The sun., 1903-01-05
LANDS OFF, SAYS
! / THOMAS L. JAMES.
Lincoln Ma tional Bank President
Sure We Try to Do Too Mech
BY Lawmaking.

Thomas l.. james, president Of the
Lincoln National Bank. discussed the
financial and commercial outlook a. follows:
Il am glad to be able to say that have
seen nothing that justifes any apprehension
that the prosperity OF the country. either
In general or on particular lines, is slacken-
ing. On the contrary Il seems to me that
in the indust rial, financial and commercial
fields there is every indication that the
activity which has been the phenomenal
cha ract eristic Of the last four or Ave years
is to be continued, II not increased.
MY reason for believing in the main
tcnance Of our industrial and commercial
activity is the fact that the world else
where, as we'll as the United States. Ia under
going some very momentous changes.
Here we have entered upon an era Of per-
manent constructive operations, such as
the perfection Of our railway systems
and the erection Of magnificent and ex-
pen.ive business ri ructures and manu.
factories. not only in New York city, but
all over the country. This, Of course. is
due in part TO the cheapnees OF steel, which
makes 1t possible to use ii in the const ruction
Of buildings in the place OF lumber. and so
to use II that the structure may be rega rded
as practically permanent. So the demand
in all directions Of indust ry not only here
but in many parts OF the world. 10, in my
opinion, unprecedent and is to con-
tinue so.
THE opening up OF the Far East and the
swift and amazing development Of Africa
In part explain this industrial and COM
mercial activity. We are. in the Unit ed
States, expanding not only politically and
territorially beyond our borte~, but at
q rate unprecedented with respect to the
development OF that greater part Of the
country which is west Of the Mississippi
River and especially in the Southwest.
As to your second question. which ought
10 be subdivided to be properly answered.
j would say that in my view, one OF the
gravest Of dangers to the business interests
OF the United States is to he discovered
In improper. unenlightened. rash and
puerile political agitation and threatened or
perfected legislation. | still believe in
tie fundamental principle. which is one
of those upon which our Government was
based. that, after securing to every man
the right to gain property and to keep IL.
the protection Of his rights and equal op-
portunities before the law. the Govern
ment had better keep its hand on business
development. or course. ! recognize that
In certain semi-public business. or in the
case OF these &C aotirities which are dependent
upon charters that have been granted by
the State. the State. as a acommunity. has
q right to act; but I believe that this right
ehould be carefully limited instead Of,
as the present tendency is, unwisely ex-
banded. With jefferson, l believe that
that Government IL hest which governs
TIE least and I am sure that In business
the vital laws which govern II and which
are not dependent upon those framed by
legislatures, will in the long run correct
any evils that may he developed.
SO far as the tendencies in our business
life are concerned. see none to-day that
b to be more encouraged than at any other
time, and none that Ia to be more avoided
than at any other time. ! am afraid that
We have not yet discovered the best way TO
compose permanently the friction that Ia
constantly developed between what Ia
called capital and what Ia called labor.
My own theory Is that both capital and
labor are useless unless there be intellect
behind them and there must be marriage
by means OF brains Of these energies and
potentialities before the best results can be
produced, have sometimes thought that
both capital and labor have been. through
passion or prejudice, or blind following Of
tradition. too little guided by clear intel
lectual illumination.
My own opinion is that there will come,
a many thought had come last summer.
one great determining test, out OF which
win be developed the perfect method Of
securing that economy Of relation between
these two great producing forces. upon
which the prosperity Of the country de-
pends. The growing tendency on the part
Of both organized labor and organized
capital-in both classes the number Of
members being already rapidly increas-
ing and probably soon far to outnumber
the unorganized elements-to mediate their
differences or to submit them to some i'm
partial individual or tribunal is. to my
mind the most promising sign Of the future.
I do not zee at present how II there come
friction by any other means. harmony
between capital and labor can he invoked