Expectations Theory 389. Liquidity Preference Theory 390. Market Segmentation Theory 391. Risk Premiums: Issuer and Issue Characteristics 392. Review Questions MyLab Finance Solutions 393. 6.2 Government and Corporate Bonds 394. Legal Aspects of Corporate Bonds 395. Bond Indenture 396. Standard Provisions 397. Restrictive Provisions 398. Sinking-Fund Requirements 399. Security or Collateral 400. Trustee 401. Cost of Bonds to the Issuer 402. Impact of Bond Maturity 403. Impact of Offering Size 404. Impact of Issuer’s Risk 405. Impact of the Cost of Money 406. General Features of a Bond Issue 407. Bond Yields 408. Bond Prices 409. Bond Ratings
- 14. 410. Common Types of Bonds 411. International Bond Issues 412. Review Questions MyLab Finance Solutions 413. 6.3 Valuation Fundamentals 414. Key Inputs 415. Cash Flows 416. Timing 417. Risk and Required Return 418. Basic Valuation Model 419. Review Questions MyLab Finance Solutions 420. 6.4 Bond Valuation 421. Bond Fundamentals 422. Bond Valuation 423. Semiannual Interest Rates and Bond Values 424. Changes In Bond Values 425. Required Returns and Bond Values 426. Time to Maturity and Bond Values 427. Constant Required Returns 428. Changing Required Returns 429. Yield to Maturity (YTM) 430. Review Questions MyLab Finance Solutions 431. Excel Review Questions MyLab Finance Solutions 432. Summary 433. Focus on Value 434. Review of Learning Goals 435. Self-Test Problems (Solutions in Appendix) 436. Warm-Up Exercises All problems are available in MyLab Finance. 437. Problems All problems are available in MyLab Finance. The icon indicates problems in Excel format available in MyLab Finance. 438. Personal Finance Problem 439. Personal Finance Problem 440. Personal Finance Problem 441. Personal Finance Problem 442. Personal Finance Problem 443. Spreadsheet Exercise 444. To Do 445. Chapter 7 Stock Valuation 446. Learning Goals 447. Why this Chapter Matters to You 448. In Your Professional Life 449. Accounting 450. Information Systems 451. Management 452. Marketing 453. Operations 454. In Your Personal Life
- 15. 455. 7.1 Differences Between Debt and Equity 456. Voice in Management 457. Claims on Income and Assets 458. Maturity 459. Tax Treatment 460. Review Question MyLab Finance Solution 461. 7.2 Common and Preferred Stock 462. Common Stock 463. Ownership 464. Par Value 465. Preemptive Rights 466. Authorized, Outstanding, and Issued Shares 467. Voting Rights 468. Dividends 469. International Stock Issues 470. Preferred Stock 471. Basic Rights of Preferred Stockholders 472. Features of Preferred Stock 473. Restrictive Covenants 474. Cumulation 475. Other Features 476. Review Questions MyLab Finance Solutions 477. 7.3 Common Stock Valuation 478. Market Efficiency and Stock Valuation 479. The Behavioral Finance Challenge 480. Common Stock Dividend Valuation Model 481. Zero-Growth Dividend Model 482. Preferred Stock Valuation 483. Constant-Growth Dividend Model 484. Variable-Growth Dividend Model 485. Free Cash Flow Stock Valuation Model 486. Other Approaches to Common Stock Valuation 487. Book Value 488. Liquidation Value 489. Price/Earnings (P/E) Multiples 490. Review Questions MyLab Finance Solutions 491. 7.4 Decision Making and Common Stock Value 492. Changes in Expected Dividends 493. Changes in Risk 494. Combined Effect 495. Review Questions MyLab Finance Solutions 496. Summary 497. Focus on Value 498. Review of Learning Goals 499. Self-Test Problems (Solutions in Appendix) 500. Warm-Up Exercises All problems are available in MyLab Finance.
- 16. 501. Problems All problems are available in MyLab Finance. The icon indicates problems in Excel format available in MyLab Finance. 502. Personal Finance Problem 503. Personal Finance Problem 504. Personal Finance Problem 505. Personal Finance Problem 506. Personal Finance Problem 507. Spreadsheet Exercise 508. To Do 509. Part Four Risk and the Required Rate of Return 510. Chapter 8 Risk and Return 511. Learning Goals 512. Why this Chapter Matters to You 513. In Your Professional Life 514. Accounting 515. Information Systems 516. Management 517. Operations 518. In Your Personal Life 519. 8.1 Risk and Return Fundamentals 520. What is Risk? 521. What is Return? 522. Risk Preferences 523. Review Questions MyLab Finance Solutions 524. 8.2 Risk of a Single Asset 525. Risk Assessment 526. Scenario Analysis 527. Probability Distributions 528. Risk Measurement 529. Standard Deviation 530. Historical Returns and Risk 531. Normal Distribution 532. Coefficient of Variation: Trading Off Risk and Return 533. Review Questions MyLab Finance Solutions 534. 8.3 Risk of a Portfolio 535. Portfolio Return and Standard Deviation 536. Correlation 537. Diversification 538. Correlation, Diversification, Risk, and Return 539. International Diversification 540. Returns from International Diversification 541. Risks of International Diversification 542. Review Questions MyLab Finance Solutions 543. 8.4 Risk and Return: The Capital Asset Pricing Model (CAPM) 544. Types of Risk 545. The Model: CAPM
- 17. Other documents randomly have different content
- 18. he has become convinced that a government "for the people, of the people, and by the people," like that of the United States, is not heretical,—then let the announcement of these facts come directly and authoritatively from the Vatican. There are multitudes of Roman Catholics in this country whose hearts would leap with intense joy at such an announcement, and Protestants would hail it as a sure harbinger of future concord, peace, and quiet among all classes of professing Christians, such as existed among the Protestants and Roman Catholics of Germany before the social atmosphere was contaminated by the poison of Jesuitism. Thousands who are inclined to acknowledge the pope's authority over their consciences, within the proper circle of his spiritual domain, would prize an encyclical to that effect, as if each letter were of gold or precious stones, because it would prove to the world that Pius IX was moved only by his own impulsive nature and excited imagination when he declared that the papacy could not become reconciled to, "and agree with, progress, liberalism, and civilization" as they prevail among the modern nations. But until this has been done—regularly and authoritatively—he must be judged alone by the record he has made, and of which his enthusiastic admirers boast as if every word uttered by him was written with the pen of an angel. If the Protestants of the United States still find in these either an open or concealed attack upon the most cherished principles of their Government—the separation of the State from the Church, the freedom of religious belief, of speech, and of the press, the popular right of self-government—they can not be rightfully accused of intolerance when they announce their determination to stand by and maintain these principles to the last. This they must and will do, as their fathers did before, against all the combined powers of the world, no matter from what arsenals their adversaries shall draw their weapons. Nor should they forget that "eternal vigilance is the price of liberty."
