Evening journal., 1916-05-03

Among the speakers last night at
the annual dinner Of the American
Newspaper Publishers Association
was one who asked and essayed to
answer this interesting question:
why does there exist in the United
States, alone among the great nations,
a widespread attitude of suspicion to-
ward the financial community and es-
pecially toward the financial activ-
ities which focus i'm New York, the
cOuntry's financial captal?"
The orator was Mr.. Otto II. Kahn,
than whom nobody is better qualified
by honorable acquired experience to
speak with knowledge or better quail
iied by native candOr and discern
ment to speak with impartiality on the
subject which he discussed.
We invite special attention TO Mr.
kahn's remarks because they present
with unusual clearness the underlying
and continuing cause of the condi-
tons that suggest his question. The
public conception OF the fnancier
which provokes public hostility is that
of the money getter Indifferent to
everything save his own profits, the
frenzied gambler with the properties
OF others, the hoartless and sometimes
insOlent parasite fattening on the in
dustry and commerce Of the country.
Political eXaggeration has done much
TO fix in the public mind this distorted
view and false generality
There is common sense as well as
eloquent truth in Mr.. Kahns presen-
tation Of the other aspect.
Finance means constructive work.
II means mObilizng and organizing
the wealth Of the country so that the
scattered monetary resources Of the
individuals may be united and guided
into a mighty current of fruitful CO.
operation-a hundred, nay. ten thou
sandfold as potent as they would or
could be in individual hands
Finance means promoting and IA
cilitating the country's trade, at homo
and abroad creating new wealth,
making new jobs for workmen. It
means continuous study OF the con-
ditions prevailing throughout the
world. II means daring and magma
tion combined with care and foresight
and integrity and hard, wearing work.
81 would define a hnancier as a man
who has some recognized relation and
responsibility toward the larger none
tary affairs of the public. either by
administering deposits and loaning
funds or by being a Wholesale or re-
tail distributor of securities"
Exact definition is the first step to-
ward correct understanding. Mr..
Kahn makes no attempt to extenuate
the mistakes Of the past But he does
maintain that practically all the de-
partures from the highest standards
have occurred during a period of alb
normal conditions which he describes
in this striking PASSAGE
"A period OF vast and unparalleled
concentration Of national energy and
effort upon material achievement of
tremendous and turbulent surging to-
ward tangible accomplishment, of
sheer individualism. of lax enforce
ment of the laws by those in author
ity. Of uncertain meaning and under
standing OF the statutes relating to
business. and. consequently, impa-
tience al restraint and a weakened
sense of the fear, respect and obedi-
ence due to the law In the mighty
and binding rush of that whirlwind
OF enterprise and achievement things
were done generally without any at
tempt at concealment. in, the open
light of day for every one to behold,
the ethical and legal nature of which
does not accord with our present
standards, and public opinion permit
ted them to be done. ."
This is a frank admission; and IL
gives greater force to Mr. Kahn's
declaration that high finance so call
ed. has been as quick and willing as
any other element i'm the community
to perceive the moral obligations Of
a new era and to align itself on their