The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1902-11-11
LOOK AT MORGAN
He Is Not Even Incorporated
Says President Herrick
In Annual Address to American
Bankers Association.
NO BANKING TRUST.
He Says Banks Are More Inde-
pendent Than Other Concerns.
Makes Light of the Old Term
" Money Power
NO BANKING TRUST.

New Orleans Nov. 1.-THE American
Bankers association began its annual
meeting here today in Tulane hall After
a prayer by Rev. DR.. Beverly Warner
addresses of welcome were made by Act
ing Mayor VIM. Mehle, City Attorney ,.
L. Gilmore, on behalf OF the city, Prof
w. c. Stub on behalf of Governor
Heard and r. NJ. Walmsley. of the
clearing house association. on behalf OF
the local bankers.
President Herrick replied to the well
comes and delivered bis annual address.
speaking as follows:
American democracy in its imperial
progress has found its power and sure
of a mighty nation, emphasized IN It's
bankers. Its trade conquests, its finan-
cial gains, international prestige and It's
world-sweeping plans are personlfled, 1or
the average observer, here and abroad
in the maSterful gentleman VINO pfeSlueS
in his unpretentious banking house at
the corner of Wall street and Broad.
The banker son of a banker is a prodigy
in the eyes of scores of millions in the
civilized world He stands before the
world as the embodiment of all that is
overwhelming, magical and epoch-mak-
ing in recent American commerclal
growth and life. He is looked upon as
the incarnation of the power of money,
the climax of militant wealth and Amer
lean lust of commercial and Industrial
dominion Yet Mr.. Morgan is not even
Incorporated. Banking, in this most po-
tent and portentous form. is not great
stock company, still less anything which
can be called a trust It is merely q
man and his partners 1t is Con-
necticut Yankee. who has gained d
wonderful control of Wall street. not.
however, by inherited riches or lucky
gambling. but by the force of his per
sonality and his commercial general
shia.
Here is a fact well calculated to COM
pei radical reimbursement of the cherished
notions of those who have made hop-
goblin of banks and bankers, and named
their monster the money power other
conditions equally impressive and con
spicuouS have been operating forclDly IN
the same direction.
I'm an era OF trusts (using the word
in its popular sense) and great combi-
nations aiming at the restriction II not
the entire removal of competition, a
movement reaching far and wide IN
trade and productive industry, the
banks have gone on in the old way,
every one for itself welded to the idea
of individuality and independence as a
cherished tradition. The banks of the
United States stand before their country
and the world. examples of solidity, con-
servatism and stra ightforwardness. In
ITS very nature banking is the opposite
of the business of any trust of the type
which constitutes a political storm
center. There can be no monopoly of
product in banking. nor can we imagine
combination among debtors that would
restrict commerce. vet we must ac-
knowledge it to be the chief business OF
banks to become debtors Collectively
they constitute the circulating system of
the vital fluid of commerce. and while
acting tremendously are productive of
the greatest good.
These facts are too big and plain to
go unnoticed by the average American
There is no lodging their meaning They
acquit banks and bankers of the charges
which at various times and in certain
places have been made to pervert pub
lie sentiment and to prejudice the pub
lie against a class of men whose notable
services are too often discounted by ig-
nOrance and thOughtlessness. The more
the tendency toward combination anC
the restraint of competition affects com
merce and industry. the more the banks
will inevitably gain favor by contrast
The greater the force of the trust move
ment in the direction of over-ca pitaliza-
ton, the reader the country will be tC
look upon banks and bankers as cham
pions of independent business and as
safeguards of conserva tisn.
do not these conditions present ar
opportunity to the banking interests OF