The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-22
The Prophets of Evil.

The Prophets of Evil.
MIR. WILLIS SEAvER PAINE read paper
on savings banks at the convention OF the
American Bankers Association at San
Francisco on Tuesday, and it deserved
respectful consideration so far as the
treatment Of its special theme was con-
cerned.
Mr.. PAINE has had large experience
and responsibility in bank administra-
ton and regulation. He was one Of the
commissioners for the revision Of the
New York banking laws adopted in 1882;
he was Superintendent of the Banking
Department of the State from 1888 to
1889, was afterward the president Of a
trust company, and is now president OF
the Consolidated National Bank Of this
city. When, therefore. Mr.. PAINE dis
cusses any question relating to banking
he speaks as an authority whose words
deserve respectful attention.
When in his address at San Francisco,
however. Mr.. PAINE depressed from his
proper subject and proceeded to give his
views on the social and political situa-
ton he lost all title to speak with au-
thority. He made the depression, it is
true, from an appeal for the fully pro-
tective savings bank legislation Of which
there is a model in only comparatively
few of the States, but it was none the
less impertinent, injudicious and un-
justidable.
Socialism, cried Mr.. PAINE, lis COM
ing danger; I predict that it will be the
ism of the future What had that to do
with his main argument for more scien-
tifio savings bank protection? Might it
not be suggested that such protection it
self savors of socialism, though it is a
feature of government justified by the
example OF the most conservative States,
necessary to the social security and a
policy in successful operation long before
any noteworthy symptoms Of the disease
Of radical socialism had begun to appear
in civilization? State regulation Of banks
and of other private enterprises has been
used to bolster up the socialistic argu-
ment that every industry and all the
affairs of men should be under despotic
State direction and management.
Mr.. PAINEs choice OF moment for
his depression was. therefore, peculiarly
unfortunate. He does not seem to be a
close reasoner, and apparently his intel
lect is not strictly logical.
Socialism coming danger? When is
1t coming? Is it 80 Immediately threat
ening danger" in this republic that
a conservative body like the American
Bankers Association should turn aside
from the financial discussion proper to
it to gaze on the approaching monster
with affrighted eyes? Where is it in our
politics? At this time both parties are
making ready to frame the issues on
which they will go before the American
people next year, and is there any dan
ger" that either will take up socialism?
Such socialistic agitation as there is in
this country is confined to very small
faction. When Government ownership"
of the coal mines was foisted on the Dem
ocratic party as a distinctive issue it
proved to be back breaking load. So
slight was the popular response to that
demagogic appeal that no considerable
party in a serious contest for present
political mastery will repeat or initiate
the experiment. Warnings Of the "dan-
ger of socialism were uttered by politi-
cal prophets then, but when the people
came to vote on the question it was
proved to be wholly fictitious. In Ger
many there is unquestionably an i'm
portant Socialist agitation, but the prac-
tical establishment Of the system seems
to be further of than it was when the
Socialist party, now strong in the Ger
man Reichstag. was of feeble represent
tation. Divisions Of opinion and pur-
pose among the Socialists have given
a setback to the m ovement as a prac-
teal scheme.
So far as concerns this country, social
ism as distinct political propaganda
is less considerable now than it was ten
years ago. The party, or rather rival
parties, favoring it cast only an insignif-
cant fraction Of the votes polled in any
State at any election. The victory over
BRYAN in 1895 and again in 1900 was
victory over socialistic ideas, for they
were in the Bryan movement. So far
from seeking to invoke that spirit anew,
is not the Democratic party turning from
it as an i'll omened emotion? What ia
tho meaning Of the general revival OF
confidence in the conservative CLEvE-