-1?
The Commoner
S
JULY, 1914
19
14
The 'Psychological" Depression of Business
Nothing that any of tho papers say
on the trust legislation, nor, indeed,
all that they say taken together, has
as much significance, perhaps, as tho
address made hy Frank A. Vandorlip,
president of the National City bank
of New York, before the New York
state bankers' association, June 11,
and the action taken as a result Mr.
Vanderlip did not speak directly on
the trust legislation, but apparently
the spirit of that legislation was the
moving cause of his remarks. His
appeal was to the bankers and busi
ness men to get in closer touch with
tho economic and political tendencies
of the day and to direct their ener
gies more to guiding and informing
it and less to obstructing it. We can
no longer forecast the course of busi
ness, he said, by means of business
and financial statistics. It is almost
startling to note how important has
become tho "adventitious factor ot
legislation." Not the prospect of now
crops but the prospect of new laws is
now tho factor to bo most taken into
consideration. Referring to a recent
statement by President Wilson to the
effect that business depression today
is mainly psychological, Mr. Vander
lip said that in a sense that seems to
him to be true. The depression has
its roots in a state of mind rather
than in the actual data of business.
With such facts and figures as we
can show today, we would have been
justified ten years ago in predicting
U
ESTEY
NEW YORK
on the name board of a'
piano is equivalent to
sterling on silver ware.
Durability and sweet
lasting tone quality is
assured, while the price
is no more than is often
paid for instruments of
inferior quality.
Different designs of
grands, uprights and
players at various prices
but the quality is always
the same,
ESTEY success has
been supreme for over
sixty-eight years.
Fo? sale by prominent deal
ers throughout tho world.
Esiey Piano Co.
New Yerk City
MJ
a period of great and immediate ex
pansion. Tho obstacles in tho way
are intangible, but not on that ac
count unreal. They lie in tho de
mand for legislative restriction and
control of business.
APPEALS TO BANKERS
So far from regarding this demand
as baseless, Mr. Vandorlip believes it
to bo in largo moasure. based on
sound economic facts. Ho says:
"Tho development of industrialism
within our lifetime has been of such
a revolutionary character as natural
ly and rightly to create a demand for
a body of controlling laws such as
were never dreamed of by our
fathers. I deny that those laws have
been made necessary by unfairness
or by wicked practices on tho part of
the men who have conducted largo
affairs, although instances of unfair
ness and wicked practices may bo
pointed out. They havo their sound
basis in the revolutionary changes in
industrial life, and if we could only
generalize upon the principles in
volved, instead of anathematizing in
dividuals who havo been almost in
voluntary factors In this revolution
ary movement, our chances for teach
ing sound legislative principles would
bo much better."
What wo should all bo striving
for, he went on to say, is legislation
"In accordance with sound economic
principles, formulated with justice
and sincere human sympathy." Wo
shall never got it by sitting back and
railing at Washington. Tho cause of
this flood of new legislation lies
farther back than congress and far
ther back than the president. Nor
does it lie in a public opinion gono
wrong and bent upon plundering tho
successful.
The fact is, as Mr. Vanderlip sees
it, "we have como to tho recognition
of ethical principles, of hitherto un
perceived principles, that men had
never thought uppji, much less under
stood." And ifvtuo critics of busi
ness management would only appre
ciate the task of business men in con
forming to tho kaleidoscopic changes
which the now order has mado neces
sary within our lifetime, thoy would
see that it is not against individuals
that they, should direct their blows.
There are grasping and dishonest
men, as there always have been and
always will be; but "wo now have
finer business ethics than ever be
fore, a broader human spirit in busi
ness life, a more just apprehension
of social relations and obligations,
and higher standards of integrity."
Mr. Vanderlip went on to say:
"I believe if business men will get
themselves into a state of mind
where they view conditions broadly,
with a historical and social sense,
rather than only from their individ
ual point of view, they will appre
hend better the direction in which
tho whole current of political thought
is flowing, and will feel less im
patience with this legislative move
ment and vastly less pessimism con
cerning its results.
"You can believe that a perma
nent democracy is possible only if
you also believe that public opinion
can be led by clear thinking, sound
judgment, ripe experience. Instead
of acting on th:.t theory, business
men seem largely to have abandoned
the franchise, resigned their sov
ereign rights, and taken an attitude
crouchingly awaiting the onslaught
of a hostile public opinion, a public
opinion usually half informed as to
facts which is largely the fault of
the business man himself."
