Frenzied Finance, Vol. 1: The Crime of AmalgamatedLawson, Thomas William
History
Frenzied Finance, Vol. 1: The Crime of Amalgamated
Lawson, Thomas William
Amalgamated Copper Co.; Gas companies -- Massachusetts -- Boston; Insurance -- United States; Speculation; Standard Oil Company
crime against society and against nature, and we must all observe the
canons of God and the regulations of the law; but at least a dozen times
in my wrestles with the exasperating, grinding, hell-generating machine,
it was only my inborn reverence for God's law and man's that prevented
me from--well, shall I say, strangling the fox?
All this, however, was between me and my mind. I showed not a vestige of
it on the surface, but went on with much earnestness:
"Mr. Rogers, I think I understand the situation perfectly, but let us
see if I do. We have reached a point where we are out in the open, and
the whole world is in position to pass judgment on us and our venture.
There must be between us unanimity of purpose, for the time is past when
I can say one thing, you another, and Stillman and his bank confuse all
concerned by agreeing with one story and denying the second. It is
essential that we all pull together, yet conditions are such--and no
one's to blame for them, for they have so developed--that we cannot have
a general pow-wow to organize a programme. We, you and I, must formulate
a plan which can be sent out to the public with the approval of all
concerned, all the parties to it being sure they understand absolutely
its meaning, while in reality it means something different to each of
them. Isn't that about it?"
"You have covered the situation fully, Lawson," approved Mr. Rogers.
"You must understand that this tie-up is due to our having departed from
our usual way of doing business. 'Standard Oil' never goes to the public
direct for money, but works up its projects through some of our"--he
almost said "dummies," but caught himself--"our lieutenants. You have
worked up this affair in our name instead of your own, as would have
been the safer way."
I thought to myself, "You cannot, whatever you do, evade responsibility
for the millions you are to take this time"; but I went on smoothly:
"This, then, is how I see our procedure: We will write out an
advertisement for the City Bank. You will have Mr. Stillman pass it for
the bank, by authorizing me to publish it. You will then authorize me to
publish a second advertisement on behalf of the Amalgamated Company. If
there is any slip-up, I, as the agent of both, will have to become
responsible instead of you. Is that right?"
He nodded. I went on:
"Besides these, there must be a third advertisement, in which some one
will tell the strong facts about Amalgamated, and it will be so worded
as to bring the public with its money into the City Bank just the same
as though it were signed by the bank, Stillman, the Amalgamated Company,
and you and Mr. Rockefeller. What's the use of beating round the bush
any longer? The one to sign that story and stand behind it is myself,
because, owing to conditions, no one else will."
Public-domain text, read in full here on John Shaqi.
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