The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-06-22

private. You alone stated that you would
do all In your power to break up thi
system OF giving rebates; that you strongly
objected to II; but that Us long ns the law
was n dead letter, tha railroads. which pre-
ferred TO obey II, were forced TO diHohey u
II they were to continue IN business ut ALI
under tho competition OF their less scrupu-
Rlous fellows. agreed with you cordially
that tho only way In which II would be
possible 10 secure the enforcement OF tho
law would DO BY making II effective against
TO violate IT, It necessarily meant that the
others In elf-protection would be driven 20 :
violate It also: and cannot TOO heartily
commend the fearless and frank way ~
which you land you alone) came Forward =
and In the interest OF the government and
the public gave legal evidence OF the facts
which every, ono In interest privately ad-s
n,!tted to exist, but which the Interstate
Commerce Cominission had previously been
unable legally TO establish. It was primarily
due TO this testimony OF yours that we were
able TO put 30 nearly effective stop 70 INC
system OF rebates as II then existed you
rendered q great public service BY your tes-
timony. You enabled tho government 70 ac-8
compllsh in the interest OF the public what
II could not otherwise have accomplished
ana you showed yourself to DO. more than
ANY other railroad man with whom I came
In contact jealous in your endeavors to geo
that the law should no longer remain dead
should be required 10 obey 1t. Your lnanli-
ness and frhnkness in this manner attract
ed my particular attention. 1t showed you
to be In my Judgment. man whose wore wore
could be trusted absolutely. and whose de-
sire to do full Justice and 10 have It done
could likewise be trusted.
Equitable Middle.
..since I accepted your resignation MS
member OF my cabinet you have undertaken
perhaps the greatest and most important
work noW open To any business man In as
Stunning control OF the Equitable Lie AS
surance Society. You do not need to be
told again the confidence. I have In you and
my belief in your absolute sincerity OF pnr-
pose and your unflinchinG courage. Know
that the mere fact that you have consented
thus to take control OF tho society means
that there will be n genuine attempt 10
I make n new. clean management a control
really and honestly In tho interest OF mo
policyhoders and one which VIII make I'M
possible the crooked and Objectionable prac-
tIccs that have hitherto prevailed In the
society. Ex-Presdents Cleveland IN consent
Ing to act as one OF the three trustees 20
hold the stock OF the society and to use ths
voting power or such stock IN the selection
OF directors, concludes his letter by saying:
we shall be safer II we regain our old
habit OF looking at the appropriation 10 per
sonal uses Of property and interests ned IN
trust, In the snme light as other forms OF
s stealing.' In other words, YOU ana hr.
Cleveland Intend to see that the affairs ot
Z the society are managed not merely WIN
the honesty requisite In order to keep clear
OF criminal proceedings, but with the fine
sense OF honor, which recognizes In the
trrstea-and that Ia what the man response
= bic for the management OF any great 6us.
ness CORPORATION is now-o' -days-thc duty
OF managing his business affairs With a
(. high sense OF obligation not only TO the
stockholders and the policyholders. but 70
the general public.
s"I do not congratulate you upon entering
this work. for do not wish to congratulate
any man when he puts his harness on. but
rather to walt until he taxes y on. hut !
lief in. you and In your success, put my
strong feeling that you have undertaken one
OF the most important public duties t ,n,
can bcfall any man just at present. me
scandal which has been 30 deplorable Tor
tho Equitable Life Assurance society mas
also had effects far beyond the society II
self Not only Is 1t lamentable to think
s OF the condition OF hundreds OF thousands
OF poor people MI over the country who
s have found their confidence shaken In the
sen Th e ss fy ID RaSs ns
savings OF years in this society. but the loss
OF confidence thereby created affects me
whole Insurance business OF tho country ana
weakens that great tendency for the promo
ton OF thrift and providence Your success
in your new position Will mean not only
great achievement for YOU. but O.. great
achievement. f0r me american heY srn p un the
head OF one OF these great Insurance So
cieties should be regarded az Just as em-
phatealy public servaG t 81 direct e Vote Vote
Of the people He. should DO held TO the
same atrict accountaby II he goes wrong:
and he is entitled to tho same n NEED s,ai. OF
praise OF by doing MS DUTY rearlessly,
honestly and intclligently he Increases the
stability OF the business world raises It's
moral tone, and puts q premium upon those
habits OF thrift and saving which are so es-
< sentlal to tho welfare OF the people as q
N body. II +, ~. v,h.+
has occurred furnishes another argumen!!
Z for effective supervision BY the national
rnvernment, II such supervision can be OBJ
ta,ned over all these great insurance corpo-
ratlons which do an interstate business.
with earnest good wishes,
"Faithfully yours,