As a result of Mr. Vanderlip's plea,
a publicity committee of five was ap
pointed by the unanimous action of
the association. J's business will bo
to enlighten and direct public senti
ment rather than contend with It
Current Opinion.
WK'VK AMi FISI.T THAT WAY AM) LIVED
' " " ' ' ". ' " ' n rTr m" 1i " -
HONE&T-TV GOODKE&S aocr
, MY HEART ,' TOO -VTeAK TO.
TAWD THE 8HOCKJ
1
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i.r i Hn'Tifi'i iFtV i.r i i trfT P . i i -.. i . i i . a in mi .rji.iii i
Den MoIncM IteKlfltcr artd Leader.
TiMnr
Mm
no waiting or irucssinir
at every bouse cash buslneas at 20O per aant
rroflt to you. 'I he blRReat opportunity ever of
ercd. I want hustlers men and womea -
who want to make money quick and
fast. No large investment needed
Business supplies turn capital.
No Experience Required
Just follow Instructions. Failure
faiDosslble. Success assured. Frank
Greene sold 45 drat three days profit A
US. Mrs. L. C. Marriek maf $90 V
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HULK I d If Hil I LU l3
SALESMEN, GENERAL AGENTS. MANAGERS
I want 200 additional representatives to begin work at once in their home coun
ties to introduce my new compress nnu racuum wtuminir machine to every noma
in tuo country, i consider this machine the most uriuiant inventive achieve
ment or the age in household necessities. It Is selling foster than anything
nnyo crer ncnru 01 going iiko wiiunro. squiris net water ana auaa
Utrougti tna ciowee, driving via dirt right aut.
Profits Start First Day
xno price or only i.w makes a sua
200 PROFIT
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Jr Lack araarantce. A chHd aM
Hsa It. Abolishes labor of waafa
day. Women discard JIB and M
machine let it.
MailYourAppiotioiiToday
Ban's otafay. Get roar county wwler
contract. Ha ehrm for territory. T
Write i
wait means to lose.
letter
a postal card today. If you are honest mn
wining to wotk i wiu ffiva fo& trie poMtien.
0a net fat aawiaawa atsa gat tm Afcaaal
fyou. AVOW IMITATIONS.
Write today-tbea yea will have iasa rmet
part, mm tt rfewt atw. Aarfrasa
H. F. WENDELL, frag., WanaleH Vacuum WaaftarCan, 37 QakU Laak, fSMm
H.S.ROBINSON
wxsiman
236 Vattce St. Toledo, 0.
WaHrvll!,OHt.,Cftfa
$60 A WEEK and Expenses
That's lbs money yoa shoold jet this year. I tntan It I want Cotmty Eil Maaftw aatefc.
men or women who MUtrte in tne fiatro atm, woo win go into ptnntrtmp wun te. na
perlanea needed. Mr folding Uath Tub ha taken tbt conatry by storm. olf s the thlf
problem. Ho plumblof , no water works repaired, fall lenctb bith In any room, TM aa
cnallroll. bandy a an umbrella, 1 1 II yoa It's ereatl OKEAT1 ftiralf f 190 bath roots, Hon
lift en I 1 want IOU toluadla yoor eonntf. I'lilornUb deraonttraUns tab ca liberal f!&a.
I'm poiitlre aUolaUIy certain yort can ct bifttrmonef la. a wet k
with mo than 7011 ever mad la a month before I sTWOW IT1
Two Smimm m Day $300 m WkmtM
That's what yoa abonld set every month. Heeded la every smsm,
tadly wanted, ttrlf bcnichL Modern bathlnr facilities for all A
people. Take the orders rltht and left. Quick sales, laainentajwsAtf,
Look at these men. Hmllh, Ohio, tot IS otitn &n week j surer,
Vtlac., SrO profit nrrt month 1 Titntnn. CallornU. 90 la (krMeW.
Tou abooM do as well. 3MUSA PAT MrUlTH 1300 A KOXTW. Tfce
.wotkjavfry easy, fteauat, jpenaaow, faKinaUof. It aa a
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