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industrial organizations, but in the next the secure trend of the times being less three years he organized and financed three toward building new industrial creations of the largest modern industrial combina than toward safeguarding and refining upon tions, the United States Steel Corpora the possibilities of those we have, the Mortion, the International Harvester Cor gan organization is now on the road to beporation, and the International Mercantile coming the one powerful' factor in the world Marine Company the combination of of banking credit, in which position its inAtlantic steamship lines, which, unlike fluence upon all business will be more dehis other undertakings, had only a partial cisive than ever. Since 1907 Morgan & success.
Company has put off its character as a huge For a number of years Mr. Morgan's promotion house and has taken on the principal banking associations had been functions of a great bank. It is thus attainwith the First National Bank, but with the ing a position at once removed and secure great development of the combination idea at a time of political and social readjustment came the need for a wider and wider control which promises to be the most far-reaching of capital, to be flung in great masses into the country has ever known. the uses of the industrial advance, not only
It is said there are scarcely fifty men in in our own country, but also in South the financial district who have a speaking America, Central America, and Mexico, and acquaintance with Mr. Morgan. Whether even the Far East. It was not enough any the number is correct or not it is certain longer to control one bank or two or three, that his acquaintance is relatively small, for obviously the tendency to build corpora and that his real friendships are reserved tions as big and powerful as possible argued for a very few people, chiefly the men whom the necessity of financial resources equally he has known all his life and with whom he big and powerful. The leader in the de is very likely not associated at all in a velopment of combination among the banks business way.
His dislike of having a meanwas the National City Bank, upon the ingless fuss made over him by strangers is directorate of which were three members of shown by his never appearing at public the Morgan firm. The National City, First meetings and by his perennial irritation at National, the Chase National, and after the never-say-die reporters and camera men ward the Bank of Commerce were brought who unfailingly close in upon him when he is into close and friendly relations. The Me sailing or returning from across the water. chanics and Metals National, the Phænix In London he insists upon not being noticed National, the Chatham National, and the when he comes in or leaves his office, and Liberty were added to the list of institu has stopped the custom of showering him tions whose funds are at the disposal of Mr. with deferential bows which was long clung Morgan. No fewer than seven New York to by his employees. City trust companies have come under his In June, 1910, Mr. Morgan received the direct control the Astor, Bankers', Mer degree of LL.D. from Harvard University. cantile, Standard, New York, Equitable, President Lowell presented it to him with and Guaranty. His banking power, ex
these words: “ John Pierpont Morgan, pubpressed in figures, amounts to considerably lic-spirited citizen, patron of literature and more than a billion dollars; his total finan art, prince among merchants; who by his cial power, in which should be included the skill, his wisdom, and his courage has twice assets of all the railroads and all the indus in times of stress repelled a national danger trial plants in which the Morgan influence and financial panic.” As a description of is paramount, has been estimated at nearly Mr. Morgan's special place in his time the ten billions. But such figures are of du words seem inadequate, because they fail bious value, for only a practical test could to take account of the Morgan super-quality define the limits of Mr. Morgan's finan of constructive financial genius. To comcial influence, and that test will never plete the characterization there would need be made.
to be added something like this: "Who, in After the panic of 1907, in which, as is an age of enormous industrial progress, related at length in this volume, Mr. Mor when the character of industrial units undergan directed the entire banking power of went a necessary change, did more than New York, a new era began for the Morgan any other man to establish the new régime house; it has changed with the times; and on a sound, permanent basis."
By Elbert Hubbard
Mr. Hubbard offers here a new point of view on the subject of soldiers' pensions. He is a believer in gratitude, he says, but he doesn't think that it is doing a man a favor to extend him eternal pay because he once did his duty. Among other topics of general interest discussed by Mr. Hubbard this month, are the use of public school buildings as social centers and Alaska's need of railroads.
As to Pensions
next election and consigned to political
oblivion. ENATOR CARROLL S. PAGE No one person is to blame for this—it is all of Vermont has a bill before the a letting down of the bars-so every soldier United States Senate to provide is used as a stalking-horse by his children, encouragement and assistance his cousins, his uncles, and his aunts, and
to the Little Red Schoolhouse, also his attorneys, to get a grab into the to the end that children shall be taught the public Ginger Jar. dignity of labor and be shown the joy of Here we have the good old soldier forced earning a living, instead of aspiring to to turn hold-up man; and even the newspoetry, palaver, or politics.
papers are silent for fear of getting the illThe entire tendency of Senator Page's will and the opposition of the boys who once bill will be to make pensions not only un wore the blue. The boys are just like the necessary, but odious. A pension implies rest of us—no worse and no better—and an inability to take care of yourself. It they should be relieved of this temptation spells inefficiency.