- 19. FOOTNOTES: [212] Life of Leo XIII. By O'Reilly. Page 151. [213] De Montor, Vol. I, p. 495. [214] O'Reilly, pp. 482-483. [215] Balmes, pp. 411-412. [216] Ibid., p.v. [217] Ibid., p. 320. [218] Balmes, p. 326. [219] Balmes, p. 328. [220] Balmes, pp. 329-330. [221] Balmes, p. 333. [222] Life of Leo XIII. By O'Reilly. Page 471. [223] Life of Leo XIII. By O'Reilly. Page 409. CHAPTER XXIII. PAPAL INFALLIBILITY. There are few things so important to the people of the United States as that they shall intelligently understand what consequences will inevitably follow the successful termination of Mgr. Satolli's mission to this country in his capacity of deputy-pope. If he shall succeed in breaking down our system of common schools, or in drawing away from them all the children of our Roman Catholic citizens, and in the general or partial substitution of the papal for the American system of education, what will follow? There is but one answer to this question, which is, that religion will be taught in the schools; not the religion of Christ, or the apostles, or the martyrs, or that which prevailed throughout the Christian world for the first five hundred
- 20. years of our era—up till the fall of the Roman Empire—but that which originated in the ambition of emperors and popes, and culminated in such a union, of Church and State as required that the popes should be temporal monarchs, with plenary power to rule over the consciences of mankind. That is what Leo XIII is striving after, and what he has sent Mgr. Satolli to the United States to accomplish. And it was to achieve this that Pius VII united with the arbitrary monarchs of the "Holy Alliance," and re-established the Jesuits; and Pius IX forced through the Vatican Council of 1870 the decree which declares that all the popes who have ever lived and all who shall hereafter live, are, and must be, absolutely infallible. This doctrine of papal infallibility, therefore, is hereafter to constitute the great fundamental feature in every system of Roman Catholic education, the central fact from which all intellectual culture shall radiate, as the rays of light do from the sun. What it is requires no learning to explain, and what effect it would have upon our institutions, if taught in all our schools, it does not require the spirit of prophecy to foretell. That it would undermine and destroy them is as palpable as that poison diffused throughout the body will, if not removed, produce death. The struggle between the popes—that is, the papacy—and the Church as an organized body of Christian people, for a conciliar decree of the pope's infallibility, was continued through a period of more than a thousand years, during which some popes exercised it without authority as a cover for persecution, and to justify their unlimited ambition; others to assure themselves of impunity in the commission of enormous crimes; while others, influenced by honest Christian instinct and sentiment, repudiated and condemned it as demoralizing and antichristian. The Church suffered most when this struggle was at its highest, as is evidenced by the seventy years' residence of the popes at Avignon; the forty years' schism; the claim of the pontifical seat by John XXII, Gregory XII, and Benedict XIII, at the same time; the imprisonment of John XXII by the Council of Constance; the burning of Huss and Jerome at the stake; and the general demoralization of the clergy, to say nothing of other things
- 21. with which all intelligent readers of ecclesiastical history are familiar. When the Church recovered from these and other afflictions, it would be tedious to enumerate; it was done by the influence of the good and unambitious popes, together with that of the great body of its membership, who combined to rebuke the claim of infallibility, because it was founded upon the vain assumption that a mere man, with the passions and impulses of other men, was the equal of God in wisdom and authority. When this decree was obtained by Pius IX from the Vatican Council, twenty-three years ago, the Jesuits won their proudest triumph since their restoration. It made no difference with them, or with Pius IX, or with their obedient followers, that Clement XIV was decreed to have been also infallible when he suppressed them by a solemn pontifical decree, reciting how they had disturbed the peace of the Church and of the nations by their multitude of iniquities, nor how one act of infallibility could be set aside and abrogated by another. Not even a single thought was incited by so inconsequential a matter as this, because everything was centered in the great object of achieving a triumph over liberalism and modern progress, upon the Jesuit theory that "the end justifies the means." Pius IX was present in the Council, and one of the enthusiastic defenders of the decree afterwards gave full vent to his extraordinary imaginings by declaring that the souls of all present were "overwhelmed by the brilliant effulgence of the sun of righteousness and eternal truth, reflected to-day from one greater than Moses, the very vicar of Christ Jesus himself."[224] It is not surprising that an author like this should have become the historian of such a Council, but it is a little so that his book should have been published in this country about two years after, in a form so cheap as to assure it a large circulation among our Roman Catholic population. The motive of this, however, manifestly was that the volume should become educational in the papal schools, to take the place of the histories which point out the advantages we have derived from Protestantism, and at the same time stamp the impression upon the minds of old and young, that the pope, as the only guardian and dictator of true Christian faith is
- 22. and must continue to be—no matter whether as a man he possesses good qualities or bad—a "greater man than Moses," because he is infallible and Moses was not. This character of the work is well established by the fact that, among the deplorable evils of the times, it specifies the usurpation of the education of youth "by unbelieving seculars;" that is, by those who, notwithstanding their professions, know nothing of true religion because they are Protestants; and by the further fact that the chief remedy for these evils pointed out by him is the establishment of the "pope's sovereign power over the world;" and by the still additional fact that, when referring to those Roman Catholics who live under the protection of Protestant institutions, he adds: "The Church has ever regarded it as a matter of importance that the laws of those civil powers, to which her spiritual children are subjected, should be formed in perfect accordance with her own laws;"[225] that is, that as the pope has at last, after more than a thousand years of hard struggle, been decreed to be infallible, they shall not be considered by "the faithful" as binding upon their consciences unless approved by him. And then, establishing it as the foundation-stone upon which the superstructure of the papal system rests, that the Church "has ever proved herself the most powerful bulwark of the temporal power of temporal princes," he proceeds to instruct those who had not then learned what was meant by the pope's infallibility, in what sense the Church expected them to accept it. His words should sink deeply into the mind of every citizen of this country who desires to know what principles of government would be instilled into the minds of American youth if Mgr. Satolli and his Jesuit allies should succeed in destroying our common schools, and substituting for them parochial or religious schools. Here is what he says: "The Church may not wish to interfere in the purely secular concerns of other States, or in the enactment of purely secular laws, for the government of foreign subjects, but she claims a right, and a right divine, to prevent any secular law, or power, being exercised for the injury of religion, the destruction of morals, and the spiritual ruin of her children. She claims a right to supervise such laws, to support,
- 23. their use, if salutary, to control their abuse. In the domain of morals, it is the province of the Church to reign. Wherever there is moral responsibility, it is her prerogative, by divine commission, to guide and to govern, to sanction, to command, or to condemn, to reward merit, and to punish moral delinquency."[226] And, in further definition of infallibility, he says: "The Council will vindicate its authority over the world, and prove its right, founded on a divine commission, to enter most intimately into all the spiritual concerns of the world; to supervise the acts of the king, the diplomatist, the philosopher, and the general; to circumscribe the limits of their speculative inquiries; to hold up the lamp which is to light their only path to knowledge and education; to subjugate human reason to the yoke of faith; to extinguish liberals, rationalists, and deists by one stroke of her infallibility. Infallible dogma is a brilliant light, which every intellect must recognize, whether willingly or reluctantly.... The Church claims its right to enter the world's domain, and recognizes no limits but the circumference of Christendom; to enforce her laws over her subjects; to control their reason and judgment; to guide their morals, their thoughts, words, and actions, and to regard temporal sovereigns, though entitled to exercise power in secular affairs, as auxiliaries and subordinates to the attainment of the end of her institution, the glory of God and the salvation of the immortal souls of men, and to secure for them their everlasting happiness. And this order of things she regards as true liberty—Ubi Spiritus Domini ibi libertas." He insists that the Church has the right to intrude "into the social relations of the general community of worldings;" and has also the "right to supervise the lectures of the professor, the diplomacy of the statesman, the government of kings, and to scrutinize their morality and punish their faults." Referring to the union of Church and State, and the manner in which politico-religious opinions are brought within the papal jurisdiction, he says:
