Diplomats -- United States -- Biography; Morgenthau, Henry, 1856-1946; United States -- Foreign relations -- 20th century
Destiny, however, had another fate in store. Fortune had indeed given
Hyde the means and the vision to attain preëminence. But her hand
withheld one essential gift--the gift of character. Reared to the
unrestrained enjoyment of pleasure, Hyde had never been disciplined, and
so had never had occasion to learn those amenities which, even in the
most powerful characters, temper the masterful assertion of authority.
With the pettish temper of a child, Hyde could not brook opposition; his
theory of action was the crude one of “rule or ruin.” Where tact would
have propitiated an antagonist, he tried giving orders. In rapid
succession, he antagonized the most powerful men in America--men who had
earned their spurs on the field of financial battle before he was born,
and who were not of a temper to brook the insolence of a youngster
merely because he had inherited a fortune. Their deep resentment long
boiled below the surface, and it was only when Hyde tried to wrest from
the presidency and transfer to the vice-presidency, which he was then
occupying, the main executive powers of the company that the opposition
to him became organized. President Alexander retained Bainbridge Colby,
who was then in partnership with his son, and also Frank Platt. The
latter by using the agents of the United States Express Company, of
which his father was president, secured the proxies of over 90,000
policy holders. They then tried to secure prominent and trusted men who
would act as a committee for the policy holders to force an
investigation of the management of the company. This task they found
more difficult. Several times they thought they had their committee
completed when Hyde and his associates exerted such pressure that these
men withdrew their consent to serve. Finally, a group of them put this
situation up to me. They pointed out that I owed a duty to the public to
clear up this lamentable misuse of the public’s funds.
I debated long whether I had a right to do this service. For myself,
personally, I had no fear of Hyde, but as president of a trust company,
I had the interests of my stockholders and depositors to consider. To
resolve my perplexities, I brought the matter up at a board meeting. I
wanted to accept, but I felt it my duty to explain the situation to my
directors, and I told them that if they felt I was jeopardizing their
interests, I would resign from the Trust Company, and serve on the
committee. Olcott resolved the question. With characteristic honesty and
force, he said: “If you feel that way, stay and serve, and let whoever
deserves, be hurt.”
Public-domain text, read in full here on John Shaqi.
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