Capital and Morals are a well-known dichotomy that until now has above all interested philosophers and social-scientists. On the basis of two case-studies in postwar times the different uses of moral arguments in public political discourse in Switzerland are presented: Arms trade and tourism to Spain. After WWII Switzerland intensified its relations with the Franco regime. Swiss banks granted Spain large credits to shore up the Spanish economy after the civil war. In addition, Swiss firms founded affiliated companies on the Iberian peninsula. In the early 70s Spanish demand for Swiss arms increased vertiginously, and the regime became the second biggest customer of the Swiss armament industry. At the time Spain had become one of the most popular holiday destinations in Europe thanks to the targeted promotion of tourism, which aimed at improving national revenues as well as brightening the tarnished image of Spain’s dictatorial regime. Especially in the late 60s the Left began to question this problematic relationship from a moral point of view. Despite the high percentage of voters in favour of radically curbing the export of arms and despite the existing laws, the Swiss Federal government downplayed criticism of Spain. Correspondingly, left-wing politicians criticized the Swiss tourists who travelled to Spain without taking into account the country’s precarious situation concerning human rights. Appeals to choose alternative destinations for travelling abroad were widely ignored.