Diplomats -- United States -- Biography; Morgenthau, Henry, 1856-1946; United States -- Foreign relations -- 20th century
I informed the attorneys of the committee of my inclination, but told
them I would not serve until they had submitted to me the evidence they
possessed. It was an interesting evening that Frank Platt and Bainbridge
Colby spent in my library. They brought a satchel full of documents, and
in a short time convinced me that their case against Hyde was complete.
They were very anxious to have me pledge myself to stay to the end,
which was to be the displacement of Hyde, and I exacted from them a
similar promise, so that we came to an understanding that this was to be
a fight to the finish.
With the Dreyfus trial fresh in my mind, I urged Colby that he should be
the man who would Americanize the “_J’accuse_” and charge Hyde with
these various malfeasances against the policy holders.
A few days later, Mr. Stillman called and told me that he wanted to
warn me to be very cautious in my activities of this policy holders’
committee; that public opinion was so excited and might easily be fanned
to fever heat if the conditions in the Equitable were published; and
that the people might demand investigations of all financial
institutions, and thereby create a panic. He also asked me to discuss
the matter with Mr. E. H. Harriman. I had no objection to doing so, and
a conference was arranged. Harriman asked me what the committee wanted,
and I told him that although Hyde owned a majority of the stock, the
assets belonged to the policy holders; and that they had enough
accusations which would condemn him before any court; and that the
committee demanded the removal of Hyde and control of the executive
committee which controlled the company. I told him that it would be much
better for them to make terms with us, who were reasonable men, than to
try to persuade any of our committee to compromise, because the proxies
we had would be taken from us and given to people who would see that
justice would be done. He saw the force of my argument and suggested my
meeting Mr. Elihu Root. We met the next day and went over the whole
situation. Mr. Root laid great stress on the fact that it was unheard of
to displace a man owning the majority of the stock of a company. On
behalf of the policy holders, I told Mr. Root that we were going to
arouse public opinion against the impropriety of having the funds of
widows and orphans subjected to the whims and fancies of a
quasi-irresponsible young man, and I also referred to the grave danger
that the whole financial fabric was being exposed to by permitting the
vast power that went with the control of the Equitable and its
subsidiary companies, to pass by inheritance, and not by election.
Public-domain text, read in full here on John Shaqi.
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