The Washington herald., 1909-08-08

possible. Most Of them got their i'm
mense fortunes by the modern process OF
consolidation. Andrew Carnegie is the
most notable example Of his class he
sold his steel works for S300,000Oo9. The
property at the time Of its change OF
ownership was not worth any such
amount. Other tremendous fortunes were
obtained IN identically the same manner.
I exclude Rockefeller. Of course. whose
wealth was acquired in the development
Of the oil business Psychologically and
industrially. the times and conditions
were right for the combination OF fac
tories and all sorts OF producing prop
erty. The era came and went. leaving
many multi-milIonaires, but It must be
remembered that nothing on EARTH ex-
cept a snow bank In a hot wind. van
ishes SC easily and quickly as a family
fortune. The period Of gigantic consoli-
datiOns is past The money OF the pres
ent multi-miIionaires viii be scattered
far and wide and the law OF average,
working in nature and with men, will
be maintained IN the future as II always
has been in the past"
In a word. what should be the rela-
ton of private wealth TO society,"
'Trusteeship-a now familiar word, I
know, but when I spoke It first. more
than twenty years ago at dinner Of
commercial bodies I'm Boston, ii was
strange and new. From that day TO this
I have believed in the doctrine that indi-
vidual wealth should be administered for
the public as a whole. Rockefeller has
accepted the idea. and so has his son
John, although they do not clearly ex-
press u IN words. Money cannot be given
away without injury 20 the individuals
who receive Il. and the natural accre-
tions to immense fortunes as with Rock
efeller and Carnegie. are so large and
mathematically constant that II Is phys
icaIly impossible 10 give safely and di-
minish the original principal The late
William r. Harper, president OF the Chi
cago University one OF the really great
men Of his generation, told Rockefeller
and Carnegie that they personally could
not prudenuy dispose Of even their in
comes-that the longer they lived the
more they would have. He suggested
giving by syndicates, that is. through Sc
lected committees or boards. and thus
Rockefeller has contributed S53O00.000 20 a
single university and Carnegie has estab-
lished a splendid pension fund for teach
ers."
Elimination of Middle Nan.
In what important ways has the busi-
ness OF merchandising been changed dur
ing your experience as u merchant
''The most noticeable change has been
the elimination OF middlemen. Formerly
there were manufacturers, importers.
and Jobbers. Now jobbers buy such
goods as they need in foreign markets,
and very many Of them are operating
their own factories. The methods Of bus
mess. therefore. are becoming simplified
and the profits centralized. Another
marked change IS the enlarged zones
within which merchants at great centers
are enabled 70 90 business. We used 10
be confined 10 a small area around Chi
cago. To-dar even heavy goods are
shipped into thirty different States"
DO opportunities remain for poor boys
70 become wealthy men?"
brains are the sCarcest and dearest
commodity in the United states or any,
where else By brains 7 mean capacity,
preparation. and willingness. There are
plenty Of good. solid. reli1ble men. but
those with initiative foresight and orig
| inallty are hard TO find When an able
man appears he can get his own price
1 Opportunities are multiplying on every
hand. but the visible supply OF brains no
where equals the demand
/ Are business mea rs honest as they
/ used TO hc?'
'T believe that Theodore Roosevelt has
I brought more conscience into all the
plain and usual transactions OF life than
ever before exlsted-not that merchants,
manufacturers and managers Of rail
yvavs are more honest than they were
but that they now UnderStand The public
side Of their relations 20 the community.
Il remember the time when my own
+ pockets were fun OF rebates and railway
passes. Before I gave UP my business
+ in Chicago 20 become Secretary Of tho
/ Treasury 7 would have been ashamed 70
ACCEPT n rebate. even though the law had
been silent on the subject. or 20 have
had q pass in my possession
'.Stin. I was Just as honest when
took rebates and passes as when both
were condemned and abolished by statute
7 came TO see aud comprehend the Other
side OF tho question. TO realize the ethics
OF the whole situation. Mt. Roosevelt
radically changed the narrow view Of
business. or. rather. made II perceive
that which had been unhoticed or hidden
Inherent honesty Is no greater nov
than it was five. or ten. or thirty year.
ago. but unconscious dishonesty has
grown 10 be very much less