West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1915-12-16

put utrectly or indirectly IL is an ex-
change OF commodities and the pay
ment OF the balances: and therefore
there must be no impediments 10 the
free flow OF the currents OF commerce
back and forth between the United
States upon which the world will in
part depend. and the other countries
which she must supply and serve.
Being literalists. we interpreted
the national banking act to mean.
since 1t did not say that the national
banks could engage In this business
that they could not engage In IL and
some OF the natural. some OF the nee
essary. functioning were not perform
ed by American bankers.
Il refer TO this merely as an evi-
dence of what take leave 10 call o,r
provincialism. Moreover. during this
period. this very interesting thing
happened. that American business
men were so interested TO be protect
ed against the competition OF other
business men in other countries that
they proceeded by organization 10 pro-
tect themselves against each other
and engaged in the policies OF organi-
zation rather than in the statesman
ship OF enterprise.
For your organization for the pur-
pose OF preventing successful competi-
ton Is not in moral level any higher
than running politics upon the basis
or organization rather than upon the
basis OF statesmanship and achieve
ment. Organization is necessary to
politics and IL is necessary to business
but the object OF organization ought
not to be exclusive: Il ought 10 be
efficiency. The only legitimate object
OF organization is efficiency. II can
never be legitimate when II is intend
ed for hostile competitive purposes.
i have never entertained the slight
est jealousy Of those processes of or
ganization which led to great CONNIE
tency. but I have always been Jealous
of those processes OF organization
which were intended In the spirit OF
exclusion and monopoly. Because the
spirit of exclusion and monopoly "a
not the American spirit. The Ameri-
can spirit is spirit OF opportunity.
and OF equal opportunity, and OF ad-
mitting every man to the race who
can stand the pace.
so / say that we have reason To
look back upon the past OF American
business with some dissatisfaction
but l. for my part. look forward to
the future of American business with
greatest confidence.
American business has altered its
point OF view and in proportion as Il
mas altered its point OF view Il has
gained In power and in momentum. /
have sometimes heard exhortations to
the effect that politics ought not to be
injected into business.
ut is Just as important that you
should not inject business into poll
tics. because 80 far as the business
OF this country is concerned there
ought not to be any politics.
Il, gentlemen, am a Democrat aa
you probably have heard, and am a
militant Democrat, but Il is because
believe that the principles OF demo-
cracy Will be OF more service TO the
country than any other kind Of prin-
ciples; not because / believe Demo-
Gratis are better than Republicans.
1t is because I think Republicans
are mistaken and Democrats right.
and hope and believe that / hold
that conviction in no narrow partisan
spirit
Il find that ! am one of the few
men or my acquaintance who abso-
lutely believe every word, for exam
pie. of the Virginia Bill Of Rights.
Most men use them for Fourth OF
July purposes and use them very
handsomely. but I stand before you
and tell you that believe them.
For example, the Virginia Bill OF
Rights cite that because II was one
OF the first bills OF rights; the others
we're largely modelled upon 1t or run
along the same lines-the Virginia bill
OF rights says that when a govern
ment proves unsuitable to the life OF
the people under It lam not quoting
the language. but the meaning). they
have right TO alter or abolish It I'm
any way they please.
And for the first time, gentlemen,
1t happens believe, providentially
that the business men Of America
have an instrumentality in the new
banking law such as they never had
before for the ebb and flow and free
course OF the natural processes of
credit. For the first time we are not
bound up in an inelastic currency.
Our credit is current and that cur
rent will run through all the chan
nels Of commerce in every part of the
world.
"A gentleman present here today
told me that he had done what I
trust It Is not bis habit " do. He said
he had been looking up an old speech
OF mine and that when I addressed
the American Bankers Association In
Denver some years ago said that I
had been called upon little while
before TO speak to the bankers OF New
York on the elasticity OF the currency,
and that had replied that spoke
upon II with the more freedom be-
cause I knew nothing about II.
Being a professor at that time on
salary, | was not IN 2 position TO