Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-06-23
VANDERBILT HITS
LOOSE METHODS
y OF LEGISLATION
New York National City Banks
Head Speaks Before State
l Commerce Chamber.

Frank \. VANDERBILT president of
the National City Bank of New York,
speaking on Constructive Public
Opinion" at a dinner of the New Jer-
sey State Chamber of Commerce at
the washington restaurant last night,
criticised loose legislation and expert
mental laws. He said he agrees with
President Wilson that the main
reasons for any business depression
at this time were psychological. This
might become of the gravest I'M
portance, he said, unless constructive
public opinion gave more encourage
ment to business.
The dinner was arranged for the
purpose of organizing non-partlsan
business mems movement.
The first step toward this end, he
advised, would be for Congress to
agree on the specific form pending
legislation should take, then adjourn
and give the country three months to
consider this completed work before
attempting to enact it's program into
law Mr.. Vanderlip also said the
business men were face to face with
the necessity for taking deeper in
terest in political affairs.
1t was announced that the COM
mittee named for the development of
business in the State and nation
would be made up of the thirteen
members representing the Congress
sional districts. Their purpose will
be to counterfeit present-day forces
which have poisoned the minds of
many voters by the cry that business
success is a crime and all com bina-
tons of capital an evil"
General William c. Heppenheimer,
president of the chamber, who pre-
sided, introduced Mr.. Yanderlip. He
said the new movement was in the
interest of big business, and intended
TO stimulate citizens of New Jersey
to keener responsibility of their po-
litical obligations"
Nation Must Awaken.
Il firmly believe that if this nation is
to avoid disaster a general awaken
ing is necessary to the probable effect
of present-day political tendencies
upon business, upon property and
property rights, and upon the course
of industrial and commercial develop
ment," Mr. Vanderlip said Great as
is the stake of business in such dis
astrous tendency, even greater is that
of the humblest worker. 1t will en-
compass in disaster the whole social
body.
81 WISH he continued, there
could be a clearer comprehension of
what a disheartened business commu-
nifty really means; what it means to
the whole people. If the directing
forces of business life are to lose
heart; if their courage for new en-
terprise is to ebb; if their willing
ness to take risk, to test the chances
Of the future, to venture present pos
session upon prospective development
is to fail, then the psychology of the
business mind becomes a matter of
the gravest import"
Mr.. Vanderlip believed that While a
1alge part of the business world was
pessinnistic, there was much in the
situation Including crop prospects
an6 an easy financial condition) that
would seem to make pessmism I'M
warranted. The political currents
were likely to land us, he said, in
.thorough-going disorganization OF
Business.
I'VE have a legislative restlessness
that is unparalleled" he continued,
"a search for novelty that results in
startling productions. Back of many
of the demands for novel legislation
there may well be admitted a sound
basis of economic facts The changes
wrought in our lifetime by new forms
of power, of transportation. of com
munication, are revolutionary, and
even greater have been the changes
wrought by corporations.
Let US, too, admit that the direc-
ton of these new forces have not
always rested in the hands of men of
great breadth of vision. Sometimes
they have not been in the hands of
men of great honesty of purpose. All
this, I believe, gives basis to de-
mand for what amounts almost to a
new code of business ethics, and for
statutes that will support such a
code"
one striking novelty in the pend
ing antitrust measures he said, was
that they were being considered, and
doubtless would be passed by Con-
gress a large majority of which was
not in favor of passing them at the
present time.
And they will be added to the
laws of a nation, a large majority
Of whose citizens are not in favor of
such laws being enacted at the pres
ent time" he added.
II would ask he said, that Con-
gress go forward now with a fun
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