Indiana daily times., 1921-06-22

take. The primary purpose was TO Dene-
fit the sovereign gOvernships, and only
incidentally to benefit the charterees. If
corporations today would more fully
recognize their own public character they
would meet less opposition and make
more money.
CORPORATIONS ARE
RULED BY BOSSES.
much has been said about industrial
democracy, but the fact Is not generally
realized that our big business corpora
tions-those that are big enough to out
class family properties and partnerships
incorporated for the sake of convenience
are as democratic as the charatered
cities and villages in which the majority
of American citizens are now incorpo-
rated. Eoth municipal and business cor
porations are more or less afflicted with
boss rule. In municipalities. the boss,
in addition to his own vote, controls the
votes Of a gang Of henchmen. In bust
ness corporations the boss votes his own
stock and likewise a lot of proxies. In
municipal corporations citizens readily
dislOdge their Losses whenever they Sc
riously set about it. The same thing
is true in business corporations that are
big enough to have broad distribution Of
stock. 1t is the money of the masses,
and not the money of the milionaires
that possess the power to rule the fnan-
cial world. This was demonstrated in
the poplar purchase of Liberty bonds
during the World War. when the fortunes
of the Morgans, all the Rockefellers, all
the Astors and all the Vanderbilts would
not have paid the war expenses of the
United States much more I an a month"
democracy is provided In business cor
porations, as now constituted, without
aRy- additional legislation, and that rail
road employees. for example, could be-
come their own employers by saving and
pooling a small percentage of their pay
and purchasing control of the corpora
tons for which they nSv work.
He touched upon the matter Of CO.
operation and said that cooperation
duly incorporated provides ways and
means Of settling the differences between
capital and labor The typical laboring
man is not an anarchist. He is a man
you can trust with your money or your
life or your wife. The typical capital
ist is not a tyrant. He is little differ
ent from the typical laboring man. In
their relationship to one another and &c
the hundred million inhabitants OF Amer
lea. however. the leaders Of capital and
labor sometimes seem to know hun
dred million times less than nothing. II
capital and labor would substitute tho
Golden Rule for the science of sand
bagging they would sooner get some
where
BUSINESS Is
BEING PERSECUTED.
Corporations have suffered on account
Of prostitution from within and persecu-
tion from without. They are still handi-
capped by public remembrance Of the
high finance of former days. Neverthe
less. they embody all of the good and
none Of the bad features Of both public
and private ownership. and are the in
struments through which may be secured
every element Of social justice that de-
serves the name of justice and not in
justice. Unfortunately the situation is
rendered difficult by vultures of society
who make merchandise of popular dis
content. Literary buccaneers who coin
1t into money. Political Pharisees utilize
Ii as the shortest cut to preferment. SEN
sational preachers substitute 1t for the
Sermon on the Mount. Envy, hatred and
malice are used In the destruction Of
acter.
"The'sftuation thus created can be best
met. not by fighting destruction with de-
struction, but by substituting truth for
falsehood and reason Tor riot. What is
needed is popular education based upon
fundamental facts The American people
are good listeners and can be trusted to
make logical deductions and act ac-
cOrdingly. We are warranted in being
bulls and not bears-financially, men
tally and moraIly-on ourselves and
others incorporated"
AS sort of prelude to the convention.
"get-tOgether" meeting Of the members
of the association was held at the Athe-
naeum last night, well attended and with
lots of fun.
meeting Of the council Of admins
tration was held at the Claypool Hotel
yesterday afternoon, and following the
meeting dinner was served for the coun-
Gil an dex-presidents.
The program for today's session in
cluded an invocation by the Rev Allan
B. Philputt. an address Of welcome by
Governor Warren T. McCray, a response
by Henry Refs, president Of the Old
State National Bank of Evansville, the
annual address Of the president of the
association, Charles /. Zigler, cashier Of
the First National Bank Of South Bend :
the report Of the treasurer, Gustave
GramelSpacher, cashier of the Farmers
and Merchants State Bank of Jasper, and
Of the secretary, Andrew Smith. vice
president of the Indiana National Bank
Of indianapolis; an address on financial
and economic conditions today, by NJ.
A. TrayIor, president of the First Trust
and Savings Bank Of Chicago; an address
on Banking Education" by John H.
Pueiicher, second vice president of the
American Bankers Association, Milwau-
kee, and an address on "Our Investment
in Employees" by Mrs. Evelyn Aldrich,