The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1916-06-02
PREJUDICE AGAINST HIGH FINANCE. =


Otto H. Kahn, associated with so-called
"high finance in the Wall street district, de-
livered most conservative and informing adj
dress before the American Newspaper Publish
ers association at its recent meeting In New
York that makes plain the part great moneyed
interests play in defense of the government
and the handling and adjustment of questions
closely affecting the credit of the nation. Mr..
Kahn asks and answers the question, ''Why
does there exist in the United States, alone
amongst the great nations widespread atti-
tude Of suspicion, indeed in many quarters, OF
virtual, hostility, toward the financial commun-
ity and especially toward the financial activi-
ties which focus in New York, the country f.
nancial capitals
Wall street practices had much to answer for
in the past, Mr.. Kahn admits. In the mighty
and binding rush of that whirlwind of enter
prise and achievement that prevailed In former
times things were generally in the open
light of day and without any attempt at con-
cealment and in view of all who would behold
(which would not accord with present
ethical and legal standards, and public opinion
permitted them to be DONE Campaign contrlbu-
tons by corporations were recognize and al
most universal practice. The acceptance OF
such contributions did not shock the most ten
der political conscience. Now they are rightly
forbidden, and what up to few short years
ago was not only not prohibited but sanctioned
by the custom of a generation and more, is now
made and considered crime.
But why the persistence Of open hostility in
some quarters against Wall street by what is
|denominated as 'high fnance?'' According to
Mr.. Kahn, the primary underlying and continu-
ing cause is lack Of clear appreciation Of what
finance means and stands for and is needed for.
~, |, fo11 host
of misconceptions prejudices and superst
tons. Mr.: Kahn claims that finance Of today
has been quick and willing as any other ele-
ment in the community to discern the moral
obligations of the new era brought about with
in the last ten years and to align itself their
side. He says, in this connection:
say this notwithstanding the various investi
cations that have since taken place nearly all OF
which have dealt with incidents that occurred
And in connection l would add that it is
difficult to imagine anything more unfair than
the theory and method OF these Investigations
all too frequently conducted
The appeal all too often is to the gallery, hun
cry for sensation; the method-to wash much
soled linen as possible in public (even, If neces-
sary, to make clean linen appear soiled) and to
profusion of soap and water quite out of
proportion to the actual cleaning to be done.
To innocent transactions it is sought to give
a sinister meaning; lapses, faults
may be discovered given exaggerated portent
The chairman is make record. or to
fortify preconceiyed notion accomplish pre-
conceived purpose
Counsel is out to make record. The principal
witnesses placed in the position of defend
ants the without being protected by any
of safeguards which thrown around de-
PENDANTS in court of law.
To complete the picture must-savng your
presence-add this other patch of black: The
reporting is very frequently, if not generally
done by young very familiar with mat
tiers OF finance and in search of incidents and of
high light than of the neutral tints of
sober record; and the job of headlin
ing seems somehow to be entrusted always to
uorta1 he witnesses
each session, selected with great for his in
genuty COMPRISING the maximum of poison
gases a few explosive words.
all be legitimate, according to political
standards, but it is not justice, and what of
benefit accomplished could equally we'll be
obtained of guilt is to be revealed
could equally we'll and probably better be dis
closed without resorting to inflammatory
peal without, by assault or innuendo reck-
lessly and often Unfortunately besmirchng
regulations and hurting before the whole world
of American business
o of any similar method and prac-
tce spirit Of Conducting investigations in any
other country.