Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1910-10-29
THE DOWNFALL OF THE TRUE
REFORMERS.

The financial disaster which has
overtaken the Grand Fountain. Unit
ed Order of True Reformers in gen
eral and the Savings Bank. Grand
Fountain. L. o. r. r. in particular
viii not surprise any one of ordinary
intelligence. who has observed the
trend OF events in that organization
during the past ten or more years.
It was this journal which amour
ced I'm clarion tones the beginning
OF IT'S dissolution. when its distin-
guished founder o'er-leaped himself.
evidently upon the advice OF his close
advisers to get rich quick" at the
expense of the Order and sold 20 the
corporation for ($50.O0O) fifty thous-
and dollars. it's own secret ritualistic
work ana it's own constitution. basing
| the sale upon the possession of two
/ copyrights which had cost him just
one dollar. we then declared that the
end would come sooner or later and
that the men interested I'm the deal
would pay the penalty.
We have lived 20 see the fun real
| !zation OF our prediction both as 20
the man and the organization. The
former is dead and the latter is in
I its death-throes with its thousands
of innocent victims as the sufferers.
II reminds ms Of the biblical declara-
tion that the sins OF che fathers shall
be visited upon the children. even
unto the third and the fourth gen
Grafton.
But then il is useless 90 dwell up
on the past Il is far better to look
20 the future and let by-goncs be by
cones. We are certainly panied by
the disclosures. which while being
something worse than We expected.
yet they bear out the private infor-
nation which has been furnished 20
us for two years or more.
Il proves too the value OF the Blu
reau of Insurance and the Banking
, Department of the State Corporation
Commission. which is engaged in cor
recting conditions in a charitable and
business way and aGordlng solvent
concerns an opportunity to conform
20 modern methods Of business.
We are glad to note that the le-
posts will hardly exceed sixteen
thousand dollars and We see no need
why this amount should not be forth
coming from the wreckage If the
ownership of the bank can be sue
/ cessfully lodged with the Grand
Fountain. United Order of True Re
/ formers.
1t Will require a master mind to
pilot the fraternal department Of the
Order through this maelstrom of f.
nancial destruction. Still it can be
done and we hope that the strong
men and women lin the pews" so TO
speak will MAKE up their minds not
to let the Order die. Those OF us
VINO have criticised it have done so
in a spirit which wished it well. We
saw the breakers ahead and we warn
ed bhe leaders. The result is we'll
known.
We call upon them now to make
another start. Rid the order Of
those who have been foremost in
bringing about its undoing and make
one more effort to regain the prestige
and capture the good record which
they have lost.
The colored people Of bhe country
should not be dismayed or disheart-
ened by this disaster. They should
try over again and redouble their eff
forts 10 demonstrate their ability TO
successfully launch and operate great
financial enterprises. Our people
must learn though TO discriminate
between leaders of ability and the
I leader of only the mouth persua-
sion"
I Financial ventures cannot be en-
trusted TO the crowd or to men who
are emotional only and not sincere
and practical. II the downfall of the
True RefOrmers will tend TO rid the
organizations OF these kind of people
and cause men OF rare worth and a.
bility TO gravitate TO the top. instead
Of being. by the clamor of the mob,
forced to the bottom. then the .disas-
ter which has overtaken this great
organization will not have been in
vain. 4