The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-07-14
"LAWsONysw DISCUSSED"
James N. Books Address Before the state
Bankers Association.

FRoNrESAc, N. Y. July is.-The State
Bankers Association met In It's annual
convention here to-day. The first business
session was called to order at 10 O'Clock BY
President Charles H. Sabin OF Albany.
After prayer by the Rev. Lawrence n.
Tirrell OF Clayton, n. Y, President Sabin
delivered his annual address. s. r. Flynn.
president OF the National Live Stock Bank OF
Chicago, then addressed the delegates.
He was followed by James NJ. Beck Of New
York, former Assistant Attorney General OF
the United States.
Mr.. Beck's subject was 'Moneyphobia:
Lawsonism Discussed He said In part:
The signs OF the times indicate growing
feeling Of social discomfort. which finds its
chief expression in he indiscrminate abuse
OF wealth. Apart from the baser passion Of
class hatred, there is now In progress .
searching inquiry In the great court Of pub
lie opinion as to the ethical Significance OF
money and money making. The presses
are groaninR TN der the weight OF books
and periodicals whose chief purpose is to
discuss the ethics OF the dollar. Dema-
gogues are making frenzied app eals to
popular passion to proc lain, a new crusade
against property. One not orious agtator-
In cunning knavery a John Law, and IN
picturesque diction Beaunarchais-is now
frantically calling upon the masses to with
draw simultaneously all their bank deposits
and sell all except Governmental seeurlt'es,
Needed would produce worldwide hnan-
cial cataclysm. Fortunately, the common
sense of the American people classes him
with the Coxeys Carrie Nations and other
freaks who amuse but do not convince tho
The Agitation. however, IA not confined
to the ignorant, the envious or the malicious.
The recent commencement session un-
mistakably indicated that educated men
are disinterestealy con 1sse tne pne
Their deliverances TEEN with woful jere-
maids at the evil Of the times and the de-
cay Of morals
The. underlying causes Of the present
It's net effect will probably be for good,
for in All age Of overwhelming material
ism, the great ethical considerations which
underie all social questions cannot be
too carefully or frequently considered. 4
distinguished French pu66iiesss T =; VISITED
socialistio ideas are not as IN Europe .
philosophy and at times a religion, but
spring from the vulgar passion Of class
jealousy. He has, l believe, m,sunder-
a feeling may animate some OF tho baser
sort they are in pitiful minority.
There is little of the Jack Cade spirit
among our people, and the average Ameri-
can. far from regarding success with envy,
both admires and emulates It. His worst
fault Is to overvalue IT,. The soldiers In
the ranks OF the industrial army admiringly
applaud the captains Of industry who lead
them to great constructive achievements.
The common sense Of the American people
appreciate that in the career open to talent
which our institutions are designed TO So
cure, great fortunes are inevitable. The
American appreciates that equality OF legal
opportunity necessarily means inequality
OF result. The swift will always outrun
the slow. the strong will always surpass
the weak.
Primarily--at least among the conscien-
tious critics of the times-the present dis
content is due to profound dissatisfaction
with the code Of commercial morals. Abuses
Of trust have run riot. They are not, as
believe, due to the fact that men are essen
TALLY less honest than previous genera
tions, but in part to the intoxication that
inevitably marked the most rapid and ex-
traordinary period Of commercial expan..
sion that the world has ever known, and
also to the artificial character Of our COM
mercial machinery. The complex sub
division OF social office has caused q certain
diffusion, and therefore weakening, OF
moral responsibility.