to turn Remittance Man and live in idleness Senator Page's educational life-saving off of our Uncle. bill calls for only three and one-half million Greece, in her dying days, pensioned dollars to be expended between now and every free citizen, and this meant that the 1915, and yet in Washington there has been end was near. A pensioner ceases to proa fine holding up of hands in horror on the duce—that is the rule--and Greece was subject of extravagance.
dead when her creators and producers We find, however, that last year Congress turned parasites. voted something like one hundred and fifty When we are civilized, we will undersix million dollars for pensions; and recently, stand that a pension means humiliation. an addition of seventy-five million dollars a Very few of these old soldiers but are able year has been added to this list.
to make their own living and to take care of Here we get the economy of a man who themselves, but a pension prostitutes and walks a mile to save street-car fare and then paralyzes a man's energies, so when a man spends two dollars for a dinner, and smokes gets a pension he is relieved of the divine a twenty-five cent cigar.
spur of necessity and quits work, to die When Garfield was President, thirty-one at the top. years ago, the Pension bill was twenty-nine In every town and village of America million. And Garfield exclaimed, in apol are old soldiers—and good citizens, tooogy, that the maximum had been reached. who have simply thrown up their jobs and Garfield was ashamed of our pension list, ceased all human endeavor because they and he was a soldier, too.
have a pension. But the Pension bill has been walking up Gratitude is all right, but to extend all the time and, strangely enough, every- eternal pay because a man once did his body knows that the country is being duty isn't a kindness. Napoleon once said “worked," but the men in Washington who to a soldier, “Your victory was splendid, oppose the demands of the Grand Army of but, tell me, what did you do the day the Republic fear being voted down at the after?”
Emerson has something to say on the shows its ability to utilize school buildings subject of pensions. He had in mind, how- properly, the entire school plant is at the ever, the European plan of pensioning disposal of the society. poets, playwrights, and artists. But the Debating clubs, literary clubs, dramatic principle is the same! Said Emerson: “No clubs-anything that tends to amuse, inmore corrupt system ever existed-iniqui struct, and benefit the neighborhood is tous both to the receiver and giver-than allowed. the plan of giving pensions to men who have And here is something that would have once done good work and are yet able to given our grandmothers a great shock! In work. May America never adopt this re various and sundry of these school buildings, spectable form of mendicancy that bribes under the new régime, seats of a portable and buys!”
kind are to be arranged, and these seats No man is benefited when you make him will be removed one evening in the week a beggar. And the old time monks who for the purpose of dancing and gymnastic went across the country with a stout cudgel, exercises. demanding their own, evolved, in time, In Rochester, it has been found, where into genuine brigands.
the school buildings were utilized evenings, America supplies opportunity, and that that parents would come in swarms with is all that any man should ask.
their children and make use of the buildings No man should retire from business until as social centers. death retires him. We should all be workers It has always been claimed that a saloon to the last.
was the Poor Man's Club;. in fact, that he To produce and create by the coöpera had no other place to go. But this excuse tion of head and hand means sanity, health, is to be taken away; and the argument is and length of days. To quit work and made that any place where a man will go accept a bounty spells decay.
with his wife and children is beautiful, But you'll never see this in the Congres right, proper, and altogether lovely. sional Record!
And so this is the new education of the
grown-ups, in which the public school sysSchools as Social Centers tem is to coöperate. And when the bill of
Senator Page is passed and the Federal AND now comes the good news that the Government coöperates with the public
city of Chicago has opened thirteen school systems of every state, it will be one of her public school buildings as neighbor- great stride toward the Celestial City of hood social centers.
Fine Minds. For the first time in the history of Illinois, The public school system was devised by a Board of Education has laid down the Thomas Jefferson, the world's first and only proposition that school buildings are not Democrat. He argued for it, pleaded for it, for the exclusive benefit of children.
fought for it, and he brought it about; yet, We have always fixed a limit on school so far, we have not caught up with Jeffereducation. In most states, it is fixed by son's ideals as to what it should be. But law. The child must not be under six and we are getting there! not over twenty-one.
The public school system cements, it The credit for this new departure must does not divide. It does not break the be given to the city of Rochester.
town up into little religious cliques and And now the Chicago Board of Education social sets: it eradicates feud, jealousy, has declared that the public school system is caste, and makes for true democracy—the for grown-ups quite as much as for children, Brotherhood of Mankind. and that any one who needs, or thinks he needs, the help that the public school sys
He Pays His Debts tem can give is entitled to it.
To this end, night schools are to be carried on, and lectures given with the lei dati A SHORT time ago, in these columns, I
told of an absconder who, instead of stereopticon and moving pictures.
joining the bankers' colony in Sing Sing or Societies are being formed to take proper Stillwater, skipped to Egypt. care of each school building and to conduct There he started a system of irrigation the exercises. As fast as a neighborhood on the American method.
Cardinal Farley in his robes of otrice. The lower cut shows the throng in Fifth Avenue and the streets adjacent to
welcome one of the most noteworthy that has ever been given to a church dignitary in America