- 24. "Political theorists nowadays presume so far as to proclaim the right of secular States to be what they call free and independent of the Church's laws; that is, they profess to take their temporal governments out of the Church in which God intended to place and to bless them, and to consecrate them in and through the Church. There are even those who have the temerity to advocate the deordination of a Church dependent on the legislative enactments of a secular State! Statesmen know the objects of your transitory existence: it is to enact secular laws, for secular jurisprudence, and for the secular commonweal, and then to live in the Church; to co- operate with the Church; to be sanctified through the Church; and by this happy union to enjoy the reciprocity of the Church's influence over the consciences of your subjects, which is the solid foundation of their loyalty and your stability; and to assist the Church in promoting what is useful for saving their souls, which should be to you also an object of paramount solicitude. Is the world, then, come to this!—that social diplomatists should sever the State from the Church, or domineer over Christian society? Is nature to separate from grace, and set up a dynasty for itself? No, no; Quis separabit? The holy alliance of Church and State constitutes the union of the soul and body—the life and vigor of Christian society! It is time that a General Council shall teach statesmen this salutary lesson, and that they may not put their foot on the steps of Peter's throne; that it is their duty to co-operate with the Church; and that in all matters appertaining to the order of grace, their position is, to sit down and listen respectfully before the Church's teaching chair."[227] Nothing short of the importance of the matters involved in the doctrine of the pope's infallibility, and the consequences which are expected to follow it, can justify such lengthy extracts from a single book. But these considerations do, for the reason that as books like this are seen by few, and read by still fewer, a better opportunity for understanding the objects to be accomplished by them is furnished by this method to both Protestants and Roman Catholics. Multitudes of the latter are deceived and misled into the belief that the doctrine of the pope's infallibility is necessary to the Church, whose Christian
- 25. teachings they revere; whereas, if they, by intelligent instruction and thoughtful reflection, were assured, as the fact really is, that it pertains alone to the power and authority of the popes—that is, to the papacy, and not the Church—it is believed they would neither assent to it themselves, nor allow it to be taught, as a necessary dogma of faith, to their children, either in schools under the auspices of the Church or elsewhere. It would be unfair to them to doubt that they would reject it, if assured, as these extracts would assure them, that infallibility requires the destruction of every form of popular government in order that a grand papal confederation may be constructed for the government of the world, under the sole dominion of the pope. They would, upon proper investigation, see and know that the Council which passed the decree was not a representative body with authority to bind their consciences, but that it was, on the other hand, composed of those who were indebted alone to the pope for all the authority they possessed, and that he could strip them of their robes at his own pleasure in case of disobedience to his commands. And they would learn also that instead of the decree having been passed unanimously by the whole Council—as they have been instructed—there were 157 absentees, who withdrew because of it, leaving those only to vote who were in its favor; that, in point of fact, it was a conflict between the Church, as it had existed under more than 250 popes before Pius IX, and the papacy, and that the victory was won by the latter, to the discomfiture and regret of vast multitudes of their devout Christian brethren in all parts of the world. The Council consisted of 692 members. There were but 535 present when the decree was passed, showing, as stated, 157 absent. Of these, 63 of the diocesan bishops and representatives of what are called "the most illustrious sees in Christendom," signed a written protest against papal infallibility. Of those present, 533 voted for the decree, and 2 against it—one of whom was from the United States—but these were so carried away by the excitement that they gave in their adhesion. Many of the absentees had left Rome in disgust, having signified their opposition before leaving. On the day of the vote, there were 66 in Rome who refused to attend the session. Among these were 4 cardinals, 2
- 26. patriarchs, 2 primates, 18 archbishops, and the remainder were bishops. The result, consequently, was a mere triumph of the majority over the minority, as occurs in legislative bodies. The pretense of unanimity is without foundation, except as regards the votes actually cast. To compare a result thus obtained to the direct intervention of Providence, in imitation of the delivery of the law to Moses, indicates the possession of an exceedingly high faculty of invention; it borders closely upon delusion. Therefore, it may well and appropriately be said that the description of the scene by the author, from whose book the foregoing quotations are extracted, has, in calling Pius IX "greater than Moses, the very vicar of Christ Jesus himself," so far transcended the bounds of reason as to make their author appear like one who lives only in an ethereal atmosphere. There is no authority for saying that he is a Jesuit; but if he were found in companionship with one known to be so, it would be puzzling to tell which was "the twin Dromio," because, beyond all doubt, they would be "two Dromios, one in semblance." What was expected to be accomplished by the decree of the pope's infallibility, by solemnly declaring that God had but one representative upon earth, and that he was so endowed with divine wisdom that he alone could prescribe the universal rule of faith, and was endowed with sufficient authority to enable him to exact and enforce obedience to his commands? Let the thoughtful mind, desirous to obtain a satisfactory answer to this question, ponder well upon the teachings of universal history—the birth, growth, and decay of former nations. Upon innumerable pages he will find it written, more indelibly than if it had been carved upon metal by the engraver's tool, that, from the very beginning of the Christian Church at Rome—whensoever that was—papal infallibility had never been recognized or established as a dogma of religious faith. If the Apostle Peter was the first of the popes—as alleged—then, up till the pontificate of Pius IX, there were two hundred and fifty-eight popes, to say nothing of the numerous anti-popes. There were, besides, numerous General and Provincial Councils, beginning with that at Nice, under Constantine, in 325, and ending with that of the Vatican,
- 27. in 1870—the period between the two being one thousand five hundred and forty-five years. And yet, during all this long, protracted period, there is not to be found, among the articles of religious faith announced from time to time by the Church, one single sentence or word or syllable which requires it to be believed that the pope is infallible! Is all this history mythical? Has it led "the faithful" into error and sin? Were only those popes obedient to the divine law who believed themselves infallible, and acted accordingly, while those who did not were heretics? Why were General Councils necessary to obtain the universal consent of the Church, if the popes were infallible and could decree the faith of their own accord? When popes disagreed—as did John XXII and Nicholas III and Innocent III and Celestine and Pelagius and Gregory the Great—upon important questions, how were they to be decided?[228] Were the popes who denied their own infallibility destined to be cut off in eternity from the presence of God for their heresy? Edgar enumerates eight of these who directly disaffirmed their belief in it,[229] and there were many others who did not affirm it. Were all these heretics? And were also the great Church historians, such as Launoy, Almain, Marca, Du Pin, Bossuet, and others—and the whole body of French or Cisalpine Christians—all heretics? And what is to be said of the General Councils of Pisa, Constance, and Basel, all three of which denied the pope's infallibility in terms of strong condemnation? It would be easy to multiply these questions; but it is sufficient to say that if the popes who denied infallibility were heretics, then the line of apostolic succession is broken by the removal of several important links in the chain, and the attempt to trace back the present Roman Church to the apostolic times, and to the Apostle Peter, is an entire and humiliating failure. And it is an unavoidable inference from a long line of facts, well proved in history, that but for the unfortunate alliance between the ambitious popes and the Jesuits to build up and strengthen their power at the expense of the Church, the Christian world of the present day would have taken no interest in the prosecution of that inquiry. The Church is of less consequence to the Jesuits than their own society, and as they have invariably
