The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1907-12-01
AWSON ADV0CA TES REMOVAL BY ROOSE
WELT Of THE HEADS OF GREAT BANK:
ING INSTITUTIONS AND CORPORATIONS

morally responsible for them, If such
is possible; if not by those legally re-
sponsible for them. There is but one
practical way for this to be done and
that way is for. you, the one man in
whose honesty, wisdom and courage
the American people and the thinking
people of Europe have unbounded con-
fldence, to appoint, in your capacity
as President, if it can legally be dor-
&C., if not officially, personally, for pub
lie opinion will Overwhelmingly sup
port you in such a move-a board or
committee of five or six men of unques-
toned character and intelligence, such
men as Governor Hughes of New York
and Governor Johnson of Minnesota,
and have these men at once hold pub
lie court" on two questions:
J. The actual condition of the great
banks and trust companies OF the
country; and
>. Whether the controllers OF the
great industrial Institutions. such d
railroads, steel trusts. amalgamated
copper trusts. beef trusts, etc, and
which are owned not by the few, bat
by the many, the hundreds OF thoas-
ands of investors. shall turn over such
control to new boards composed Of rep
resentative public-spil;ted men.
Such a plan is entirely practicable.
1t can be inaugurated under the pres
ent condition OF public opinion, almost
instantly, for the invGs tigatiOn Of both
questions boils down to simply this
separation of the bad stocks and bonds
from the good ones. To one acquaint-
ed with the inside work ings of
finance this is a seemingly gigantic
task, but it is one which, particularly
in the present condition OF the public
mind, is very simple one. Simulta
neously with your sledge-hammer
straight 'front.' -the-shoulder- announce
ment of what is to be done the first
wave of returning confidence will
spread throughout the world, for your
announcement will mean to every one
that all honest. sound and self-suppOrt
ing institutions-and the world knows
that they are in an overwhelming ma
jority-will receive a nOn-cOunter-
feitable stamp to that effect, and that
all rotten ones will be not only and
ed rotten, but will be put out of exist
ence.
IF those controllers whom your
| board will certify should be dismissed
! refused to resign they will be deposed
| by the courts on the evidence submit
ted by your board or dismissed by the
stockholders of the corporations, and
| the substitutes recommended by your
board will be at once Iut in control.
I would say here, with knowledge of
corporation affairs, that there is no
greater fallacy circulating amongst the
! people as fact than the one that the
heads of these great business institu-
tions should be men with great tech
nical knowledge. The only time 4
Union Pacific railroad requires Har-
riman for a head is when it schemes
and plots to pillage the people in def
anCe of existing laws, by double-deal-
ings in passenger and freight rates and
| by manipulation of securities. In the
straight business conduct of the Union
Pacific road a Governor Johnson of
| Minnesota is the peer, if not the SUI
perior, of Hartman. and a Stuyve.
SAINT Fish can take President Harri-
mans place tomorrow without the in
terruption of any legitimate business
or policy.
"Following your proclamation and
the first wave of confidence will be a
curities or to return their money to
banks and trust companies. Il wish
to seize this opportunity to go on rec.
ord that the people are justified at the
present time, in the light of their re
cent experiences in banks. insurance
railroads and Standard Oils. in hoard
ing their savings.) The first wave OF
confidence will spread throughout the
country and Europe. for it will dawn
upon investors everywhere that the
great prosperity of America, which has
enabled her institutions to pay a larg
er rate of interest than those of any
other country, has at the same time
allowed the controllers of American
industries to steal even more thar
they have returned in dividends anC
interest to investors, and these with
| W Invest. '" III huO" IIdI IQt
first sitting of your court, whether i
be a government court or a publ,
opinion" court, will mark the dal
when the enormous earnings of Ameri
can industries coming from the won
derful resources of our country will
either go to investors or will be re
turned to all the people, in the form o
reduction in passenger and freigh
rates and in reduced living expenses o
the people. after investors have receiv
ed good rates of interest And it will
be found. under the new way of doin,
business, which your proclamation vii
> inaugurate. that the present volum
of American money is more than sui
ficient to meet every demand (goo,
, times and bad times demands of tn
people. and there will be no necessit,
for new currency laws or either fed
eral banks or credit currencies.
My cure will be met with the CT.
> that it is radically sentimental. NJ
answer is that the present crisis /
radically sentimental. that the presen