Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1908-01-02
RECENT PANIC NOT A RESULT
OF TALK BY ANY PUB
Lie OFFICIAL.
DECLARES PRESIDENT jerks or
TIE AMERICAN ECONOMIC
ASSOCIATION.
MANY BUSINESSMEN FAIL TO
RECOGNIZE THEIR OBLIGA-
TONS TO THE PUBLIC.
Madison Dec 50

The two principal addresses of Sat.
urday were given in main hall at the
university dp ing the Joint
session Of the American Economic as
ISOLATION and of the American Soc.oIog>
zeal society by the two retiring presl-
dents OF the respective. associations
jeremiah w. jerks of Cornell univelo-
sity and Lester F. Ward Of Brown
The speakers were introduced BY
Colonel William f. Villas of Madison.
Professor jerks, whose subject as
The Principles of Government Controi
OF Business, spoke in part as follows.
first considering the recent financial
panic:
MANY Of the businessmen of the
country do not fully recognize their
obligations to the public, nor do they
see clearly the fiduclary character OF
their business. They are trustees for
the public in no small degree. They
excuse themselves for many acts, In
imical to the interests of the public
on the ground that they may prove
beneficial to the stockholders-and
this in all good faith With the III
crease in the size and complexity or
business organizations, however, the
principle of caveat emptoT ought not to
be made to apply in general. A de-
rositor in a bank for example, cannot
of himself judge the risks he is tax
ing. If the banker will not carefully
protect his depositors the government
should compel him to do so by more
rigid control
Not Due to Roosevelt.
"The fact is that the late wide
spread suspension of cash payments
throughout the country, disguised
somewhat by the use of clearinghouse
certificates, was public calamity due
less to the activity of any government
official than to the need of more rigid
government control"
In conclusion Professor jerks said:
''It is our duty to Judge each individ~
ual case on its merits, taking into &C.
count local conditions, industrial, polit
fCal and personal; moreover, VIC
should recognize the fact that society
and political institutions are chang
ing and progressing, and that policy
wise today may be unwise twenty
years hence; that policy successful
n Europe will probably not be equally
successful here; that in no case can
we accept as conclusive the exper1
ence Of other peoples or even our
own present experience, and that on
the whole the government prob9bly
needs to extend its control, especially
over the larger companies, unless
their managers take the public much
more fully into their confidence. In
every case the final appeal is to com
mon sense, good judgment and an I'M
selfish regard for the public welfare"
President Wards Address.
The second address of the evening
was read by President Lester F.
Ward Of the American Sociological
society, on Social Glasses in the Light
of Modern Sociological Theory. In
part he sad:
Modern sociological theory as
sumes that all the higher institutions
including the state, arose as the re-
suit of the race struggle. which takes
place whenever the previously differ
cnt.ated races of men ultimately come
into contact The first institution 20
be formed is that Of caste, the con
GUering race becoming the high caste
end the conquered race the low caste.
This distinct on becomes permanent
condition of society, taking various
ferns and undergoing certain mOdif-
cations, but never losing its essential
character. Existing social classes are
simply modified or attenuated forms
of primary castles, and may in most
cases be traced back to them
Conquered races are not inferior
in anything but military power or
equipment to .conquering races. Hence
castles and social classes rest In no
natural differences, but are purely
artificial. They constitute stratif-
cation Of society by which some mem
bers are fixed in lower and others in
higher social positions without regard
to merit.
az he theory that social classes rest
on natural Inequalities is refuted by
showing that such inequalities exist
in all classes alike. and that natural
iEferiority has no tendency to demand
its possessor to a lower class, while
natural superiority has no power 20
raise its possessor to a higher class.
Finally. it is shown that while ex-
sting social classes. based as they are
on artificial inequalities, constitute
one of the chief evils of society in
suppressing genius and barring social /
progress, the natural Inequalities Of /
of men. as chiefly indicating differ !
ences of capacity and thus represent |
ing variety and versatility of talent /,
and power, are of the utmost value /
II giving breadth and universally to |
human achievement. The abolition OF /
social classes would give them their |
maximum efficiency"