The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-06-21
VAST RICHES LOAD
ON HEART HE SAYS
Senator Elkins Declares Great
Wealth Is a Burden Sees
End Of Poverty.

It & +.
closing session Of the West Virginia
Bankers association yesterday, adj
dresses were made by Secretary of the
Treasury Leslie M, Shaw and Senator
Elkins.
Senator Elkins discussed the prac-
teal side Of commercial life, and espe-
bankers. In condemning usury, he said
the price of money is regulated by
supply and demand, but that it is hui
man nature for one to try to get the
most possible for anything he has to
market.
"Money, in certain sense, is concen-
trated power he said. "In a man s
pocket it is most loyal and unfailing
friend. The most lonesome person in
all the world is one walking the high
ways without dollar.
After a certain point wealth be-
comes burden, robs it's owner of
ease and repose; yet I have observed
how eager and willing people are to
struggle along thru life with the bur
dens of wealth upon them. Very rich
men never whistle. Poor men always
the poor men. This is well. In every
condition Of life there is compensa-
tion. - a.- ..@.
Sees End of Poverty.
Senator Elkins declared that poverty
world: He said: '....-,.
''There is enough wealth in the world
now to prevent poverty, but we have
not yet learned how to distribute it.
We understand the. ways, Of accumu-
lation, but not Of distribution. So
| clety and government are constantly
struggling with great questions. So
clety under a free, government. has
reached the point where it can in the
end get what it demands, what is best
for it, and protect itself without force. -
Competition and individualism 90
hand in hand, said the senator, and up
to a certain point are wholesome and
beneficial to commerce and business.
| ''Unrestrained competition in the
| business world,'' he added, "throws So
ciety back on the cruel law of the sur
| vival of the fttest, and in the end the
strong prevail and dominate. Compe-
| ents of present conditions, of trusts,
combinations and colossal fortunes.
Theodore Roosevelt once said that he
| thought a compromise between indi-
| vidualism and socialism would be best.
l reply. that, apparently, this might be
solution, but how can society get rid
OF the evils of both while holding on
to their benefts?' ..... =
Danger in Currency System. /
Secretary Shaw touched upon present
day conditions of commerce. He said
that as long as dividends are the test
the bankers of New York and San
francisco. would not be. the clearing
houses of the world, even if our ex-
ports and imports predominated over
those Of other countries.
| Continuing, he said: So. ,....
1.-The fact, and I think it is a fact
that the United States has the best
currency system in the world, does not
imply that the currency system of the
United States is, perfect, or that it
cannot be- improved. The system is not
perfect, largely because it is non-elas.
tic. It fails to respond in volume to
the changing needs, of seasons and of
| localities. 60 <..s..ST :. :
~ Attention has been called to this
many times and by many people, THAT
there will be no further currency tlepis-
lation until we shall have experienced
a panic occasioned by that want of
elasticity, I am convinced. The coun-
try does not appreciate the danger, and
until the danger is fully understood, no
remedy will be applied. Meantime 4
remedy should be discovered, discussed
and, as far as possible. agreed upon
so that it may be promptly applied
when the people are ready for it, :