, 1905-06-23

We shall be safer if We regain our
habit of looking at the appro-
priation to personal uses of property
and interests held in trust in the same
light of other forms OF stealing.
In other words. you and Mr.. Cleve-
land intend to see that the affairs of
the society are managed not merely
with the honesty requisite to keep clear
of criminal proceedings, but with the
fine sense of honor which recognizes
in the trustees-and that is what The
man responsible for the management
of any great business corporation is
nOwadays-the duty OF managing his
business affairs with Il high sense of
obligation not only to the stockholders,
and the policy holders, but to the EN-
eral public.
MIR. Cleveland has especially stipu-
lated that he is to be absolutely free
and u~ndisturbed in the exercise of his
lhhSlH'llN, Noh nave 'ol''IA oNlpu
lated that you are to be absolutely
free ard undisturbed in the exercise of
your Judgment | have faith in your
will to do right and also in the iudg-
ment which will enable you to do
right. As | understand it, the majority
of the stock is to be put in the hands
Of 4, InnrI ,y tr,,pt,.s Of uhiab Mr.
Cleveland has accepted the chairman
ship. and they will have absolute con
troll. subject to the majority of the di-
r~ectOrs. in exercising their own judg-
ment without control. Your w pol,
icy will be, | know, to give he policy
holders a square deal and to clean
house thoroughly. You would not take
such a position if you did not have a
perfectly free hand and if you were
not unhampercd by commitments to
anybody.
Il do not congratulate you upon en-
tering this work. for | do not wish to
congratulate any man when he puts
MS Ildl HtSS pll, bll ldNltl W wait ulllll
he takes it off. but | do wish to express
to you not only my belief in you and
in your success. but my strong feeling
that you have undertaken one of the
most important public duties that can
befall any man just at present.
The scandal which has been so de
,l,r,Jl, Co.. a., I"nrit,b1n .nn;nt,. I,s
also had effects beyond the society il.
self. Not only is it lamentable to think
of the condition of hundreds of thou.
sands of DOOR people all over the oun
try who have found their confidence
shaken in the provision in which they
have made for their families and for
their old age by putting savings of
years in this society, but the loss of
confidence thereby created affects the
whole insurance business of the oun
try and weakens hat great tendency
for the promotion OF thrift and provi-
dence.
Your success in your new position
VIII mean not Only Il great dCLleNc-
ment for you but a great achievement
for the American public. In business
conditions as they are today the head
of one of these great insurance soci-
cites should be regarded as just as
empnatically a public servant as ii
he were occupying any office through
the direct vote of the people. He
should be held to the same, strict a C
countability if he goes wrong, and. he
is entitled to the same praise If, by do
ing his duty fearlessly, honestly and
i~ntelligently, he increases the stability
of the business world. raises its moral
tone and puts a premium upon those
habits of saving which are so essen
tial to the welfare of the public as a
body.
Incidentally it seems to mt that
what has occurred furnishes another
argument for effective supervision by
the national government, if such super
vision can be obtained, over all those
great insurance corporations which
do an interstate business"