The Washington times., 1908-02-09
Financier Gives Inter-
view to French Writer
Saying Capital Must
Control Business.
Causes Behind Depres-
sion Are Not Industrial
But Clash in Social
Order.

NEW YORK, Feb. 9.--The World
this morning prints an interview
with J. T. Morgan, which was given
yesterday by the banker 10 Alex
ander UIar, editor of the Petit
journal of Paris.
Mr.. Morgan lays down the propo-
sition that the time has come when
the great battle between capital
and labor must be fought out. lie
tells the French newspaper man
that the wOrkingman has got to
learn that he cannot control indus
try but must accept wages that
viii make honest and profitable
business possible. He adds that as
thousands Of men are now out of
work il is better TO keep them in
that condition until they realize
that they are pOwerlesss to prevent
wage reductions.
The fnancier thinks that the pres
ent depression is extremely useful
and as a capitalist he does not care
TO see IL relieved at present.
After paying a high tribute 20 Mr.. /
Morgan's dominating personality.
Mr. Ular says:
Somebody Needs Lesson.
When we talked together about The I
immediate causes 4 the recent panic. 1
had ,ho strong impression that lie I
thought the main cause was that some |
body wanted q little lesson
The immediate cause?- ne said. BE
sides certain economic conditions. there /.
were certain attempts al legislation /
Il was sufficiently clear. But. OF I
course IL would have been ridiculous I.
O. ask Mr. Morgan If he made the.
panic himself. He spItefully chewca I
the word Washington" CLOSING hfs
rIOuth With yigOr, like "a tiger VINO Is
just breaking the spine Of a sheep. and I
then smiled as il satisfied with the re- I
suit. Mr. Morgan has the most ex- 1
prcssive face I have ever seen.
Angry at Bank of France.
He is almost as angry against the /
French government as against Wash /
irgjon." He does not understand. or 4
ne does not want TO understand why 4
during the panic the Bank Of France /
refused TO lend him some gold in order I,
to mend the strinsency Of payuen-
here.
They did what they refused TO rue /
a week later for the Bank Of England.
So the statute Of the bank did not re- /
strain them at ALL" he said.
Certainly not 1 replied AS a maj
ter Of fact. tho Chiefs Of the Bank Of /
Trance may do just what they like"
with the authorization of the gov
eminent. yes" he answered. The gov
eminent refused. Don't they realize
that the United Stats is their best Gus
toner, ana that an attitude like this
will not help them at all TO develop
commercial reIauOEs?"
Uneasy Over Jap War Scare.
I explained to him, in my opinion.
there had been some uneasiness in
France as to the American relations
with Japan. that France had refused
a loan to Japan, and felt Obliged.
therefore, in order to remain Impair
ttai, to refuse money TO the United
States
This is ridiculous" Mr. Morgan ex-
claimed We did not want money. We
just wanted metal We did not want
any loan Our situation is sound.
Business is sound. All is sound. We
have got plenty Of all we need
But IN your opinion, did not the
rather peculiar business methods of
certain big bankers contribute to 4
certain extent 10 the outbreak of the
panic?"
Wants Banking On Solid Basis.
"Oh. no. The panic proved onlv an
opportunity for cleaning out the bank
ing business. Those people, just drop
ped them down. I do not want such
people and such kind Of business in
banking. l want banking to be put on a
solid basis"
Mr. Morgan plainly agreed that the
most important side Of the crisis is the
social one.
Yes. it IL all u social question: lust
as in Europe. The time has come when
the question is TO be settled. I want TO
settle it," he said
After having talked about the indus
trial situation depression and its out
look for the future. Mr.. Morgan said he
thought this depression is very useful,
and he did not care TO see it relieved
at all Just now.
In other words then, Mr. Morgan,
this crisis will serve to crush the pow
or OF the workmen, You will use it for
Continued on Second Page)
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