The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1906-06-21

dssOSidtfOH AT ElkluS " euueSdhl,
Senator ElEins said in part:
Mr.. Chairman recognize that
stand in the presence Of body Of
representative men Of West Virginia.
amongst the most intelligent, honor
able and influential in the State.
Bankers, the owners and managers
Of the banks and trust institutions
of our wonderful and prospefou.
state, of which We are all justly
proud.
The prosperity and progress Of the
state depends largely upon the bank
ers. They can often make or un-
make business enterprise. With
limited capital TO work on our bank
Ars have made a record, and are do
ing well for the business interests of
the state. Business is increasing so
rapidly that we have not capital
enough TO meet its fair demands.
We need more capital. Bankers all
over the state are embarrassed for
the want of it. We must depend
upon our own banks to borrow
money for home business and inn
proyements. Money will not come
into the state from the great centres
to be loaned on the securies We can
offer. We want ito induce capital
to make investments in the state, as
suring it fair and liberal treatment
and just protection.
Money in a certain sense is CON
centrated power. In mans pocket
it is his most loyal and unfailing
friend. The most lonesome person
in all the world is one walking the
highways without a dollar. Money
is an order for what the world pro-
duces, and in all countries and
climes this order is always honored.
Bankers deal and have to do with
money, and money being powerful
factor in the social and business
world, makes the business of bank
ing, apart from the high character of
the men engaged in it, not. only re-
spectacle, but honorable and infuen-
tital. Bankers have always exerted
yreat- power and influence on the
communities in which they live. In
Enrland a person wishing to be nd
yiscd about a business transaction
consults a solicitor. and then secs his
bankers and takes their advice, which
is generally more practical than that
of the solicitor.
There is enough wealth in the
world now to prevent poverty, hut
we hayc not vet learned bow to dis
tribute it, We understand the ways
of accumulations, but not Of dis
tribution. Society and government
are constantly struggling with great
questions. Society, under a free
government has reached the point
where il can in the end get what it
demands. what is best for it. anti
protect itself without force. There
is new light arising ont Of the
ocean Of the past we see ii but dim
". but tits growing brighter and
brighter.
We have heard of an income tax,
and lately a progressive inheritance
tax from a high source down in
Washington, and for the past three
or four years up here in the 9aun-
tains we have heard of and had to do
with another kind Of tax. Taxa-
tion has always been a fruitful
source Of trouble whatever form it
takes.
Great questions give society no re-
pose. Shall we have an income tax
first and then TN inheritance tax?
The twentieth century will witness
a struggle between indiyidualism
and collectivism. Socialism. in its
present form as We understand il,
has been failure. 1t does not have
on its present basis the cohesion Of
definite purpose. To be better, fit
society, and be successful, it will
have to be modified. Competition
and individualism 60 hand in hand.
Competition, up TO certain point
has always been wholesome and bene-
fetal in commerce and business.
Beyond this point unrestrained COM
petition defeats itself, crushes out
opposition, and absorbs ozeTything
before it.
Unrestrained competition in the
business world throws society back
on the cruel law Of the survival Of
the fittest. and in the end the strong
prevail and dominate. Competition
and individualism are the parents Of
present conditions. Of trusts. conbiq-
atoms. and collosal fortunes. I'm
measurable benefits to society have
come about through individualism.
But the question II has individual
ment of business and social condi-