New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-03
WALDORF SPEECH
HIT AT WALL ST..
President Wilson Decries
Interests Opposing
Progress

7
called certain Wall Street men foes
OF the true business interests OF the
country, and said they had no care
for any part OF the government except
20 control II and subvert it TO the VIII
of financial aristocracy.
The President was the guest of the
Wilson Business Mems National
League. and 1000 heard him. Charles
r. Crane, a son Of r. T. Crane, tho
Chicago ironmaster and founder OF the
Crane Company, presided.
The President referred TO the Fed
eral Reserve act rs having broken up
the business of limited control and
his words brought applause when ne
added:
81 believe, in my heart, that one Of
the main issues of this campaign is to
regather the threads Of control so they
shall not be distributed as they are
now distributed
Will Not Help Progress
Not all Of Wall Street is bad, said
the President; only part Of 1t. The
evil section is that which processes
no sympathy for the regathering en-
terprise. and has declined TO lend to
the legislative forces its expert all in
framing new business laws.
"The leading business men, declared
the President, and the leading lawyers
who counsel the leading business men
have refused TO have anything TO do
with the gradual processes of progress
sive legislation, with the result that
men who understood business less per-
fectly than they do have been obliged
10 make shift to do the thing without
their advice less we'll than they might
have done il with their advice; and so
thew have doubly lost-they have lost
their influence and they have lost the
opportunity to do great public SER
vice.
II have been told again and again
that il was a mistake for me not 10
call into counsel in public affairs, the
men who constitute what we nave
agreed 20 call Wall Street. And nave
again and again said this: II tney
would come in a spirit OF cooperation
thew would be. more than welcome
But they always come in spirit OF re-
sistance not only, but advising altera-
tions in the plans which would defeat
the plans. They have a subtle genius
for proposing seemingly unnatural
changes, which would eventually lead
TO the defeat Of the main objects OF
the legislation proposed. Do YOU won
der that ! do not call them into con-
sultation? And yet | tell you again
that they will be welcol-e the moment
they come TO cooperate, and they VIII
not be welcome until then.
Brains Worn Out on Brakes
"Why. the amount Of genius that is
expended in this country in resisting
hopeful changes is one OF the greatest
indictments on the score Of waste that
this country has laid itself open to.
Brains have been burned out acting, as
brakes. ! solemnly protest that that
is not the right use for the best gifts
of the country" -
The President paved the way for his
I
continuous and gradual adjustment OF
conditions in the business world 20
meet changes elsewhere.
at is vastly better" he said, FOR
business that this adjustment shou d
go gradually forward than that u
should be checked and these forces (oi
change) banked up against some I'M
stable dam that presently will break
and society be overrun and destroyed.
1.-THE whole law of life for business
is the life of progression" he con-
tinued. "Stand still and you go 10
seed. Stand still and you decay. Now,
one of the things that has been the
matter with American business has
been this. But the real trouble is that
Il has been under the direction of too
small body of men.
Some Good Men There
1--WE have a shorthand expression for
that small body. We call it wall
| Street Now, that isn't fair, because
there are men in and about Wall Street
Who have a great deal of vision and
wisdom and public spirit. II is not 8
fair term. but we have adopted 1t and
we will have to use il, because there
are other men in Wall Street who have
no vision, who have no thought except
of their own interest, who have no care
| for any part Of government except TO
control Il. who are not interested un-
less they are consulted, who do not be-
| lieve that 1t is safe TO do anything
| without consulting them, who do not
believe that there is anybody outside
| of their circle who knows enough 70
! conduct anything that exceeds the
! limits of single parish"
The President then stated that one
/ OF the principal issues of the campaign
ia the fight to prevent the undolng OF
| the work Of the Federal Reserve act.
! az believe that in fighting this with
everv drop of force there is in me,
he added, 81 am fighting the battle OF
life for the very men. who are trying
| 10 do II. II they had their way, the
very businesses out Of which they are
making money would go bad, and the
sources Of all the golden streams from
| which they have been gathering would
/ be dried UP, because those sources liz
where no wand of any magician car
! touch them, but only the old-fashionet
/ simple law OF human sympathy and
I righteous judgment.
| 81 do not believe in parties for par
tisan purposes. | believe that parties
are only the instrumentslities by which
we can manage the necessary concert
of united action"
This brought a salvo Of applause
| The President was cheered repeatedly
throughout his address, and when NJ
entered the grand ballroom, where thu