The Birmingham age-herald., 1908-02-10
PROPHET OF EVIL
 IS JAMES R. DAY Syracuse Educator Discusses
 Muck RakerS
  FOWLER TALKS ON FINANCE Chancellor Day Is Very Pessimistie of the Future Under Certain condi-
 tions-Fower Tells What
 His Rill>,ls Good For.
 
FOWLER TALKS ON FINANCE

guest or honor at the annual meeting ana banquet of Group Fiv> of the New York State Bankers association, at the Ten Eyck hotel, last night, in speech again denounced those who would create class hatred and prejudice and cause dis trust and suspicion of business men, whose genius and money turn the wheels which give employment to millions of laboring men and women."
 Charles N. Fowler, chairman of the House committee on banking and cur rency, also delivered an address. Cover nor Hughes was unable to be present be- cause of pressure of business.
 Chancellor Day quoted speech of Dan iel Webster, more than half a century ago, denouncing what he called, just such attacks as those made in these days" and declared that the address sounded as if it was delivered yester- day but did not sound like the one de- livered week ago yesterday. He pro tested against the inference being cast forth that the greater proportion of the business of the country being done through corporations was criminal and announced that in the interest of 9
  of particulars
 DisloyaI SIander.
 q charge this whole business" he said with bearing the earmarks of dsloyal islander and defamation of the commerce of the country. The attacks upon men and corporations are couched in the terms in which the islander talks. They are Judicial specific, and particular. They are sweeping, reckless, indiscrimin- ate and on the face of them, for the most part, false.
 "The whole thing Is a gigantic politi- cal game in which the people are being derided for a while. There is just truth enough in the assertions, there is just project enough in a great class Of peo- pie, there is just moral pretense enough in all ranting to make 1t a winning game for time but as sure as God Is true and right, day of judgment is coming and you need not envy the scandal mon gers, who in that day will take their places on the ndelble pages of history.
 Evils there have been, evils there are and always will be, but they never have been and never will be remedied by the blind guides who are leading the people into the ditch with indiscriminate de- famation.
 "Honor there is too. Honesty there Is in our men of business. which is our na- tion's mightiest asset and of which we may boast as our pride and glory
 "The trouble has not been that our great geniuses of commerce and manu- faeture have become malefactors Ine world has no nober men. The trouple has been that the muck and slime of the vilifers have been flung over them until we are discredited in the markets Of the world.
 "No wonder that wild. frenzied. desper- IL. off sponsibility and place 1t upon the men who have been our bulkwark in the storm.
 Forecast of Future.
 What of our future? If you will stop the rawlings of the demagogues, If you serve vigorous notices on the men who are defaming business men and discredit- ing our trade by repressing our products as the sum of all villainy in fraud and adulteration; if you will call to account the men who are depreciating our bonds and stocks in foreign markets by com pairing our great center of brokerage and exchange with den of thieves; if you will insist that our great railways shall have fair play in their efforts to make new adjustments and to meet the demand of a fabulously developing country; If the whole people will rise up out of suspicion, distrust and ignorance concerning econom- ie conditions and insist that no man shall have their votes or their. following who defames his country, 60 days will put an end to these hard times. and they will not return while we maintain our self respect and insist that the rich and poor shall live and work together in har- mony under the guiding province of that God who made them all.
 infamous Work.
 ..r,..4 ..o., ...;r, aon,,;osoo ood hxy ~i lence consent to the infamous work of the scandal mongers, and permit the widen- ing of the chasm between our thrifty classes and the restless anarchistlc social ists, if you indifferently Took on and utter no word of protest against an agitation that invites the anarchist to sharpen his dagger and that appeals to the poor to take the property of the rich with vio-- lence because it has been stolen from them; if you admit the justice and right eousness of the assaults upon the mighty forms of our finance, manufacture and trade. and tie estates of the successful in the development of our industries I phophesy, as I did the panic, more than a year ago. from the same causes. that before another half decade blood will flow in our streets, and the night rider torch will light the heavens with appalling glare"
 Fowler Speaks.
 "The bill introduced by me provides for a guarantee fund of $700, 1000, 900 in the United States treasury to protect the depositorsA in national banks. All deposits in our banks are involuntary. No one has the power of putting his money where he will earn a fair rate of interest--say 5 per cent--absolutely free from risk and at the same time be able to recall it should he desire to use 1t. Every one must choose some bank and the very fact of choice inn plies risk. Not one person In 10000 has any idea whatever about the true inwardness< of the banks at which he is doing business. In the last analysis 1t is Absolutely matter of faith, and blind faith at that. When bank fails, it is not as though 8 mans life had passed out, or his home burned down. Beyond this the ramifcations of credit are so extended and intricate that the business of the whole country is affected by bank failures. It is i'm possible to estimate the evil conse- quences, direct and indirect, growing out of them.
 Such a guaranty fund in the United States treasury would avert panics. 1t would prevent that fear which leads to hoarding. Unless the relief advocate IS afforded. sooner or later we shall have a postal savings bank in this country and then the government will have to become a large buyer of bonds to i'm State LeuisIatlon.