- 28. condemned it when not upon their side, so there has been no time since the death of Loyola when they did not consider its humiliation by them as promotive of "the greater glory of God," when thereby their own power and authority could be enlarged. When Pius IX, in 1854, signalized the close of the eighth year of his pontificate by issuing his decree to the effect that thenceforward the Immaculate Conception of the Virgin Mary should be accepted as a dogma of faith, he acted of his own accord and without convening a General Council. It is fair to say, therefore, that he considered this an act of infallibility, then, for the first time, put in practical execution. It was, doubtless, an experiment, practiced with the view to ascertain whether or no it would obtain the approbation of those whose consciences were to be influenced by it. The experiment was successful, and inasmuch as it involved only a question purely of a religious character, no special or injurious consequences followed. Protestants did not regard themselves warranted to complain of it, for the plain reason that the religious faith of Roman Catholics concerned themselves alone. Pius IX, however, intended by this decree something more than merely to add a new dogma to the faith. Undoubtedly, his object was to employ this exercise of infallible power, so that, if accepted with unanimity by the membership of the Church, that might be considered such an indorsement of the doctrine as would justify him in convening a General Council, and having it decree that, not himself alone, but all other popes, both good and bad, were infallible. This is not said reproachfully, but rather to indicate the shrewdness and sagacity practiced by him to influence the large body of believers in the Church. The whole history of the papacy at that time proved that it was essential to its future success that the doctrine of infallibility should be extended beyond mere questions of religious belief, so as to embrace other matters connected with the revolutionary movements then in progress in Europe, which were threatening to undermine, if not destroy, the papal power; that is, the temporal power of the pope. Revolutionary disturbances are always threatening to those against whom they are directed, and
- 29. Pius IX, believing, as he undoubtedly did, that such as then existed in Europe were directed, or would be if not checked, against his temporal power, deemed it necessary to obtain, if possible, the sanction of a conciliar decree to the exercise by him of new powers in addition to those then universally conceded to him over religious questions and affairs. Thus he designed to obtain the express or implied assent of the Church to his exercise of jurisdiction over politico-religious matters, in order that he might be enabled to promulgate such decrees as would, through the agency and influence of "the faithful" among the different European nations, arrest the progress of the revolutionary movements, and save his temporal power. Hence, when the decree of infallibility was interpreted by him in the light of these events and his own purposes, he had no difficulty in concluding that it had given him jurisdiction over all such politico-religious questions as bore, either directly or indirectly, upon the spiritual or temporal interests of the Church in all parts of the world. That his successor, Leo XIII, agrees with him in this interpretation no intelligent man can deny. If he were not influenced to do this by his desire to regain the temporal power which was taken away from his predecessor, his education and training by the Jesuits would impress his mind with the conviction that a temporal crown upon his head is a positive necessity, in order that he may promote "the greater glory of God." Consequently, when it is thus made too plain and palpable to admit of fair denial, that the infallibility of the pope is the chiefest and most fundamental dogma of faith—the foundation of the whole system of papal belief— it is positively obligatory upon us, in this country, to understand its full import and meaning. If anything were required to make this obligation more binding than it is, it is found in the facts now confronting us, that our public schools are pronounced "godless" because this religious dogma is not taught to our children, and that it is taught to Roman Catholic children in parochial schools, mainly under Jesuit control. Tedious as the evidence already adduced may seem to be to those who look at such matters as these only by casual glances, it is
- 30. indispensable to a thorough knowledge of the truth that the politico- religious matters which this decree has brought within the jurisdiction of the pope should be plainly and distinctly made known. Without this knowledge, our tolerance may seem to invite dangerous encroachments, by the Jesuits and those obedient to them, upon some of the most highly cherished principles of our Government. We have seen, from one papal author, what is meant at Rome by a religious education, and shall, in the next chapter, see cumulative proof from another, probably more influential. From this latter author, even more distinctly than from the former, we shall see how absolutely we should be subject to the commands of the pope; how we should be domineered over by his ecclesiastical hierarchy and their Jesuit allies; how all our actions, thoughts, and impulses, would be held in obedience to ecclesiastical and monarchical dictation; and how we should have, instead of a Government of the people, one under the arbitrary dictatorship of a foreign sovereign, who can neither speak our language nor understand our Constitution and laws. We might be permitted to manage our secular affairs—such as relate to the transaction of our ordinary business—but in everything we should consider as pertaining to the Church or himself, he would become our absolute and irresponsible ruler. Church and State would be united, and all the measures provided by the framers of our Government for the protection of our natural rights—such as the freedom of religious belief, of the press, and of speech—would be destroyed. Free government would be at an end, and a threatening cloud would hover over us like the pall of death. We should be turned back to the Middle Ages, and all the fruits of the Reformation would be lost, without the probability of ever being afterwards regained by our posterity. A careful scanning of what follows will show that this picture is not overdrawn. And if it is not, the obligation to see that these calamities shall not befall us, rests as heavily upon the Roman Catholic as it does upon the Protestant part of our population. A common spirit should animate the hearts of all, no matter what their religious belief, and stimulate them to joint protest and mutual
- 31. defense. Those who brave the dangers of navigation upon the same vessel at sea, must, when the storm rages, unite together in heart and hand, or run the risk of sinking in a watery grave. So it is with those whose lives and fortunes and earthly interests are under the protection of the same civil institutions; if they become divided into angry and adverse factions, under the dominion of unrestrained passions, they invite the spoiler to undermine the foundations of the fortress which shelters and protects them. That the Jesuits, in the war they are now making, and have always made, against civil and religious liberty, constitute such a spoiler, history attests in numerous volumes. Wheresoever civil government has been made obedient to the popular will, they have labored indefatigably for its overthrow. To that end monarchism has been made the central and controlling principle of their organization—so completely so that their society never has existed, and could not exist, without it. They warred malevolently upon the best of the popes, and defied the authority of the Church for more than a hundred years—never abating their vengeance, except when the pontifical chair was occupied by a pope who submitted to their dictation. They are, to-day—as at every hour since the time of Loyola—compactly united to destroy, as sinful and heretical, all civil institutions constructed by the people for their own protection, and substitute for them such as are obedient to monarchs and their own interpretation of the divine law. And now, when the pontifical authority is vested in a pope whose youthful mind was impressed and disciplined by their teachings, and they stand ready to subvert every Government which has separated the State from the Church, and secured the freedom of conscience, of speech, and of the press, and are straining every nerve to obtain the control of our system of common-school education, so as to instill their doctrines into the minds of the American youth—the times have become such that all the citizens of the United States, irrespective of their forms of religious belief, should form a solid and united body in resistance to their un-American plottings.
