New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-04-26
BISHOP POTTER ON CAPITAL.
SPEAKS OF ITS USE AND ABUSE IN
LECTURE AT NEw-HAvEN.
fay TELEGRAPH TO THE TRIBUNE.

New-Haven Conn. April 25-Bishop Henry q.
Potter. of New-York, spoke on THE Citizen ana
the Capitalist in his Dodge course of lectures at
Yale tonight. He argued for the contention that
capital was necessary human nature Is made,
and that properly handled, capital was OF great
use in the social and industrial system Aggrega-
lions of capital. OF all things. had their men
acing side. With capital. 1t was shown by the
buying OF legislatures. the corrupting of courts.
the purchase Of votes. the vicious corruption OF
poce departments-as in NewYork, where Bishop
Potter said the capitalization was of "cleverness
Joined to vice" In the train of these bad effects
of of capital the prodgality of private
expenditure a vulgar press, illustrated newspapers
and periodicals that pandered to the worst ap-
petites of men. land that will be the horror of
some future generation that finds them on its rub
Dish heaps Yet there good side TO the use
of capital and every social unit was better off be-
cause of accumula tion in the hands OF proper Gus
todians. Wealth In the hands of the few had done
many things for the many.
There were. he said, two questions which the pub
lie had ask of the capitalist. How was IT OBJ
tained and how it TO be used7 Answering
the first question there would be both captains
of industry who build up the industrial prospects
of a country and the class of spectators and car
pet baggers of finance who carry on a kind OF
financial operation that lis stain on the honor OF
society" Taking the ground that President Had
lev of Yale took some time ago. Bishop Potter
added
converse with is he artifcally depresses values
TO the injury or loss his fellow directors who
withholds information regarding the conditions of
his company for his own personal adyantage i OF
who by obscure bookkeeping deceiyeS those whose
money he holds in trust.
Such a capitalist was. TO the lecturers mind the
worst sort of a public rascal and should be dis
countenanced by every honest man. Some of the
fortunes now possessed by great capitalists were
got by selfish. INSCRIPTIONS and dishonest means.
and this to Bishop Potter's mind. was enough Of
a basis for much of the hatred and socialstic
philosophy of the poor The error was made by
socialists in not discriminating between the rich
whose private accumuIatIOns have founded great
industries for a country. and the rfch VINO nad Sc
cured fortunes by deception and dishonesty.
Great accumulation of wealth brought. he added.
great perls with them, and I'm the hands OF seifish
men did great harm. He gave as instances the
corners made on food products and necessities
from which a whole nation suffered ana the hcti.
tios and then OF the necessitfessof
Hfe. There such a thing as the white slave
The condition of the poor in many places was YET
traceable to the selfish interests or
Capitalists who control them. In MASSACHUSETTS, ne
cited instances of tenement houses Kept uncieah
nd fIrhy because capitalists refused 10 clean them
ont iii an outraged public sentiment made IL neces-
sary 10 do So Truck systems were denounced freeiy
nv Rfshop Potter who said that, until recently,
certain mill villages in New-Engiand had oeeh
factory la borer actual physical. mental ana
Hnancial bondage his employer. Capitai EN-
Moved for the purpose of alternating misery ana OF
ssnrsadfng cooperative enjoyment or NE ana the
Ppnd1'rrs Of labor he considered OF tremendous
baneit TO society. Capital employed Tor sehsn endS
he regarded as just the opposite Bishop Potter
snsnt considerable part OF his lecture contenuins
AGAINST the adoption of a socialistic theory, oy
tiEtnb avery man would receive equal allotment
81 wealth This ne regarded as iInpracticaole anu
useless II attempted