Part 4

The undisturbed possession of the material rewards now given to success, because success presupposes service, can be perpetuated only if its beneficiaries exercise moderation, self-restraint, and consideration for others in the use of their opportunities, and if their ability is exerted, not merely for their own advantage, but also for the public good and the weal of their fellow men.

4. Stand up for Convictions and Organize

In the political field, the ways not only of finance but of business in general have been often unfortunate and still more often ineffective.

It is in conformity with the nature of things that the average man of business, responsible not only for his own affairs, but often trustee for the welfare of others, should lean towards that which has withstood the acid test of experience and should be somewhat diffident towards experiment and novel theory.

But, making full allowance for this natural and proper disposition, it must, I believe, be admitted that business, and especially the representatives of large business, including high finance, have too often failed to recognize in time the need and to heed the call for changes from methods and conceptions which had become unsuitable to the time and out of keeping with rationally, progressive development; that they have too often permitted themselves to be guided by a tendency toward unyielding or at any rate apparently unyielding Bourbonism instead of giving timely aid in a constructive way toward realizing just and wise modifications of the existing order of things.

Apart from these considerations and leaving aside practices formerly not uncommon, but which modern laws and modern standards of morality have made impossible, it may be said generally that business is doing too much kicking and not enough fighting.

In fact, almost the only instance which I can remember of business asserting itself effectively on a large scale and by a genuine effort for its rights, its legitimate interests and its convictions was during the McKinley-Bryan campaign, in saying which I do not mean to endorse some of the methods used in that campaign.

And yet, the latent political power of business is enormous. Wisely organized for proper and right purposes it would be irresistible. No political party could succeed against it.

If this country is to take full advantage of the unparalleled opportunities which the developments of the last two years have opened up to it, if, in the severe competition which sooner or later after the close of the war is bound to set in for the world's trade, it is to hold its own, it must not only not be hampered by unwise and antiquated laws, as it now is, in certain respects, but it must be intelligently aided and fostered by the legislative and administrative powers.

Business in the leading European countries has been backed up by the respective governments in the past and will be backed up, more than ever, in the post-bellum period.

Everywhere else through the civilized world in matters of national policies as they affect business, the representatives of business are consulted and listened to with the respect which is due to expert knowledge.

It is only in America that the views of business men in general (as distinct from the agitation of particular business men or organizations having a special object to serve, such as on the occasion of tariff making in former days) are ignored, their advice brushed aside or even resented, their representatives treated as interlopers.

It is only in America that the exigencies of politics not infrequently, I might almost say habitually, are given precedence over the exigencies of business.

Objectionable methods and practices sometimes resorted to in the past by corporate interests in endeavoring to influence legislation and public opinion have been abandoned beyond resurrection.

It is only fair that with them should be abandoned the habit of politicians, sometimes politicians in very high places, to denounce as "lobbying" every organized effort of large business to oppose tendencies and propositions of legislation deemed by it inimical to the best interests of business and of the country.

It is only fair that there should be abandoned the habit of sneering at and suspecting organized efforts by business men to educate public opinion on questions affecting business and finance as improper attempts to "manufacture" or "accelerate" public opinion.

The people are fair-minded and when fully informed, almost invariably wise and right in their judgment, which cannot always be said of their representatives.

When scolded, browbeaten, maligned and harassed, finance may well turn upon its professional fault-finders and challenge comparison.

Finance and financiers have had no mean share in creating organizations and institutions in this country which are models of efficiency and which men from all quarters of the globe come here to study and to admire.

It is the critics of finance and business who--to mention but a few instances--have given to the army aeroplanes that are grossly defective, to the navy submarines that are in constant trouble, who have passed laws which have driven our ships off the seas in the world's trade, and other laws which have mainly brought it about that in the year 1915 less railroad mileage has been constructed in the United States than within any one year since the Civil War.

Just as Congress, by a series of laws, has imposed burdens and costs upon ships operating under the American flag which made it impossible for capital to invest in American ships for use in the world's trade and earn a fair return in normal times, so the Federal and State Legislatures, during the past ten years, have imposed upon the railroads all kinds of exactions, restrictions and increasing costs which have had the result of arresting progress, and which threaten, after the cessation of the present period of abnormal earnings, to seriously lame that vastly important industry.

Congress has done little to indicate that it recognizes the urgency and bigness and significance of the momentous situation which confronts the country.

Nor does it seem inclined to pay serious heed to the views of business--and by that I do not mean the views of business "magnates," but the consensus of opinion of business men in general.

Nor does past experience encourage us to believe that it will pay such heed unless impelled by the instinct of self-preservation.

Amongst the powers for which our friends of both political parties have a wholesome respect, one of the most potent is organization.

Let business then become militant, not to secure special privileges--it does not want any and does not need any--but to secure due regard for its views and its rights and its conceptions as to what measures will serve the best interests of the country, and what measures will harm and jeopardize such interests.

Without wishing to hold up the labor unions as offering a model for the spirit which should actuate us or the methods we should follow--because their class-consciousness and the resulting conduct are sometimes extreme and often shortsighted, I would urge upon business men to cultivate and demonstrate but a little of that cohesion and discipline and subordination of self in the furtherance of the common cause, that readiness to back up their spokesmen, that loyalty to their calling and to one another which working men practice and demonstrate daily, and which have secured for their representatives the respect and fear of political parties.

Let business men range themselves behind their spokesmen, such as the United States Chamber of Commerce in Washington and the Chambers of Commerce and kindred associations in states and cities.