- 32. Charles Carroll, of Carrollton, who signed our Declaration of Independence, was a Roman Catholic, but not a Jesuit. He loved his Church, and adhered to its faith, which did not then require him to believe that its pope was infallible; and with his mind filled with patriotic emotions, he stood by the side of Thomas Jefferson, Benjamin Franklin, and fifty-four other patriots, and united with them in separating Church and State, in establishing a Government of the people, in guaranteeing the absolute freedom of religious belief; and when he and they looked upon the great work they had accomplished, they solemnly declared that it was in obedience to "the laws of nature and of nature's God." He who now insists, as the Jesuits do, that in all this he violated his Christian conscience by offending God in the perpetration of an act of heresy, not only asperses unjustly the memory of this unselfish patriot, but wounds the sensibilities of every true American heart. At the time our independence was established Pius VI was pope. He had not been declared to be infallible, and the Jesuits did not exist as a society under the protection of the Church; for they had been suppressed for their innumerable offenses against the Church and the nations, by his immediate predecessor Clement XIV, and were wanderers over the earth, seeking shelter under heretical princes and States, where they were allowed to plot against the Church. The pope, therefore, possessing only spiritual jurisdiction, did not pronounce a pontifical curse upon our infant institutions, not only because they were not within that jurisdiction, but because they secured, by proper guarantees, the freedom of religious belief to Roman Catholics. He had his hands full in attempting to deal with the French Revolution, over which he supposed his jurisdiction to extend, because France had, for several centuries, recognized the spiritual dominion of his predecessors and their right to regulate its faith. Consequently, he took the side of Louis XVI against the people of France, and denounced the Legislative Assembly, and avowed his purpose to maintain all the prerogative rights of the "Holy See." He, accordingly, issued an encyclical proclamation, in which he condemned the efforts of the French people to establish a Republic, and the Legislative Assembly, in these words: "That Assembly, after
- 33. abolishing monarchy, which is the most natural form of government, had attributed almost all power to the populace, who follow no wisdom and no counsel, and have no understanding of things." He further instructed the bishops that all "poisoned books" should be removed "from the hands of the faithful by force and by stratagem." He declared that "the priesthood and tyranny support each other; and the one overthrown, the other can not long subsist." He denounced the liberty after which France was striving, in imitation of our Revolutionary example, as tending "to corrupt minds, pervert morals, and overthrow all order in affairs and laws," and the equality of man as leading to "anarchy" and the "speedy dissolution" of society.[230] And inasmuch as this same pope, Pius VI and the present pope, Leo XIII, have been solemnly decreed to be infallible, incapable of error in matters of faith, and standing in the place of God upon earth— and Leo XIII has never repudiated these teachings of Pius VI or many others of like import by other popes—and the decree of infallibility has so enlarged his spiritual jurisdiction as to bring all politico-religious matters throughout the world within its circle, and the Jesuits have been re-established under their original constitution as it came from the hands of Loyola, and are still full of life and vigor, which they constantly display in their tireless efforts to control the education of American youth, the obligation imposed upon all our people, of every religious creed, to discover in what direction we are drifting, is positive, absolute, and indispensable. FOOTNOTES: [224] The Council of the Vatican. By Thomas Canon Pope. Page 272. [225] The Council of the Vatican. By Thomas Canon Pope. Page 10. [226] The Council of the Vatican. By Thomas Canon Pope. Page 11.
- 34. [227] The Council of the Vatican. By Thomas Canon Pope. Pages 12 to 15. [228] Ecclesiastical History. By Du Pin. Vol. XV-XVI, p. 260. [229] Variations of Popery. By Edgar. Page 188. [230] Lives and Times of the Roman Pontiffs. By De Montor. Vol. II, pp. 461 to 470. CHAPTER XXIV. THE CHURCH AND LITERATURE. It is of the highest importance that the papal interpretation of the decree of infallibility should be understood. This can be ascertained only by obtaining information from authoritative sources, from those who bear such relations to the pope as entitle what they say of the intentions and purposes of those charged with the administration of Church affairs, not merely at Rome but elsewhere throughout the world, to the highest consideration. In the absence of any direct avowal sent forth from the Vatican, the next best evidence is embodied in the papal literature, manifestly provided to explain the character of such teachings as it is designed to introduce into Roman Catholic religious schools in the United States, and into our common schools, provided Mgr. Satolli should make his mission here a success. The conscientious "searcher after truth"—whether Protestant or Roman Catholic—will find himself well rewarded for whatsoever labor he may expend in this method of investigation. If he be a Protestant, he will see that all the principles of Protestantism, religious and civil, are threatened; and if he be a Roman Catholic, not belonging to the ecclesiastic body, he will be likely to discover that his silence is construed by his Church authorities into acquiescence in politico-religious opinions which his conscience repudiates and condemns.
