The Detroit times., 1912-02-20
WAlTO KILL SOCIALISM IS
/. TO MAKE FRIENDS FORGETIT
IN INCREASED PROSPERITY
JACOB GOULD scHuBm.N.
1t Will Be Undermined by
Practical Things Even Though
Arguments Are Not Met"
TALKS TO BANKERS CLUB
President of Cornell Says big
Business" Should Take Pub
lie Into Confidence
JACOB GOULD scHUBmAN.

AoN~hih5 upOH tue Wlut range Oh
subjects that may be included under
his topic, The problems or the day,
President Jacob Gould Schurman, Of
Cornell university, held the close at
tention OF the members OF the Bank
ers' club OF Detroit. at their semi-an-
nual banquet in the Pontcharlraln
hotel, Monday evening.
President Schurman announcer
himself as progressive, not a neur-
| otic progressive nor a paranoiac pro-
gressive, but an American progress
sive, who believed in progress along
American lines.
Il think that the biggest problem
of today is the problem OF concen-
| trated wealth and it's influence on poll
tics" he said There are some who
do not recognize this. They are called
stand-patters, and they do not realize
that all forms or business have
changed. They are a minority and a
dwindling minority, and they have
been pretty thoroughly driven out o:
office.
1T is true that the rich are grow
ing richer, but it is not true that the
poor are growing poorer. While the
poor man is not making progress
quite as fast as the rich man, he Is
! constantly improving his lot and he
is better off today than he ever was
before.
There is the danger, though, or
great power magnifying itself and
making few practically masters or
monopoly. To check monopoly while
retaining the benefits OF the present
Industrial system is the problem be-
fore the American people.
There are two proposals for check
ing monopoly. One is radical. it has
never been tried in any civilized coun-
try, except in small colonies, and even
in these it has not succeeded for any
length of time. | mean, OF course,
Socialism.
Socialism is here, gentlemen; 1t
must be reckoned with; 1t cannot be
secuted or laughed down, for 1t Is
serious thing IN the minds OF those
who propose IT. There Is no way or
meeting it except by straight argu-
ment or by bettering the economic
conditions sufficiently to make those
VINO incline TO ii forget their theories
in increased prosperity. II will be
undermined by these practical things
even though its arguments are not
met
Socialism is essentially at war
with private property that is used Tor
productive purposes. Socialists re-
sent that the outsider should draw
returns on his capital without taking
an active part in the process or pro-
duction. There is not one thing in
history to show that things would be
one whit better than they are now II
we should abolish private property,
and there is a great deal OF ground TO
think that they would be worse.
THE institution of private property
has this one great advantage, that 1t
holds out a money reward for labor.
Not all labor needs a money reward
religion, morals or artistic work docs
not-b-t in business. money REWARDS
are the only things that will stimd-
late the workers to do their best.
There are others who propose that
! the government. the average men
whom we send TO congress TO repre-
sent us. should fix prices as they are
now fixing railroad rates. But rail-
roads are child's play compared with
the innumerable varied business en-
1 terprises that there are in the coun-
] try. The railroads are public carriers
/ and the people can take them over II
| IL Is found impossible to operate them
under government regulation. But We
don't want to take them over because
governments everywhere, especially
democratic governments, are notably
inefficient in the management OF bust
ness.
1T Is found necessary in few busl-
nesses, and | am convinced that they
would be very few. such as coal or oil
or other natural resources, 1t might
become the duty of the government TO
regulate prices or even to take them
over and run them. But don't let us
PROFOUND such policy based on ig-
norance Let us first find out II there
are these evils, and we don't want our
! light 10 come from fiery-eyed sensa-
tionalists who, because Wall-st. denies
that there is a money trust, are firmly
convinced that there is one.
big business must take the public
into it's confidence Secrecy is a char:
ness is not afraid to show what 1t Is
doing Half, no three-quarters OF the
evils of the day would not be evils II
/ the DtOplt hDtW dS IlluIi abOuN bAS
business as you gentlemen know"
President Schurman concluded his
address with a few remarks on the
currency reform plan proposed by the
national monetary commission.
1T should not be called the Aldrich
plan" he said, because 1t is no more
the work OF Senator Aldrich than OF
the hundreds of other men all over the
country who have given their time and
thought to the plan. II is essentially
an American plan. The commission
has not taken the Canadian banking
system, which is indisputably better
than our present system, or the Ger
man system or the English system
but has built TIP a plan that conserves
all the benefits of the American sys
TEN and still provides for the need OF
a reserve"
The Rev. Joseph A. Vance followed
President Schurman with an exhorta
ton to the bankers 10 watch against
the tendencies that inevitably result
from success I'm business.
These are three" said Mr.. Vance
1.-the stagnation by too much consery
atism. the tendency to lose sympathy
with the man who is down, and the
tendency to hardening which newt
ably comes with too much attention tC
money making"
The annual report OF Secretary and
Troaourar Tohu w Gfaloy ohnuad fh,