New-York tribune., 1906-12-09
CLEHS DEFENDS RICH.
Speaks at Economic Club Dinner ot
Providence.

providence. Dec S-Henry Clews OF New York
delivered an address at the annual dinner of the
economic Club tonight the subject mo Dan
ger IN Great Fortunes and Great Corporations in
America" lie said, in part:
IlGlvdual fortunes and large aggregations OF cor
not exist as in this cofInt1v & &fanseT which does
on e s6G & sTeat wealth in the possession of any
II takes TO itself wings. There is no eldest son TO
add dignity to the family name or title. while his
oEotheTS and sisters are left in comparative pow
Moreover. rich Americans spend money more
T1 aTeig Snq ayishiy and live more uxqrousy and
and this tends TO keep down reduce large fort
dertakng large financial commerciai ana indus
ordinary business and specuiatiT operaions T6s
Goes Goes g9od. ior Il not only keeps their money
!ates trade and aids in the development OF our
Russell Sage was conspicuous exception 10 the
rule OF extravaganza among the rich. because he
plain econoical tastes and his rise fro % poverf9 Srf
10 great wealth made no difference in his tastes.
but even he kept much OF his great wealth in
circulation by using It in his business as money
either the people or republican institutions from
his possession Of SO much meney the latest esti-
that his widow has Inherited his vast fortune she
tions. It viii then be practically thrown 10 the
che somewhat amusing result Of large fortunes in
this country has been seen IN numerous MARRIAGES
of these Young women wifh rnions widows in
cluded. We're not wholly satisfied with their wealth.
but something else. What each one Of them want
ed was foreign title 1t was the missing link and
each was prepared TO pay for II. and to pay hand
sonely cash down the altar.
Sometimes they were satisfied with their bar
sdIS pd' pe[ilaLs @ NOR m OIte s me- e. repToeG 81
have told OF some who did so in a hurry
Our very rich men having been with an excep-
tion or Two. the architects OF their own fortunes.
is neither actual danger nor the slightest menace
o
power that their money gives Their wealth. too;
their money. because that is the only profitable
way use it. and the came remark applies to large
corporate combinations or trusts.
Railway rebatting has ruined or !mpoverished
fostered monopoIes the business ashes Of their
pr m and p,2 4e To eygde d a P
which they have been expert and INSCRIPTIONS
this gTeat evil and injustice. let condign punish
ment be meted out in long terms OF imprisonment
The profits Of trusts. of course, find their way
some OF the largest beyond the dreams of avarice;
but the benefactions Of Andrew Carnegie and John
much abused trusts may be used for the benefit
OF their fellow citizens Leland Stanford of stan
ford University fame; D. o. Mills, and many other
equally public spirited and munifcent in their gifts
and investments to promote the public welfare.
These large capitalists have shown that there was
no menace 70 the peoples interests I'm the wealth
foundation for the socialstc cry against the money
power OF great mlllonalres. any more than there
porstions, when they honestly manag ged in con
foTnity with the law.
When the large present t-day fortunes are released
by the death OF those VINO made them. there NAV
be danger Of too much OF their money falling into
the hands OF prohigate heirs who will recklessv
abuse, instead or wisely using, their new found
wealth. Hence, provision should be made against
its nagTant misuse. under certain speCfTEd COndi-
tions and limits as 10 time. new federal la "
that may be passed 10 tax inherited property on
graduated scale, as recommended nv President
Roosevelt. To him the country is prima rfIv in
debted for those Investigations OF long standing
corporate and other abuses which led 10 the
passage Of the new federal laws governing cor
porafions and certain Industries. and the enforce
ment Of which is now alone necessary 10 prevent
similar abuses in the future
have now been IN Wall Street active business
period ] have beeu one Of the moderate factors az
that financial centre and thoroughly appreciative
an that mas transpiTed; and the deveopment of
material resources In this country and elsswhere
the scientific inventions, and everything that goes
10 pTonote general advancement. / do NOT hesitate
10 saw have been greater during that period tbnn
during all previous generations. No wonder that
they have combined 10 make this the most ad-
"a need and powerful nation the world IKE
patrick Henry. have but lanp 10 guide NV
feet and that is the lamp OF experience Judging
nv the past. II be asserted with truth that 1fb
adeauafe laws In the hands Of patriotic and corr-
sesous Executive dixie Theodore RooseveID great
indivdual and corporate wealth not only will NOT
move neriOtis 10 the public welfare but will even
ia a higher and more marked degree than I'm the
nast encourage uphost and magnify the noble and
pworthy institutions OF this great Republic.