The news & observer., 1905-12-20
WHAT HAVE THEY DONE WITH
THE .HONOR" THEY "SAVED?'

Walsh is merely another evidence OF
the underlying cancer of the crime
which euphemism has denominated
for the sake of it's audacity high
finance" Sifted and resolved into the
basic causes, the scandals which have
occurred in the past few years among
the railroads, the trusts, the banks
and the insurance companies have
as their source the one practice of
controlling figure assuming a dual
capacity between himself and himself
as trustee. When the crash comes,
it is always the trustee personality
and never the individual that suffers.
magnitude of the trust imposed. the
sinner of high crimes rs regarded
with pity rather than denunciation.
The romance of large figures seems
perennial i'm it's qualification.
In the Chicago instance it appears
simply that the three banks controll-
ed by Mr. Walsh loaned enough of
their money 20 Mr.. Walsh to cause
them to be taken in charge by the
comptroller OF course Mr. Walsh Is
properly hedged about by his cor
porate nom de plumes but the result
is The same. The custodian, through
his banking corporations, of the funds
of some thousands of people dealing
with him in trust Mr.. Walsh, through
these corporations lends to other cor
porations-also Mr.. Walsh-sums SUI
ficient TO wreck the banks. the hold
ers of the trust funds. Out of the
wreck, it may be assumed that Mr.
Walsh the individual, Notwithstanding
the great tribulations of Mr.. Walsh
the corporations viii emerge with his
private fortune practically unim-
pared. The example is So old that
Illustration is surplusage.
The case Of Walsh. however. sug-
gests the first Bryan campaign and
the attitude of that distinguished
financier towards the famous Nebras-
kan Walsh was one of those who
stood upon his hind legs and saved
the national honor at the top of his
voice Elected with Altgelt in 1892
as Democratic Chairman. Walsh in
1896 departed with many tears and
much impressment from the fold of
wildcat politics. In control of the
Oh. .cago Chronicle started on the
faith of his Democracy, he used that
great paper to villify and abuse
l.;
er to cause his defeat. The thought
of free silver was as a charge of
crime to the sensitive soul of Walsh.
Bryan was socialist, anarchist and
him with alarm and raised pious
prayers for his destruction. He was
the apostle of financial sanity and of
honor among the nations Among
all who denounced Bryan, who i'm
pugned his motives, VINO made braS-
CARTS of their own integrity as op-
posed to the confistication and ruin
alleged to exist in their party's plat
form and candidate, the voice of
Walsh rang loudest.
Today time has wrought its slow
vindication. From a distance the heat
and violence of the 1896 campaign
seem cruel to some, absurd to 9TH
ers. One thing, however, is very cer-
tain: the national honor" has sur
fered a deal less from Bryan than
from those high voiced individuals
who in abusing him struck the atti-
tude of having discovered the quality.
Here, too, time has been busy draw
ing comparisons. AS the years have
gone by Bryan has grown in public
esteem. Twice defeated for the pres
idency, he has retained his hold on
ever done. In a certain sense he is
today the great American" His
honesty is unimpeached, his sincerity
unquestioned, his craftsmanship a
teemed both in and out of his party
in this country and abroad. He has
Won his way by being personally a
pure and good man. He has stood in
the lime-light without trace of blcm-
ish The ISLANDERS and abuse of for
mer years are remembered only as
the Mysteries of politics. Whereas
the men who were prominent in saw
ing the national honor are in no such
shape. Many of them have figured
in the financial scandals which have
grown the word of graft which
have led the people to the revolt
against boss rule. which have laid
bare the skeleton of corruption in the
gilded places of insurance and rail-
way management John A. Mccall
and Rebate Morton are fair examples
of this crowd who held up hands of
horror at the apparition of Bryan.
The instances could be multiplied al
most without number. In the light of
such revelations the national hon
orr in 1896 must have been a strange
and creepy thing.
OF course there were many good
Democrats who temporarily left their
party during the Bryan campaigns un-
der. the conscientious conviction that