- 35. During the progress of the Italian revolution in 1868, a work appeared in Italy from the pen of P. Franco, wherein the relations between the Church and secular Governments, as well as individuals and communities, were elaborately discussed. This work was evidently authoritative, and if it did not have the special approval of Pius IX, it undoubtedly had that of those high in position at the Vatican. It had two controlling objects: First, to check the revolution, and to bring the Italian people into a proper state of obedience to the pope, as a temporal monarch with absolute authority; second, to prepare the way for the acknowledgment of the infallibility of the pope, which was then in contemplation. It failed in the first, because that involved the civil and political rights of the Italian people, which they had determined not to leave longer under the dominion of irresponsible monarchical power; and aided, it is supposed, in accomplishing the second, because it was asserted and believed that it had reference only to matters of religious faith. At all events, the passage of the decree encountered no direct resistance from the Italian people, as it would undoubtedly have done if they had supposed it intended to counteract and destroy the influences of the revolution, in so far as they affected their political rights. After the decree was passed, it was considered important that this work of Franco should be translated into the English language, so as to bring all English-speaking Roman Catholics to the point of accepting papal infallibility, both as an accomplished fact and the only true religious faith; and to convince them of the enormous sin they would commit by refusing to do so. Lord Robert Montagu, a Roman Catholic member of the British Parliament, became the translator, following the original, as far as he considered it expedient, upon points of religious doctrine, and adding some reflections of his own. It was published in London in 1874—four years after the passage of the decree—in order to create English opinion in favor of the restoration of the temporal power of the pope, and the recognition of his infallibility. This work has 428 pages, almost every one of which contains assertions designed to prove that the spirit of the present progressive age is offensive to God, and that mankind
- 36. can be saved from eternal perdition in no other way than by conceding to the pope the universality of dominion which it claims for him, and which, if granted, would overturn every Government existing in the world, and, first of all, the present Government of Italy. It is almost impossible, within a reasonable compass, to explain anything more than his general ideas, and such of these only as are intended to show how the powers and authority of the Church and the pope—made equivalent terms by the decree—are viewed by those whose position and character entitle them to speak knowingly and authoritatively. For the want of such information as this volume, and others of the same kind, contain, multitudes of good-intentioned people, both Protestants and Roman Catholics, are misled. He attributes the present "spread of false principles," now prevailing in the progressive nations, to two causes: First, "modern civilization;" and second, "freedom of conscience," or "the right of private judgment." He considers all who "respect every religion" as guilty of "formal apostasy;" and says that "Catholics certainly are intolerant, and so they ought to be," because "if a Catholic is not intolerant, he is either a hypocrite, or else does not really believe what he professes."[231] He insists that when a contest shall arise "between an ecclesiastical and a lay authority, the Church knows infallibly that it belongs to her to determine the question," not only over "spiritual matters," but "whether the point in dispute be a spiritual matter, or necessarily connected with a spiritual matter." Hence he argues, in explanation, that "therefore the temporal authority must be subordinate to the spiritual; the civil authority, and its rights and powers, must be placed at the absolute disposal of the Church;" that is, the State must obey the pope in whatsoever he shall command or exact. Consequently, says he, "the Church, whose end is the highest end of man, must be preferred before the State; for all States regard only a temporary or earthly end. If, then, we have to avoid an imperium in imperio, it is necessary that the temporal State should give way to the eternal Church;" that is, the laws of the Church must be obeyed before those of the State. He is careful to designate the duties of a secular Government like ours as
- 37. follows: "Let it look to the civil and criminal laws, its army, its trade, its finance, its railways, its screw-frigates, and its telegraphs; but let it not step out of its province, and, like Oza, put forth its hand to hold up the ark of God." To make the Church free, the pope must be absolutely independent, and not "in the power of any Government— with the control of education, and the right to 'administer and dispose of her own property.'" Referring to a free Government, such as that of the United States, he says: "A State which is free from the Church is an atheistical State; it denotes a godless Government and godless laws, ... which knows nothing of any kind of religion, and which, therefore, determines to do without God." In order to avoid confusion, the State must be subordinate to and dependent upon the Church, because, "by separating Church and State, you cut man in two, and make inextricable confusion," and because also "a separation of Church and State is the destruction both of the State and the religion of the people." And so he argues that "the State can not be separated from the Church without commencing its decadence and ruin;" wherefore "the State must obey the legitimate authority of the Church, and be in subordination to the Church, so that there may be no clashing of authorities, or conflict of jurisdictions."[232] He fiercely denounces secret societies, such as the Freemasons, but strangely omits the Jesuits, whose proceedings have always been sheltered behind an impenetrable veil. All such as are not favorable to the papal demands he calls the "slaves of the devil," and represents them as belonging to "the synagogue of Satan," only for the reason that they do not bow their necks to the pontifical yoke—a method of denunciation as persistently indulged in by such writers, as if Christ had commanded the passions of hatred and revenge to be cultivated, and not suppressed. Referring to the bulls of Clement IX, Benedict XIV, Pius VII, and Leo XII, excommunicating all who show favor to or harbor them, he declares that any oaths they may take are not binding. He does not base this upon the conclusion that they are not authorized by law, and are merely voluntary, but upon the third canon of the Third Council of Lateran, which applies to all
- 38. oaths of whatsoever character, and provides that "it is not an oath, but an act of perjury, when a man swears to do anything against the Church;" as, for example, our oath of naturalization and allegiance, which requires fidelity to heretical institutions, and the maintenance of the atheistical principle, which requires the State to be separated from the Church.[233] The "liberty and independence of the pope in his spiritual government," he makes to mean "not only the liberty and independence of his own person, but also that of the numerous great dignitaries of the Church who assist him, and of the officials and ministers and employees of every order whom he requires, and who are required by the numerous ecclesiastical institutions which surround him, and which extend their operations over the whole world." In this extraordinary and pretentious claim there is no disguise—not even equivocation. All appointed by the pope, including a whole army of employees, of every grade, are to be exempt from the operations of the public laws of all Protestant Governments and answerable alone to the pope! Let the friends of popular government mark well the reason for this universality of the pope's absolute jurisdiction over the world. It is this, that "if any Government were to have jurisdiction over them, except that of the pope alone, or if any Government were able to impede their action, then the pope would have less immunity and freedom of action than an ambassador of the meanest power in the world," because he could not compel them to obey his laws and commands—that is, the Canon law—instead of those of the State. And he carries this idea of antagonism between the laws of a State and the Canon laws, to the extent of the excommunication of the former for "sanctioning some antichristian principle;" such, for example, as the separation of Church and State, secular education, or civil marriages. In any of these cases, "that luckless State may find itself confronted by the two hundred million Catholics in the world, and the God of armies, who protect the Church!"[234] And because these "two hundred million Catholics"—which exceeds the actual number by twenty-five million—do not protest against such vain threats as this, the Church
