The Birmingham age-herald., 1922-04-03
Defending Wall Street
From the Wall Street Journal.

From the Wall Street Journal.
 In a letter inclosing many thousand words of his own contributions to the bonus question, as printed by the Congressional Record, Congress man Frear conciliates Wall street with the fol- lowing pleasing amenity:
 According to reputable authorities, less in- dependent thinking, less horse sense and more provincialism exists (sic) on Manhattan Island than anywhere else in the world"
 It all depends on what you call reputable authority" No one, for instance, would regard MT. Frear as an authority upon anything ex- cept perhaps the catchpennY politics upon which his job depends. And the word "repu- table, at least implies a reputation-for some thing. MT. Frear's contributions to the bonus discussion, as imparted in the Congressional Record, seem calculated to add to the wrong sort of reputation.
 He aludes in feeling terms to his own war services, and intmates that those engaged in business sufficiently large to be taxable have no share in such record. But what really seems to have got under his well-protect- ed epidermis is the charge of "cowardce" so widely made against congressman in their raw bid for American Legion votes. With an ob-
 
 country's resources, MT. Frear thinks that the bonus can be paid because the country has been guilty. of wild extravaganza in other di- rections in the past. The rest of his retort to the charge of cowardice, made not merely by Wall street but by business men all over the country, amounts in effect to "you're another" Mir. Frear has not been sufficiently educated in elementary logic to know that this is plea of guilty.
 There are many others beside Mir. Frear who believe that if they vociferate a flase charge often enough it can be established as valid blue chip in the gamble of politics. For this reason he repeats again and again imputation and direct charge. Those engaged in the banking business of the country were always in "swivel chairs"-for some sympathetic req son the word "swivel' is significant to these swive-tongued orators-and did nothing to- wards winning the war. The Wall Street Journal comes in for direct abuse, and the bankers, particularly those supposed to be con- ducting a foreign business, denounced by this 100 per cent American with discount for cash
 To ignore the imputations on the Wall Street Journal altogether-as being no more signif- cant than the attentions of a little yellow dog to the Washington rnonument-the directly abused firm of J. P. Morgan & Co.,, by no means the most conspicuous in war service, may be submitted-not, of course, to Mir Frear, but perhaps to the reputable authorities" he quotes. Of that firm four of the partners were in service, three of them overseas. Their most distinguished empoye, Willard Straight, died in France in army service Every son of the partners above the age of IS, without excep- tion, served in the army and navy One was killed and one was severely wounded
 Even more striking exhibits could be offered. Class for class in the percentage of member ship, the business men and their dependents, especially where voluntary service was con cerned, outnumbered Mir. Frear and those he professes to represent 20 to 1.
 But chivalry is not in MT. Frear's makeup. Congressional privilege is more to his liking.