The Birmingham age-herald., 1907-09-28
Strong Address Made Before
 Bankers Association
ALL ROADS OBSERVE LAW
MT. Ingalls, Declares That He Defies Contradiction In His Statements That Officials Are Act
 ing Honestly.

Atlantic CltN, N. d., Sepienpei -i.7= iHS thirty-third annual convention of the American Bankers association ended to- day A feature was an address by NJ. F. Ingalls,. president of the Merchants Ma tonal Bank of Cincinnati, in which he declared That public men should cease the talk which gives the inference that every thing in our corporation life Is rotten which disturbs business and harms our fair reputation all over the world"
 Tt Is not true" he declared, that our business generally Is being conducted on unlawful lines. I can state here and defy contradiction that the railroads of this country are being conducted in ac- cordance with the letter and spirit of the law. The officials are trying, as far as In them lies, to manage the business hon. estly and fairly and obtain the neces- sary funds to pay their obligations and their employees. This is true I believe. of the industrials also. It may be that this is on account of the reform meas ures instituted by the government. Grant this is so. It Is all the better for the company and shows progress in the right direction. Why not meet the reform in the proper spirit and aid and encour- age it instead of always crying wolf and bringing our affairs and business men into disgraceful repute?
 Why try to array class against class by constantly harping upon wrongs of the past9s We have gone on in this conn- try preaching crusade against property and the accumulation of wealth without making any distinction as to how or why or when 1t was acquired, until We have | so confused the minds of the ordinary people that they think all wealth and | property Is their foe, when the fact Is there are scarcely any people in this
 country but what, to some extent, are
 possessors of property and accumulators 1 of wealth. The poor worthless class | the social reformer who hopes. without | work, to get some of his nelghbors' property, are very few. We should not encourage this number or lead our peo- pleh, who are nearly all comparatively well off, to think that there Is any class In this country trying to oppress another
 Above all. the Sherman law, so called
 should be changed. l have repeatedly stated, and think my construction of inc law has been agreed to by the high est In the land. that under it's present terms, and If strictly construed, no man can honestly engage in business without danger of violating 1t.
 Any agreement almost between two parties is a conspiracy. This spirit has been enlarged and re-enaeted in state legislatures until 1t has produced even worse conditions. In my own state leg is trf.
 on opposite corners of the street should agree upon the price of beafsteak 1t would be a penltentiary offense, and conspiracy can be proved without the usual forms of evidence. How can you expect men to risk their fortunes and time n building up enterprises or con tnulng In business if they are liable to be punished under the law like this?
 YOU may say that no such construc- ton has been applied, and yet Is 1t safe to nave a law which can be so construed. and 1T strictly enforced the liberty of in
 diViduals made dependent upon the will of those who control the channels of pros ecution? We have created a great dis trust of corporations on account of wrongs undoubtedly committed bv some m the past and we have wrought up such a popular feeling that today a combn- ation, whether in the form of a company or trust, seems odious and criminal. when the fact is that modern conditions are such that combinations whether m the form of trusts, corporations or part nershipS. are as necessary as life itself We must so change our laws that q fair agreement or orga nIzation for the conduct of business shall not be A conspiracy. and that only the unfair and unjust eombIna- tions which shall be so found after prop CT investigation and trial, shall be deemed unlawful
 "Our President has recommended this change. our National Civic Federation has taken it up, and there Is to be q large meeting in Chicago the latter part of Oc- tober composed of delegates from all the states to seriously consider this reform. I hope. therefore, that some change win he made. I have given you in haste some of the reasons for my belief that we are not going to have a panic In which the ralwaye will go into the hands of re- ceivers, as they have done in former times. in which the fires in the furnaces will go out, and the machine shops be idle and the laborers go around the streets searching for work. All of this could come. for the difference between good times and poor times Is very slight less than 10 per cent. As bankers we should use our influence to restore conf- dence i nths country. and if our goyern- ment officials. national and state, our statesmen and business men. instead of harplng continually upon what Is bad. will uphold the hands of the good and true men in the country who are using their brains and their wealth to make l better conditions to keep our mines and l business enterprises going, to keep the l great army of laborers and workmen | employed. then, indeed, we will have pros | perity. Above all. we must have no ! hatred of property no war of classes. The | efforts of all, high and low should be for | concIliatfon. Above all. we need a rest | from the wild talk of officials and polit- | clans to wrongs that they imply are | going on and should be punished. Let us | adopt the spirit and words of one of the | greatest men of our country some years | since, sent from Mt. McGregor. when he | said: Let HIS have peace Today think | I echo the hope and wish of nearly all Of | our people who have the prosperity of | our country at heart when I say give us industrial peace and good fellowship | among all our people"