New-York tribune., 1921-06-14
Capital Vital
To Avert Ruin.
Declares Gary
Only Alternative Is Anarchy
OF Russia, Poisoning Our
National Life, He Tells
Syracuse u. Graduates
Proposes Restrictive Law
Insists Organized Workers
Also BE Subjected 10 Amy
Governmental Regulation

SYRACUSE, June 13.--E, II. Gary.
chairman of the board of directors Of
the United States Steel Corporations
told Syracuse University students in a
commencement address to-day that can
ital is necessary to the progress and
prosperity of every country and any
people. The only alternative to it.
he declared, was the anarchy of Soviet
ism now gnawing at the vitals of
Russia. This Russian system he de-
scribed as a poison in the natural sys-
tenn of national and individual life
which would eventuote in destruction
If the people of America would study
the facts about this vital question. the
speaker declared, there would be no
epidemic of Sovietism here Capital
and the rights of all people would
be conserved.
In this country the door of oppor-
tunity is open to both capital and labor
and neither. ne said, should be permit
ted to abuse it.
Would Apply Restrictions Equally
He expressed the opinion that there
might be no objection to a fair and
reasonable law subjecting organized
capital, exceeding certain amounts, to
governmental inquiry and restriction
in its uses, provided organized labor
should also be subjected to the same
statute"
Speaking on the relations of capita
and labor, Mr.. Gary said that these
two interests recognize their interda-
pendence, but that outsiders often seek
to antagonize them. He declared, how
ever, that the majority of employers
or managers of business are more
solicitous for the welfare of the work
men and do more to promote their
comfort and happiness than outsiders
ever have done or were disposed to do.
Labor was never in the worlds history
more highly respected nor treated as
liberally as to-day, he declared 1t had
been demonstrated to be profitable to
the employer to treat the workmen
fairly and this would insure the latter
full justice.
Laying stress or the necessitv Of
capital he said:
Money is essential to provide facili-
ties for preparing one to accomplish
the best results in any profession or
calling. The material progress and
prosperity of any and every country
are to an enormous extent the re-
suit of large capital. Without these
the inhabitants would be neither happy
nor comfortable"
Suggesting that many benefactions
would never have been made except
for the enormous accumulations of
wealth by men who started with little
or no capital, Mr.. Gary pointed to the
contributions # John D. Rockefeller,
which he said aggregated at least
S475,OO0,000 and of Andrew Carnegie,
amounting to about S40O,000,000 The
benefit to the human race resulting
from the generosity of such men, the
speaker said, is beyond description.
Capital Essential to Civilization
"If we eliminate the banks of
deposit, the factories, the stores, the
ships, the railroads and thousand
other things that accumulated capital
supports" the speaker went on, "civ-
ilization itself would be supplanted by
tribal conditions, where every tribe
would. by the use of force and cum
ming, strive to secure the necessities of
life proffered by nature.
Except for the accumulated capital
invested in business enterprises and
the working capital to maintain and
extend them, millions of men and
women who work for wages or salaries
would be without a chance to earn a
uecenG llVlng.
"The only alternative which has
been suggested is that the government
shall forcibly take possession and con-
troll of all capital and distribute the
income derived from it among the
people per capita. This would inject
into the natural system of national
and individual life a poison which
would eventuate in destruction. 1t
would smother ambition. enervate the
body, remove competition for legti-
mate success in every line of activity,
destroy incentive for development and
progress and create nation of lag
CARDS, weaklings and paupers. Slight
motive for succeeding in any natural
and honest direction would exist if
the final results were to be applied
for the equal benefit Of Others"
Among the degrees conferred to-day
by the university were the following:
Doctor of Laws-United States Sena-
tor William M. Calder, of Brooklyn;
Mr.. Gary, Professor Allen S. Whitney,
of the University or Michigan; Judge
Arnon F. Squiers, of Brooklyn, and
DR.. James Roscoe Day, the retiring
Chancellor of the institution.