Audubon County journal. (Exira, Iowa) 1884-1993, 1916-07-27
High Finance Read
It Very Carefully
An Address to the Newspaper Publishers Assoeia-
ton In New York

The term high FINANCE" derives
its origin from the French "haute
FINANCE which i'm France as elise
where i'm Europe desiguates the most
emimenly resp ectable, the most UNI
qualified trustworthy amongst fiji
mancial houses.
Why has THAT term, i'm becoming
acc,imated i'm this country, gradually
come to suggest a rather different
meaning?
Why does there exist in the United
States, Sone amongst the great ma
tilons, a. widespread attitude of
suspi cdon, indeed in many quarters,
of virtual hostility, toward the finan
cial community and especially toward
the financial activities which focus
i'm New York, THE coumtry's Financial
capital?
There are a. number OF causes and
for some of them finance cannot be
aosolved from responsibility. But THE
primary underlying and continuing
cause is lack of clean appreciation
of what finance means and stands
for and is needed for. And from this
theie has sprung a vertible host OF
mis- conceptions, prejudices, supersti-
tio4s and ch-phTases.
Never WIGS 1T of more Importance
than in the present emergency that
the people should have a cealr and
CORRECT understanding of the meam-
ing and significance OF finance, i'm
desd of high fiinance,' and that
they should approach the subject
calmly and dispassionatel, and with
um-roubled vision, fer when the Eu-
ropeaul WAR is over and the period of
reconstruction sets in, ONE OF the
be that of finance and financing.
The handling and adjustment oil
that question, alho dit primarily com
Germs Europe, cannot fail to- effect
America faWorably or unfavorably
according to the wisdom Or lack of
wisdom of our own attiaude and ac-
lions.
A great many Things iaue being and
have been charged in the popular
view, against finance, with which fiji
nance, properly understood, has
NOT hla 6 to do.
The possession of wealth, does mot
make man a fimancier-just as lit
tile ais the possession of a chest elf
tools makes a mann a carpenter.
Finance does not mean specula-
tion-a though speculation when it
does not degenerate into mere gam
bling has proper ard legitimate
place in the scheme of Things eco
nIomic Finance most emphaticalry
does not mean fleecihg the public,
NOR fattening parasitically oft the in
dustry and commerce of the country
Finance cannot properly be held
respo nsible for the exploits, good,
bad or indifferent of the man who,
having made money ait manufacture
ing, Or mining or i'm other comm en-
cial pursuits, BLOWS into town, eithr
err physically or by telephone on tel.
egraph, and gOss ON a Financial Spre
MORE or less prolonged
! Finance means constructive work.
lit means mobilEzinlg amid organizi nlg
the weailth of the country SO that the
scattered monetary resources OF the
individuals may be united and, guild
ed into al mighlty current OF fruitful
co-op ra.ion-a hund erdfold, nay ten
thousandfold as potent as they
Would or could be in Individual,
ha nds
Finance means promoting and fac
/ iitating the country's trade att home
and abroad. creating new, wealth.,
making new jobs for wbrkmen.
lit means continuous study of the
nIdi;ions prevailing throughout the
world. lit means daring and imag-
ination combined width care and fore
sight and Integrity, and hard wear
| ing work-muchyof lit mot comp emsat-
ed, because of every ten propositions
submitted to the scrutiny or ewolN-
ed by the brain of the financier whk
i, duly CAREFUL of his reputation md
csc sclous of his RESP o, sibility to
the public, it is stlfe to- say that not
more than three matemalize.
For the Financial offspring of
which he acknowledges percentage,
or merely godfalthe rahip, he is held
Irresponsible by the public for better
or for worse, and will continue to
be held responsible Notwithstanding