The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1911-06-27
]. E. PHELAN'S FINE ADDRESS ON
FOUNDATION OF CONFIDENCE

One of the best addresses delivered
before the bankers convention, now
in session in Fargo, was that by j. e.
Phelan of Dickinson who spoke this
afternoon on The Foundation Of Con-
fidence. Mr.. Phelan's address in full
was as follows:
We all think we know what con-
fidence is. We also know that conf
dence Is but an idle dream unless it
is based on a secure foundation. The
true foundation is immutable. Yet the
stress and storms Of life are continual
~ jeopardizing that foundation.
The best definition of confidence hat
l can CLEAN from the dictionary is
given as, Assurance of mind, or firm
belief in the good will, integrity, stab
ility or veracity of another, or in the
truth or certainty of proposition or
an assertion, trust, reliance"
Society is built upon trust, and
trust upon confidence of one another's
integrity"
Looking at the matter from the bank
ers standpoint, you know how alert
of body and mind you must be to keep
In view the so-called fixed principles
and the ever shifting influences that
guide and change business transac-
tions.
Even among bankers themselves to
judge them intelligently we must have
some idea of the foundation OF their
learning, and their knowledge of hui
man events. Whether they are stud
ents of prescribed literature only, or
take in the scope of nations and their
people.
Our country today is more pro-
nounced in its magnitude as the melt
ing pot of the various peoples Of the
earth in the formation of modern So
ciety under conditions of industrialism
unprecedented in the history of the
world.
Responsibility on Americans.
responsibility today rests on the
American people to shape the course
OF politics, finances and industry, sell
dom so manifest in the light of pub
licity as it is at the present time.
Bankers can do more to maintain the
integrity of business and the moral
fiber of a community than any other
class Of business men, and never be-
fore has there been more pronounced
purpose among bankers to do the right
thing than at the present time.
Locally in our own state we have
gone through shrinkage in our re-
sources caused by the crop failure of
last year and today we have in sight
magnificent crop that may return
some of our surplus and keep the
wheels of local Industry moving
There is no need of crying calamity.
The wise men of our supreme court
have checked the tendency toward con-
f1scation, and as our elders and wise
men usually do, they realize that which
has been created by process of evolu-
tion and gradual building up should
have a chance and time to liquidate by
a gradual process.
Many Of the young men of our ma
ton, like the young men of the Indian
tribes, inclined to the warpath, are off
the reservation, seeking scalps and
wanting to raise hi, but the Ameri-
can people rather favor the suppress
sion of violence.
At Critical Stage.
Yet, we are today at critical stage
of our financial and industrial history.
We have had over twelve years of
almost uninterrupted development and
expansion Of credits and industry.
Previous to the now eliminating
period Of prosperity people generally
were nurtured in the school of econ
omy, chastened by frequent panics and
uncertain as to the supply Of cash or
credit.
In the school of thrift and industry
had grown great volume of experience,
suppressed energy and various forms
of property waiting only the vital
spark of conditions, and credit, with a
circulating medium sustaining it, to
set our tremendous machinery in mo-
ton.
We do not have to bark back very
far to remember Mr.. Bryan crying in
the wilderness for the redeemer that
was to come in the free coinage Of
silver.
Those who were weary and heavily
laden with debts were to pay off with
cheap money. Coin Harvey struck as
popular a chord with his theory Of
money as did Mr.. Taft recently, with
his theory Of reciprocity.
Following the Bryan crusade, the
momentum given TO industry in this
country by the Mckinley administra-
ton is with us yet.
A Riot OF Progress.
In the meantime we have had riot
of progress while poverty has been at
the minimum.
So pronounced has been the activity
in industrial pursuits that many of our
public men who fostered and main
tanned a governmental policy favoring
such active conditions have gone the
way of statesmen and politicians, max
ing way for a newer element.
Enhanced prices, naturally result
of continued activity, has caused the
cry of 1895 to be reversed until many
people now want to start on the down
grade and create another uncertain
epoch in our industrial history.
Following 1896 we. did not get free
silver, but we did get an imitation of
currency and great expansion Of
credits.
From June 80. 1893 to 1910. national
bank notes expanded from $239,515, 458
to $724,874, 308, an increase of $685.
352,S50 or 165 per cent per capita
while the increase of gold coin per
capita during the same period was IS
per cent.
Add to this the immense volume Of
capital that came to US through for
eign loans and other sources, and we
cannot wonder that many Of our peo-
pie have spent their money like drunk
en- sailors and that there has been
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