- 39. authorities interpret their silence to mean approval, and thus they convert their follies of one day into the infatuation of the next, and finally into positive hallucination. This distinguished author furnishes many additional evidences of this—evidences sufficient to convince any unbiased mind, beyond any ground for reasonable doubt, that the Jesuits obtained complete triumph over the pope, and he over the Church. All independent Governments claim and exercise the right to regulate and manage their own affairs, and when this right is lost, from whatsoever cause, their independence is brought to an end. Yet this author lays it down as a settled principle of ecclesiastical law that the Church—that is, the pope—possesses the exclusive authority to decide its own jurisdiction over spirituals and temporals. After averring that "the Church alone is competent to declare what she is and what belongs to her," he affirms the doctrines announced by the celebrated Syllabus of Pius IX, and charges those who do not accept these teachings with renouncing the only true faith. "The pope," says he, "can not sanction indifferentism or liberty of worship, nor civil marriages, nor secular education; he can not concede liberty, or rather license, of the press; nor recognize sovereignty of the people; nor admit the necessity of the 'social evil;' nor legalize robbery and murder"—thus placing some of the essential principles of our Government upon a level with the most flagrant crimes. He characterizes "the daily paper" as the "common sewer of human iniquities," and considers popular government such an abomination that the Church must not be silent wheresoever "a false principle—the sovereignty of the people"—shall prevail. Hence, in order to correct these evils and extirpate these heresies, the "priests must enter into politics," because the Church "has a right and duty to meddle in every question, in so far as it is in the moral order"— giving, by way of illustration, "trade, commerce, finance, and military and naval matters." If a State shall do anything to hinder the accomplishment of any of the supernatural ends sought after by the Church, it must be reduced to subordination, as "it is the duty of the superior society to correct it." Hence "religion must of necessity
- 40. enter into politics, if government is not to become an impossibility." And, surveying the whole field occupied by the modern nations, he admonishes society to avoid a republic, and adds: "Let the form of government be a republic, and you will then endure the horrors of the democracy of '89, or of the Commune of '71; for a nation will assuredly plunge itself into misery as soon as it attempts to govern itself."[235] He devotes a chapter to liberty, in which he says "liberty of thought is, in fact, the principle of disorder and uncertainty, and a license to commit every crime." He condemns "liberty of speech," "liberty of the press," "freedom of worship, religious liberty, or equality of Churches," and declares that "freedom of worship, or religious liberty, is a false and pernicious liberty."[236] But being compelled to realize that Roman Catholics are allowed freedom of religious belief and worship in Protestant countries, he finds himself constrained to make an explanation. In doing so, however, he makes a startling exhibition of Romish and Jesuit intolerance, wheresoever the power to enforce it is possessed. What is to follow from his pen should command the most serious attention from all American readers, whatsoever their religion. His book was not written and published under influences favorable to the liberty of the press, but under papal auspices exclusively. It is fairly to be presumed that he was chosen by the proper papal authority for the purpose, and that so far from its having been placed upon the "Prohibitory Index" it has the highest papal sanction. He says: "Thus it is that Catholics, in some countries, ask for liberty of education, liberty of worship, liberty of speech, liberty of the press, and so forth; not because these are good things, but because, in those countries, the compulsory education, the law for conformity of worship, the press law, etc., enforce that which is far worse. In the Egyptian darkness of error, it is good to obtain a little struggling ray of light. It is better to be on a Cunard steamer than on a raft, but if the steamer was going down the raft would be preferable. So it is relatively good, in a pagan or heretic country, to obtain liberty of
- 41. worship, or religious liberty; but that choice no more proves that it is absolutely good, and should be granted in Catholic countries also, than your getting on a raft in mid-ocean proves that every one, in all cases, should do so. Still less does it follow that, because liberty of worship is demanded in Protestant countries, therefore it should be granted in Catholic countries. To deny religious liberty would be contradictory of the principle of Protestantism, which is the right of private judgment. But the principle of Catholicism is repugnant to a liberty of worship; for the principle of Catholicism is that God has appointed an infallible Teacher of faith and morals."[237] He proceeds, with marvelous complacency, to argue that Protestants have no right to be intolerant toward Roman Catholics, because "they have no business to imagine that truth is on their side," and "lies and errors have no rights;"[238] but Roman Catholics have a right to be intolerant towards Protestants because truth abides only with them. The liberty of the press is especially denounced. It is called "the most hurtful of liberties," and restraints and "checks should be imposed upon the press." It is condemned as "a crime," and, it is said, "there is no right to a freedom of the press." In order to prove how hard the popes and Councils have struggled to put a stop to "telling lies in public" by "newspaper editors," he cites the "strict orders" issued by the Lateran Council, under Leo X, that nothing should be published which the bishops did not approve; and the renewal of these orders by the Council of Trent. He then enumerates the following popes, who prescribed rules and injunctions to prevent these commands from being evaded: Alexander VII, Clement VIII, Benedict XIV, Pius VI, Pius VII, Leo XII, Pius VIII, Gregory XVI, the last of whom is represented as saying that "the freedom of the press is 'detestable' and 'execrable;'" and lastly, Pius IX, in the seventy- ninth proposition of his Syllabus.[239] He expresses the most sovereign contempt for the people and to the principle of fraternity which unites them in a mutual bond for the establishment and maintenance of their own civil and religious
- 42. liberty. "As dogs have their bark," says he, "and 'brindle cats' their mews, as horses have their neighs and donkeys their brays, so have the populace their cries." He continues: "Dirty democrats overthrow those who are above them, in order to leap into their seats and oppose all other dirty democrats."[240] He condemns the idea of the sovereignty of the people, as it is established in the United States, in the severest terms. Where this maxim prevails, according to him, "no government would be possible," because everything would be in "fearful disorder," for the reason that "men have always lived in submission," and every society should continue to have "a permanent authority over" it. And as this authority must have its derivation from God, the pope must be this permanent ruler, because he alone represents God. He draws a picture of the people performing the "juggling trick and acrobat feat of functioning the office of sovereign." He mocks at the "supreme wisdom in the legislation of tinkers;" the "far-sighted prudence in the commands of clodpoles, hucksters, and scavengers;" and the "docility and readiness to obey in their beer-wrought, undisciplined minds." Classing all peoples who have established Governments subject to their own will, as included in the false picture he has drawn, he avers "that the people possess no authority, and as they have it not, they can not delegate it." "The sovereignty of the people, on the contrary, is the origin of every sort of evil, and the destruction of the public good or 'commonweal.'" "The people can not ever understand the principles of justice; they have lost, behind their counters, the little sense of right they had."[241] In the chapter from which these extracts are taken, there are a couple of sentences intentionally passed by as worthy of special notice and comment. They are pregnant with meaning, and especially interesting to us in this country, in view of the fact that Protestants are regarded as rebels against the Church, and are, as a class, still held to be within its jurisdiction, and subject, like sheep that have strayed away, to be brought back into the fold again. These questions are asked:
- 43. "If you refuse to recognize the authority of Christ in the Church, how can you expect your subjects to recognize your authority in the State? If it is lawful for you to revolt from the Church, it must be lawful for others to rebel against the State?"[242] Whilst this does not openly assert the right of Roman Catholics to revolt against Protestantism and Protestant institutions, it not only suggests, but leaves it to be inferred. Everybody knows that Protestantism was the fruit of a revolt against the authority of the Church at Rome. According to this author, and the teachings of that Church, no just rights were thereby acquired, because none can grow out of resistance to its authority. Consequently, Protestantism has no right to exist, and it is the duty of the Church to reduce it to obedience—that is, to destroy it—whensoever it can be accomplished. Hence the suggestions of the author include two propositions: First, that as Protestantism is rebellion against the Church, it has set an example which may be rightfully followed in rebellion against itself; and, second, that if Protestantism has, by its rebellion against the Church, established civil institutions which the Church considers inimical to itself, "it must be lawful" to rebel against such institutions until they shall be made to conform to the interests and welfare of the Church. Hence, as his theories advance, he denies that any such thing as nationality, as understood by all modern peoples, can have any rightful existence, because "it is opposed to the Church's precept of submission to lawful authority;" [243] in other words, it is opposed to the right of the infallible pope to ignore all the boundary-lines of States, and make himself the sovereign and universal dispenser of the governing authority of the world within whatsoever jurisdiction he himself shall define. In the same connection he condemns the doctrine of non-intervention among nations, and insists that it is their duty to interfere with the affairs of each other, for the reason that "Christian charity commands men and nations to come to the rescue of each other." [244] "Mutual help," says he, "is a fundamental duty of Christianity; and therefore non-intervention must be a principle belonging to
