The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-06-26

that Mr.. Ryan has large personal respect
for Mr.. Morgan. and he said that 10 M
man had come the opportunities. coupled
with the genius to turn them TO advan,
tage, that had come to him. The result
was king of finance. whose power wai
greater than that OF any man the world
has produced.
Having started the great enterprise.
and having taught a younger generation
how to manage the worlds finances. Mr.
Ryan thought there was no reason t.
fear for the future. whether the res
pTinceps should be called away soon OF
late
Mr.. Ryan announced his complete con
hdence in the six men he named to tak'
care Of world finances and manage then
as ably as Mr.. Morgan had done.
Man of Big Tasks.
This frank talk of Mr.. Ryan hints al
the gigantic tasks which have fallen Il
the lot OF American bankers in this gen
GRAFTON. 1t is a fact that a great par
Of the financial machinery with which
King Morgan has been able TO carry out
his great undertakings has been the WORK
OF hts own hands. His first task was &c
centralize the wealth Of the country
/ largely IN New York, where it could be
had quickly for the big corporate move
ments which have astonished the world
in the last few years.
Right or wrong, in economic principle
| the movement OF corporate enterprise in
! the last twenty years is thu wonder OF
/ the ages. Centered in New York has
been the great financial reservoir which
has furnished the current for money
/ getting through railroad building, in
dustriai effort, and the exploitation oil
the materials OF earth for the convenience
| Of man.
| Combination. Capitalization. the appli-
cation OF the trust principle swelling OF
| private fortune and the vast accumu-
| lation Of wealth in the hands of COM
panies have been part Of the process. BY
means OF II has come about complete
revolution In the methods of transporta-
ton, production. and the distribution OF
| the worlds commodities. Through the
agencies which Morgan and his type
have brought into being the world has
been made smaller by 50 per cent than
IL was quarter OF a century ago. The
streams Of wealth flow in bigger chan
nels, and part OF the system is the great
/ reservoirs In which the Accommodations
Of the flood are stored and conserved for
future use
Marked by Much Distress.
The readjustment OF the worlds finan-
cial affairs and OF its industrial and dis
| tributlng agencies has ground many to
powder, and has Uttered the shores OF
the financial ocean with a wreckage ap-
palling in its volume But where one
fran bark has gone down. a bigger and
stancher ship takes its place and rides
more securely the stormy wave. Where
sail is broken by the tempest. a steam
propeller glides in and fiaunts defiance
to cyclone and hurricane.
There can De no doubt that the hnan-
clal world Is stronger, safer, and better
equipped for the worlds work because
Of Morgan and his kind.
The ruthlessness Of the kings methods
have hurt. IN the process Of readjust-
ment 20 the new order Of things the
powerful has smitten with the force
OF cruelty. Where the smart has fallen
Il has been severe, but in the end the
harsh means have seemed necessary, II
the larger ways Of the worlds opera
tons were 10 prevail. Much OF the hor-
Tor. mercilossness, and seemingly un-
necessary wrecking Of older institutions
have como about through the sudden
ness Of the transition. Greed has ground
against greed until the weaker gave way
and disappeared beneath the neither mill
stone. Morgan and his kind have not
chosen TO wait upon slow processes Of
change. but have struck directly TO the
object sought. regardless OF what OBJ
staoles might be in the way.
Grandure OF IL Dawns.
The world is coming 10 see something
OF the grandeur OF this work OF finan-
cial revolution. AS men forget the ruth
less details OF the storm. and now gaze
upon the betterment wrought, It chal-
lenges their admiration If it does not
remove the pain and scars Of the
cataclysm through which they have
passed. Morgan's work in the world OF
finance has been unique. and that II
will ultimately rebound to the comfort
and enrichment Of the people of the
world cannot be doubted.
1t would be strange II this financial
upheaval had not been attended with
much danger. The state, the city, the
nation, and the people Of earth have been
profoundly shaken by the process. We
have probably not yet passed from all
TIC uaAlHct u topping nOI
have We yet cleaned UP the debris OF
the cataclysm. The great process OF
change Is not yet complete From the
great reservoir Of wealth, and the CEN
tralization Of power that has been en-
trusted 10 few hands or wrenched from
the hands OF the many. which ever way
the statement may be expressed, have
not yet begun TO flow back to the foun-
tain heads OF the smaller streams, the
benefits which in time viii be theirs.
Farmer Is Better OF.
But the farmer, for one. Is richer to-
day than he hoped to be twenty-five
years ago. The big corporation en-
ploys more workers at better pay than
the many small ones did under the old
dispensation. The labor factor has been
advanced in many ways The world is
not worse of, but infinitely better OF
for the great movement toward central
ization of production. transportation. and
distribution just now coming to culmi-
nation.
High cost Of products and tremen-
dous advance IN the requirements Of
everyday life are incidents of the move
ment which lack adjustment. The dis
tributing process is not yet working
smoothly. and much remains to be done
before the world shalt have come TO
equilibrium under the new order of
things. But these minor adjustments will
work out in time, and the advancement
made in finance, transpor tation, industry,
and the distribution OF products In the
last quarter of a century are due 70 the
genius and energy Of Morgan and men
Ike him, already stand forth as a land
mark in history on the threshold of the
twentieth century
Corn Deter Than Hay.