Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1908-05-27
DISASTROUS FLUCTUATIONS
WORK IRREPARABLE LOSS TO
THE BUSINESS WORLD.
DEFINITE PROGRAM OF REoULA.
TON SHOULD BE SOUGHT
OUT AND ESTABLISHED.
ADDRESS BY
JAMES r. YOUNG BEFORE
MISSOURI BANKERS.

Joplin, MO, May One or the
chief foundation stones of business
prosperity is stability on whatever
side we look we find the utmost pre-
caution taken to prevent those sud
den and disastrous fluctuations that
work irreparable loss TO the business
world. But there still remains one
great source of disturbance, from
which We are utterly unprotected
the relations of the people and gov
eminent to the great corporate inter
ests Of the country. Whether or not
the present outburst Of popular dis
trust and indignation subsidies, we
must inevitably have a recurrence of
the same feeling unless something
is done to inspire confidence in cor
porate methods OF organization, re-
organization, finance and manage
ment. The bankers and business men
OF the country and in fact the entire
people are utterly at variance as to
what the policy Of our government
should be. Our present national pol
icy is to have no policy at all, until
things grow so bad that there is
great explosion, whereupon we lay
about us with shillelah on the Irish
principle whenever you see a head hit
it, We have now reached a point
where instead Of the explosive policy
we must have some plan of regula
tion that will permit o. the steady,
continuous growth OF corporate enter
prises."
So said James J. Young, director of
the Wharton School of Finance and
Commerce of the University of Penn
sylyania in an address before the
convention of Missouri bankers last
evening. Continuing Mr.. Young said: !
The first step in this direction is
to gather together the scattered ele- !
ments of public opinion on some
definite program of government regu-
lation. Regulation there must be |
From these measures we must select
those that best meet the judgment of !
the business community and then
conduct an active campaign of public ;
discussion and education until a sat I
isfactory outcome is reached This F,
plan has been used in the settlement !
Of the greatest questions in American
politics. This question of government
regulation cannot be settled until the
business men Of the country agree on /
some definite program OF regulation
and the voters of the country nave
studied and accepted this program. /
Mr. Youn.- declared thai 5, ID a pro
gram must be positive, constructive /.
and conservative. Its fundamental |
purpose must he to restore public |
confidence in corporate methods by |
bringing back the corporation into !
harmony with the popular sense of
fair play,-fair play both towards the !
public as consumer and the public as
stakeholder in the corporation Such !
regulation must not be animated By a !
spirit of revenge; revenge is not
constructive. Nor may it be designed
to block or obstruct the government |
or render it powerless. for such |
policy in the present state Of public
opinion would be far from conserva- !
tive in It's results.
Finally said Mr. Young, "the pro
gram when drafted, must be cutrust-
ed to the federal government and not
to the states OF all the destructive.
fanatical and contiscatory measures
undertaken In the last few yers the
most dangerous and disastrous, have
without exception, emanated from
state legislatures and state commits
sions. The purpose and form of feder
al regulation are almost invariably
conservative and constructive in
tone. On the contrary, the states have
TO their credit many ill-advised and
hasty measures. In short, state action
too often means some violent OUT
burst of public Indignation, some gust
of popular wrath or the semi-faaatic-
al yaporings of the temporary local
majority On the other hand the feder
al government in the wide sweep of its
powers. its slower procedure and its
broad territorial expanse, represents
the public opinion of the great bulk
OF the people. The safety and stabil-
ity If our business interests require
the restriction OF state activity. The
future program of the business man
must be, Let the national govern
ment regulate