The representative. [volume] (St. Paul, Minn.) 1893-1901, 1899-12-07
BANKERS WANT
SCHOOLS OF FINANCE

There is proverb over two thousand
years old, and it is as true now as wher
1t was first written. Beware of the
Greeks, especially when they bea1
gifts. -Timeo Danaos ct dona ferentes
as the old Romans quoted it from Virgil
but In plain English, Beware the
enemy bearing gifts" This ancient
proverb finds modern application In
the recent donations by the representa-
tives of the great trusts and other ag-
gregations of capital, secured by the
pauperization Of the people, donations
ostensibly made for the education OF
the nations youth. There are some
who have deemed this merely an in
stance of vanity on the part of men
who,. having more money than they
know what to do with, think to i'm
mortalize themselves and earn fame
by returning to the public use a small
part of the sums they have abstracted
from the common stock, by syndicates
and trusts. There was never a greater
mistake. These men are not devoid of
vanity, but they are not wooed by it to
confer benefits upon those whom they
have injured. There is a deep, we'll
laid design at the bottom of this giving,
and its motive is self-interest. l have
before me pamphlet, issued by that
eminently respectable association, the
American Bankers association. It is
a pamphlet which is not sent to every
one; in fact, is a rather private and ex-
elusive affair. It's cover, like its con-
tents, is gold tinted. At the session of
that association, as far back as 1885, it
passed this resolution,
Resolved, That the executive coun-
Gil is hereby directed to carefully con-
slider and, If possible, devise some feas-
ible plan whereby this association may
encourage or promote the organization
OF school or schools, of finance among
our institutions Of learning, and report
upon the same to the next convention.
A the next convention, in 1890, in the
address of Prof James, delivered by re-
quest and approved by vote Of the asso-
ciation, he said it was a pleasure to
discuss the subject of establishing these
schools before body of men 'twho have
unusual means of influencing public
opinion in regard to It," and added that
it was possible Ito revolutionize every
college in the country" He reported
that Mr.. Wharton had already secured
the establishment Of one such school.
at the University of Pennsylvania, by
the gift of 100000 to the university.
He went on to say that, beyond all
question, in this country, the great mer-
chant prince, the railroad president the
great manufacturer, and banker, have
succeeded to the place Of power once
held by the great orator, statesman
lawyer or clergyman. The professional
class is losing ground, the business
world gaining it. Whether for veal or
woe, the control of government, of So
cfety, of education, of the press, yes,
even of the church, is slipping more and
more rapidly into the hands of the busi-
ness classes, and it is this class, which,
nate our practical and social life."
Down with manhood; up with the
dollar" The proposition is at least
clearly stated. Further along in this |
address Prof. James speaks of the ex-
istence OF wealth for several genera !
tions in family "as the great means
of bringing out the finer sides of life |
and improving the strain of the stock"
Those who do not understand the neces- |
sity that the monied classes should |
stand together for such purposes, are
characterized as having "the narrow
ness and selfishness of the meanest hay
seed of them ALL"
This address was indorsed by vote
OF the association, afterwards printed
and discreetly distributed at it's cx.
pense. An argument that seems to
have carried weight was, that the stud
ents in the proposed schools of finance
would become journalists, lawyers and
college professors, and, by their in
fluence on public sentiment, would we'll
justify the argument suggested.
In the plan of these schools, adopted
by the convention, the necessity of
preserving great estates" is promi-
nently brought forward, and it is OBJ
served that the students of institutions
thus aided" become free from de
lusions" and instructed as to the me
cessity of permanent uniformity and in
tegrity of the coin unit It is easy to
understand what "delusions the Ameri-
can Bankers association proposed to
educate out of the minds of students.
Among the numerous extracts from
letters to the association from heads of
universities and colleges, anxious to be
prostltuted, and which are published in
THIS pamphlet, is one from a Southern
conege president, in which he says:
~ is better to have such schools as
anteseral psrts q Ions s-established and
q