- 44. paganism."[245] This doctrine is manifestly employed to convince all Roman Catholics throughout the world that it is their duty to bring, not only themselves, but the Governments under which they live, to the point of interfering with the affairs of Italy, by force, if necessary, in order to secure the restoration of the pope's temporal power. In so far as it applies to the United States it advises that our non- intervention laws shall be disregarded, because, in enacting them, the Government usurped a power which did not belong to it, inasmuch as it tends to results prejudicial to the sovereign rights of the pope. In furtherance of the same idea, he strenuously resists the doctrine of what is known as accomplished facts—what the French call fait accompli; that is, the recognition of the independence and nationality of a Government which has been successful in maintaining itself, as the kingdom of Italy has done, by revolutionary resistance to the arbitrary temporal power of the pope. Therefore, as the present Government of Italy is an "oppressive tyranny," has acquired no rights, but has shown "only crime upon crime in a never-ending chain of iniquities," the "old order of things," with the pope as a temporal monarch, possessed of absolute power to dictate all the laws, should be returned to.[246] We must follow this author somewhat farther, because, before closing, he reaches a point absolutely vital under civil institutions like those of this country. He devotes over a dozen pages to "liberal Catholics," in order to prove that, as the Church must necessarily be intolerant, liberalism is one of the forms of heresy. "To be Catholic with the pope, and to be liberal with the Government, are contradictory characters; they can not exist in the same subject;" [247] because the former involves that which is true, and the latter that which is false, where the civil constitution does not conform to the papal ideas. Such "liberal Catholics" as "put their faith in liberty of the press, representative government, ministerial responsibility, or the like"—as all foreign-born Roman Catholics who have taken the oath of allegiance to the United States have sworn to do—"betray not only an ignorance or oblivion of what is vital to religion, and of
- 45. the principles which Christianity requires in Governments and constitutions; but also a most false and pernicious opinion." And in expressing his amazement that there are any in the Church so liberal towards a Government that is entirely secular and not subject to the dictation of the pope, he asks this question: "Is it not a matter of marvel that any one should imagine himself to be a Catholic, while he is liberal with the Government?" He recognizes no authority for the government of society but that of the Church, because conformity to the law of God can be obtained in no other way; and therefore he says: "If this idea of authority is contradicted, counterbalanced, or checked in the constitution of a country, then the Government is founded on a basis which is opposed to reason, to nature, and to the Christian faith." And for this reason, "modern constitutions have therefore put themselves into direct antagonism to the Catholic religion."[248] Consequently, he continues, "every honest man, in every country, now sighs out a new prayer to his litany: From a Legislative Chamber, 'good Lord, deliver us!'"[249] He insists that fidelity to the Church consists in the observance of all the dogmas set forth in the Syllabus of Pius IX, and thus enumerates these important propositions contained in it: The 55th condemning the separation of Church and State; the limitation of the rights of Governments declared by the 67th; the liberty of worship condemned by the 77th; the freedom of the press censured by the 79th; civil marriage reprobated by the 65th to the 74th; secular education, which is called usurpation, proscribed by the 45th to the 48th; oppression of the clergy denounced in the 49th; and "all the principles of liberalism, of progress, and of modern civilization," declared in the 80th, "to be irreconcilable with the Catholicism of the pope."[250] With a few more brief comments upon "civil marriage," the "secularization of education," and the Jesuits, this extraordinary book is brought to a close by admonishing the faithful not to permit their children to receive "a godless education" in such public schools as are authorized by the laws of all our States—because all
- 46. education should be under the supervision of the Church—and by announcing in serious and solemn phrase, that "Protestantism has filled the world with ruins!"[251] What an extent of infatuation must have incited this last remark! There need be said of it only that, in former times, there were powerful Governments subject to the dominion of the popes, but all these have passed away—not a single one is left. Protestant Governments have risen out of the ruins of some, and are now rising out of those of others of them, and all these are happy, prosperous, and progressive; whilst the pope himself, with the vast multitude of his allies assisting him, is devoting all the power given him by the Church to persuade them to retrace their steps and return to the retrogressive period of the Middle Ages. The author of the work to which so much space has been appropriated, is one of his conspicuous allies, far from being the least distinguished among them; and for that reason the doctrines he has announced in behalf of the papacy have been set forth at unusual length. This having been done, in order that what he has said may be thoroughly comprehended, it needs only to be further remarked here, that, according to what he has laid down as the established religious teachings of the Roman Church, with an infallible pope at its head, it is impossible for any man to maintain those teachings and at the same time be loyal to the Government of the United States. There is no escape from this; but before further comments upon this point, there are other evidences to show how, since the pope's infallibility was decreed, the lines of distinction between the popular and papal forms of government have been so distinctly announced that it requires very little sagacity to distinguish them, and even less to realize that they can not co-exist in the same country. A reverend educator attached to St. Joseph's Seminary, Leeds, in England, has, since the Vatican Council, also entered upon the task of instructing the English-speaking world what are the only relations between civil Governments and the Church which an infallible pope can approve. His views were first communicated through the
- 47. columns of the Catholic Progress, a periodical of extensive circulation; but they were deemed to be of so much importance and such an essential part of the permanent literature of the Church, that in 1883 they were published in book form so as to assure more general reading. This book, entitled "The Catholic Church and Civil Governments," contains but little over one hundred pages, and, being in cheap form, has found its way to the United States, where it is expected, of course, that its teachings will inoculate the minds of all the faithful, and furnish instructors to conduct education in religious schools. What it is expected to accomplish will be seen from the following references to its contents. At the opening of the volume the reader is apprised beforehand of what he shall expect in the way of doctrinal teaching. It is dedicated to the present pope, Leo XIII, who, besides being designated as the vicar of Christ, is addressed as "The Christ on earth!"—not as man, with the faculties and frailties of human nature, but as God himself! Although the author is not represented as a Jesuit, it may well be inferred that he is one, from these blasphemous words, which shock the sense of Christian propriety, and ought to excite indignation in every intelligent Christian mind. He starts out by assuming that the present pope "is still a king," and that "he exercises a real authority over his subjects, irrespective of the country to which by birth they belong."[252] In this he agrees with the Italian P. Franco, and the English statesman Lord Montagu, that the principle of nationality can not be permitted to prevail against the pope in his march to universal dominion—that State lines and even ocean boundaries amount to nothing. Upon this hypothesis he bases the assumption that the Church "is a public society, a kingdom, a divine State," and possesses "the power of public jurisprudence."[253] Elsewhere he calls this "external power to legislate;" that is, to pass laws binding the consciences of her subjects, to take means to insure those laws being put in exercise, to be herself the judge of the sense of her laws, to punish them that trespass against the laws, and to bring them into the right path by
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